Under The Radar: Bankruptcy News You May Have Missed
An artificial intelligence startup said its former CEO can't put a freeze on her indemnification claims in its bankruptcy while she faces criminal and civil fraud charges. The bankrupt former owner of a talc mine owner said it needs another $9 million in Chapter 11 funding to close its case. And, the Office of the U.S. Trustee said use of opt-out forms to get creditor consent to third-party releases aren't allowed under state law.
Meet The Attys Behind EV Co. Ideanomics' Ch. 11
A team of attorneys from Foley & Lardner LLP and Ashby & Geddes PA is representing New York-based electric-vehicle technology company Ideanomics Inc. in its Chapter 11 case in Delaware, as the company seeks to recover after burning through over $700 million in cash over four years with plans to hand the business to its main lender.
EV Co. Ideanomics Took Wandering Path To Ch. 11
Ideanomics Inc., a company that careened through seemingly unrelated industries before landing in the electric-vehicle charging business in recent years, drained itself of more than $700 million in cash over four years on its way to crashing into bankruptcy this month with a plan that could hand the business to its main lender.
Large Cap More
This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libe... (more story)
An auto mogul, his living trust and one of his companies must turn over documents related to a $20 million payment on promissory notes as part of marathon litigation related to Alter Domus LLC's attempts to co... (more story)
Ice Miller LLP announced that it launched a new location in Miami with the addition of three transactional attorneys from Greenspoon Marder LLP, in what the firm said is part of a strategy to grow its presence... (more story)
The U.S. Trustee's Office is opposing Spirit Airlines' bid to hire Davis Polk & Wardwell LLP as primary counsel in its Chapter 11 and Morris Nichols Arsht & Tunnell LLP as its conflicts counsel, telling a New ... (more story)
Weil Gotshal & Manges LLP announced Friday the return of a longtime partner who departed the firm last year to lead the debtor-side restructuring practice in the U.S. for Simpson Thacher & Bartlett LLP.
Consulting giant McKinsey & Co. will pay $650 million to resolve charges related to its work helping Purdue Pharma market and boost sales of OxyContin, federal prosecutors announced Friday.
A Texas bankruptcy judge Wednesday trimmed fraud and legal malpractice claims alleging BakerHostetler aided a $100 million insurance fraud scheme, but he refused to throw out civil racketeering claims, finding... (more story)
The U.S. Trustee's Office on Thursday objected to the third-party releases in the Chapter 11 plan from aircraft parts supplier Incora, arguing in a Texas bankruptcy court that the opt-out mechanism for the rel... (more story)
Texaco Inc. and Louisiana state and local officials on Thursday clashed before a New York bankruptcy judge over whether the oil company's decades-old Chapter 11 plan bars the officials from suing Texaco over a... (more story)
The Office of the U.S. Trustee has objected to the pace of Spirit Airlines' Chapter 11 case, saying the ultra-low-cost carrier's bankruptcy is too large and complex for the court to allow a rush to a combined ... (more story)
Mid Cap More
Cardi B has asked a Florida bankruptcy court to dismiss the Chapter 11 case of YouTuber Tasha K, saying she deliberately hid her assets to frustrate the rapper's efforts at collecting on a $3.8 million defamation verdict.
The stalking-horse bidder for the assets of bankrupt nuclear energy developer Ultra Safe Nuclear Corp. sued the debtor in an effort to halt the bidding, accusing Ultra Safe of breaching its purchase agreement.
Bankrupt crypto-bank Silvergate has blasted an activist investor fund's effort to scuttle the debtor's exclusive Chapter 11 control in Delaware, accusing common stockholder Stilwell Activist Investments LP of ... (more story)
Manhattan surgical clinic Docturs Inc. has filed for Chapter 11 bankruptcy relief, listing up to $10 million in debt.
A Massachusetts judge on Friday agreed to appoint a receiver to oversee either a sale or liquidation of cannabis grower and retailer Revolutionary Clinics, which owes nearly $10 million to its primary lender a... (more story)
A Delaware bankruptcy judge has entered an order setting up the sale of the Texas oilfields owned by bankrupt oil and gas producer PetroQuest Energy Inc. before the end of next month.
The owner of two bankrupt real estate companies has asked a Connecticut state court for permission to question the Chapter 7 trustee who wants a $200 million placeholder in connection with a shareholder's deri... (more story)
A Florida state judge has granted Cooley LLP's bid to send to arbitration claims by Genetics Networks LLC that the firm failed to file documents needed to secure a lien while preparing $1.2 million in loan pap... (more story)
Lowenstein Sandler LLP has asked a New Jersey state judge to reject a bid by a New Jersey cannabis dispensary and a local firm to dismiss its suit seeking nearly $800,000 in unpaid fees while also agreeing to ... (more story)
The owner of the historic American Bank Note Co. Building, a five story residential and office space in Manhattan's financial district, accepted a $20 million credit bid for the property as part of its confirm... (more story)