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Am Law Firms, Local Shops in Drive for Detroit Work
With Thursday's Chapter 9 filing, the hard-pressed Motor City took its first legal step toward what will be the largest municipal bankruptcy in U.S. history—and set off a scramble among a bevy of firms eager to land roles on a record-setting case.When Exxon announced it was getting out of the retail gasoline business, it found itself facing a whole new batch of suits from gas station owners who claimed breach of contract. A federal judge in Maryland has dismissed the suits of owners whose stations still haven't been sold, saying their claims aren't yet ripe.
Getting the Delaware Chancery Court to permanently block a deal is no easy feat, but Pickhardt pulled it off on Monday for BankAtlantic investors hoping to scuttle the bank's sale of $2.1 billion in loans and $3.3 billion in deposits to BB&T.
Cite as: McKithen v. Brown, 08-4002-pr, NYLJ 1202475224064, at *1 (2d Cir., Decided November 19, 2010)Before: Cabranes, B.D. Parker, C.J., and Underhill*, D.J.
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