Bankruptcy

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • October 11, 2024

    Conn. Judge OKs $5M Deal To Resolve AG's Vision Solar Case

    A Connecticut state judge approved a $5 million judgment to resolve an unfair trade practices suit Attorney General William Tong brought against Vision Solar LLC.

  • October 11, 2024

    BurgerFi Creditors Blast DIP, Bidding Procedures In Ch. 11

    Unsecured creditors of restaurant chain BurgerFi Inc. are challenging the terms of its post-bankruptcy financing package and some of the details of its planned asset sale, saying the provisions will unfairly leave creditors with little to nothing in recoveries.

  • October 11, 2024

    Wheel-Maker Can Tap $20M Of $103M Ch. 11 Funding

    A Delaware bankruptcy judge Friday agreed to allow wheel manufacturer Accuride Corp. to tap into up to $20 million of a $103 million debtor-in-possession financing package from its lenders as an interim measure, along with a slate of customary first-day requests.

  • October 11, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.

  • October 11, 2024

    Kramer Levin Formalizes Its Private Credit Practice

    Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.

  • October 10, 2024

    Attys For Voyager Digital Users Get $1.3M After Earn Deal

    Attorneys representing a proposed class of users of the now-bankrupt cryptocurrency firm Voyager Digital Holdings will receive $1.3 million in fees after brokering the settlement of claims the company "aggressively marketed" unregistered securities.

  • October 10, 2024

    Ex-Latham Atty Must Turn Over SEC Whistleblower Docs

    A New Jersey federal judge on Thursday ordered a retired Latham & Watkins LLP attorney to hand over communications between himself and two whistleblowers who tipped off the U.S. Securities and Exchange Commission to an alleged $73 million fraud after one of the whistleblowers dropped his objections to producing the documents.

  • October 10, 2024

    Discount Retailer Plans To Close Its Stores In Ch. 11

    The parent of secondary market retail chain operator Channel Control Merchants on Thursday filed for Chapter 11 protection in Delaware bankruptcy court with more than $76 million in debt and plans to close its 68 locations by the end of the year.

  • October 10, 2024

    Biotech Co. Gritstone Hits Ch. 11 With Over $100M Debt

    Vaccine developer Gritstone bio Inc. filed for Chapter 11 protection in Delaware bankruptcy court Thursday with at least $100 million of debt, saying it was in discussions with a potential bidder for a sale of the business to ensure it can continue researching cancer and other disease treatments. 

  • October 10, 2024

    Calif. Says FDIC Must Wait For $21M Tax Refund

    A California tax agency urged a New York federal court to toss a lawsuit by the FDIC seeking a $20.7 million tax refund on behalf of the shuttered Signature Bank, saying it's entitled to wait for a possible IRS audit before delivering the payment.

  • October 10, 2024

    Atty For McElroy Deutsch's Ex-CFO Wants Out Of Theft Case

    An attorney representing McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer — who is behind bars on charges of stealing from the firm — has asked to be relieved as counsel in the firm's New Jersey suit against the former CFO because he has not paid his legal bills.

  • October 10, 2024

    Wheel-Maker Accuride Hits Ch. 11 Again With Up To $1B Debt

    Wheel manufacturer Accuride Corp. has filed for Chapter 11 protection in Delaware bankruptcy court with up to $1 billion of debt and an agreement to restructure its U.S. business, saying supply chain snarls and a rise in the cost of parts have cut into profits.

  • October 09, 2024

    Cisco Gets PTAB To Wipe Out Most Of Network Patent

    An administrative patent board has trimmed most of a patent that was issued to a since bankrupt Tel Aviv telecom supplier and later eventually asserted against Cisco.

  • October 09, 2024

    Singapore Liquidator Seeks Recognition For Overseas Case

    The liquidator of a bankrupt Singapore company has told a New Jersey bankruptcy judge he needs to act to stop one of the company's creditors from using a U.S. lawsuit to undermine court proceedings in Singapore.

  • October 09, 2024

    Sanctioned NJ Firm Asks To Exit $374M Guo Ch. 11

    Four attorneys for associates of convicted fraudster Miles Guo in his Chapter 11 bankruptcy — whose law firm was sanctioned in the proceedings — have urged Connecticut's bankruptcy court to let them leave the case, saying several corporate entities connected to Guo indicated their services are no longer needed.

  • October 09, 2024

    Sullivan & Cromwell Dropped From FTX Investor Suit

    FTX customers dismissed Sullivan & Cromwell LLP from ongoing multidistrict litigation over the crypto exchange's collapse on Wednesday, after an investigation by the customers' counsel into the firm and dialogue with the FTX bankruptcy estate and appointed examiner resolved concerns about the law firm's conduct. 

  • October 09, 2024

    Girardi Seeks New Fraud Trial Over Memory Issues

    Disbarred attorney Tom Girardi has called on a California federal court to overturn his conviction for misappropriating $15 million in client settlement funds, arguing he was not competent to stand trial due to memory problems that left him unable to remember witnesses or even his own attorneys.

  • October 09, 2024

    US Trustee Objects To Milbank Representing Edgio In Ch. 11

    Milbank LLP should be removed as counsel for digital content delivery platform Edgio Inc. in its Chapter 11, the U.S. Trustee's Office told a Delaware federal judge, arguing the firm is conflicted because of its ongoing work representing Edgio directors and officers in various securities suits.

Expert Analysis

  • Firms Must Rethink How They Train New Lawyers In AI Age

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    As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.

  • Think Like A Lawyer: Always Be Closing

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    When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.

  • Series

    Playing Chess Makes Me A Better Lawyer

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    There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.

  • 9th Circ. Clarifies ERISA Preemption For Healthcare Industry

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    The Ninth Circuit's recent ruling in Bristol SL Holdings v. Cigna notably clarifies the broad scope of the Employee Retirement Income Security Act's preemption of certain state law causes of action, standing to benefit payors and health plan administrators, say attorneys at Troutman Pepper.

  • Litigation Inspiration: Attys Can Be Heroic Like Olympians

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    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.

  • Lean Into The 'Great Restoration' To Retain Legal Talent

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    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.

  • NY Combined Hearing Guidelines Can Shorten Ch. 11 Timeline

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    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.

  • Opinion

    Bankruptcy Judges Can Justly Resolve Mass Tort Cases

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    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.

  • Series

    Fishing Makes Me A Better Lawyer

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    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.

  • A Healthier Legal Industry Starts With Emotional Intelligence

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    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.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    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.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    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.

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    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.

  • 5th Circ. Bond Claim Ruling Shows Creditors Must Be Vigilant

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    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.

  • Series

    Playing Music Makes Me A Better Lawyer

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    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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