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Bankruptcy
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March 11, 2024
Retailer The Body Shop Files For US Liquidation
Buth-Na-Bodhaige Inc., better known as soap and lotion seller The Body Shop, filed for Chapter 7 liquidation in New York after its international parent filed for insolvency in the United Kingdom.
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March 08, 2024
Allegiance Coal Spars With Ch. 11 Lender Over $1.8M Fees
A Delaware bankruptcy judge on Friday declined to rule on a petition from mining company Allegiance Coal USA to toss its debtor-in-possession lender's adversary proceeding demanding $1.8 million in fees, allowing more time to determine whether the fees have priority over the rest of the debtor's obligations.
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March 08, 2024
Experian Biased Jury In Credit Reporting Suit, 11th Circ. Told
An attorney for a Florida resident who sued Experian alleging it inaccurately reported a discharged mortgage in his credit history told the Eleventh Circuit on Friday that a lower court judge allowed the company to introduce improper evidence at trial, arguing it caused jurors to deliver an unfavorable verdict against her client.
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March 08, 2024
Sorrento Gets OK For $2M Ch. 11 Funding Infusion, Asset Sale
A Texas bankruptcy judge on Friday approved drug developer Sorrento Therapeutics Inc.'s bid for an asset sale and $2 million in funds to fuel its Chapter 11 case, saying they represented the only option outside of a transition to Chapter 7.
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March 08, 2024
Aircraft Parts Co. AeroCision Begins Ch. 11 Liquidation
AeroCision, a troubled supplier of airplane components, has informed Delaware's bankruptcy court its Chapter 11 liquidation plan has gone into effect, distributing remaining assets of the business after it went on the auction block late last year.
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March 08, 2024
UBS Luxembourg Must Face $50M Madoff Clawback Suit
UBS Luxembourg can't escape a lawsuit seeking to claw back nearly $50 million the bank allegedly redeemed from Bernard L. Madoff feeder fund Fairfield Sentry Limited at highly inflated values, a New York bankruptcy judge ruled on Friday.
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March 08, 2024
Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution
A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.
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March 08, 2024
Giuliani Creditors Ask To Investigate His Finances
Former New York City Mayor Rudy Giuliani's creditors want to probe his finances, his businesses, his advisers and even defense funds paying some of his legal bills, telling a bankruptcy court in a filing late Thursday that his history of shirking discovery requests in other cases and concerns that he could be hiding assets warrant a formal investigation.
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March 08, 2024
BowFlex OK'd For April Auction, $37.5M Stalking Horse Bid
Fitness equipment maker BowFlex Inc. received a New Jersey bankruptcy judge's approval Friday to sell its U.S. and Canada businesses at an auction next month, setting it up to repay its debtor-in-possession loan and draw up a Chapter 11 liquidation plan.
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March 08, 2024
Clifford Chance Adds Arnold & Porter Restructuring Duo
Clifford Chance LLP is no exception to the wave of firms seeking restructuring talent in recent months, announcing Thursday that it's brought on two former Arnold & Porter Kaye Scholer LLP attorneys with a history of working on high-stakes reorganizations.
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March 08, 2024
Catholic Group Gets $2M Fee Award In Boy Scouts' Ch. 11
A Delaware bankruptcy judge on Friday awarded an ad hoc group of Roman Catholic organizations just over $2 million in legal fees and expenses in the Boy Scouts of America's Chapter 11 case, saying it had made a substantial contribution to the group's bankruptcy plan.
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March 07, 2024
No Pretrial Win For Anyone In $1.3M Dish Network Print Fight
A Colorado federal judge on Thursday rejected dueling summary judgment motions in a $1.3 million contract fight between a Dish Network unit and defunct printing company, finding the companies' "vehement disagreement" about simple facts of the case makes clear it can't be decided at this stage.
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March 07, 2024
Asbestos Claimants Refuel Bid To Chuck Bestwall Ch. 11
Mesothelioma victims seeking recompense for asbestos exposure are taking another stab at throwing out the bankruptcy case of Georgia-Pacific unit Bestwall LLC, telling a North Carolina federal judge that the papermaker has abused the bankruptcy process to shield itself from liability.
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March 07, 2024
Judge Delays Final OK For Almond Grower's Ch. 11 Loan
A California bankruptcy judge Thursday pushed back final approval of $30 million in Chapter 11 financing for almond grower Trinitas Farming by at least another week, saying more time is needed to address his concerns with the loan agreement.
