Tag: Bankruptcy
‘Staggering’ Legal Fees in Boy Scouts Bankruptcy Case
NewsAs the Boy Scouts of America goes through a contentious bankruptcy, dozens of lawyers are working on the case. Many are charging more than $1,000 an hour.
Longtime Leclairryan Attorney Disbarred Over Mishandling of $3M in Landamerica Case
NewsBruce Matson, a prominent, longtime local bankruptcy attorney formerly of LeClairRyan, had his law license revoked last week by the Virginia State Bar after he admitted to inappropriately pocketing seven figures worth of funds from the long-dormant LandAmerica bankruptcy trust account.
Guitar Center Prepping for Bankruptcy Filing
NewsNumerous reports have Guitar Center prepping for a bankruptcy filing, and many within the musical instrument industry feared the worst.
Revlon Avoids Bankruptcy After Getting Bondholder Support
NewsRevlon released that enough bondholders had taken part in its debt restructuring program for the cosmetics maker to stave off bankruptcy.
Purdue’s Massive Opioid Settlement is Tangled in a Bankruptcy Court Fight
NewsPurdue Pharma’s massive settlement over claims that it helped spark the opioid crisis is facing pushback in federal court, creating a potential stumbling block for the landmark deal.
Lawyer in Ex-Mobster’s Toby Keith Restaurant Scheme Gets Prison Term
NewsThe Arizona lawyer who helped an ex-mobster orchestrate the failure of a nationwide chain of Toby Keith restaurants was sentenced Monday to six months in prison.
$330M Settlement Reached with Approximately 1,000 ITT Tech Students
NewsApproximately 1,000 former ITT Tech students in South Carolina were part of a $330 million settlement for debt relief after a lawsuit against the for-profit school.
Bankruptcy Settlement Could Pay Coal Workers $17.3 Million
NewsSome 1,700 employees of a bankrupt coal mining company would get up to $17.3 million in back pay under a proposed class-action settlement.
Trustee Looks to Question Former Leclairryan Insiders in Bankruptcy Case
NewsThe trustee overseeing the bankruptcy liquidation of Richmond law firm LeClairRyan is starting to dig a little deeper.
Nanomech to Pay Lender Nearly $1.7 Million in Settlement, Drop Claims Against Former CEO Jim Phillips
News
The U.S. Bankruptcy Court for the District of Delaware approved a $1.7 million settlement agreement in the bankruptcy case of Springdale-based nanotechnology manufacturer NanoMech Inc. that will clear its former CEO of any wrongdoing.
When a “Time of the Essence” Closing Date Keeps Rolling Like a Stone for 60 Days
Insight
Sellers need to consider the effect of the automatic bankruptcy extension when negotiating with buyers over the terms of a consensual closing extension even if the contract does not have a financing contingency.
Sedgwick Declares Bankruptcy in Filing that Traces the Law Firm’s Downfall
News
Sedgwick, the dissolved law firm, filed for bankruptcy Tuesday in federal bankruptcy court in San Francisco.
O’Melveny Notches Win in Long-Running Legal Malpractice Suit
News
A federal judge ruled in favor of O’Melveny & Myers in a case alleging the Biglaw firm was conflicted in its representation a decade ago of a now-defunct investment firm.
Oil and Gas Bankruptcies Showing Increase in 2019
Insight
This increase in year-over-year filings indicates that the reverberations of the 2015 oil price crash continue to be heard in the industry, reports Haynes and Boone.
Purdue’s Choice of NY Bankruptcy Court Part of Common Forum Shopping Strategy, Experts Say
News
Bankruptcy Judge Robert Drain, on the bench since 2002, has long experience with complicated bankruptcy cases.
Richmond-Based LeClairRyan Law Firm Files for Bankruptcy
News
At its peak, the 30-year-old firm had 25 offices nationwide and almost 400 lawyers.
Rejecting Power-Purchase Agreements in Energy Cases: Do Bankruptcy Courts Have Exclusive Jurisdiction?
Insight
A bankruptcy court held that it not only has exclusive jurisdiction over the rejection of wholesale power-purchase agreements, but that the Federal Energy Regulatory Commission has no such jurisdiction, according to Holland & Hart.
Defining the Limits of Arbitral Authority
Insight
Sometimes arbitrators issue awards that impose their own view of a “just” remedy at the expense of the painstakingly negotiated provisions in the parties’ contracts, writes Robert J. Kaler of Holland & Knight.
Broad Settlement Discharges Mineral Liens
Insight
When you prepare, review and/or sign settlement agreements you sometimes pay less attention than you should to the details of those “standard” releases, writes Charles Sartain in Gray Reed’s Energy & the Law blog.
Double Trouble: The Executory Effect of a Clerical Error
Insight
The case serves as a cautionary tale that even a simple clerical error may have unintended and prolonged consequences, warns David Li of Weil, Gotshal & Manges.
