County Lets Gov., Lawyers Take Over Creditor Talks

Thursday, Aug 28, 2008

With $3.2 billion of debt threatening to force Jefferson County, Ala., into Chapter 9, the county's governing body has allowed Gov. Bob Riley, Bradley Arant Rose & White LLP and an attorney for the county to assume control of talks with the county's creditors, according to a source close to the Jefferson County Commission.

Mervyn's Wins Final Approval For $465M Financing

Wednesday, Aug 27, 2008

A bankruptcy judge has approved a $465 million debtor-in-possession financing package for department store chain Mervyn's LLC, ruling that the financing is necessary for the company to continue operating as it restructures.

Dot Hill Negotiates With Ciprico To Buy IP Rights

Wednesday, Aug 27, 2008

Dot Hill Systems Corp., a developer of computer storage hardware and software, is negotiating to buy intellectual property assets from Ciprico Inc., the storage software provider that filed for Chapter 11 bankruptcy protection in July.

Grupo Mexico Moves To Regain Control Of Asarco

Wednesday, Aug 27, 2008

In a bid to regain control of its subsidiary Asarco LLC, Grupo Mexico SAB has filed a rival bankruptcy reorganization plan for the copper mining company as well as an objection to Asarco's distribution plans for environmental and asbestos claims.

Judge Tosses Appraisal Suit Against IndyMac, FDIC

Wednesday, Aug 27, 2008

A federal judge in New York on Tuesday dismissed a lawsuit against bankrupt IndyMac Bancorp Inc. and the Federal Deposit Insurance Corp., claiming IndyMac Bank hired appraisers that intentionally inflated home values so the bank could charge higher interest rates on home equity loans.

Court OKs Ch. 11 Plans For Vertis, ACG Merger

Wednesday, Aug 27, 2008

Vertis Communications and American Color Graphics Inc. are on the verge of completing their merger after the federal judge overseeing the prepackaged bankruptcy cases approved the companies’ disclosure statements and reorganization plans.

For Associates, 'Business Casual' Holds Traps

Wednesday, Aug 27, 2008

As new associates try to make sense of their law firm's vaguely worded dress policy – if they are handed a policy at all – they should keep two simple concepts in mind: Get noticed for your work, not your dress, and dress for the job you want, not the one you have.

Silicon Graphics, Samsung Settle Bankruptcy Appeal

Wednesday, Aug 27, 2008

Samsung Electronics Co. Ltd. has agreed to dismiss its appeal of the amended settlement in the Silicon Graphics Inc. bankruptcy. The appeal concerned claims in dynamic random access memory litigation in California.

Legal Funding Gains Steam But Doubts Linger

Wednesday, Aug 27, 2008

Still in its infancy, the legal funding industry has been gaining more acceptance, but doubts persist over whether the practice of advancing plaintiffs and businesses part of an expected settlement could lead to exploitation and fraud.

Trustee Wants Levitz Converted To Ch. 7

Wednesday, Aug 27, 2008

The U.S. trustee in the Levitz Furniture Inc. bankruptcy case on Tuesday filed a memorandum in support of her motion to convert the case from Chapter 11 reorganization to Chapter 7 liquidation.

ABA Postpones Vote On Conflict-Of-Interest Rules

Wednesday, Aug 27, 2008

The American Bar Association has postponed voting on Recommendation 114, the controversial measure that would ease conflict-of-interest rules for attorneys moving between private firms.

Judge Approves Goody's Disclosure Statement

Tuesday, Aug 26, 2008

A federal bankruptcy judge has approved an amended disclosure statement filed by Goody's Family Clothing Inc. in its Chapter 11 bankruptcy proceedings, moving the apparel retail chain one step closer to reorganization.

Ind. 6th State To Sue Countrywide Over Risky Loans

Tuesday, Aug 26, 2008

Indiana Attorney General Steve Carter has filed a lawsuit against Countrywide Financial Corp. for allegedly misleading homeowners into purchasing risky mortgages they could not afford, making Indiana the sixth state since June to sue the country's largest mortgage lender.

Judge Approves Delphi Settlement With Furukama

Tuesday, Aug 26, 2008

A bankruptcy court judge has approved a $16.5 million settlement between auto parts maker Delphi Corp. and Furukawa Electric Co. Ltd., an electronic component manufacturer.

Orrick Hires NY Bankruptcy Head From Mayer

Tuesday, Aug 26, 2008

Orrick Herrington & Sutcliffe LLP has added Raniero D'Aversa Jr., formerly of Mayer Brown LLP, as a partner and head of its New York creditors' rights and bankruptcy practice in an effort to expand its global practice.

Cozen Nabs Fox Rothschild Marketing Officer

Tuesday, Aug 26, 2008

Fox Rothschild LLP is facing the loss of its expert chief marketing officer as Jim Staples prepares to depart for the same position at Cozen O'Connor LLP the week after Labor Day.

Auto Parts Maker Cadence Heads For Ch. 11

Tuesday, Aug 26, 2008

Automotive supply company Cadence Innovation LLC filed for Chapter 11 on Tuesday, citing the economy and rising fuel prices for its financial troubles.

Judge Gives Thumbs-Up To Steve & Barry's Sale

Monday, Aug 25, 2008

The judge presiding over the bankruptcy proceedings for clothing retailer Steve & Barry's LLC has signed off on the company's plan to sell its assets to an affiliate of investment firm Bay Harbour Management for $168 million.

U.S. Energy Files Ch. 11 Reorganization Plan

Monday, Aug 25, 2008

Bankrupt U.S. Energy Systems Inc. and U.S. Energy Overseas Investments have filed a joint liquidating plan of reorganization, one month after winning an extension due to dramatic increases in the price of electricity in the United Kingdom.

Creditors Seek To Oust Law Firm From Ch. 11 Case

Monday, Aug 25, 2008

Claiming law firm Greenberg Traurig LLC has “jumped to the other side of the negotiating table,” two creditors in the Mortgages Ltd. bankruptcy said Friday a judge should revisit a proposed order allowing the law firm to act as special counsel to the bankrupt mortgage lender.