Judge Rhodes has approved the plan of adjustment for Detroit to emerge from bankruptcy.  More analysis to come, but most critically for our purposes it affirms the Grand Bargain and the security of the collection of the Detroit Institute of Arts.  We’ll post the full opinion when it’s published, but notably, Nathan Bomey at the Detroit Free Press reported from the courtroom that Judge Rhodes praised the decision not to sell the DIA collection: “Maintaining the art at the DIA is critical to maintaining the feasibility of the city’s plan of adjustment and the city’s future.

A report by an expert witness designated by the City of Detroit for the upcoming bankruptcy trial has been released concerning the value of the full collection of the Detroit Institute of Arts.  The report puts the full collection value at $2.7 to $4.6 billion, but estimates t

To celebrate the one event that affects workplace productivity worldwide, we bring you our World Cup edition of Weil’s Bankruptcy Beach (or, in this case, multitasking while sitting in front of a screen for eight hours) Reading.

While the best men’s national soccer teams from around the world are battling in Brazil to be crowned the World Cup champion, some club teams in the U.S. have their sights set on more modest goals.

A class of consumers suing the bankrupt Kangadis Food Inc. over its allegedly misleading olive oil purity claims is now suing the owners of the company in a separate class action aimed at holding them accountable.

The Supreme Court of the United States announced decisions in two cases today:

The U.S. Supreme Court yesterday, in Executive Benefits Insurance Agency v. Arkinson, limited somewhat the ramifications of its landmark opinion two years ago in Stern v.

Secured creditors naturally want to be repaid. Sometimes secured creditors go as far as asking a debtor to waive its right to seek bankruptcy protection. Although such clauses are frequently held to be unenforceable, we previously have discussed exceptions for LLCs.

Last week at the American Bankruptcy Institute meeting in Washington, D.C., our firm co-sponsored and participated in a mini-conference on bankruptcies that involve FCC-regulated companies. This was an opportunity to spend a few hours contemplating issues that practicing attorneys rarely get a chance to reflect upon in the midst of heated, multi-party bankruptcy proceedings.

Since reports last month that a grand bargain had been struck to provide an infusion of cash to the Detroit bankruptcy in exchange for conveying the artwork at the Detroit Institute of Arts back to the museum itself, it has been largely accepted that the deal would succeed.  The deal would contribute $366 million from several foundations, $100 million from the DIA foundation, and $350 million from the State of Michigan.  This air of inevitability is due in large part to the cards that Emergency Manager Kevyn Orr holds: unless Detroit wants to monetize or sell the DIA collection th