Large Cap
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March 15, 2024
Kwok Daughter Says Ch. 11 Judge Can't Hear RICO Suit
The daughter of Chinese exile Ho Wan Kwok has implored a Connecticut bankruptcy judge to punt to the district court the civil Racketeer Influenced and Corrupt Organizations claims that a Chapter 11 trustee for her father leveled, contending they raise "significant issues involving non-bankruptcy federal law."
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March 15, 2024
Judge Voids Boy Scouts Ch. 11 Ballots For Likely Forgery
Three Chapter 11 plan ballots that opted for a quicker but smaller settlement payout in the Boy Scouts of America's bankruptcy should be tossed, a Delaware bankruptcy judge has ruled, finding they were likely forged.
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March 15, 2024
Camden Diocese Gets OK For Ch. 11 Plan On 4th Attempt
The Roman Catholic Diocese of Camden has won approval from a New Jersey bankruptcy judge for its plan to settle sexual abuse claims for $87.5 million after three prior versions of the plan were rejected over insurance carrier objections.
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March 15, 2024
Feds Say Bankman-Fried Deserves 40 To 50 Years In Prison
Sam Bankman-Fried should spend 40 to 50 years in prison for engaging in a massive fraud that sank his FTX crypto exchange, Manhattan federal prosecutors argued Friday, pushing back against a request by defense counsel for a sentence of roughly six years.
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March 14, 2024
Lehman Brothers Can't Undo Trial Loss Over Crisis-Era CDS
A New York appeals court on Thursday affirmed a bench trial loss Lehman Brothers' bankrupt European unit suffered last year in a suit attempting to claw back nearly half a billion dollars from Assured Guaranty over losses on credit default swaps tied to the 2008 financial crisis.
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March 14, 2024
PE Firm Riverspan Agrees To Pay $32M For Barretts' Assets
Barretts Minerals Inc. told a Texas bankruptcy court Thursday that a unit of private equity firm Riverspan Partners had won an auction for its assets with a $32 million cash offer, money that the talc-mining company intends to use to fund a settlement trust for alleged victims of asbestos exposure.
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March 14, 2024
Ex-Real Estate Exec Accused Of $77M WeWork Stock Fraud
Manhattan federal prosecutors announced Thursday that the former CEO of real estate investment firm ArciTerra was indicted, alleging he issued a bogus $77 million offer for WeWork shares in an ultimately failed attempt to cash in on call options after juicing the stock price.
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March 14, 2024
US Trustee Knocks Plan To Shield Swiss Firm In Kwok Ch. 11
The Office of the U.S. Trustee has criticized the planned terms of appointment for Prager Dreifuss AG as Swiss counsel to the Chapter 11 trustee overseeing the bankruptcy of Chinese exile Ho Wan Kwok, saying the proposed limitations on the firm's liability and expense reimbursement process are not up to snuff.
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March 14, 2024
Camshaft Facing Daily Fine, Manager's Arrest In Byju's Ch. 11
A Delaware bankruptcy judge hit hedge fund Camshaft Capital Fund with $10,000 in daily fines Thursday until it discloses information about the whereabouts of $533 million transferred out of bankrupt tech company Byju's, and ordered the arrest of Camshaft's sole officer for not appearing in court as directed.
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March 14, 2024
Court Urged To Give Sullivan & Cromwell $31M For FTX Work
A Delaware bankruptcy judge should give Sullivan & Cromwell LLP about $31 million in fees for its work in FTX Trading Ltd.'s case from August through October 2023, the Chapter 11 fee examiner said.
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March 13, 2024
Genesis, Gemini Can't Ax SEC Suit Over Crypto Loan Program
A New York federal judge refused Wednesday to toss the U.S. Securities and Exchange Commission's allegations that crypto exchange Gemini Trust Co. and bankrupt crypto lender Genesis Global Capital LLC violated securities laws by running the now-defunct investment program Gemini Earn that sold alleged unregistered securities.
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March 13, 2024
Wood Pellet Maker Enviva Hits Ch. 11 With Over $1B Debt
Enviva, the world's largest producer of industrial wood pellets, has filed for Chapter 11 protection in Virginia bankruptcy court with a plan to cut its debt load by $1 billion, months after it reported hundreds of millions in losses after a faulty bet on future prices of the energy source.
