Mid Cap
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March 28, 2024
Hope For Student Debt In Bankruptcy, But It's Slow Going
A federal program purported to make it easier to get student loan debt discharged in bankruptcy has been slow to get off the ground, with only a small portion of applicants having their debt discharged and not enough attorneys and judges familiar with the process, experts told Law360.
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March 28, 2024
Faruqi & Faruqi Beats 5 Firms To Lead NewAge Investor Suit
A Colorado district judge has selected two clients of Faruqi & Faruqi LLP to lead an investor class action accusing the executives and directors of wellness company NewAge Inc. of securities fraud, saying the plaintiff with an even bigger financial interest is unfit for appointment because he hid his "troubling" background.
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March 28, 2024
Silver Star Lands $135M Loan For Portfolio Liquidations
Real estate investment trust Silver Star Properties said it has borrowed $135 million so that it can liquidate its "legacy real estate portfolio" as it transitions to investing in the self-storage market.
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March 28, 2024
BowFlex DIP Approved After Increasing Investigation Budget
Fitness equipment maker BowFlex Inc. received final approval Thursday from a New Jersey bankruptcy judge of its $25 million debtor-in-possession package after agreeing to an increased investigation budget for the unsecured creditors committee.
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March 28, 2024
Pillsbury Ducks Malpractice Suit At 3rd Circ. Over Bankruptcy
A Third Circuit panel on Thursday shot down a bid from a group of hotel investors to sue Pillsbury Winthrop Shaw Pittman LLP for malpractice, finding a Delaware bankruptcy court was right in denying the request sought months after a Chapter 11 plan had been finalized.
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March 28, 2024
Ohio Justices Split On Attorney's Sanction For Hiding His Past
The Ohio Supreme Court has given a Cleveland attorney a six-month stayed suspension for omitting information in his application for a physician assistant license about multiple name changes and prior proceedings against him for having child pornography on his computer, which he had created via photo editing to demonstrate a point while serving as a defense expert.
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March 28, 2024
Bankruptcy Partner Joins Saul Ewing In LA From Danning Gill
Saul Ewing LLP has picked up a complex business bankruptcy, restructuring and insolvency partner for its Los Angeles office who spent much of his legal career with Danning Gill Israel & Krasnoff LLP.
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March 28, 2024
NanoString Sets April Ch. 11 Auction Backed By $220M Offer
Biotechnology company NanoString Technologies Inc. received a Delaware bankruptcy judge's approval Thursday to canvass bids for its assets and use a $220 million stalking-horse offer as the floor for an auction it's set to hold in April.
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March 27, 2024
Sedgwick Trustee's Valuation Of Firm Flawed, Judge Told
An accounting expert hired by two ex-partners fighting the Sedgwick LLP trustee's bid to claw back $1.1 million testified at the close of a three-day California bench trial Wednesday that the trustee expert's valuation analysis is "materially flawed" and took a "sledgehammer" to the law firm's book value.
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March 27, 2024
Meet The Professionals Probing Giuliani At A Discount
Rudy Giuliani's creditors have enlisted a high-powered team of forensic sleuths and former federal investigative bigwigs who are slashing their fees to root out any hidden assets the bankrupt former New York City mayor may not have disclosed.
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March 27, 2024
11th Circ. Affirms Experian's Win In Credit Reporting Suit
The Eleventh Circuit has determined a district court didn't err in evidentiary rulings in a case brought by a Florida resident against Experian Information Solutions Inc. alleging it inaccurately reported a discharged mortgage in his credit history, upholding a verdict in favor of the company.
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March 27, 2024
Troika Media Can Exit Ch. 11 After Settlement And Lender Sale
Marketing firm Troika Media Group Inc. is set to exit bankruptcy before the end of the month after a New York bankruptcy judge Wednesday said he would approve its Chapter 11 plan to sell itself as a going concern and settle pre-bankruptcy legal disputes.
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March 27, 2024
How To Nail Those First-Day Bankruptcy Motions
Coming on the heels of a Chapter 11 petition, first-day motions are a critical initial step and the best opportunity for debtors counsel to set the stage for the bankruptcy case. Lawyers who spoke with Law360 said that while they may seem fast and furious, these motions take significant preparation and forethought.
