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Judge OKs Bankrupt Mortgage Lenders' Settlement

A bankruptcy judge has approved settlement agreements over mortgage licenses between subprime lender Mortgage Lenders Network USA Inc. and banking authorities in five northeastern states.

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Legal And Regulatory Calendar

Friday, Jul 25, 2008

Our daily calendar of events lists conferences and hearings scheduled to take place in the next four weeks.

All-Female Firms Rise But Not Without Controversy

Thursday, Jul 24, 2008

At a time when the number of female-owned law firms appears to be on the rise, Schroder, Joseph & Associates has sparked controversy. A series of the firm's advertisements playing on gender stereotypes was meant to strike the funny bone – and instead hit a nerve.

Restructuring Partner Leaves Weil Gotshal for Kirkland

Thursday, Jul 24, 2008

Christopher J. Marcus became a partner at Weil, Gotshal & Manges LLP in January, and on Aug. 1 he will join the restructuring group at Kirkland & Ellis LLP's New York office.

L.I.D. Files Ch. 11 Liquidation Plan

Thursday, Jul 24, 2008

After selling off nearly all of its assets earlier this year, bankrupt diamond wholesaler L.I.D. Ltd. filed a liquidation plan on Wednesday.

Sonnenschein Lashes Out At GMAC Over Aloha Fees

Thursday, Jul 24, 2008

Disputing GMAC Commercial Finance LLC's objection to its $250,000 fee request in Aloha Airlines Inc.'s bankruptcy case, Sonnenschein Nath & Rosenthal LLP has ripped into the air carrier's main lender, accusing it of unfairly engineering a liquidation that benefited only GMAC.

Report Finds First Magnus Violated Real Estate Law

Thursday, Jul 24, 2008

A new audit report released by the U.S. Department of Housing and Urban Development has revealed that home lender First Magnus Financial Corp. violated federal law by offering incentives to mortgage brokers.

New Parmalat Liable For Old Parmalat Suits: 2nd Circ.

Wednesday, Jul 23, 2008

The newly reorganized Parmalat SpA has lost its bid to enjoin shareholders from bringing class actions against it in U.S. courts, after an appeals court refused to grant the dairy giant's motion to overturn a lower court ruling.

White House Rescinds Threat To Veto Housing Bill

Wednesday, Jul 23, 2008

President Bush said on Wednesday that he would drop his threat to veto a housing bill that would temper the effects of the ongoing mortgage crisis and help borrowers finance their loans and stay in their homes.

Hancock Fabrics Reorganization Plan Confirmed

Wednesday, Jul 23, 2008

Hancock Fabrics Inc. is on its way out of Chapter 11 protection now that a judge has approved the company's reorganization plan.

Asarco Settles Pollution Claim With Timber Company

Wednesday, Jul 23, 2008

As it continues to labor toward reorganization, Asarco LLC has reached a settlement with timber company Wasser & Winters for damages Wasser paid for alleged contamination of the Hylebos Waterway.

Getzler Henrich's Fabrikant Adviser Fees Top $5M

Wednesday, Jul 23, 2008

Getzler Henrich & Associates LLC received over $5.1 million for its services over 18 months as bankrupt jewelry wholesaler M. Fabrikant & Sons Inc.'s crisis manager, the restructuring adviser's final cumulative fee application has revealed.

BoNY Objects To Wellman Plan Over Collateral Dispute

Wednesday, Jul 23, 2008

The Chapter 11 reorganization plan and disclosure statement that Wellman Inc. filed last month has come under fire from Bank of New York NA, the polyester manufacturer's first-lien lender, over its valuation of the collateral for the bank's $185 million claim.

Judge Gives U.S. Energy More Time To File Plan

Wednesday, Jul 23, 2008

A federal bankruptcy judge has given bankrupt U.S. Energy Systems Inc. more time to exclusively file a plan to claw its way out of Chapter 11.

Trustee Objects To Goody's Bid For Additional Counsel

Wednesday, Jul 23, 2008

The U.S. trustee in the Goody’s Family Clothing Inc. bankruptcy case has thrown up a red flag in the retailer's proposed hiring of Bass Berry & Sims Plc, saying the company needs to prove why it needs the firm.

Fedders Fights Bid To Approve Suit Over Boy's Death

Wednesday, Jul 23, 2008

Fedders Corp. has asked a bankruptcy court to reject a motion that would allow a couple who claims a defective air conditioner caused a fire that killed their son to proceed with a liability suit against the company.

New Reed Smith Group Responds To Market Crisis

Wednesday, Jul 23, 2008

Reed Smith LLP has created a derivatives and structured products group with approximately 40 lawyers in offices in the U.S. and abroad.

SemGroup Files For Bankruptcy Amid Margin Calls

Tuesday, Jul 22, 2008

SemGroup LP and 24 affiliates filed voluntary Chapter 11 petitions with plans to liquidate in order to pay back lenders, one day after a nondebtor, limited partnership affiliate of the privately held energy company was hit with a putative securities class action over soured oil investments.

Whitehall's Bid To Sell Consigned Jewelry Draws Ire

Tuesday, Jul 22, 2008

Several parties, including Bulova Corp. and Paul Winston-Eurostar LLC, have filed papers opposing bankrupt Whitehall Jewelers Holdings Inc.'s attempts to sell off approximately $63 million in jewelry the debtors received on consignment.

Mervyn's Could Be Newest Entry In Bankruptcy March

Tuesday, Jul 22, 2008

Mervyn's LLC may be the latest in the long line of private equity-owned companies to file for bankruptcy protection this year, according to news reports.

Under Deal, Judge Tosses $946M Marcal Claim

Tuesday, Jul 22, 2008

The judge overseeing Marcal Paper Mills Inc.'s Chapter 11 case has approved a settlement under which the debtor's purchasers will pay the U.S. government $1.5 million in a case relating to a Superfund site outside Newark, N.J., in which the government had asked for $946 million.

Guest Column
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The Implications Of Piccadilly Cafeterias

The Supreme Court's holding in Piccadilly Cafeterias affects both secured and unsecured creditors, injects a timing issue into the decision-making process underlying sales, and may alter the course of future Chapter 11 cases, says Mark A. Fink of Sonnenschein, Nath & Rosenthal LLP.

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