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Bankruptcy
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March 21, 2024
UpHealth Claims $110M Win In Glocal Control Fight
Global digital health company UpHealth Inc. says an arbitral panel has awarded it more than $110 million following a dispute that arose out of its subsidiary's acquisition of Glocal Healthcare Systems in 2020 — even as Glocal decried the award as "one-sided and perverse."
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March 21, 2024
Ex-CEO Says Social Media Profiles Are Tied To His Personality
The former CEO of the company that makes Bang Energy drinks argued Thursday in a Florida federal court that a bankruptcy judge wrongly took away ownership of three social media accounts he created for the brand, saying his persona used in them was instrumental in successfully marketing its products.
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March 21, 2024
Canadian Supplement Co. Seeks US Bankruptcy Recognition
A nutritional supplement supplier based in Montreal told a Delaware bankruptcy judge Thursday it needs the U.S. court to recognize its Canadian insolvency proceedings, reasoning that an eviction threat may cut off access to assets in California the debtor needs for its sale plans.
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March 21, 2024
Reorganized REIT Can't Duck Interest Post-Ch. 11, Judge Says
Texas real estate investment trust Hartman SPE LLC must pay an additional $870,000 to satisfy a secured lender's claim, a Delaware bankruptcy judge ruled Thursday, finding that even though the mortgage is set to be repaid Friday, Hartman SPE is still responsible for interest until mid-April.
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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
Nursing Home Woes, Cyberattack Sparked Petersen's Ch. 11
Rising costs after the COVID-19 pandemic, cyberattacks and a general shift away from nursing homes led senior-living company Petersen Health Care to seek Chapter 11 bankruptcy protection this week with about $296 million in debt, according to a declaration filed Thursday by the company's top restructuring official.
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March 21, 2024
Hospital Operator Alecto Healthcare Gets OK For Ch. 11 Plan
A Delaware bankruptcy judge agreed to give hospital operator Alecto Healthcare Services LLC the all-clear on the company's Chapter 11 reorganization plan, saying the scheme was fair, achievable and made appropriate provisions for disposable income.
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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
Ky. Coal Mine Owner Tells 6th Circ. Lease Sale Was Improper
The owner of a sprawling Kentucky coal mine told the Sixth Circuit on Thursday that a sale of leases by the mine's bankrupt operator was improper because the bankruptcy court didn't hold a required hearing on changes to the assignment of leases.
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March 20, 2024
Petersen Health Care Files Ch. 11 Amid Suits Over HUD Loans
Assisted living facility operator Petersen Health Care Inc. and more than 100 affiliates filed for Chapter 11 protection Wednesday in Delaware as the company faces claims it has failed to pay millions of dollars in federal housing loans.
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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
DC Judicial Pick Faces GOP Scrutiny Over Jones Day Work
Republican lawmakers Wednesday criticized the BigLaw track record of a nominee for the U.S. District Court for the District of Columbia.
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March 20, 2024
UK Pension Fraud Fund To Pay Out £416M To Victims By 2026
The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.
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March 20, 2024
Defunct Philly Hospital Inks $32M End To Birth Injury Suit
A defunct Philadelphia hospital has agreed to pay $32 million to resolve allegations that a delayed cesarean section caused a baby to suffer severe brain damage, Kline & Specter announced Wednesday.
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March 20, 2024
How The Supreme Court Could Narrow Chevron
After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.
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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
Law360 Announces The Members Of Its 2024 Editorial Boards
Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.
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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 20, 2024
US Chamber's Litigation Funding Concerns Spur 2 State Laws
Amid concerns from the U.S. Chamber of Commerce about third-party litigation funding, including from potentially hostile foreign entities, state legislatures in Indiana and West Virginia have recently passed bills imposing restrictions on the practice.
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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
Justices Lean Toward Insurer Standing In Ch. 11 Case
The U.S. Supreme Court appeared reluctant Tuesday to uphold a Fourth Circuit ruling that Truck Insurance Exchange lacked standing to oppose the proposed Chapter 11 reorganization plan of two manufacturers facing numerous asbestos claims, noting it's Truck that must ultimately cover the vast majority of such claims.
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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.
Expert Analysis
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Don't Sit On Bankruptcy Sidelines, 5th Circ. Ruling Reminds
The Fifth Circuit’s recent In re: Louisiana Pellets decision, holding that a creditor couldn’t assert indemnification defenses in a suit brought by the trustee of a liquidation trust, highlights the risks faced by creditors and other contract parties that choose not to participate in a bankruptcy, say Gregory Hesse and Kaleb Bailey at Hunton.
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2nd Circ. Ruling Will Guide Social Media Account Ownership
The Second Circuit’s recent decision in JLM Couture v. Gutman — which held that ownership of social media accounts must be resolved using traditional property law analysis — will guide employers and employees alike in future cases, and underscores the importance of express agreements in establishing ownership of social media accounts, says Joshua Glasgow at Phillips Lytle.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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Debt Collector Compliance Takeaways From An FDCPA Appeal
A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Crypto Issues To Watch Amid Evolving Legal Landscape
This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.
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Opinion
3rd-Party Financiers Have Power To Drive Mass Tort Cases
The abnormal recovery premium presented by modern mass tort cases coupled with their deemphasized role for attorneys creates an opportunity for third-party financiers to both create and control these cases, says Samir Parikh at Lewis & Clark Law School.
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Del. Dispatch: Clarification On Fiduciary Duties Of Controllers
The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.
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Stay Ruling Challenges Sovereign Debt Dynamics
The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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What Are The Pros And Cons Of Selling A Bankruptcy Claim?
As companies navigate financial uncertainties and market challenges, they should understand the advantages and disadvantages of selling a bankruptcy claim, so that they can monetize it with confidence and minimize the risk that amounts received in connection with a sale will be subject to potential disgorgement, says Evelyn Meltzer at Troutman Pepper.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Ch. 11 Ruling Highlights 'Two-Step' Challenges In 4th Circ.
A North Carolina bankruptcy court’s recent ruling in Bestwall’s Chapter 11 case, and the decision's interpretation of Fourth Circuit law, suggests that, compared to other circuits, it may be more difficult to dismiss so-called Texas Two-Step bankruptcy cases within the Fourth Circuit, say Brittany Falabella and Kollin Bender at Hirschler Fleischer.
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3 Strategies For Aggressive Judgment Enforcement
As illustrated by the many creditors of Citgo Petroleum Corp. who may walk away empty-handed — despite the company's court-ordered sale — it is important to start investigating counterparty assets and planning for enforcement even before obtaining a judgment, says Brian Asher at Asher Research.