Bankruptcy Law

Dallas Law Firms Better Poised to Weather Recession

Some Dallas law firms are laying off lawyers, but on the whole they are faring better than counterparts in other cities. The firms are doing well in part because they have energy and intellectual property practices that do better in an economic downturn, the Dallas Morning News reports. John Attanasio,…

Jul 6, 2009 4:09 PM CDT

Judge OKs Sale of GM Assets to US-Owned Company

A federal bankruptcy judge has approved the sale of General Motors’ assets to a new company partly owned by the federal government. U.S. Bankruptcy Judge Robert Gerber of Manhattan approved the sale late Sunday, after a three-day hearing, the Associated Press reports. “As nobody can seriously dispute, the only alternative…

Jul 6, 2009 11:27 AM CDT

Jones Day’s Legal Tab for May Chrysler Work: $12.7M

Work by Jones Day on behalf of the bankrupt automaker Chrysler cost the firm $12.7 million in fees and expenses last month. Other firms and advisers are seeking an additional $8.5 million in reimbursements, Bloomberg reports, citing court filings. The billing period is between April 30, when Chrysler filed for…

Jun 25, 2009 11:11 AM CDT

7 Fla. Firms Launch Foreclosure Bar Group, But Is It Active?

A group of law firms across Florida have reportedly banded together to form the Florida Foreclosure Defense Bar Association. The aspirational aim of the bar group—whose members are bankruptcy and foreclosure lawyers—is to assist families facing foreclosure and give them ready access to information about their rights. The group also…

Jun 24, 2009 12:46 PM CDT

Judicial Conference Asks Congress for 13 More Bankruptcy Judges

Deluged with new bankruptcy filings, the federal courts need more judges to keep the docket moving, a federal courts official told a U.S. House of Representatives subcommittee today. “Our judicial resources are strained. And the cost to society of an overburdened bankruptcy system, especially in this economic climate, is enormous,”…

Jun 16, 2009 8:43 PM CDT

Back Off Metadata Ethics Complaint, Judge Tells Lawyer Suing Sexploits Blogger

A lawyer who claims he was the paramour identified as “RS” on a blog of sexual exploits has been warned by a judge to back off on an ethics allegation against the blogger’s bankruptcy counsel. U.S. Bankruptcy Judge Margaret Cangilos-Ruiz of the Northern District of New York said lawyer Robert…

Jun 16, 2009 2:20 PM CDT

Weil Earned $54M from GM Before Bankruptcy Filing

General Motors has paid three law firms $80 million for work leading up to its bankruptcy filing. The biggest fee earner was Weil, Gotshal & Manges, which racked up $54 million in fees and expenses in the six months leading up to the filing, the Wall Street Journal (sub. req.)…

Jun 16, 2009 11:20 AM CDT

Supreme Court to Consider Abbreviated Discharge of Student Loan

The U.S. Supreme Court has agreed to decide whether student loans can be dismissed in bankruptcy absent proof that repayment constitutes an “undue hardship.” Debtor Francisco Espinosa declared a discharge of part of his student debt in his bankruptcy plan rather than proving undue hardship in an adversarial hearing, as…

Jun 15, 2009 5:25 PM CDT

Crowell & Moring Partner’s Overzealous Tactics Justified Sanction, Court Says

A federal appeals court has upheld a sanction of more than $371,000 against Crowell & Moring partner Peter Ginsberg for “overzealous litigation tactics” and “inflammatory statements” made in the course of a recusal request. The Atlanta-based 11th U.S. Circuit Court of Appeals said Ginsberg, a white-collar criminal defense lawyer, had…

Jun 15, 2009 12:52 PM CDT

Proposed Asbestos Settlement by McGuireWoods Labeled Collusive by Judge

Updated: A federal bankruptcy judge has blasted a proposed bankruptcy plan to resolve asbestos claims as the product of collusion and refused to approve it. The proposal was developed by lawyers at McGuireWoods representing the debtor, Skinner Engine, and the law firm representing claimants, the Maritime Asbestos Legal Clinic of…

Jun 11, 2009 3:47 PM CDT

Lawyer Who Fought Chrysler Deal Described as Tenacious to a Fault

Updated: Some rival lawyers wonder why White & Case partner Thomas Lauria sought to stall Chrysler’s sale to Fiat, a deal inked this morning after the bankruptcy veteran’s unsuccessful bid to stop it. Lauria, who heads the bankruptcy practice at White & Case, represents a group of Indiana pension funds…

Jun 10, 2009 12:53 PM CDT

SCOTUS Lets Chrysler’s Sale to Fiat Proceed

The U.S. Supreme Court ruled without dissent shortly after 7 p.m. ET today that the group of Indiana pension funds challenging a government-backed plan to sell most of Chrysler’s assets to Fiat did not meet their burden of showing that a delay in the sale was justified. The order approves…

Jun 9, 2009 11:40 PM CDT

Madoff Investors Sue, Want Loss Calculation Based on Fake Statements

A group of investors in Bernard Madoff’s $65 billion Ponzi scheme have filed suit in U.S. Bankruptcy Court in New York claiming trustee Irving Picard’s calculations of money owed to victims is not in accordance with federal law. The suit claims that federal law requires the investors to be paid…

Jun 8, 2009 8:35 PM CDT

Bankruptcy Filings Up 33% in Last 12 Months

Bankruptcy filings are up 33.3 percent in the year ending March 31, 2009, than from the year ending March 31, 2008. According to a press release issued today by the Administrative Office of the U.S. Courts, there have been 1,202,503 bankruptcies in the last 12 months, as opposed to 901,927…

Jun 8, 2009 8:14 PM CDT

Supreme Court to Consider Bankruptcy Law Restriction on Legal Advice

The U.S. Supreme Court has agreed to consider a challenge to a federal bankruptcy law that limits what lawyers can tell clients. The U.S. Supreme Court granted cert today in United States v. Milavetz, Gallop & Milavetz, SCOTUSblog reports. The U.S. Justice Department is seeking to overturn a federal appeals…

Jun 8, 2009 3:21 PM CDT