Liquidation

Mexican phone company Maxcom Telecomunicaciones S.A.B. filed for Chapter 11 bankruptcy protection in the U.S. late Tuesday after reaching a deal with its creditors that would hand control of the company to a group of investors led by private equity firm Ventura Capital Privado S.A. Read the Daily Bankruptcy Review article here.

More than two years after Howrey LLP’s dissolution and bankruptcy, the lawyers tasked with cleaning up the law firm’s messy demise are still picking up the pieces.

In a four-month span, bankruptcy trustee Allan Diamond has sued 16 of the 70 some law firms that hired some of the 200-plus partners who once practiced at Howrey. The lawsuits seek to claim Howrey’s share of the profits from the ongoing work the partners brought with them to their new firms. Any money recovered from the lawsuits will go the firm’s creditors. Let’s see where the litigation stands, shall we?

With control of its bankruptcy case gone, LightSquared said it expects multiple proposals to reorganize the company and hopes to have any winning plan approved by December. Read the Daily Bankruptcy Review article here.