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New York Law Journal

Another Look at Make-Whole Provisions in Bankruptcy: Drafting Matters

If the parties intend make-whole provisions to apply in a bankruptcy proceeding, they must be drafted clearly and concisely to apply. Defined terms matter.
8 minute read

New York Law Journal

Opportunities for Lenders in Financing Bankruptcy Acquisitions

Lenders should have increased opportunities to finance bankruptcy sales in the near term. Lenders should view these opportunities as being at least as advantageous as financing non-bankruptcy acquisitions, in part given that the scope of liabilities that the purchaser will assume should be more circumscribed.
8 minute read

Daily Business Review

South Florida Judge to Step Down From Federal Bench, Search to Begin for Successor

"Many economists believed that the success of the U.S. was that you could try to start a business here and fail and not be executed," U.S. Bankruptcy Court Chief Judge Emeritus A. Jay Cristol said. "A fresh start or a second opportunity are major factors in the success of our economy."
5 minute read

Daily Business Review

$3 Million Stolen From Law Firm by Bookkeeper, Prosecutors Say

"What scares me is what if the law firm followed all the rules and she got around it?" said Randolph Braccialarghe of Nova Southeastern University College of Law. "That would make us all vulnerable."
3 minute read

New York Law Journal

Navigating the Conflicting Views on Third-Party Releases in Bankruptcy Restructuring Plans, Part I

This two-part article will examine the role of third-party releases in successful Chapter 11 reorganizations. This installment will address the factors considered in each Circuit where such releases have been deemed permissible within the confines of the Bankruptcy Code, evaluate several recent cases highlighting the uncertainty created by the current Circuit split, and consider options for creating a clear, nationwide standard.
14 minute read

Daily Report Online

Amid Recession Warning Signs, Big Law Firms Stock Up on Bankruptcy Hires

Alston & Bird, Womble and Eversheds Sutherland have all made bankruptcy partner hires in the last two weeks, with practitioners at each firm predicting an uptick in filings this year.
4 minute read

New York Law Journal

The Broad Range of Amicus Arguments Advanced for and Against Nonconsensual Third-Party Releases in the 'Purdue' Appeal

Seven groups and one law professor submitted amicus briefs. Five of the amici support Purdue's appeal and three oppose.
10 minute read

Texas Lawyer

Bankruptcy Trustee Seeks Return of Fees Paid to Paul Weiss, Baker Botts, Nielsen IP

A Chapter 7 trustee in Houston filed a complaint on Friday alleging that the parent company of debtor QSI, an oil field services company in Houston, paid for legal services from Baker Botts with money from the debtor when it was struggling financially.
3 minute read

Law.com

Federal Judge Tosses Legal Malpractice Suit, Finding No 'Ulterior Motive' in Filing Ch. 13 Petition on Eve of Foreclosure Sale

"My position from day one was that if this outcome was different, it would basically put a thorn in the side of the bankruptcy practice—that bankruptcy practitioners would be nervous about handling cases such as this because of the automatic stay," said solo practitioner Constant S. Poholek Jr., who was sued after filing a Chapter 13 bankruptcy petition for a client on the eve of a foreclosure sale.
6 minute read

Law.com

Circuit Split Deepens Over Whether Bankruptcy Code Strips Tribal Immunity

Addressing a question of first impression, a divided panel of the U.S. Court of Appeals for the First Circuit has ruled that the U.S. Bankruptcy Code strips Native American tribes of their sovereign immunity.
4 minute read

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