DMN: Energy Future’s Bankruptcy Trial Starts Today

Energy Future Holdings seeks a fresh start in U.S. Bankruptcy Court in Wilmington, Del., today, arguing that breaking up the company offers it and its creditors the best chance to move on with the least possible financial pain. The trial is expected to run through at least the end of the month, pitting rival attorneys against one another in a bid to extract the most value they can from $40 billion in outstanding debts. The Dallas Morning News and The Texas Lawbook are following the case closely.

November 3, 2015 Mark Curriden

Appeals Court Favors ex-CFO in Insurance Dispute over Coverage in Bankruptcy

A Houston appeals court ruled Tuesday that a lower trial court must consider whether an insurance company breached its duty to a former Superior Offshore International executive when it refused to provide certain coverage the executive claimed was included in the director-and-insurer policy.

September 16, 2015 Natalie Posgate

Exclusive: EFH Bankruptcy Fees Top $230 Million

Energy Future Holdings is spending more than $600,000 a day – including weekends and holidays – in legal and financial advisory fees and expenses as part of its restructuring efforts in federal bankruptcy court, putting the case on track to be one of the costliest bankruptcies in U.S. history. Since filing for reorganization under Chapter 11 in April 2014, lawyers and financial advisers have charged EFH $230 million through June 1. More than 50 lawyers, including 29 from Kirkland, are charging EFH more than $1,000 an hour.

July 5, 2015 Mark Curriden

SCOTUS: Baker Botts Loses Battle over Fees in Bankruptcy Case

The justices ruled that lawyers who vigorously fight with their own clients in bankruptcy court over legal fees cannot seek reimbursement for the time they spent battling over those fees – even if the bankruptcy judge rules the lawyers did a great job and deserve the money.

June 15, 2015 Mark Curriden

Bankruptcy Judge Green Lights Sale of Wyly’s Aspen Ranch

A federal bankruptcy judge gave Dallas entrepreneur Sam Wyly approval Wednesday to put his family’s 244-acre Aspen ranch up for sale for $50 million. Wyly said he needs to sell the ranch now in order to take advantage of increased real estate prices and strong demand in the marketplace.

May 20, 2015 Mark Curriden

EXCLUSIVE – Sam Wyly: Bankrupt but Still Fighting

Nine years ago, Forbes put Dallas entrepreneur Sam Wyly net worth at $1.1 billion. His business savvy created tens of thousands of jobs and put billions of dollars into the pockets of investors. Charities benefited to the tune of $67 million. Today, Wyly is in bankruptcy. The SEC wants $198 million. He's paid lawyers more than $100 million. And the IRS wants whatever is left. The Texas Lawbook has an exclusive interview with Wyly and his legal team about the litigation, auctioning off the family's assets and Sam Wyly's future.

March 25, 2015 Mark Curriden

Sam Wyly Hires Kathleen Sullivan, Fights for Office Staff Allowance in Bankruptcy Court

Dallas entrepreneur and philanthropist Sam Wyly has hired former Stanford Law School Dean Kathleen Sullivan to lead his legal efforts to reverse a New York jury decision last May that he and his deceased brother, Charles, violated federal securities laws involving trusts they established in the Isle of Man more than two decades ago.

March 18, 2015 Mark Curriden

Radio Shack – Another Large Corporate Bankruptcy Snubs Texas Courts

Radio Shack is the latest in a growing number of financially troubled North Texas corporations, including Energy Future Holdings and American Airlines, to go outside the state to restructure its business operations. General counsel for the companies that snubbed Texas bankruptcy courts say they did so because the judges in Delaware and the Southern District of New York are more experienced and more predictable in handling large complex corporate restructurings. But legal experts say none of it is true.

February 6, 2015 Mark Curriden

Jones Day Lawyers in Texas Lead Radio Shack into Chapter 11

Fort Worth-based Radio Shack finally filed for bankruptcy Thursday in Delaware. The retailer listed $1.2 billion in assets and $1.39 billion in debts. Radio Shack GC Bob Donohoo chose bankruptcy lawyers at Jones Day to be lead counsel in the case. Dallas partner Gregory Jordan and Houston partner Thomas Howley are playing key roles.

February 5, 2015 Mark Curriden

Forshey Prostok Represents Life Partners in Bankruptcy

Life Partners decided to pursue the Chapter 11 restructuring as a means of protection as it appeals the $46.9 million judgment against U.S. Securities and Exchange Commission.

January 20, 2015 Natalie Posgate

Large Business Bankruptcies Flee Texas

Dallas Bankruptcy Judge Harold Abramson described himself as a "monkey with a machine gun." The quote reaffirmed the judge's unpredictability and caused bankruptcy lawyers representing large companies to file their cases in New York or Delaware. Nearly 20 years later, Abramson is long gone and Texas judges are widely praised for their expertise, but Texas companies continue to snub bankruptcy courts in DFW, Houston and Austin. Why? The Texas Lawbook examines the issue.

January 14, 2015 Mark Curriden

‘Shadow Banking’ Leads to Plunge in Texas Business Bankruptcy Filings

Business bankruptcy restructuring in Texas declined 20 percent in 2014 and plummeted more than 56 percent during the past five years. Experts point to a booming economy, low interest rates, an unprecedented access to cash through the emergence of a shadow banking system and the ballooning cost of litigating a case in bankruptcy court. But the streak may end in 2015 thanks to falling oil prices. “There is going to be a horrible re-awakening in March when E&P companies are required to reset their borrowing basis based on reserves,” says William Snyder of Deloitte. “We will see massive hemorrhaging in the smaller oil and gas companies. By May and June, we are going to see a lot of pain out there."

January 13, 2015 Mark Curriden