Try our Advanced Search for more refined results
Bankruptcy
-
March 06, 2024
Sewer Deal Kept On Ice During Appeal In Philly Suburb's Ch. 9
A Philadelphia bankruptcy judge Wednesday rejected a utility's latest effort to lift the automatic stay triggered by the City of Chester's Chapter 9 bankruptcy, which has delayed a $276.5 million sewer sale, saying it would require her to answer questions that are on appeal from a similar motion she nixed last year.
-
March 06, 2024
Otterbourg Formalizes Bankruptcy, Mass Torts Practice Group
As many BigLaw firms continue chasing bankruptcy talent, Otterbourg PC announced the formalization of a cross-departmental mass tort bankruptcy practice group under the leadership of a recently hired restructuring attorney and a longtime Otterbourg litigator.
-
March 06, 2024
Gemini Scores Arbitration Bid In 'Earn' Crypto Investment Suit
Gemini Trust Co. LLC investors must arbitrate their claims that the cryptocurrency exchange misled them about the firm's interest-bearing accounts and were hurt after the program for the accounts was halted, with a New York federal judge finding that Gemini and its founders have shown that a valid arbitration agreement exists.
-
March 06, 2024
Rite Aid Aims To Divest Most Of Its Health Dialog Business
Bankrupt drugstore chain Rite Aid Corp. said Wednesday that it will sell most of its Health Dialog business, which provides personalized health services, to Carenet Health for an undisclosed amount.
-
March 06, 2024
Bankruptcy Group Of The Year: Sullivan & Cromwell
Sullivan & Cromwell LLP's bankruptcy practice handled the sprawling bankruptcy of cryptocurrency exchange FTX and the Chapter 11 proceedings of Kidde-Fenwal, the first bankruptcy resulting from PFAS-related product liability, earning it a spot among Law360's Bankruptcy Groups of the Year.
-
March 06, 2024
Ex-Stimwave CEO Found Guilty Of Healthcare Fraud
A New York federal jury on Wednesday convicted the former CEO of Stimwave over allegations that the medical device maker sold an implant for chronic pain sufferers with a bogus component in order to drive up billings.
-
March 06, 2024
BowFlex Gets OK For $25M DIP, Plans On April Sale
A New Jersey bankruptcy judge on Wednesday gave BowFlex permission to draw on $25 million in Chapter 11 financing as the exercise equipment company heads for what it said will be an April asset sale.
-
March 05, 2024
Lordstown Ch. 11 Plan Confirmed After Settlements Reached
A Delaware bankruptcy judge confirmed the Chapter 11 plan of electric vehicle maker Lordstown Motors Corp. over the objection of the Office of the U.S. Trustee after finding that the debtor is eligible for a discharge of its liabilities.
-
March 05, 2024
Terraform Says Creditors Sabotaging Dentons Retention
A Delaware bankruptcy judge on Tuesday allowed Terraform Labs unsecured creditors time to catch up on a dispute over the debtor's Denton's retention, a request Terraform dubbed "sabotage" of its defense in an upcoming $40 billion securities fraud trial.
-
March 05, 2024
IPwe Seeks Ch. 7 Liquidation After Ch. 11 Financing Loss
Patent trading platform operator IPwe asked a Delaware bankruptcy judge Tuesday to convert its Chapter 11 reorganization to a Chapter 7 liquidation, saying it has lost its source of bankruptcy funding and has no way to continue with its planned going-concern sale.
-
March 05, 2024
Robertshaw's Ch. 11 Sale Plan Panned As 'Blatant Favoritism'
Asset manager Invesco asked a Texas bankruptcy judge to block appliance parts maker Robertshaw US Holding Corp.'s proposed bidding procedures for a Chapter 11 sale, calling the debtors' agreement with a lender group and its equity sponsor "blatant favoritism."
-
March 05, 2024
EV Maker Proterra's Ch. 11 Plan Gets Thumbs-Up In Del.
A Delaware bankruptcy judge on Tuesday approved the reorganization plan of commercial electric vehicle technology company Proterra, which entered Chapter 11 to overhaul nearly $200 million in funded debt, overruling a handful of remaining objections.
