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Bankruptcy
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October 17, 2024
Colorado Judges Doubt Giuliani Shielded For 2020 Lies
Colorado appellate judges appeared skeptical Thursday of Rudy Giuliani's bid to escape a defamation lawsuit by a former executive for Dominion Voting Systems, noting that they already found Giuliani's statements weren't protected in a related appeal.
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October 17, 2024
FTX Insider Cites 'Limited' Fraud Role In Bid To Avoid Prison
The former head of engineering at FTX asked a Manhattan federal judge to spare him prison time in light of his cooperation with prosecutors and what he said was a relatively "limited" role in the crypto exchange's billion-dollar fraud.
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October 17, 2024
A&O Shearman Taps Governance Veteran To Co-Lead Practice
A&O Shearman said Thursday that it has tapped a longtime partner to co-head the firm's compensation, employment, pensions and governance practice, bringing it under the joint leadership of alum from each of its two legacy firms after the merger between New York-based Shearman & Sterling and London-based legacy firm Allen & Overy became official last May.
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October 17, 2024
NJ Injury Firm Heads To Ch. 11 Under $700K State Tax Debt
New Jersey personal injury attorney law firm Michael J. Weiss Inc. has hit Chapter 11 with $697,397.86 in state tax liability, according to court filings.
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October 16, 2024
NYC Condo Building's Revised Ch. 11 Plan Gets Confirmation
A New York federal bankruptcy judge has confirmed the owner of a Manhattan condominium complex's revised Chapter 11 plan, signing off on the planned restructuring after initially sending it back for revisions in late September, according to a notice filed Wednesday.
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October 16, 2024
True Value Strikes Bridge Deal To Fund Ch. 11 Case With Cash
Hardware store supplier True Value Co. is "laser focused" on closing a $153 million sale, attorneys for the company Wednesday told a Delaware bankruptcy judge who agreed to approve a two-week deal the debtor struck with a lender to use cash on hand to fund the Chapter 11 case.
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October 16, 2024
Brazilian Electricity Biz Seeks US Ch. 15 Recognition
Light SA, parent to a major Brazilian electrical utility, has asked a Texas bankruptcy judge to grant U.S. recognition of its foreign insolvency proceedings, saying a Brazilian court had approved a restructuring plan for the company to deal with roughly $2 billion in debt that has high creditor support.
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October 16, 2024
Giuliani Says Ga. Poll Workers Can't Go After His Fla. Condo
Disgraced ex-lawyer Rudy Giuliani told a New York federal court Wednesday that two Georgia poll workers cannot force a sale of his Florida condominium to help cover their $148 million defamation award against him because the property is his permanent residence and thus is shielded under a "homestead" exemption.
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October 16, 2024
Ex-Judge Aims To Shield Bank Records In Romance Probe
A former U.S. bankruptcy judge is hoping to sink a subpoena from the U.S. Trustee's Office for his banking records in connection with its inquiry into his concealed romantic relationship with a former Jackson Walker LLP partner who appeared before him in a number of cases.
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October 16, 2024
Fla. Jury Finds 2 Live Crew Can Take Back Music Rights
A Florida federal jury ruled Wednesday that the Miami rap group 2 Live Crew is entitled to the copyrights on dozens of songs, finding the group made a valid claim under a law that allows them to claw back ownership of their music after more than three decades.
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October 16, 2024
Construction Co., Gov't Drop $4M Retention Credit Suit
A former construction business' suit against the Internal Revenue Service seeking nearly $4 million in employee retention credit refunds was dismissed by a Florida federal judge Wednesday after the company and the federal government agreed to drop the case.
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October 16, 2024
Key Bank Blocking Hunt For Apt. Co-Op's $1.3M, Towns Say
Key Bank NA should be held in contempt of court because four insurance checks totaling $1.3 million seem to have vanished from a troubled housing co-op's accounts, and the bank is preventing a receiver in charge of the 924-unit Success Village Apartments from figuring out what happened, two Connecticut municipalities have said.
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October 16, 2024
Jenner & Block Grows Restructuring Team In NYC, Chicago
Jenner & Block LLP announced Wednesday an expansion of its bankruptcy and restructuring practice in New York and Chicago with the addition of two partners from Mayer Brown LLP, including a former co-leader of that firm's restructuring group in New York.
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October 15, 2024
Exec's $77M WeWork Offer Was Stupid, Not Fraud, Jury Told
Counsel for the former CEO of real estate investment firm Arciterra told a Manhattan federal jury Tuesday his client was a fool for making what prosecutors described as a fake $77 million tender offer for a controlling stake in WeWork before its bankruptcy, but he wasn't trying to falsely pump up the coworking company's stock price.
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October 15, 2024
Uncle Luke Says 2 Live Crew Songs Weren't Works For Hire
Rapper and producer Luther Campbell, also known as Uncle Luke, told jurors Monday that the checks they'd been shown for payments to members of hip-hop group 2 Live Crew were for per diem expenses, not paychecks, and insisted that the group members were not employees of his record label and can therefore claw back their rights to their old hit recordings.
