Bankruptcy

Bankrupt media company sues Paul Weiss for $136m

By Legal Week | June 22, 2009

A media company which went bankrupt last week has filed a $136m (£83m) malpractice suit against Paul Weiss Rifkind Wharton & Garrison, reports The Am Law Daily. US company MIG has alleged that a mistake in an offering document written by Paul Weiss in the late 1990s ended up costing the company about $136m a decade later.

1 minute read

Weil Gotshal bills $54m as GM work pays out to the tune of $80m

By Legal Week | June 16, 2009

General Motors has paid out more than $80m (£49m) over the past six months to the three firms advising on the troubled automaker's Chapter 11 case, reports the Am Law Daily. Weil Gotshal & Manges, Jenner & Block and Honigman Miller Schwartz and Cohn have all filed their applications for employment as counsel to GM. As lead bankruptcy counsel, Weil Gotshal has the lion's share of the billings at more than $54m (£33m) - roughly equivalent to the $55m that Weil billed Lehman Brothers between September 2008 and January 2009.

1 minute read

Hammonds wraps up advice on $485m Chesapeake sale and restructure deal

By Legal Week | June 10, 2009

Hammonds has secured a lead role on the $485m (£304m) cross-border restructuring and sale of packaging supplier Chesapeake.

1 minute read

Northern Ireland: 12 months of strife, but things are looking up

By Legal Week | June 10, 2009

Twelve months ago I wrote an article in these pages attempting to predict how Northern Ireland's (NI) law firms would fare in the short and medium term. My conclusion was that initially there would be a levelling out of growth but mid-term well-balanced firms should continue to be able to grow. So, how have we done and how far off the mark was I?

1 minute read

Weil GM bill set to surpass Lehman charges with 'more complex matter'

By Legal Week | June 10, 2009

Weil Gotshal & Manges looks set to earn more from the landmark bankruptcy of General Motors than it did from its mandate advising on the collapse of Lehman Brothers.

1 minute read

Greenberg in hot water over Heller representation

By Mark Goddard | June 3, 2009

Greenberg Traurig is facing a malpractice investigation by the Heller Ehrman estate, according to court filings and a lawyer representing Heller's creditors committee, writes The Recorder. At issue is Greenberg's apparent failure to discover that Heller's biggest creditor, Bank of America (BoA), had terminated its security interest in the firm. Lawyers familiar with the matter say that Heller, which retained Greenberg last summer, would have had much better leverage with its banks and other creditors if it had known BoA was not a secured creditor and may have even been able to avoid bankruptcy.

1 minute read

International firms win roles on GM restructuring

By Mark Goddard | May 29, 2009

The collapse of automotive giant General Motors has handed roles to at least 15 law firms so far in one of the largest restructurings to date.

1 minute read

International Edition

Herbert Smith sets precedent with success of retail rescue

By Georgina Stanley | May 6, 2009

In the same week that figures from the Insolvency Service revealed company administrations grew by more than 50% during the first three months of 2009 compared to the previous year, the rescue of troubled sports retailer JJB Sports offered a glimmer of hope for companies in difficulty.

1 minute read

Herbert Smith sets precedent with success of retail rescue

By Georgina Stanley | May 6, 2009

In the same week that figures from the Insolvency Service revealed company administrations grew by more than 50% during the first three months of 2009 compared to the previous year, the rescue of troubled sports retailer JJB Sports offered a glimmer of hope for companies in difficulty.

1 minute read

Proffitt and loss

By Legal Week | March 18, 2009

Thacher Proffitt & Wood real estate partner Donald Simone was at his desk on the 40th floor of the World Trade Center's south tower early on 11 September, 2001, pushing to close a deal, when United Airlines Flight 175 crashed into the building about three dozen floors above."When it hit, my whole office moved," Simone recalls. With the electricity off and ceiling tiles falling, he made his way to a stairwell and then to safety.

1 minute read

Daily Business Review

Florida's Hertz Selling $1.5 Billion Bond to Repay Apollo Preferred Stock

By Paula Seligson and Jack Pitcher | November 17, 2021

Hertz is in the process of cleaning up its balance sheet after emerging from bankruptcy in June and relisting on Nasdaq earlier this month, where the company raised $1.3 billion.

3 minute read

The Recorder

Bankruptcy Judge Green Lights Embezzlement Suit Against Erika Girardi

By Amanda Bronstad | November 16, 2021

At a brief hearing on Tuesday, a bankruptcy judge allowed Chicago-based Edelson PC to pursue its embezzlement lawsuit against Erika Girardi, the estranged wife of Tom Girardi.

4 minute read

Texas Lawyer

Anti-Forum Shopping Bill Reintroduced: A Q&A with Cozen O'Connor's Thomas J. Francella, Jr., Marla S. Benedek and Frederick E. Schmidt, Jr.

By Kenneth Artz | November 15, 2021

In bankruptcy, two underlying primary reasons for forum selection are (i) differing case law at the Circuit Court level, and (ii) certainty and predictability of outcome for the particular type of reorganization plan needed by the chapter 11 debtor.

13 minute read

Delaware Business Court Insider

Cozen O'Connor Attorneys Talk Recently Reintroduced Anti-Forum Shopping Bill

By Kenneth Artz | November 15, 2021

In recent years, the Southern District of Texas and the Eastern District of Virginia have joined the Southern District of New York and District of Delaware as preferred jurisdictions for large corporate debtors to file for bankruptcy. These jurisdictions are sometimes referred to as "magnet jurisdictions."

13 minute read

Delaware Business Court Insider

Sontchi Announces Retirement From Delaware Bankruptcy Court

By Ellen Bardash | November 15, 2021

Sontchi is set to take on the role of an international judge focusing on insolvency matters for the Singapore International Commercial Court while privately continuing mediations and arbitrations in Delaware after retirement.

2 minute read

Delaware Business Court Insider

Talc Cases Halted as J&J Bankruptcy Moves to New Jersey

By Amanda Bronstad | November 11, 2021

Two related bankruptcies were in nearby Delaware, and about 35,000 of the lawsuits were in multidistrict litigation in New Jersey.

5 minute read

The Recorder

Girardi Keese Trustee Replaces Special Counsel Ronald Richards

By Amanda Bronstad | November 11, 2021

The trustee replaced Richards, a Beverly Hills attorney, two days after he was accused of conducting a "bizarre shakedown" to make way for a settlement with Tom Girardi's estranged wife, Erika Girardi.

4 minute read

The Legal Intelligencer

Panel Affirms Dismissal of Bankruptcy Filed by Owners of Defunct Marijuana Company

By Rudolph J. Di Massa Jr. and Elisa Hyder | November 11, 2021

In Burton v. Maney (In re Burton), 610 B.R. 633 (B.A.P. 9th Cir. 2020), the Bankruptcy Appellate Panel of the U.S. Court of Appeals for the Ninth Circuit…

8 minute read

Daily Report Online

Talc Cases Halted as J&J Bankruptcy Moves from North Carolina to New Jersey

By Amanda Bronstad | November 10, 2021

A bankruptcy judge on Wednesday ordered that all talcum powder lawsuits be stayed for 60 days, pending transfer of the Chapter 11 filing of Johnson & Johnson subsidiary LTL Management from North Carolina to New Jersey.

6 minute read

Law.com

Talc Cases Halted as J&J Bankruptcy Moves to New Jersey

By Amanda Bronstad | November 10, 2021

A bankruptcy judge on Wednesday ordered that all talcum powder lawsuits be stayed for 60 days, pending transfer of the Chapter 11 filing of Johnson & Johnson subsidiary LTL Management from North Carolina to New Jersey.

5 minute read