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Attorneys for bankrupt drugmaker Avadel Specialty Pharmaceuticals LLC said Tuesday that a combined hearing on its Chapter 11 plan and disclosure statement would have to wait after the Internal Revenue Service filed a $50 million claim against the estate related to outstanding tax liabilities.
The federal bankruptcy watchdog and New York’s attorney general blasted bankrupt mortgage servicer Ditech Holding Corp.’s proposed $1.8 billion asset sale Tuesday, calling the plan a brazen and totally unprecedented attempt to evade liability for thousands of fraud and misconduct claims lodged by Ditech’s customers.
The Eleventh Circuit published an opinion on Monday affirming the Federal Deposit Insurance Corp.'s $5 million jury award won in Georgia federal court against the former directors of the failed Buckhead Community Bank.
Last minute assurances of lender payoff rights headed off a Delaware Bankruptcy Court post-confirmation fight Monday over a proposed order authorizing life insurance policy investor White Eagle Asset Portfolio to sell most of its equity to buy out key lenders by Sept. 17.
Bankrupt coal miner Blackhawk Mining LLC received court approval Monday in Delaware to access a portion of $240 million in post-petition financing packages after a judge raised concerns about granting liens on some of the debtor’s leased properties.