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October 15, 2024
Fla. Medical Co. Hits Ch. 11 With Plans For Quick $45M Sale
The operator of 26 primary care centers in Florida has filed for Chapter 11 in hopes of a quick $45 million sale to an affiliate of health insurance company Humana Inc.
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October 15, 2024
Law Firms Diverge As Anti-ESG Pushback Continues
A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.
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October 15, 2024
The 2024 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
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October 15, 2024
Wheel Pros Gets OK For $1.4B Equity-Swap Ch. 11 Plan
A Delaware bankruptcy judge on Tuesday approved automotive wheel company Wheel Pros LLC's prepackaged Chapter 11 plan to swap $1.4 billion in senior secured debt for controlling equity in the company.
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October 15, 2024
True Value Hardware Hits Ch. 11 With $153M Asset Sale Plan
The 75-year-old hardware retailer True Value Co. LLC filed for Chapter 11 protection in Delaware bankruptcy court, with its plan to sell all assets to industry rival Do It Best Corp.
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October 11, 2024
Electric Vehicle Maker Fisker Cleared To Exit Chapter 11
Electric car maker Fisker Inc. is set to exit Chapter 11 after a Delaware bankruptcy judge on Friday ruled that opt-out forms sent during plan voting showed creditor consent for third-party releases, but that shareholders who didn't vote on the plan hadn't agreed to the releases.
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October 11, 2024
Discount Chain's Equity Owner Gets OK To Run Ch. 11 Sales
A Delaware bankruptcy judge Friday gave discount retailer Channel Control Merchants permission to use an affiliate of its majority shareholder to run the going-out-of-business sales in its Chapter 11 case.
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October 11, 2024
Judge Doubts FTX Alum Needs Further Dog Bite Recovery
A Manhattan federal judge has denied a bid from former FTX executive Ryan Salame to further postpone the start of his 7½-year prison sentence, saying he had already benefited from "extremely generous" delays, and agreeing with prosecutors that Salame appeared to have largely recovered from a dog bite that he said he suffered in June.
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October 11, 2024
Asbestos Claimants Say Kaiser Ch. 11 Plan Should Stand
Asbestos injury claimants in Kaiser Gypsum Co.'s bankruptcy case have asked the Fourth Circuit to uphold the company's Chapter 11 plan, saying the arguments against it by Kaiser's primary insurer are based on speculative harms.
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October 11, 2024
Ex-Girardi Keese CFO Pleads Guilty In Calif. Wire Fraud Cases
Girardi Keese's former Chief Financial Officer Christopher K. Kamon pled guilty Friday in California federal court to two counts of wire fraud, admitting that he conspired with the firm's disgraced co-founder Tom Girardi to steal millions from a client, while also stealing millions from the firm behind Girardi's back.
Expert Analysis
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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3rd Circ. Ruling Shows Benefits Of IP Licenses In Bankruptcy
The Third Circuit’s recent ruling in Mallinckrodt’s Chapter 11 filing, which held that Mallinckrodt could sever its obligations to pay Sanofi royalties on sales of an autoimmune disease drug, highlights the advantages of structuring transactions as nonexclusive licenses for developers of intellectual property, say Gregory Hesse and Kaleb Bailey at Hunton.
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Opinion
Congress Must Increase Small Biz Ch. 11 Debt Cap
Congress must act to reinstate Subchapter V, which recently sunsetted when the debt threshold to qualify reverted from $7.5 million to just over $3 million, meaning thousands of small businesses will no longer be able to use the means of reorganization, says Daniel Gielchinsky at DGIM Law.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Ch. 11 Ruling Clarifies Cross-Border 'Alternative A' Scope
A New York bankruptcy court’s recent ruling in airline holding company SAS’s Chapter 11 case — addressing the applicability of Alternative A, which is similar to Section 1110 of the U.S. Bankruptcy Code — is a cautionary tale for contracting European Union member states that have adopted Alternative A domestically but have not made a formal declaration, say attorneys at Pillsbury.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Ambiguity Ruling Highlights Deference To Arbitral Process
A New York federal court’s recent ruling in Eletson v. Levona, which remanded an arbitral award for clarification, reflects that the ambiguity exception’s analysis is not static and may be applied even in cases where the award, when issued, was unambiguous, says arbitrator Myrna Barakat Friedman.
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Justices' Ch. 11 Ruling Is A Big Moment For Debtors' Insurers
The U.S. Supreme Court’s recent Truck Insurance v. Kaiser Gypsum ruling upends decades of Chapter 11 bankruptcy jurisprudence that relegated a debtor’s insurer to the sidelines, giving insurers a new footing to try and avoid significant liability, say Stuart Gordon and Benjamin Wisher at Rivkin Radler.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.