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5th Circuit Reverses Award; Barclays Not Entitled To Fee In Asarco Chapter 11 Case

NEW ORLEANS - A panel of the Fifth Circuit U.S. Court of Appeals on Dec. 11 reversed a fee award to Barclays Capital Inc. related to the financial services it rendered in the Chapter 11 bankruptcy proceeding of Asarco LLC (Asarco LLC v. Barclays Capital Inc. [In The Matter of Asarco LLC], No. 11-41010...

U.S. Government Sues Bankrupt ATP Oil & Gas For Violations Of Environmental Law

NEW ORLEANS - The U.S. government on Feb. 12 sued bankrupt oil and gas company ATP Oil & Gas Corp. in the U.S. District Court for the Eastern District of Louisiana, contending that the company made unlawful discharges of oil and another chemical into the Gulf of Mexico (United States of America v...

Bankrupt OSG Seeks Injunction Prohibiting Asbestos Claims;

WILMINGTON, Del. - Bankrupt Overseas Shipholding Group (OSG) on April 25 filed a complaint in the U.S. Bankruptcy Court for the District of Delaware seeking a ruling that lawsuits against the company related to asbestos exposure are stayed pending bankruptcy as per the automatic stay (In Re: Overseas...

Bankruptcy Judge Rejects Barclays' Fee Enhancement For Work On ASARCO Case

CORPUS CHRISTI, Texas - Barclays Capital Inc. was adequately compensated for the 14 months of financial advisory services it provided in ASARCO LLC's bankruptcy case and is not entitled to a fee enhancement because Barclays should have anticipated the complicated developments in the case when it...

Bankrupt OSG Says Asbestos Claims Were Dismissed Prior Petition Filing Date

WILMINGTON, Del. - Bankrupt Overseas Shipholding Group Inc. (OSG) on Jan. 3 filed a brief in the U.S. Bankruptcy Court for the District of Delaware objecting to asbestos claims filed against the bankruptcy estate on grounds that they were dismissed prior to when OSG filed its bankruptcy petition (In...

Split 3rd Circuit: Injury Claims Are Property Of Debtor's Bankruptcy Estate

PHILADELPHIA - A split panel of the Third Circuit U.S. Court of Appeals on Jan. 24 affirmed a ruling that the claims of personal injury plaintiffs against a debtor company belonged to the bankruptcy estate (In re: Emoral Inc., No. 13-1467, Chapter 11, 3rd Cir.).