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Bankruptcy
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January 03, 2025
Silver Airways Hits Ch. 11 With Over $100M In Debt
Regional airline Silver Airways LLC is headed to bankruptcy court for a first-day hearing Monday, after recently launching a Chapter 11 case in Florida with at least $100 million in debt.
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January 03, 2025
Diamond Sports Exits Ch. 11, Rebrands As Main Street Sports
Diamond Sports Group has emerged from Chapter 11 with a balance sheet that is nearly $9 billion lighter in debt and with a new name, the sports broadcasting company has announced.
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January 02, 2025
Celsius To Challenge $445M Claim Denial In FTX Bankruptcy
Celsius Network's post-Chapter 11 plan counsel filed an appeal on Thursday of a Delaware bankruptcy judge's denial of the cryptocurrency network's amended $444.6 million claim against fellow bankrupt crypto platform FTX.
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January 02, 2025
Bankrupt Pa. City Must Remit Casino Revenue, County Argues
Pennsylvania's Delaware County has asked the Third Circuit to undo a bankruptcy court's ruling that the financially ailing city of Chester is excused from paying the county revenue from gambling taxes because of the city's Chapter 9 proceedings, despite an ordinance mandating that the county get a cut of the money.
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January 02, 2025
'Crush-Resistant' OxyContin Patents Fail At Fed. Circ.
In one of its last major moves in 2024, the Federal Circuit decided to reject an appeal from the bankrupt maker of OxyContin, which is trying to use patent laws to block the release of a competing "crush-resistant" generic painkiller.
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January 02, 2025
Beasley Allen Aims To Toss Suit From Ex-Ally Firm
Beasley Allen has called on a Mississippi federal court to dismiss or transfer a defamation and breach of contract lawsuit from The Smith Law Firm PLLC over their joint venture agreement for talc litigation against Johnson & Johnson, arguing the case should be tossed in favor of its own suit filed earlier in Alabama.
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January 02, 2025
Terraform Founder Arraigned In NY, Denies $40B Crypto Fraud
Terraform Labs creator Do Kwon appeared Thursday before a Manhattan federal judge to deny charges that he orchestrated a $40 billion fraud on customers and investors who backed the cryptocurrency platform based on promises that it had real-world viability.
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January 01, 2025
Bankruptcy Issues To Watch In 2025
Bankruptcy professionals are seeing uncertainty in 2025, with a mix of opinions on whether filings will trend up or down, but certainty that there won't be a final word on the claims release questions bankruptcy plans faced in 2024.
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January 01, 2025
Top Federal Tax Cases To Watch In 2025
Over the next year, tax practitioners will be closely monitoring suits that challenge the IRS' use of the economic substance doctrine, take advantage of the U.S. Supreme Court's landmark decision curbing federal agencies' regulatory authority and dispute the government's handling of worker retention credits. Here, Law360 looks at key federal tax cases to follow in 2025.
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January 01, 2025
Trials To Watch In 2025
The coming year will bring the first bellwether trials in the closely watched federal baby formula mass litigation, the first courtroom battle over a COVID-19 vaccine patent and six major retailers' case against Visa and Mastercard over card swipe fees.
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January 01, 2025
Food & Beverage Cases To Watch In 2025
Food and beverage attorneys have no shortage of interesting issues to follow in 2025, from Albertsons turning on Kroger after their proposed $25 billion merger was blocked, to new state laws covering the life cycle of single-use packaging, and claims over heavy metals and "forever chemicals" contaminating food.
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December 23, 2024
Container Store Given All Clear To Tap Ch. 11 Financing
A Texas bankruptcy judge granted The Container Store Group Inc. a lifeline, allowing the company to access part of its $255 million financing package as it gets underway with a prepackaged Chapter 11 to address over $269 million in debt.
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December 23, 2024
McElroy Deutsch Beats Former Exec's Malicious Claim
McElroy Deutsch Mulvaney & Carpenter LLP got a claim for malicious prosecution against it dismissed without prejudice in litigation against its former business development director, who the firm accused of embezzling millions from it.
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December 23, 2024
Party City Reenters Ch. 11 With Plans To Wind Down
Retail chain Party City has returned to bankruptcy with more than $399 million in debt and plans to close its approximately 700 remaining stores and liquidate, saying attempts to improve its bottom line after its 2023 bankruptcy faltered in the face of falling sales.
