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As Billing Rates Skyrocket, Historic Fee Leaders Find Company at $2,000 Per Hour
Weil, Kirkland, Skadden and Latham once outpaced the rest of Big Law on what they could charge, but that may begin to change.
As Billing Rates Skyrocket, Historic Fee Leaders Find Company at $2,000 Per Hour
Weil, Kirkland, Skadden and Latham once outpaced the rest of Big Law on what they could charge, but that may begin to change.
Latham Among Those Left Hanging in Film Studio's Bankruptcy
Latham & Watkins is owed nearly $500,000 from Open Road Films, according to a Chapter 11 filing by the Los Angeles-based movie studio in Delaware.
Health Care Bankruptcy Leaves Big Law in the Lurch
The collapse of Constellation Healthcare Technologies Inc. has left nearly $4 million in unpaid legal bills for four law firms, including Winston & Strawn and McGuireWoods.
Unwinding an LBO Transaction in Bankruptcy Made Easier
Fraudulent conveyance litigation arising from failed leveraged buyout transactions is frequently pursued in bankruptcy proceedings as the sole source of recovery for creditors.
Split Increases Uncertainty as to Extent of Safe Harbors
In her Distress Mergers and Acquisitions column, Corinne Ball of Jones Day discusses a recent Seventh Circuit decision that rekindled a circuit split regarding the interpretation of §546(e), which is one of the "safe harbor" provisions enacted to minimize displacement in the commodities and securities markets in the event of a major bankruptcy affecting those markets. The split results in various levels of risk for participants in financial transactions, depending on the likely venue for a later challenge.
Casino Not Liable to Return Proceeds of Fraudulent Transfers
In most bankruptcy cases where the business is being sold or liquidated, the two primary sources of funds for distribution to creditors are sale proceeds and avoidance claim recoveries from preference and fraudulent transfer actions. Fraudulent transfer actions can be quite complex. Interesting issues arise when the defendant is not the initial recipient of the fraudulent transfer from the debtor, but rather a subsequent recipient of those funds. In many of these cases, the subsequent transferee never did any business with the debtor itself, actually extended value to the initial recipient of the fraudulent transfer, and found itself embroiled in litigation with the bankruptcy trustee of the debtor's estate. Such a situation was recently reviewed by the U.S. Court of Appeals for the Seventh Circuit in Brandt v. Horseshoe Hammond LLC, Case No. 14-2174 (7th Cir. Oct. 13, 2015). In this case, the court reviewed whether a bankruptcy trustee could recover over $8 million from a casino where the debtor's principal gambled regularly for years with funds fraudulently transferred to him and his wife from the debtor. While the court ultimately affirmed the district court's grant of summary judgment in favor of the casino, this case illustrates the dangers of unknowingly dealing with recipients of fraudulent transfers.
American Apparel, Saddled By Legal Bills, Tries on Jones Day for Ch. 11
The troubled retailer's ongoing fight with former CEO Dov Charney has landed the company in bankruptcy. Among American Apparel's top 30 largest unsecured creditors are three high-powered Am Law 100 firms.
Kevyn Orr to Return to Jones Day
The former emergency manager for Detroit will be back at Jones Day by early May, his former spokesman says. Before taking the Motor City post and shepherding the historic bankruptcy proceeding, Orr was a partner at Jones Day for more than a decade.Orr Hired as Consultant for Ailing Atlantic City
Former Jones Day restructuring partner Kevyn Orr, who left the firm in 2013 to serve as emergency manager of Detroit, has been hired as a part-time consultant in Atlantic City by New Jersey Gov. Chris Christie. Orr will advise Kevin Lavin, former FTI Consulting restructuring attorney, who will serve as emergency manager for Atlantic City, which has fallen on tough economic times since four casinos closed last year.TRENDING STORIES
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