News and Events for Attorneys and Executives

Tag: Bankruptcy

Bankruptcy Court Finds Arbitration Clause in Consumer Loan Contract to be Sufficient Cause to Grant Relief from Automatic Stay

Insight
Because the court concluded that the invalidity claims were not core issues, the court granted the borrowers’ motion for relief from the stay.

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You’ve Got Contract: An Email Establishes Binding Settlement in the Second Circuit

Insight
A recent Second Circuit opinion provides a reminder of the importance of reserving rights pending final documentation and the risks of being bound despite the absence of definitive agreements in place, according to Kramer Levin Naftalis & Frankel.

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Circuit Split – Allowing Receiverships by Contract

News
A post on Bryan Cave’s website discusses a circuit split on the weight courts give contractual provisions allowing the appointment of a receiver in loan documents.

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Energy Company’s Bankruptcy Generating Enron-Sized Legal Fees

Energy Company’s Bankruptcy Generating Enron-Sized Legal Fees

News
Total fees for all the professionals probably will hit $1 billion, according to Energy Future Holdings General Counsel Andy Wright.

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Remington Bankruptcy Leaves $500M Question Over Pending Legal Claims

Remington Bankruptcy Leaves $500M Question Over Pending Legal Claims

News
Remington is embroiled in litigation over trigger defects on guns such as its iconic Model 700 rifle, as well as another lawsuit by survivors of the children and teachers killed in the 2012 elementary school shooting in Newtown, Connecticut, Bloomberg reports.

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Remington Bankruptcy Could Put Rifle Settlement at Risk, Attorneys Say

News
Plaintiffs claim that Remington covered up a deadly design defect that allows the rifle — and a dozen similar models — to fire without the trigger being pulled.

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Former American Airlines General Counsel Recalls Turbulent Years

Former American Airlines General Counsel Recalls Turbulent Years

News
The Dallas Business Journal looks inside “Twelve Years of Turbulence: The Inside Story of American Airlines’ Battle for Survival,” scheduled for release in February.

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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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