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UnitedLex fights back against claims in LeClairRyan bankruptcy litigation BizSense file) The battle over potentially millions of dollars for the bankruptcy estate of collapsed Richmond law firm LeClairRyan continues to play out. Legal services giant UnitedLex, which formed a controversial joint venture with LeClairRyan leading up to its dissolution, wants the bulk of the claims filed against it last fall by the law firm’s bankruptcy trustee to be dismissed, or at the very least transferred to a different court where it could have a chance to argue its case in front of a jury. UnitedLex, as well as the ULX Partners joint venture entity, was accused last fall by trustee Lynn Tavenner of keeping the law firm alive longer than it should have in order to “improperly and unfairly extract millions of dollars from the estate, to the detriment of LeClairRyan’s creditors.” ....
Just a month after filing to reorganize under Chapter 11, Guitar Center Inc. has emerged after ridding its balance sheet of about $800 million in debt. The Westlake Village musical equipment retailer has entered agreements to receive up to $165 million in new equity financing from stakeholders Ares Management Corp. in Los Angeles, hedge fund Brigade Capital Management and private equity firm Carlyle Group. The three firms now own 100 percent of the common stock in Guitar Center. The company also raised $375 million by entering a new secured asset-based revolving financing facility funded by Wells Fargo and JPMorgan, and another $350 million – up from the expected $335 million – by selling new senior secured notes. That adds up to about $890 million in operating capital. ....