-
March 05, 2024
WeWork Seeks 4 More Months Of Ch. 11 Exclusivity
WeWork asked a New Jersey bankruptcy judge to extend the window during which only the coworking space company can propose a Chapter 11 reorganization plan by 120 days, saying the extra time would avoid disruptions to its progress.
-
March 05, 2024
Rite Aid Process To Break Leases, Close Stores In Ch. 11 OK'd
A New Jersey bankruptcy judge on Tuesday signed off on procedures for bankrupt retail pharmacy chain Rite Aid Corp. to potentially shutter 210 rented stores with fast-approaching lease rejection deadlines, overruling objections from two landlords.
-
March 05, 2024
NC Panel Says Co. Can't Intervene In Insurer Liquidation
A holding company owned by insurance mogul Greg Lindberg shouldn't have been allowed to intervene in the North Carolina insurance commissioner's liquidation of two insolvent insurers, a state appeals court held Tuesday, saying only a company's directors are permitted to do so under state law.
-
March 05, 2024
Voyager Creditors Have Left $19M Of Checks Uncashed
The wind-down administrator for defunct cryptocurrency brokerage Voyager Digital Holdings Inc. has told a New York bankruptcy judge that $19 million worth of checks sent to creditors were still unclaimed, setting an April 20 deadline to cash the checks or lose out on recovery for good.
-
March 05, 2024
Bankruptcy Group Of The Year: Ropes & Gray
The bankruptcy practice at Ropes & Gray is a versatile unit capable of winning high-profile cases and pioneering solutions to clients' financing needs, securing a unanimous high court decision in April for Mall of America's owner and devising a unique transaction for Trinseo PLC months later that kept the manufacturer afloat, earning it a spot among Law360's Bankruptcy Groups of the Year.
-
March 05, 2024
BowFlex Maker Files For Bankruptcy With $67M Debt
The makers of the BowFlex exercise machine filed for Chapter 11 protection in New Jersey bankruptcy court late Monday with more than $67 million in debt and a $37.5 million purchase offer.
-
March 04, 2024
Puerto Rico Fiscal Board Argues For Utility Reorg Plan
Puerto Rico's fiscal oversight board told a federal judge on Monday that it had the only plan to save the island's troubled electric utility, while bondholders claimed the board had created the plan specifically to shortchange them.
-
March 04, 2024
Atty For Alex Jones' Infowars Asks Court's Permission To Quit
The head lawyer for conspiracy theorist Alex Jones' Infowars radio show production company has urged a Texas bankruptcy judge to let him quit his work on the Chapter 11 case, saying Free Speech Systems' chief restructuring officer has withheld his pay in retaliation for disputes between the two professionals.
-
March 04, 2024
Teamsters Request Discovery Stay In $137M Fight With Yellow
A Kansas federal judge should decide whether Yellow Corp.'s $137 million lawsuit against the Teamsters can survive the union's dismissal bid before making the union produce more documents, the Teamsters said, looking to pause the discovery process in litigation accusing the union of holding up a corporate restructuring.
-
March 04, 2024
Trial Of Ex-Stimwave CEO Over Medical Device Nears End
Prosecutors on Monday urged a Manhattan federal jury to convict the former CEO of Stimwave Technologies for hawking a medical device for chronic pain sufferers with a bogus component designed to drive up billings, while defense counsel derided a lack of evidence to support the government's claims.
-
March 04, 2024
Hospital Operator Pushes For Ch. 11 Plan Confirmation
California-based hospital operator Alecto Healthcare Services LLC defended its Chapter 11 plan proposal Monday in Delaware bankruptcy court, saying opposition from creditors is based on a faulty belief that there are valuable claims that can be asserted for the benefit of creditors.
-
March 04, 2024
NerdWallet, Syracuse Hit With 'Fraudulent' Bankruptcy Cases
Personal finance platform NerdWallet, the city of Syracuse, New York, a Taco Bell franchisee and a financial tech company were targets of apparently phony bankruptcy cases opened in Delaware over the weekend by a frequent pro se litigant.