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March 07, 2024
Cano Health's Ch. 11 Financing Approved Consensually
Primary care group Cano Health Inc. told a Delaware bankruptcy judge Thursday that productive talks with a recently appointed creditors' committee had enabled it to submit a consensual order to gain final approval for its $150 million Chapter 11 loan.
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March 07, 2024
Ex-SVB Counsel Farella Braun Seeks $49K In Unpaid Fees
Farella Braun & Martel LLP, which previously represented Silicon Valley Bank's parent in a dispute over fraud coverage, has sued the Federal Deposit Insurance Corp. in a California federal court to extract nearly $49,000 in unpaid legal fees it says the agency must pay on behalf of the defunct lender.
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March 07, 2024
Equity Concerns Follow Mass Torts' March Into Bankruptcy
After decades of suffering and waiting, a group of more than 82,000 childhood sexual abuse survivors recently reached a $2.5 billion bankruptcy settlement with the Boy Scouts of America and related groups. Yet the survivors may once again be in suspense.
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March 07, 2024
Bankruptcy Group Of The Year: White & Case
White & Case LLP spent 2023 in the trenches of new and emerging issues in bankruptcy, steering the Boy Scouts of America out of Chapter 11 and breaking down the bankruptcy process for hundreds of thousands of former customers and unsecured creditors of former crypto company Celsius Network, earning the firm a spot as one of Law360's 2023 Bankruptcy Groups of the Year.
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March 07, 2024
Honigman Picks Up Corporate Attorney From Ropes & Gray
Honigman LLP said it has hired away a Ropes & Gray LLP counsel with finance transaction expertise who started his career at Honigman to become a partner in its corporate finance practice group.
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March 07, 2024
EV Charging Co. Hits Ch. 11 With Plan For Lender Takeover
Electric vehicle charging company Charge Enterprises Inc. filed for Chapter 11 protection Thursday in Delaware bankruptcy court with $48.7 million in debt, saying it plans to hand control of the company to lenders following a dispute with an investment adviser.
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March 06, 2024
Yellow Corp. Faces Pension Funds' Arbitration Bid In $6B Spat
Eleven retirement funds urged a Delaware bankruptcy judge Wednesday to order Yellow Corp. to arbitrate their claims worth over $6 billion, arguing it would be efficient to take the dispute before a benefits plan expert, while the trucking firm insisted that arbitration would delay its ongoing Chapter 11 proceedings.
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March 06, 2024
SVB Parent Co. Sues Receivers Over $1.9B In Withheld Funds
Silicon Valley Bank's former parent company has sued the Federal Deposit Insurance Corp. in its capacity as receiver for its defunct subsidiary and Silicon Valley Bridge Bank in California federal court, alleging it was wrongfully denied its administrative claims to recover approximately $1.9 billion in account funds and other deposit claims.
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March 06, 2024
BlockFi, FTX Strike Global Deal To Settle Bankruptcy Disputes
Fallen cryptocurrency giants BlockFi Inc. and FTX have settled their wide-ranging feud, with BlockFi allowed claims for $874.5 million and FTX to lay claim to roughly $600 million worth of liquidated Robinhood shares, formally ending all disputes and litigation between the two companies.
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March 06, 2024
11th Circ. Told IRA Account Isn't Exempt From $1.6M Ruling
An attorney representing a group of creditors told the Eleventh Circuit on Wednesday that the individual retirement account belonging to a medical doctor-turned-developer isn't exempt from a $1.6 million judgment related to fraud, saying the Florida federal bankruptcy court ignored a ruling made in an Alabama state court.
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March 06, 2024
Del. Judge Asks If Byju's Ch. 11 Clawback Bid Is A Legal Claim
A Delaware bankruptcy judge asked for more briefing on a temporary restraining order demand by the U.S. arm of Indian tech giant Byju's Wednesday, saying he wasn't sure he had the authority to issue such an order in the debtor's $533 million clawback action because Byju's is seeking the return of cash assets.
Expert Analysis
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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.
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Chancery's Sears Ruling Clarifies Stockholder Duties
In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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NY Guidelines Bring Clarity To Prepackaged Chapter 11 Cases
The Southern District of New York’s recently adopted guidelines provide bankruptcy practitioners guidance on practical matters pertaining to prepacks, and facilitate the use of prepacks as a tool that can greatly reduce the time, expense and risks of a Chapter 11 case, say Robert Drain and Moshe Jacob at Skadden.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.