Bankruptcy

Judge Bruce Markell

Were there ever a time to use “fail,” as the contemporary vernacular permits, it is now, and in reference to this deplorable display of legal representation: it was an epic fail.

– Judge Bruce Markell, in a recent opinion in a Las Vegas Chapter 13 bankruptcy proceeding, which concluded that the debtors’ attorneys, Barry Levinson and Jeremy Mondejar, should be sanctioned for their ineffective representation.

(What did these Cooley Law graduates allegedly do to irk Judge Markell in this way? Take a look, after the jump.)

double red triangle arrows Continue reading “Benchslap of the Day: A Cooley Law Grad’s ‘Epic Fail’ in Court”

* If Obamacare gets struck down, do you think insurance companies will allow children to remain on their parents’ plans until age 26? My Magic 8-Ball says: “Outlook not so good.” [Wall Street Journal]

* There’s no crying in baseball bankruptcy sales! Which Biglaw firms hit a home run for playing a part in the sale of the LA Dodgers? Dewey & LeBoeuf, Foley & Lardner, and Sullivan & Cromwell. [Am Law Daily]

* “Just because you wear a hoodie does not make you a hoodlum.” But a hoodie will definitely prevent you from being recognized on the House floor. Just ask Congressman Bobby Rush. [New York Post]

* Things you can’t do on an airplane? Have a mid-flight nutty. Pilot Clayton Osbon has been criminally charged for his erratic form of in-flight entertainment, and he faces up to 20 years in prison if convicted. [Reuters]

* Guess who’s allegedly been infringing upon a high-end fashion house’s trademarks to the tune of $124M? Gucci was in court yesterday to accuse Guess of engaging in a massive “knock off” scheme. [Bloomberg]

'Hahaha, and then I said that I didn't know they were prostitutes.'

* Was the Obamacare case brought prematurely? Did the Supreme Court’s judicial intervention come too soon? Yesterday’s arguments before SCOTUS can be summed up in four simple words: “That’s what she said.” [New York Times]

* Howrey going to get out of this one? The defunct firm’s bankruptcy trustee, Allan Diamond, is trying to decide whether he’ll be bringing adversary claims against the dissolution committee and its members. [Am Law Daily]

* U.S. News is doing what the American Bar Association refuses to do: make law schools its b*tch. Listen up, administrators, because your next “reporting error” could cost you your ranking. [National Law Journal]

* Armed with a treasure trove of new evidence, Facebook has moved to dismiss Paul Ceglia’s lawsuit. What does his lawyer from Milberg have to say? A hacker planted all of the evidence, duh. [Wall Street Journal]

* Apparently Dominique Strauss-Kahn’s got hos in different area codes. He’s been keeping his pimp hand strong — so strong, that he’s been charged with aggravated procurement of prostitutes. [Bloomberg]

* Broke your nose trying to walk through a glass wall at the Apple store and now you’re suing for $1M? That’s an app for that! It’s called common sense, and for a limited time only, it’s being offered free of charge. [Forbes]


* All your base are belong to… Rick Santorum? Error! Malfunction! Super Tuesday was not quite as super as Mitt Romney was hoping for. Looks like it’s time to reprogram the Mitt-bot so he can conquer the true conservatives. [CNN]

* And the Cebulls**t just keeps on coming. Now Democrats on the House Judiciary Committee are calling for a hearing and an investigation on the consequences of the federal judge’s racist email. [Associated Press]

* After wrapping up a Chapter 11 bankruptcy for Lehman Brothers, Weil Gotshal’s bill came to $383M. And sadly, that’s probably going to be the only “spring bonus” associates will see this year. [Am Law Daily]

* Complete pwnage: a handful of LulzSec hacktivists were arrested after their leader, an FBI informant, turned on them. How will this affect the Anonymous movement? More importantly, who cares? [New York Times]

* No postponements for you, Casey Anthony. Try as she might, the acquitted ex-MILF just can’t escape the defamation lawsuit filed by a woman who was only supposed to be make believe. [Washington Post]

* Don’t like Maryland Law’s environmental clinic litigation? Offer another public law school $500K to represent the defendants. Because if anyone would take a bribe, it would be Baltimore Law. [National Law Journal]

Professor William Birdthistle

Welcome to the latest installment of Lawyers & Economics, our occasional video series on financial topics by Professor William Birdthistle of Chicago-Kent College of Law. He’s joined in some of these videos by an acting professional: Johnny Kastl, television actor turned 2L at Iowa Law, better known to some of you as Dr. Doug Murphy of “Scrubs.”