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December 23, 2024
Chemical Exec Facing Felony Charges For Flint River Oil Spill
The president of a chemical company has been arraigned on multiple felony charges for allegedly mismanaging chemical waste at a Michigan production site, resulting in a 2022 oil and chemical spill in the Flint River.
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December 23, 2024
AI Co. ILearningEngines Hits Ch. 11 With $100M-Plus Debt
Artificial intelligence software company iLearningEngines has filed for Chapter 11 protection in Delaware bankruptcy court with up to $500 million in debt after a recent cyberattack and proposed securities class action added to mounting pressures facing the company.
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December 20, 2024
High Court Bar's Future: Williams & Connolly's Sarah Harris
Sarah M. Harris of Williams & Connolly LLP never planned on being a U.S. Supreme Court advocate, or even an appellate one. She stumbled upon that career path after realizing her initial goal of becoming a national security or government lawyer wasn't the right fit.
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December 20, 2024
Crypto Trading Co. To Pay SEC $123M Over Terraform Claims
The U.S. Securities and Exchange Commission announced Friday that it secured a $123 million settlement with a Jump Trading subsidiary for allegedly misleading investors about the stability of the now-collapsed Terraform ecosystem by effectively propping up the project's flagship token following a trading arrangement made while the token dipped in value.
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December 20, 2024
Real Estate Recap: Stats, Multifamily Tech, Pot Shop Pickle
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including big picture stats for commercial real estate in 2024, how one proptech company is leveraging resident data for multifamily profitability, and a conversation with a BigLaw leader about navigating New York's pot shop crackdown.
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December 20, 2024
SEC Sues Silver Point Over Atty's Receipt Of Nonpublic Info
The U.S. Securities and Exchange Commission sued investment adviser firm Silver Point Capital LP in Connecticut federal court on Friday, alleging that it failed to establish policies to safeguard material nonpublic information, particularly from a now-deceased former BigLaw attorney.
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December 20, 2024
Yellow Corp. Layoff Notices Had Too Little Info, Judge Says
A Delaware bankruptcy judge has shot down some of trucking company Yellow Corp.'s defenses against claims it failed to give proper notice of more than 25,000 layoffs just before it entered Chapter 11, saying the notices it sent weren't informative enough.
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December 20, 2024
Firm's Fee Battle With Pot Co. Could Turn On An Ellipsis
The fate of Lowenstein Sandler LLP's battle over nearly $800,000 in unpaid legal fees with a cannabis dispensary could hinge on how a judge interprets an ellipsis in a legal brief.
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December 20, 2024
Giuliani Calls Sanctions Bid In Defamation Case 'Political'
Rudy Giuliani is accusing counsel for two Georgia election workers of political bias as they seek to sanction the former Donald Trump adviser and collect on a $148 million defamation judgment.
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December 20, 2024
Chilean Phone Co. WOM Gets OK On $500M Takeover Terms
A Delaware bankruptcy judge on Friday signed off on the framework for Chilean mobile phone operator WOM SA's $500 million restructuring plan, finding the debtor had exercised sound business judgment in selecting the deal to reduce some $650 million in debt.
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December 20, 2024
Top North Carolina Cases Of 2024: Bias, Fraud And False Ads
North Carolina saw a host of heavy-hitting civil trials in 2024, from back-to-back multimillion-dollar jury verdicts in suits over false advertising and employment discrimination, to a substantial bench ruling in a much-watched bias suit against the federal judiciary.
Expert Analysis
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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NY Combined Hearing Guidelines Can Shorten Ch. 11 Timeline
The Southern District of New York’s recently adopted guidelines on combining the processes for Chapter 11 plan confirmation and disclosure statement approval may shorten the Chapter 11 timeline for companies and reduce associated costs, say Robert Drain and Moshe Jacob at Skadden.
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Opinion
Bankruptcy Judges Can Justly Resolve Mass Tort Cases
Johnson & Johnson’s recent announcement of a prepackaged reorganization plan for its talc unit highlights that Chapter 11 is a continually evolving living statute that can address new types of problems with reorganization, value and job preservation, and just treatment for creditors, says Kenneth Rosen at Ken Rosen Advisors PC.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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5th Circ. Bond Claim Ruling Shows Creditors Must Be Vigilant
In Raymond James & Associates v. Jalbert, the Fifth Circuit recently held that the bankruptcy debtor's indemnification obligations were discharged by the confirmed plan because the indemnified party failed to speak up, demonstrating that creditors must proactively protect their rights, says Joshua Lesser at Bradley Arant.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.