Law Firms

A bankruptcy judge says a recent “flurry” of court filings by Heller Ehrman LLP may “dramatically” affect the defunct law firm’s quest to chase down unfinished business profits.

Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco handed Heller a mild scolding Saturday as he called for a status conference to discuss the new and “challenging” issues the firm’s lawyers have introduced as its remaining unfinished business lawsuits head to trial.

A bankruptcy judge on Thursday warned ATP Oil & Gas Corp. that it’s not “preordained” that he’ll approve the asset sale the company has long been pinning its hopes on but which has run into complications. Read the Daily Bankruptcy Review article here.

Ally Financial Inc. said Thursday it will pay $2.1 billion to its mortgage subsidiary Residential Capital and the unit’s creditors under an agreement reached last week that could move the Detroit-based lender closer to repaying its government bailout. Read the Daily Bankruptcy Review article here.

Veteran restructuring lawyers John Rapisardi and George Davis are heading to O’Melveny & Myers LLP after six years with Cadwalader, Wickersham & Taft.

Eastman Kodak Co. has filed a plan to exit Chapter 11 bankruptcy protection that would hand ownership of the company to its bondholders and unsecured creditors.