Large Cap
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April 05, 2024
NY Regulators Agree To Skip BlockFi Distribution
BlockFi and the New York State Department of Finance Friday filed a stipulation with the New Jersey bankruptcy judge overseeing BlockFi's Chapter 11 case under which the department agreed to forgo any distributions from the BlockFi estate.
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April 05, 2024
Haynes Boone Atty To Chair Bankruptcy College's Board
The American College of Bankruptcy has elected a seasoned Haynes and Boone LLP attorney with deep Texas roots and experience in oil and gas industry bankruptcies to take over as chair of its Board of Directors, according to announcements by the college and firm.
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April 04, 2024
Judge Denies New Official Committee In Talc Ch. 11
A New Jersey bankruptcy judge has rejected a bid by an ad hoc group to form an official committee of unsecured commercial creditors in the bankruptcy of talc supplier Whittaker Clark & Daniels Inc., saying the group had not shown it was insufficiently well-represented.
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April 04, 2024
Crypto Bank, Chair Blast FTX Investors' 'Gatling Gun' Claims
A crypto bank and its chairman have urged a Florida federal judge to toss a second amended complaint from FTX investors alleging they helped Sam Bankman-Fried abscond with $8 billion in customer assets, saying the investors "employ a Gatling gun approach to pleading."
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April 04, 2024
Judge, Bankrupt Sacramento Diocese Aligned On Mediation
A California bankruptcy judge told the Roman Catholic Bishop of Sacramento at a first-day hearing Thursday that moving toward mediation as quickly as possible is the best scenario for the diocese as it seeks to address hundreds of claims arising from childhood sexual abuse.
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April 04, 2024
A Wild Bankruptcy Week Hints At Long-Awaited Ch. 11 Wave
In a single day this week, seven large organizations with nearly $3 billion in collective debt filed for bankruptcy protection, prompting restructuring professionals to once again ask if the much-anticipated post-COVID insolvency wave is finally afoot.
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April 04, 2024
Ginnie Mae, HUD Must Face Bank's Vacated Lien Suit
A Texas federal judge trimmed but declined to dismiss Texas Capital Bank's suit against the U.S. Department of Housing and Urban Development and its Government National Mortgage Association program over a vacated loan lien that the bank says was worth tens of millions of dollars.
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April 04, 2024
Ex-Byju Director Says He Can't Make Ch. 11 Contempt Hearing
Former Byju's Alpha director Riju Ravindran asked a Delaware bankruptcy judge to deny the company's request to have Ravindran appear in person for a contempt hearing on his alleged violation of the court's injunction order, saying that he is caring for his elderly parents in Dubai.
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April 04, 2024
Mattress Co. Can Redo Conspiracy Suit After 10th Circ. Trip
A Utah federal judge has rejected arguments from leading mattress manufacturers that a competitor is too late to amend an antitrust lawsuit alleging the spread of false information, saying a Tenth Circuit appeal prevented the competitor from updating its claims sooner.
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April 04, 2024
Surfside, Fla., Condo Collapse Victims To Get Additional $4.8M
A Florida judge signed off Thursday on an additional $4.8 million distribution to the victims of the deadly collapse of the Champlain Towers South condominium after the receiver overseeing the defunct condominium association told the court the association had fewer financial obligations and tax liabilities than expected.
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April 04, 2024
IT Firm ConvergeOne To Wipe $1.6B Of Debt In Ch. 11
Information technology company ConvergeOne Holdings Inc. received preliminary approval for a disclosure statement Thursday that describes its plan to slash $1.6 billion from its balance sheet in a prepackaged Chapter 11.
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April 03, 2024
US Assets Not Needed For Ch. 15 Recognition, 11th Circ. Says
U.S. bankruptcy courts can grant Chapter 15 recognition in cases where someone doesn't live, work or own assets in the U.S., the Eleventh Circuit ruled Wednesday, holding that being an "eligible debtor" as defined under Chapter 15 of the Bankruptcy Code isn't a prerequisite for U.S. acknowledgment of a foreign bankruptcy.
