Large Cap
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June 17, 2024
Hertz Warrant Holder Sues In Chancery For Contract Breach
Two investment affiliates of Discovery Capital Management LP have sued Hertz Global Holdings Inc. in Delaware's Court of Chancery, alleging willful failure to redeem warrants issued in 2021 as part of the company's Chapter 11 and demanding at least $187 million plus interest.
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June 17, 2024
Talc Claimants Want Documents In Fight Over J&J Unit Venue
Cancer patients with talc damage claims against Johnson & Johnson have urged a New Jersey federal court to give them access to transcripts and exhibits from depositions of top executives at the company's talc unit, saying the information will aid their effort to bar the J&J spinoff from filing a third Chapter 11 outside the Garden State.
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June 14, 2024
Judge Converts Alex Jones Ch. 11, Tosses Media Co.'s Case
A Texas bankruptcy judge on Friday turned Alex Jones' bankruptcy case into a Chapter 7, allowing a trustee to liquidate the right-wing conspiracy theorist and media personality's assets to repay creditors, but declined to convert the Chapter 11 of the company that runs Jones' online show, dismissing its petition instead.
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June 14, 2024
Blistering Dissents Belie Justices' Penchant For Consensus
Thirteen days into June, the U.S. Supreme Court had recorded one of the highest rates of unanimous decisions in the past four decades. But the era of historic consensus was tarnished a bit Friday when the court issued three split decisions and two scathing dissents highlighting how much the nine justices differ.
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June 14, 2024
Forward-Looking Fix Resolves Yearslong Ch. 11 Fee Fight
The U.S. Supreme Court looked to the future rather than the past when deciding Friday that Congress' bandage to mask the scar from $326 million in alleged U.S. Trustee's Office fee overpayments was enough to fix the issue, bringing into stark contrast the philosophical differences in how the justices remedy constitutional breaches, experts told Law360.
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June 14, 2024
Guo's Crypto Venture Raised 'Red Flags,' Investigator Says
A compliance investigator at cryptocurrency wallet provider BitGo testified in Manhattan federal court Friday that he identified multiple "financial crime red flags" in the digital asset exchange promoted by Chinese dissident Miles Guo.
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June 14, 2024
Defense Atty Group Backs Law Firm In Guo Trustee Clawback
The New York Council of Defense Lawyers has slammed a Chapter 11 trustee's attempt to claw back legal fees from an Empire State law firm that represented three nondebtor entities associated with bankrupt Chinese exile Miles Guo, saying it "burdens the Sixth Amendment" right to counsel.
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June 14, 2024
Express Inc. Gets OK For $160M Going-Concern Sale
A Delaware bankruptcy judge on Friday gave Express Inc. the go-ahead to hand over its clothing retail business as a going concern to the provider of the $160 million stalking-horse bid in its Chapter 11 auction.
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June 14, 2024
Goetz Fitzpatrick To Merge With Platzer Swergold Next Year
Goetz Fitzpatrick LLP and Platzer Swergold Goldberg Katz & Jaslow LLP will combine forces next year to create a single New York City firm.
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June 14, 2024
No Retroactive Fix For US Trustee Fee Dispute, Justices Say
The U.S. Supreme Court sided with the U.S. Trustee's Office on Friday in finding that an amended fee structure implemented before a 2022 ruling that struck down a nonuniform system of payments was all that was needed to resolve the disparate treatment of debtors under the unconstitutional law.
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June 13, 2024
Judge Orders $2.9M Chinese Dissident's Fund Share Sale
A Connecticut bankruptcy judge approved a request by the Chapter 11 trustee overseeing exiled Chinese billionaire Miles Guo's case to liquidate $2.9 million in investment fund shares held by Lamp Capital LLC, a shell company whose assets the judge already determined belonged to Guo's estate.
