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March 25, 2024
Justices Won't Review Nullification Of Puerto Rico Labor Law
The U.S. Supreme Court on Monday declined to review a First Circuit finding that Puerto Rico's fiscal management board was within its authority to void a 2022 labor law expanding some benefits for private employees because it had not been given an opportunity to review the legislation.
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March 25, 2024
FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing
FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.
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March 22, 2024
Kwok Trustee's RICO Suit Paused Pending NY Criminal Trial
A Connecticut bankruptcy judge Friday paused two adversary actions in the Chapter 11 bankruptcy of Ho Wan Kwok until the exiled Chinese businessman's criminal trial for fraud and racketeering, slated to start in May, wraps up.
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March 22, 2024
Bestwall Says 'Texas Two-Step' Irrelevant To Asbestos Ch. 11
Bestwall, the bankrupt asbestos unit of Georgia-Pacific, told the U.S. Supreme Court Friday that a pre-bankruptcy corporate restructuring in Texas that separated its asbestos liability from the parent business should not matter in determining whether a bankruptcy court has jurisdiction over the subsidiary's asbestos injury claims.
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March 22, 2024
Feds Reach Deal To Seize, Sell FTX Executive Jets
Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.
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March 22, 2024
US Trustee Says Fla. Healthcare Co. Can't Seal Stock Sale Bid
The U.S. Trustee's Office has urged a Delaware bankruptcy judge to deny a Miami-based primary healthcare group's request in its Chapter 11 case to redact information in the debtor's motion to sell its shares in a healthcare claims reimbursement servicer.
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March 22, 2024
Feds, Girardi Agree To Delay Trial More Than 2 Months
Disgraced attorney Tom Girardi's criminal trial could now be pushed back from May to August, after prosecutors and Girardi's defense attorneys filed a mutual request for a few more weeks of preparation in the closely watched case.
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March 22, 2024
SEC Sanctions NY Atty For 'Improper Professional Conduct'
The U.S. Securities and Exchange Commission has barred a New York-based attorney from practicing before the agency, saying she engaged in "improper professional conduct" by failing to comply with a requirement that she not do further work for a two-year period for a company she had represented in proceedings.
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March 22, 2024
Cineworld Hires Post-Ch. 11 GC, Executive Suite
Cineworld Group, one of the world's largest movie theater chains, has announced it recently welcomed a new general counsel, chief financial officer and other senior executives following the company's exit from Chapter 11.
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March 22, 2024
5 Things To Know As SEC Takes Terraform Fraud Case To Trial
The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.
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March 21, 2024
Silvergate Must Face Investor Suit Over FTX Ties, Judge Says
The now-defunct Silvergate Bank and its CEO must face a proposed class action brought by customers of bankrupt cryptocurrency exchange FTX, a California federal judge ruled Wednesday, finding that Silvergate owed a duty to FTX customers and that its conduct harmed them.
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March 21, 2024
Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties
The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.
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March 21, 2024
Asbestos Claimants Balk At Subpoena For Claims Data
The asbestos injury claimants in the two Chapter 11 cases of CertainTeed spinoff DBMP LLC and Aldrich Pump LLC have asked a North Carolina judge to reject DBMP's request to access Aldrich Pump's asbestos claims records, saying it is unnecessary and invading the claimants' privacy.
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March 21, 2024
Robertshaw Can Seek Buyer In Ch. 11 After Deal With Invesco
Appliance parts maker Robertshaw US Holding Corp. won a Texas bankruptcy judge's approval on Thursday to tap $56 million in Chapter 11 financing and take bids for its assets, after an agreement between the company and Invesco over the effects on an ongoing lawsuit resolved the asset manager's objections.
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March 21, 2024
Office Snapshot: Fox Rothschild's New Delaware Digs
Fox Rothschild LLP recently moved its Delaware office to a new and upgraded space in Wilmington not far from its former location.
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March 20, 2024
Endo Plan To Trim $5B In Debt Confirmed By NY Judge
Drugmaker Endo International got a New York bankruptcy judge's approval for its Chapter 11 plan that aims to cut more than $5 billion in debt and hand over ownership to its lenders, roughly a month after it finalized a $465 million deal to resolve criminal and civil opioid claims.
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March 20, 2024
Familiar Face Helps Morris Manning Restock Bankruptcy Team
A former Burr & Forman LLP partner experienced in bankruptcy and commercial litigation matters has returned to Morris Manning & Martin LLP's Atlanta office, just as Morris Manning lost a group of bankruptcy attorneys to Barnes & Thornburg LLP.
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March 20, 2024
Petmate Strikes Debt-Slicing Deal In Takeover Led By 3 Firms
Milbank-advised Petmate said Wednesday it has reached an agreement with all of its lenders, represented by Gibson Dunn and Ropes & Gray, to eliminate more than $600 million of debt while picking up a total of $100 million in capital, in a deal that will result in the lenders owning 100% of the business.
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March 19, 2024
Kirkland Restructuring Ace To Join Hilco Global As Vice Chair
James H.M. Sprayregen, the founder of Kirkland & Ellis' restructuring practice group and a well-known deal-maker in the corporate restructuring and mergers and acquisitions community, is set to join Hilco Global as a vice chair, the financial services holding company announced Tuesday.
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March 19, 2024
Joann Fabric Can Tap $95M Of DIP As It Eyes Quick Ch. 11
Joann Inc., the retailer known as Joann Fabric and Crafts, received a Delaware bankruptcy judge's approval Tuesday on a bundle of first-day motions, ahead of an impending bid for confirmation of its prepackaged Chapter 11 plan to slash over half a billion dollars of debt and let creditors take over the reorganized business.
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March 19, 2024
Former Exec Set For Fall Trial In WeWork Stock Fraud Case
A New York federal judge on Tuesday set a fall trial date for the former CEO of real estate investment firm ArciTerra, who denied issuing a fake $77 million tender offer for WeWork shares in a bid to artificially pump up the stock price days before the office-sharing company slid into bankruptcy.
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March 19, 2024
Plaintiffs In Kwok Trustee Case Must Pay Paul Hastings' Fees
A New York magistrate judge said a group of U.S.-based Chinese nationals must compensate Paul Hastings LLP for more than $327,000 in legal fees the firm wracked up combating a case found to be part of a harassment campaign against billionaire exile Ho Wan Kwok's Chapter 11 trustee.
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March 19, 2024
SAS Gets Nod On Ch. 11 Plan With $325M For Creditors
Airline holding company SAS AB, the Stockholm-based owner of Scandinavian Airlines, received a New York bankruptcy judge's approval Tuesday for a reorganization plan that will turn over control of the business to investors that collectively agreed to provide $1.2 billion as part of a refinancing deal last year.
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March 20, 2024
Future Of Judge-Shopping Reform Hazy After Rule Proposal
The policymaking body for U.S. courts provoked a stir last week when it proposed a rule designed to curb "judge shopping," with observers saying that the policy does address one type of the practice but that it remains to be seen if individual federal district courts will be willing to adopt even that limited reform.
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March 19, 2024
Bankman-Fried's Fraud Left FTX Users Reeling, Letters Say
Customers of Sam Bankman-Fried's fallen crypto exchange are struggling with financial insecurity, skimping on expenses including food and worrying about their assets, according to victim letters lodged ahead of the FTX founder's sentencing for what prosecutors call an $11 billion fraud.