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April 03, 2024
Judge Wary Of Atty's Bid To Cut Sentence For Hiding Assets
A Seventh Circuit judge appeared skeptical Wednesday of an Illinois lawyer's contention that she should not have received an abuse-of-trust sentencing enhancement for helping her brother conceal more than $350,000 in bankruptcy assets, noting she deposited them in her attorney trust account and attempted to assert attorney-client privilege to hide her conduct from the trustee.
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April 03, 2024
Enviva Backs Noteholders' Bid To Redo Creditors Committee
Bankrupt wood pellet maker Enviva supported its noteholders' bid to reconstitute the official committee of unsecured creditors, saying that the current composition of the committee presents "significant challenges."
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April 03, 2024
Meet The Lawyers Charting 5G Biz Airspan's Ch. 11
A team of Dorsey & Whitney LLP attorneys is helping Florida-based 5G software and hardware supplier Airspan Networks navigate its prepackaged Chapter 11 case.
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April 03, 2024
Investors Want $1.5B Penalty Awarded After PE Buyout
A group of investors is seeking to enforce a $1.5 billion judgment stemming from a 2005 private equity acquisition of Greece-based Tim Hellas Telecommunications SA that it claims ultimately enriched PE firms TPG Inc. and Apax Partners LLP to the detriment of other investors.
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April 03, 2024
Colo. Law Doesn't Account For Risky Borrowers, Court Told
A trio of financial industry trade groups have asked a Colorado federal judge to block a state measure to rein in high-cost lending, arguing Tuesday that the law would make it "economically impracticable" for the groups' state-chartered bank members to offer certain credit products to risky borrowers and consumers in general.
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April 03, 2024
Interest Rates Help Drive Commercial Ch. 11s Up 43% In Q1
With interest rates the highest they've been in years, commercial Chapter 11 bankruptcy filings were up 43% in the first quarter compared to the same period a year ago, as filings increased across all major filing categories, according to data from legal tech company Epiq Bankruptcy.
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April 03, 2024
Ex-Saul Ewing Paralegal Gets 2 Years For $600K Fraud
An Illinois federal judge sentenced a former Saul Ewing LLP paralegal to two years in prison for embezzling more than $600,000 from the firm's bankruptcy practice over nine years, which she used to make mortgage payments, buy a car and partially fund her son's college education.
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April 03, 2024
Claims Acquirer Denied Share Of Mallinckrodt Ch. 11 Trust
A Delaware bankruptcy judge ruled an assignee of claims from insurance companies against the opioid trust established in Mallinckrodt PLC's Chapter 11 case can't collect on them because the bankruptcy plan specifically prevents that.
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April 03, 2024
Paul Hastings Adds Group Co-Chair With Finance Duo Hire
Following group hires in the finance space, Paul Hastings LLP announced Wednesday it is hiring two attorneys from Weil Gotshal & Manges LLP, one of whom will co-chair its asset-backed finance practice.
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April 02, 2024
Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss
Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.
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April 02, 2024
Meet The Attys For Chilean Telecom Operator WOM's Ch. 11
A team of attorneys from Richards Layton & Finger PA is representing WOM SA, one of the largest phone and internet providers in Chile, in its Chapter 11 bankruptcy.
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April 02, 2024
Chile Telecom Co. WOM Can Tap $100M DIP In US Bankruptcy
The second-largest cellphone network operator in Chile, WOM SA, can access $100 million of a debtor-in-possession package during the first leg of its Chapter 11 case, a Delaware bankruptcy judge ruled Tuesday, overriding objections from creditors.
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April 02, 2024
10 Questions For NJ Chief Bankruptcy Judge Michael Kaplan
U.S. Bankruptcy Judge Michael B. Kaplan has been chief judge of New Jersey's bankruptcy court since 2020. So far, during his five-year term, he's overseen some of the nation's biggest Chapter 11 cases — including Johnson & Johnson unit LTL Management, BlockFi and Rite Aid — and shepherded the court into a period of high visibility.