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June 13, 2024
Nevada Copper Inc. Can Mine $20M Of $60M DIP In Ch. 11
A Nevada bankruptcy judge on Thursday agreed to approve a $20 million draw of debtor-in-possession financing and some customary first-day motions for bankrupt mining company Nevada Copper Inc., clearing the way for it to keep its paused mining project from deteriorating as it moves toward a sale.
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June 13, 2024
5 Things To Know About Byju's US Unit's Tumultuous Ch. 11
The bankruptcy of the U.S. arm of Indian education technology giant Byju's hasn't followed a typical path through Chapter 11 since it was filed in February in Delaware, and instead has featured multiple contempt of court rulings, growing fines, involuntary Chapter 11 petitions and a freezing injunction to preserve the status quo of $533 million that the debtor says went missing.
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June 13, 2024
Express Picks Stalking Horse Bidder As Ch. 11 Buyer
A stalking horse bidder offering $136 million in cash for the assets of clothing retailer Express Inc. will be the buyer in the debtor's competitive sale process, after its offer was deemed to be the only qualified bid to acquire the assets as a going-concern.
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June 13, 2024
Steward Health To Mediate Sale Disputes, Tap New $225M DIP
A Texas bankruptcy judge on Thursday ordered Steward Health Care to engage in mediation with its main landlord and other parties to attempt to resolve disputes over how to allocate proceeds from the sales of Steward's hospitals, shortly after the judge gave initial approval to $225 million in bankruptcy financing the company said it desperately needed.
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June 13, 2024
Meet The Team Guiding Ventilator Co. Vyaire Through Ch. 11
A group of attorneys from Cole Schotz PC and Kirkland & Ellis PC is steering Vyaire Medical Inc., a producer and distributor of medical ventilators, through its Chapter 11 case in Delaware after a reversal of fortunes saw a precipitous drop in revenue for the company in 2023.
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June 12, 2024
Baltimore Diocese Fights Insurers' Dismissal Attempt
The Roman Catholic Diocese of Baltimore defended its adversary action in Maryland bankruptcy court seeking coverage from its insurance carriers, arguing that resolving the issue is crucial to resolving its Chapter 11 bankruptcy proceeding.
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June 12, 2024
Meet The Attorneys In Nevada Copper Corp.'s Ch. 11
A team of lawyers from Torys LLP, Allen Overy Shearman Sterling and McDonald Carano LLP, whose experience encompasses the mining industry, restructuring and corporate law, is helping copper-mining company Nevada Copper Corp. shutter its business and sell assets with Chapter 11 protection.
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June 12, 2024
1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens
The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.
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June 12, 2024
Cancer Claimants Say J&J Talc Unit Ch. 11 Belongs In NJ
Cancer patients with talc damage claims against Johnson & Johnson are asking a New Jersey federal judge to bar the company's talc liability spinoff from filing its third attempt at a Chapter 11 reorganization outside the state.
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June 12, 2024
Terraform To Settle With SEC For $4.5B After Fraud Trial
Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.
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June 12, 2024
Bankrupt Robertshaw Can Pay Execs Up To $3.9M In Bonuses
Appliance parts maker Robertshaw US Holding Corp. received a Texas bankruptcy judge's approval Wednesday to pay top executives as much as $3.9 million in bonuses if they hit certain performance metrics.
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June 12, 2024
Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY
Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.
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June 11, 2024
Bed Bath & Beyond Investor Defeats 'Short-Swing' Profits Suit
A New York federal judge on Tuesday threw out Bed Bath & Beyond investors' suit accusing activist investor Ryan Cohen of buying and selling his stock too quickly, finding the claims moot in light of the retailer's Chapter 11 bankruptcy plan.
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June 11, 2024
Willkie Farr Hires 11 Ex-Latham Bankruptcy Attys In Germany
Willkie Farr & Gallagher LLP has snagged three bankruptcy partners and eight more attorneys from Latham & Watkins LLP in Germany as it expands its bench in the country, the firm announced Tuesday.