The 10 Biggest Business Law Stories of 2012
American Airlines' bankruptcy, dozens of billion-dollar energy deals, BP oil spill settlements and the criminal trial of Houston investor R. Allen Stanford were among the lead business law stories of 2012.
AMR Corp. Legal Bankruptcy Fees: $100 Million and Counting
The lawyers advising American Airlines and its creditors in bankruptcy court have made about $100 million so far. More than a dozen lawyers working regularly on the bankruptcy are charging $1,000 or more and three are billing at $1,150 an hour, according to court records. More than a dozen other lawyers are charging $900 to $975 an hour. Overall, lawyers billed more than $120 million to AMR since the Fort Worth-based company filed for bankruptcy protection 11 months ago. Read more to get all the inside details.
Business Bankruptcy Filings in Texas Down 39% in 2012
The number of companies that filed for bankruptcy in Texas declined dramatically during the first six months of 2012, but legal experts say that is not necessarily good news for businesses in the state. In fact, many legal experts say that Texas Bankruptcy Courts could see a wave of new businesses filing for Chapter 11 protection if the economy gets better. If the economy worsens, the state would likely see an increase in Chapter 7 liquidations.
Dallas-based Reddy Ice Holdings Shows Texas Bankruptcy Courts Provide Fair and Speedy Venue
The largest packaged ice manufacturer in the U.S. filed for Chapter 11 in April. Reddy Ice’s 467-page reorganization plan was signed 48 day later.
Fifth Circuit: Inherited IRAs Protected in Bankruptcy
Case of first impression expected to have widespread impact.
American Airlines Bankruptcy Fees Could Top $100 million
AMR Corporation’s filing for Chapter 11 sent bankruptcy lawyers in north Texas scrambling Tuesday to line up clients and could put an estimated $100 million in the coffers of a couple prominent national law firms.
Keeping Corporate Bankruptcies Home
Dynegy and American Airlines are multibillion-dollar corporations based in Texas based companies that filed for Chapter 11 bankruptcy protection in November. Their restructurings are predicted to be lengthy and highly complex, meaning that legal fees could approach $100 million each.
Sungard AS, Jackson Walker Reach Bankruptcy Fee Settlement
Information technology company Sungard AS New Holdings has asked the court to approve a $385,000 settlement it reached with Jackson Walker that would end its bankruptcy fee dispute with the Dallas-based law firm. This marks back-to-back weeks companies involved in the bankruptcy fee dispute have asked the court to approve settlements with the firm.
Bondholders Call for Judge Isgur to Recuse from GWG Holdings Bankruptcy Case
GWG Holdings bondholders call for U.S. Bankruptcy Judge Marvin Isgur to step away from the case, alleging he is protecting David Jones, a former bankruptcy judge, and Elizabeth Freeman, a former Jackson Walker partner with whom Jones had an undisclosed romantic relationship.
Texas Fracking Sand Miner Files for Bankruptcy in NDTX
Citing $100 million to $500 million in liabilities and assets, FCI Sand Operation filed for Chapter 11 bankruptcy protection in the Northern District of Texas on Wednesday.
Industrial 3D Printer Files for Bankruptcy in Houston
Massachusetts-based Desktop Metal Operating and 15 of its affiliated companies have filed for Chapter 11 bankruptcy protection in the Southern District of Texas.
Seadrill Partners Seeks Approval of Jackson Walker Bankruptcy Settlement
Seadrill Partners and Seadrill Limited — the offshore drilling rig operators whose bankruptcy proceedings are among the 33 cases where the U.S. Trustee’s Office is trying to claw back millions in fees awarded to Jackson Walker — asked the court on Friday to approve its $485,000 settlement with the Dallas-based law firm.