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March 27, 2024
Judge Will OK Renewable Lumber Co.'s Ch. 11 Exit Plan
A Delaware bankruptcy judge on Wednesday agreed to grant a sustainable forestry company confirmation of its Chapter 11 plan, under which it will trade more than $300 million in debt for equity and offer unsecured creditors bites of a trust in exchange for releases.
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March 27, 2024
'That's What Ch. 11 Is All About': Pegasus' Plan Gets OK
A Delaware bankruptcy judge on Wednesday gave a thumbs-up to pillow-maker Pegasus Home Fashions Inc.'s Chapter 11 plan, months after the company completed a sale to investment firm Blue Torch Capital.
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March 27, 2024
Terraform Loses Mistrial Bid After Rakoff Query About 'Lying'
Manhattan U.S. District Judge Jed S. Rakoff on Wednesday rejected a mistrial bid by counsel for Terraform Labs and creator Do Kwon centering on the judge's move to ask an investor if the bankrupt crypto startup had disclosed potential risks about "lying" to the public.
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March 26, 2024
Sedgwick Judge Rips Attys 'Playing Games' In Clawback Trial
A California federal judge presiding over the Sedgwick LLP trustee's bid to claw back $1.1 million from two ex-partners overruled defense objections to Sedgwick's financial statements, asking, "How am I supposed to do this without numbers?" and telling counsel, "You're playing games with me on this, because I need to see numbers."
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March 26, 2024
Sorrento Gets Green Light To Delay $21M Ch. 11 Sale
Drug developer Sorrento Therapeutics can push the close of its $20.9 million asset sale from Thursday to April 1, a Texas bankruptcy judge ruled Tuesday, after attorneys for the debtor said they reached new terms for the deal that will help fund the company as it winds down under its Chapter 11 plan.
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March 26, 2024
Nogin Gets Initial OK On Ch. 11 Sale To B. Riley Unit
E-commerce company Nogin Inc. received tentative approval from a Delaware bankruptcy judge on Tuesday to complete a restructuring deal that will hand control of its business to a unit of B. Riley Financial Inc. in exchange for $15.5 million in cash.
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March 26, 2024
Sustainable Logging Biz's Ch. 11 Plan Heads To Judge For OK
A sustainable forestry company will ask a Delaware bankruptcy judge on Wednesday to approve its Chapter 11 plan to trade equity to erase more than $300 million in debt and offer unsecured creditors bites of a trust in exchange for releases, a recent notice showed.
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March 26, 2024
Girardi Fraud Trial Moved To Aug. 6
A California federal judge has agreed to postpone disgraced California plaintiffs attorney Tom Girardi's trial to Aug. 6, setting the proceedings to begin 16 months later than originally required at the outset of the case.
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March 26, 2024
Chapter 33s Show Range Of Reasons To Refile Bankruptcies
For a few companies, one turn in bankruptcy isn't enough. Since the height of the pandemic, at least eight companies have filed their third Chapter 11 bankruptcy petition, with half of those having filed all three within a 10-year window.
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March 25, 2024
Backstabbing 'Just How Law Firms Work': Sedgwick Judge
A California federal judge told counsel during bench trial openings Monday that the Sedgwick LLP trustee's bid to claw back $1.1 million from two ex-partners isn't a "blame game," and "partners stab each other in the back every day and move on to the next one" — "it's just how law firms work."
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March 25, 2024
3rd Circ. Says NJ City Can't Stop Sale Of Failed Project's Sites
The Third Circuit tossed a New Jersey city's challenge of a bankruptcy court ruling that allowed the two local properties of a failed affordable housing project to be sold to a third party, according to an unpublished opinion Monday.
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March 25, 2024
Judge Probes If $54M Deal Will Affect Tehum Care Ch. 11 Plan
A Texas bankruptcy judge Monday mulled if approving a settlement for prison health care company Tehum Care Services Inc. will lock in releases for a future Chapter 11 plan at the third day of a trial asking him to confirm the deal or toss the "Texas two-step" bankruptcy.