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Bankruptcy
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April 05, 2024
Genesis Used GBTC Share Proceeds To Buy 32,041 Bitcoin
Cryptocurrency lender Genesis Global Holdco said it had fully monetized its Grayscale Bitcoin Trust shares and used the proceeds to purchase 32,041 bitcoin that will be distributed to its customers.
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April 05, 2024
Insurers Fight Kidde-Fenwal's Bid For Coverage Of Foam Suits
Two AIG units and another insurer have told a Delaware bankruptcy court it should reject fire-suppression company Kidde-Fenwal Inc.'s bid to secure their coverage for a bevy of underlying suits alleging the company exposed those plaintiffs to so-called forever chemicals via its production of firefighting foam.
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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
Terraform And Founder Do Kwon Held Liable For Crypto Fraud
A Manhattan federal jury quickly found bankrupt cryptocurrency startup Terraform Labs and its creator Do Kwon liable Friday for securities fraud, after the U.S. Securities and Exchange Commission claimed they lied to investors about the company's stability and business prospects.
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April 04, 2024
Pump Co. Ch. 7 Trustee's $59.7M Case Could Go Before Jury
A Chapter 7 trustee and the owners of a Connecticut pump manufacturer will square off in federal district court over claims that executives raided $59.7 million from the Nash Engineering Co.'s coffers, lined its stockholders' pockets and plunged the entity into bankruptcy to avoid paying asbestos injury claims.
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April 04, 2024
Judge Punts 'Warning Shot' Condo Sale Bid In Giuliani Ch. 11
A New York bankruptcy judge held off on deciding if Rudy Giuliani must sell his Florida condo Thursday, cautioning attorneys for the former New York City mayor that the official committee of unsecured creditors might take more extreme steps in the Chapter 11 case if its concerns over Giuliani's expenses aren't addressed.
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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
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
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
MV Realty Abusing Ch. 11 Process, Bankruptcy Court Told
State prosecutors, federal agencies and consumer advocates have told a Florida bankruptcy judge that MV Realty is using the Chapter 11 process to avoid enforcement and enshrine a set of predatory agreements designed to extract millions in junk fees from homeowners over the next 40 years.
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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 04, 2024
Sport Aircraft Maker Icon Hits Ch. 11 With $170M Debt
Light-sport aircraft manufacturer Icon Aircraft filed for Chapter 11 protection in Delaware bankruptcy court Thursday with more than $170 million in debt and plans for an asset sale and liquidation.
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April 03, 2024
Israel-Hamas War No Excuse To Skip Discovery: Ch. 11 Judge
A Florida bankruptcy judge on Wednesday penalized an Israeli creditor pursuing a roughly $13 million Chapter 11 claim against a California-based air purifier maker, finding the conflict between Israel and Hamas is not a valid excuse for repeatedly missing discovery deadlines.
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April 03, 2024
Insurer Wants $38M For Covering Unfinished Road Jobs
An insurance company has asked a federal court to force companies connected to an insolvent contractor to hand over more than $38 million to compensate for costs it covered for unfinished jobs.
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April 03, 2024
Lucky Bucks Ch. 7 Trustee's Fraud Suit Can Continue In Del.
A Delaware bankruptcy judge on Wednesday allowed an adversary suit brought by the Chapter 7 trustee for Georgia-based gambling machine company Lucky Bucks Holdings LLC to move forward, saying the court doesn't have enough information about fraud allegations to dismiss the case.
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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
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
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
Casa Systems Files For Ch. 11 With $316M Debt, Plans Sale
Communications equipment company Casa Systems Inc. filed for Chapter 11 protection in Delaware, with plans to sell its 5G mobile core and RAN business to software company Lumine Group.
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April 03, 2024
Window-Shading Co. View Inc. Hits Ch. 11 With $359M Debt
View Inc., a maker of office windows that automatically shade in response to sunlight, has filed for Chapter 11 protection in Delaware bankruptcy court with $359.4 million in debt and an agreement to hand the company to lenders.
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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
MV Realty Files Ch. 11 Plan Amid Growing Calls To Toss Case
MV Realty plans to reorganize in Florida bankruptcy court by firing its brokers and collecting millions in fees from about 34,000 U.S. homeowners over the next 40 years, even as more than a dozen states backed the U.S. Trustee's view that the case is a stall tactic against prosecutors.
Expert Analysis
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Navigating Asset Tracing Challenges In Bankruptcy
A Virginia court’s recent ruling in Health Diagnostic Laboratory Inc.'s bankruptcy highlights the heightened demand for asset tracing and the strategic use of the lowest intermediate balance rule in recovering funds from commingled accounts, says Daniel Lowenthal at Patterson Belknap.
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Lender Agreements And Unitranche Facilities: A Fresh Look
Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Opinion
Bankruptcy Must Be On The Table As A Student Loan Solution
Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Rockport Ch. 11 Highlights Global Settlement Considerations
A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.
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How Purdue High Court Case Will Shape Ch. 11 Mass Injury
The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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How Cannabis Cos. Are Adapting In Shifting Bankruptcy Arena
Recent bankruptcy cases show that federal courts have begun to demonstrate more openness to downstream businesses in the cannabis industry, and that even though receivership can be a viable option for those denied access to the bankruptcy system, it is not without its own risks and complexities, say attorneys at Troutman Pepper.
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Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns
A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.