In the last video, Birdthistle and Kastl tackled the Greek debt crisis. Sadly enough, that problem remains unsolved, to the detriment of the world’s financial markets.

Today’s topic isn’t going away anytime soon either. If you have — or are thinking of taking on — student loans, keep reading….

double red triangle arrows Continue reading “Lawyers & Economics: Student Debt”

Howrey dissolved almost an entire year ago, but its bones are still filling warehouses and servers across the world, and costing hundreds of thousands of dollars in storage fees.

The firm’s estate is embroiled in the painstaking process of destroying old files or returning them to former clients. There is still a long, long way to go. In today’s Washington Post, we get to see a vivid illustration of the problems involved in putting to rest a massive law firm that bridged the paper and electronic eras.

It is also a good cautionary tale for other firms: these documents will not just go away, even if your firm bites the dust…

double red triangle arrows Continue reading “Howrey’s Old Client Files Are Neither Gone Nor Forgotten”

Some people, once they have been defeated, simply give up and fade into the cold, dark night. But others refuse to lie down and be devoured by wolves. Like Liam Neeson, they tape broken bottles to their fingers and strap their hunting knives to their frostbitten hands and fight until there’s nothing left.

A now ex-lawyer from Maryland seems to fall under that second category. She seems to have tried every trick in the book (and several not in the book) to fight getting disbarred.

It didn’t work. And now she’s on the receiving end of an absolutely vicious benchslap.

Was our ex-lawyer of the day unethical? Perhaps. Unprofessional? Maybe. But you can’t say she didn’t try…

double red triangle arrows Continue reading “Ex-Lawyer of the Day: ‘An Unprecedented Lack of Common Respect and Decency’”

What is this, I don't even...

* It looks like the Biglaw buzzwords for 2012 are “challenge” and “uncertainty.” Good! Great! Grand! Wonderful! Speaking of uncertainty, where are the spring bonuses? [Thomson Reuters News & Insight]

* Kodak got the go-ahead for a $950M bankruptcy financing deal. Just think, if you had taken pictures using a film camera instead of a digital one, we probably wouldn’t be telling you about this. [Bloomberg]

* Rod Blagojevich will report to prison for his 14-year sentence on March 15, and he hopes to do so with “dignity” (i.e., no cameras). But you can be damn sure he’ll have his hair did, just in case. [Chicago Tribune]

* To be fair, the University of Maryland School of Law doesn’t really have time to worry about that parking job. The university might have to pay up to $500K in legal fees thanks to a lawsuit filed by the school’s environmental law clinic. [National Law Journal]

* Duncan Law’s got 99 problems, and another lawsuit is one. In addition to the school’s troubles with the ABA, a law student is suing because the school “negligently allowed her to enroll.” [Knoxville News Sentinel]

* George Seward, the founding partner of Seward & Kissel, has died at the age of 101. RIP. [Businessweek]

William Brewer Jr.

Take it from those of us on the frontline of economic distress in America. This could very well be the next debt bomb for the U.S. economy.

William E. Brewer Jr., president of the National Association of Consumer Bankruptcy Attorneys, commenting on a new national survey of 860 bankruptcy lawyers. Surveyed lawyers expressed concern about the state of student debt in America, reporting that they are already seeing “what feels too much like what they saw before the foreclosure crisis crashed onto the national scene.”

Yesterday, my colleague Staci Zaretsky decided to make the case for why all the people who are dutifully paying off their law school debts should feel superior to those who default on their law school debts, or seek to discharge them through bankruptcy. As she wrote in her post, “Have I ever thought about filing for bankruptcy? Hell no. It might be hard, but I’m accepting responsibility for my actions. I’m paying back what I owe — slowly but surely, with not a single missed payment.”

Well, la, de, f***ing, da. It’s all well and good that Staci has never ever thought about availing herself of a financial protection that is readily used by rich people (and companies) should they make a ruinous financial investment. I’m also really happy that Staci apparently knew everything about what she was getting into before she decided to go into a whole lot of debt to the Western New England University School of Law.

But I’m sticking to the point that most people in their early 20s have no clue about what getting into six figures of educational debt will do to the rest of their lives. I still think that absent parental support of any kind, people in over their heads in debt should be able to file for normal bankruptcy without needing to show undue hardship.

The story shouldn’t be about students looking for an “easy” way out of their obligations. The story should be about helping 22-year-olds fully understand what they are getting into, and looking at all the options available for people to get out of horrible financial mistakes of the past….

double red triangle arrows Continue reading “There’s No Easy Way Out Of Student Debt, But That Doesn’t Stop Some People From Feeling Superior”

Page 24 of 331...202122232425262728...33