News and Events for Attorneys and Executives

Tag: Bankruptcy

When Contracts and Bankruptcy Collide, a Short Term May Be Better in the Long Term

When Contracts and Bankruptcy Collide, a Short Term May Be Better in the Long Term

Insight
The U.S. Bankruptcy Code has a lot to say about the rights of both the debtor and the non-debtor party once a bankruptcy is filed – often to the chagrin of the non-debtor party, writes Jeffrey A. Krieger, a partner in Greenberg Glusker.

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GM Accuses Bankruptcy Trust of Secret $1 Billion Stock Plot

GM Accuses Bankruptcy Trust of Secret $1 Billion Stock Plot

News
As Bloomberg’s Erik Larson explains, the accord will pit GM against the “Old GM” General Unsecured Creditors Trust for the first time since the 2009 bankruptcy sale created the split to save the company.

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Texas Bankruptcy Law Firm Forshey Prostok Beefs Up Attorney Ranks

News
Bankruptcy and restructuring law firm Forshey Prostok announces the promotion of three attorneys and the addition of two lawyers to its Dallas/Fort Worth offices.

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Weil Gotshal Benchslapped Over Fee Request

Weil Gotshal Benchslapped Over Fee Request

News
The judge criticized Weil’s billing rates, the number of attorneys assigned and its lack of specificity in billing entries, trimming its fees to $488,452 and denying about $32,200 in additional costs.

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U.S. Bank Fined, Ordered to Pay Remediation for Bankruptcy Filing Violations

U.S. Bank Fined, Ordered to Pay Remediation for Bankruptcy Filing Violations

News
The OCC said that as a result of the bank’s bankruptcy practices, U.S. Bank “has made or will make approximately $29 million in remediation to approximately 22,000 account-holders.”

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Some Retail Chains on Verge Of Bankruptcy After Poor Holiday Sales

Some Retail Chains on Verge Of Bankruptcy After Poor Holiday Sales

News
At least three apparel chains – Wet Seal, Eastern Mountain Sports and Bob’s Stores — are running short of cash and on the verge of filing for bankruptcy protection, according to a New York Post report.

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Dykema’s Eduardo Espinosa Appointed Trustee in Life Partners Reorganization

News
Eduardo Espinosa, a member with law firm Dykema, has been appointed trustee for the Position Holders Trust as part of Life Partners Holdings Inc.’s Chapter 11 Plan of Reorganization.

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Tinkering With Ipso Facto Provisions in Financial Contracts Could Send Them Sailing Out of Safe Harbors

Insight
The question in the case described by Maurice Horwitz Weil, Gotshal & Manges was whether an ipso facto provision continues to be safe harbored if enforcement of that provision is conditioned on other factors – in this case, the debtor’s failure to perform under the contract.

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Alleviate the Fear of a License Counterparty Filing for Bankruptcy

Alleviate the Fear of a License Counterparty Filing for Bankruptcy

Article
A legitimate fear among companies negotiating license agreements exists, and that is the fear of the license counterparty filing for bankruptcy, reports Christopher A. Ward and Cortney E. Mendenhall of Polsinelli PC.

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Can a Debtor Appeal Confirmation of its own Plan?

Can a Debtor Appeal Confirmation of its own Plan?

Article
A ruling in the 8th U.S. Circuit Court of Appeals illustrates that at bankruptcy plan confirmation, debtors need to create a record for potential appeals, including those that it may ultimately want to bring,

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Bankruptcy Law ‘Trumps’ the National Labor Relations Act in Casino Reorganization Case

Article
The Third U.S. Court of Appeals recently ruled that federal bankruptcy courts may extinguish a Chapter 11 employer’s obligations under an expired collective bargaining agreement pursuant to Section 1113 of the Bankruptcy Code where such relief is necessary to permit reorganization.

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Wyly Billion-Dollar Bankruptcy Trial Concludes

NEWS
The bankruptcy judge hearing the case is expected to take several weeks to rule in the complex bankruptcy trial in which the IRS accused the wealthy Texans of tax evasion and fraud and is seeking $2.2 billion in back taxes, fees and penalties.

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My Mineral Producer has Filed Bankruptcy – Now What?

My Mineral Producer has Filed Bankruptcy – Now What?

Article
As the dreaded packet arrives in the mail from a Bankruptcy Court, many mineral owners are being introduced to the third “B” of the oil business – Boom, Bust, Bankruptcy.

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Drafting to Protect Your IP Rights in Licensor’s Bankruptcy

Drafting to Protect Your IP Rights in Licensor’s Bankruptcy

Article
Congress gave licensees protection against losing their IP rights in this situation when it enacted section 365(n) of the Bankruptcy Code.

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What Every Tech Company Needs to Know About Assumption of Its Contracts in Bankruptcy

Article
Far less effort is required to preserve IP rights than what may be involved in a major piece of litigation; but, in almost every case, the company must take timely steps to ensure that its interests are protected.

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Clear Contractual Terms Prevail Over Equitable Principles in Bankruptcy Cases (Again)

White Paper
Especially where contract parties are sophisticated, courts give weight to the fact that each provision in the contract was likely heavily negotiated and that each word was chosen for a specific purpose.

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