-
March 04, 2024
Barretts' Mediation Docs Not Open To Pfizer, Judge Says
A Texas bankruptcy judge declined Monday to open the mediation in Barretts Minerals Inc.'s bankruptcy case to former owner Pfizer Inc., saying that he didn't want mediation participants to worry about every conversation they have.
Expert Analysis
-
How Wash. Bankruptcy Amendments Will Aid Debtors
Washington state’s recently updated bankruptcy exemptions — which provide greater protection for debtors’ assets, including cash, vehicles and personal injury proceeds — bring the state up to speed in terms of asset protection, and may result in an increase in Chapter 7 liquidation filings, says Richard Symmes at Symmes Law.
-
2 Rulings Show How Electricity May Factor Into Bankruptcy
Recent rulings from an Oregon federal court and a New York bankruptcy court have evened a split over whether electricity is a good or a service under the Bankruptcy Code, illustrating the importance of relying on dictionary definitions and prior rulings when arguing that electricity is a good, says Shane Ramsey at Nelson Mullins.
-
The Texas Two-Step May Be Losing Steam
The Texas Two-Step is a powerful bankruptcy strategy that has been used in recent high-profile cases, including Johnson & Johnson’s talc unit bankruptcy case, but ongoing debate and legal challenges raise the question of whether this maneuver is losing reliability, say Brendan Best and Justin Allen at Varnum.
-
The Road Ahead For Rite Aid And Other Troubled Retailers
With corporate bankruptcies at their highest levels since 2010, familiar large retailers, like Rite Aid, may need to take the inevitable plunge, with a few patterns in metrics and behaviors tipping off potential insolvency issues, says Talin Keshishian at BG Law.
-
Rethinking In-Office Attendance For Associate Retention
The hybrid office attendance model doesn't work for all employees, but it does for many — and balancing these two groups is important for associate retention and maintaining a BigLaw firm culture that supports all attorneys, says Summer Eberhard at Major Lindsey.
-
Bittrex Bankruptcy Order Highlights Creative Crypto Financing
In a recent first, the Delaware bankruptcy court authorized Bittrex to obtain post-petition financing solely in bitcoin from the debtor-in-possession lender, an order that may serve as a catalyst for future debtors to explore creative mechanisms for crypto financing and payback, says Kyle Arendsen at Squire Patton.
-
Opinion
Despite Its Plan Objections, UST Also Won In Purdue Ch. 11
The Second Circuit’s recent decision approving Purdue Pharma’s reorganization plan is a win even for the dissenting Office of the U.S. Trustee because the decision sets extremely stringent guidelines for future use of nonconsensual third-party releases, say Edward Neiger and Jennifer Christian at Ask.
-
Murdaugh Trials Offer Law Firms Fraud Prevention Reminders
As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.
-
Post-Siegel Trustee Fee Rulings Further Debtor-Friendly Trend
One year after the U.S. Supreme Court’s bankruptcy ruling in Siegel v. Fitzgerald left the matter of trustee fee refunds open to lower courts, related rulings have sided with debtors, reminding practitioners of the importance of the constitutional backdrop to statutory law, say Daniel Lowenthal and Jonah Wacholder at Patterson Belknap.
-
Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
-
Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.
-
Perspectives
How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
-
Opinion
Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
-
As Subchapter V's Popularity Rises, So Do Its Boundaries
Recent data and bankruptcy court rulings give greater context to Subchapter V’s popularity, but also show how courts continue to interpret its provisions to establish limits and contours, such as the sequence of filing for affiliate debtors, say Jack O’Connor and Heidi Hockberger at Levenfeld Pearlstein.
-
A Comparison Of 2 Bank Failures, With Regulatory Lessons
Though the factors that contributed to the downfalls of Silicon Valley Bank and First Republic Bank were similar, differences in federal regulators' handling of the banks' sales — and the additional two weeks it took to find a buyer for SVB — may help illuminate how regulators can improve their response to future financial panic, say attorneys at Lewis Brisbois.