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March 12, 2024
Retired Judge, 2 Trustees To Handle Conn. Clergy Abuse Claims
A Connecticut bankruptcy judge has appointed Salvatore C. Agati, a retired Connecticut Superior Court judge and current partner at Carmody Torrance Sandak & Hennessey LLP, one of the Constitution State's largest law firms, to review abuse claims against the bankrupt Norwich Roman Catholic Diocesan Corp. of eastern Connecticut.
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March 12, 2024
Sorrento Ch. 11 Will Stay In Texas
A Texas bankruptcy judge Tuesday denied requests to transfer the Chapter 11 case of drug developer Sorrento Therapeutics Inc. out of the Lone Star State for having insufficient ties to the venue.
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March 12, 2024
Detroit Retirees Appeal Pension Gap Funding Pause
Detroit's retired police and firefighters are appealing a ruling that allowed the city to continue pausing its pension gap funding payments, asking a Michigan federal court to reverse a bankruptcy judge's decision that extended a decade-long funding reprieve to 30 years.
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March 12, 2024
Ex-Boy Scout Can Seek $120M Award From Insurers
A Delaware bankruptcy judge has ruled that a former Boy Scout can keep suing the organization's insurers to collect a $120 million abuse judgment against his ex-Scoutmaster, even though the court entered an injunction barring similar lawsuits.
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March 12, 2024
Ex-Bankruptcy Judge Cites Judicial Immunity To Escape Suit
Former Texas bankruptcy judge David R. Jones — whose failure to disclose a romantic relationship with an ex-Jackson Walker LLP attorney ignited a major judicial ethics scandal — has moved to dismiss a disgruntled investor's suit that claims Jones gave a Jackson Walker client preferential treatment during its Chapter 11 case, citing judicial immunity.
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March 11, 2024
Judge OKs Eye Care Tech Co.'s $8M DIP Request
A Texas bankruptcy judge on Monday approved optometry software company Eye Care Leaders Portfolio Holdings LLC's request to draw on the remainder of its $8 million in debtor-in-possession funds for its Chapter 11 case, saying the company had given good reason to believe it was poised for a rewarding auction.
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March 11, 2024
Teamsters Can't Pause Discovery In $137M Fight With Yellow
A Kansas federal judge shot down the Teamsters' request to pause the discovery process in a $137 million lawsuit accusing the union of holding up a necessary corporate restructuring at the now-bankrupt trucking company Yellow Corp., ordering the union to keep producing documents.
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March 11, 2024
Atty For Alex Jones' Infowars Gets OK To Bow Out Of Case
A Texas bankruptcy judge on Monday approved a request by the lead attorney for Alex Jones' media company to step away from work on its Chapter 11 case following disputes with the debtor's chief restructuring officer, who the lawyer said withheld pay in retaliation for the conflict.
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March 11, 2024
Hertz Tells Chancery To Reject $4B Buyback 'Hindsight' Suit
Hertz directors weren't certain when they authorized $4 billion in stock buybacks that it would transfer control of the company to a private equity-backed shareholder, an attorney for Hertz told Delaware's Court of Chancery on Monday, urging the court to toss a shareholder's lawsuit over the buybacks.
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March 11, 2024
MoFo's NY Office Gains A Restructuring Atty From Dechert
Morrison Foerster LLP announced Monday another addition to its business restructuring and insolvency group in New York, this time from Dechert LLP.
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March 08, 2024
UBS Luxembourg Must Face $50M Madoff Clawback Suit
UBS Luxembourg can't escape a lawsuit seeking to claw back nearly $50 million the bank allegedly redeemed from Bernard L. Madoff feeder fund Fairfield Sentry Limited at highly inflated values, a New York bankruptcy judge ruled on Friday.
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March 08, 2024
Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution
A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.
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March 08, 2024
Catholic Group Gets $2M Fee Award In Boy Scouts' Ch. 11
A Delaware bankruptcy judge on Friday awarded an ad hoc group of Roman Catholic organizations just over $2 million in legal fees and expenses in the Boy Scouts of America's Chapter 11 case, saying it had made a substantial contribution to the group's bankruptcy plan.