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Ted Wells may have delievered the most memorable lines in the AIG-Greenberg trial, but it was David Boies who provided the best arguments. At least according to a federal jury in New York, which returned a verdict Tuesday afternoon in favor of Greenberg's Starr International Company.
The Fontainebleau resort claimed back in April that its lenders had reneged on a $700 million revolving credit line, and sued to get the money to finish construction. The case has seen fast and furious developments since then, with the resort filing for bankruptcy. But time ran out on its revolving credit claims Wednesday, when a Miami federal court judge found the banks--not the resort--correctly interpreted the loan agreement.
A Seattle federal district court judge had harsh words for how Bernstein Litowitz crafted a securities class action complaint against former Washington Mutual officers and directors when she dismissed it in May. She apparently liked the amended version much better, judging by her decision Tuesday to allow most of its claims to move forward.
Cite as: Litwin v. The Blackstone Group, L.P., 09-4426-cv, NYLJ 1202481597161, at *1 (2nd Cir., Decided February 10, 2011)Before: Miner, Cabranes, and Straub, C
Power Company Calpine Files Year's Largest Bankruptcy
Power generation company Calpine Corp. filed for Chapter 11 late Tuesday. It is the country's largest bankruptcy this year by assets and the eighth largest in U.S. history. The builder, owner and operator of power plants cited numerous reasons for its bankruptcy petition and those of 19 affiliates. The final straw for Calpine was the Delaware Supreme Court's affirmation of a Court of Chancery ruling on litigation over the company's use of asset sale proceeds for fuel purchases.'Extraordinary Payments,' SEC Escrow Authority at Issue in Key 9th Circuit Decision
The 9th Circuit recently issued a decision in a closely-watched case, endorsing the Securities and Exchange Commission's first exercise of its authority under �1103 of the Sarbanes-Oxley Act. That provision authorizes the SEC to get an escrow order freezing assets when it establishes in a federal district court that a public company is likely to make an extraordinary payment to an officer, director or agent while the agency is investigating whether the company or that person has violated securities laws.Who will challenge the Alinghi syndicate in the world's premier sailing race in 2010? That's a matter to be decided not on the water, but in New York's highest court. And the legal talent making arguments may make this contest as exciting as a regatta on a windy day.
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