Pfizer Decides to Not Break Up Business

The pharmaceutical company, Pfizer, has decided to not break up into two publicly-traded companies, ending Wall Street speculation regarding the company’s future for now. Pfizer announced Monday (today) that they believed they can maximize their shareholder value as the company is now, but “it reserves the right to split in the future if the situation changes.” Their original discussion… Continue reading Pfizer Decides to Not Break Up Business

SEC Wants Executor of Wyly Estate to be Held in Contempt

The U.S. Securities and Exchange Commission said on Wednesday (August 7th) that they want the executor of Charles Wyly’s estate to be held in contempt for not paying the $101.2 million that is owed due to Charles Wyly’s fraudulent actions. In the letter that the SEC filed in Manhattan court, they stated that the executor,… Continue reading SEC Wants Executor of Wyly Estate to be Held in Contempt

U.S. Judge Revives $6.3 Billion Fraud Claim in Lyondell Bankruptcy

On Wednesday July 27, U.S. District Judge Denise Cote revived a lawsuit alleging that Lyondell Chemical Company “intentionally cheated creditors out of $6.3 billion when it underwent a 2007 leveraged buyout, only to go bankrupt barely a year later.” Judge Cote stated that a federal bankruptcy judge was mistaken in dismissing a bid by Trustee Edward Weisfelner… Continue reading U.S. Judge Revives $6.3 Billion Fraud Claim in Lyondell Bankruptcy

Advisers Give Dewey & LeBoeuf $23.6 million Tab

Various financial, restructuring, and legal advisers submitted final fee requests totaling $23.6 million in the bankruptcy case of the now defunct New York City based law firm, Dewey & LeBoeuf, L.L.P.  The fee requests relate to charges incurred from the time the firm filed bankruptcy and the time the firms Chapter 11 plan of reorganization takes effect.… Continue reading Advisers Give Dewey & LeBoeuf $23.6 million Tab

Lift Stay Denied Because US Bank Cannot Prove Ownership

Here is a very recent case out of the Southern District of NY where the Bankruptcy Court rightly decided that the Movant in a lift stay action could not win since it was not a “party in interest.”  Specifically, the Court cited the definition of the term creditor:  ” Section 101(10) of the Bankruptcy Code… Continue reading Lift Stay Denied Because US Bank Cannot Prove Ownership

Risky Business or when not to add a lateral hire

Ok, here is the summary:  Coudert Brothers was a major storied law firm, based in New York.  It dissolved in 2006, having started in 1853.  Predictably, lawyers left that firm and joined other firms.  Now the remains of Coudert is in bankruptcy and the Trustee has sued some of the firms where the Coudert partners landed for… Continue reading Risky Business or when not to add a lateral hire