Large Cap
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April 30, 2024
Vice Media Gets OK For Ch. 11 Liquidation Plan
A New York bankruptcy judge said at a hearing Tuesday he would confirm Vice Media's Chapter 11 liquidation plan, following a $350 million sale last year.
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April 30, 2024
Judge Tosses LTL's Suit Over Article Linking Talc To Cancer
A New Jersey federal judge on Tuesday tossed a suit from the bankrupt talc unit of Johnson & Johnson accusing three doctors of damaging its business through a medical journal article it claimed was backed by "junk science," ruling that the doctors having served as expert witnesses in the Garden State is not enough to show that the court has jurisdiction over its claims.
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April 30, 2024
When Philly Newspapers Cast Credit Bidding Into Doubt
Credit bidding is a regular feature of many bankruptcy asset sales now. But for a brief spell more than a decade ago, the case of Philadelphia Newspapers gutted the idea that secured lenders were entitled to include the outstanding amount owed on their loans as part of an offer to buy assets.
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April 30, 2024
Byju's Can Question Hedge Fund Boss About Missing $533M
A Delaware bankruptcy judge ruled Tuesday that the insolvent U.S. affiliate of Indian education technology giant Byju's and its creditors may depose Camshaft Capital's chief executive, as they work to locate and recoup some $533 million they said was fraudulently transferred to the hedge fund.
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April 30, 2024
Atty Wants Out Of 'Coup' Suit Over Judge Romance
The former Jackson Walker LLP attorney whose secret relationship with a Texas judge ignited an ethics scandal wants out of a racketeering suit accusing her of "orchestrating a coup" in a bankruptcy case, calling the suit a "dubious" attempt to blame her for an ex-CEO's "disastrous" mismanagement of his family business.
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April 30, 2024
Genova Burns Adds Labor, Bankruptcy Attys In Philly, NJ
Genova Burns LLC expanded its offices in the Philadelphia area and New Jersey this week with the additions of attorneys specializing in labor and bankruptcy law.
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April 30, 2024
Moritt Hock Adds 3 Attorneys In NYC, Garden City Offices
Moritt Hock & Hamroff LLP has hired an associate and counsel and has rehired a former corporate associate who spent three years working for the firm, according to a Monday announcement.
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April 29, 2024
Terraform Says SEC's $5.4B Sanction Bid Fails Under Morrison
Crypto firm Terraform Labs and its founder Do Kwon struck back at the U.S. Securities and Exchange Commission's $5.4 billion sanctions request following its trial win, filing dual briefs Monday that argued the regulator has only shown that "a small number" of allegedly illegal token sales took place in the U.S. and under its jurisdiction as outlined in the U.S. Supreme Court's Morrison decision.
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April 29, 2024
Herbert Smith Adds Bankruptcy Pro To Thai Disputes Practice
Herbert Smith Freehills has hired an expert in construction disputes and insolvency and bankruptcy matters as a new partner for its Bangkok office, a move the firm says will strengthen its disputes practice in Thailand's capital.
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April 29, 2024
Kemp Klein Adds Bankruptcy Atty In Mich.
Detroit-area-based Kemp Klein Law Firm has announced it hired a new bankruptcy-focused corporate lawyer to bolster its corporate, litigation and bankruptcy practices.
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April 29, 2024
ABI's New Prez, Scammers Charged, Giuliani To Appeal
The American Bankruptcy Institute named Polsinelli attorney Christopher A. Ward as its new president, the Office of the United States Trustee charged two with fraud for petition preparation services, and Rudy Giuliani asked a New York judge for permission to appeal his $148 million defamation verdict to the D.C. Circuit.
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April 29, 2024
Bankrupt Robertshaw Seeks Up To $3.9M In Exec Bonuses
Appliance parts maker Robertshaw US Holding Corp. has asked a Texas bankruptcy court to allow it to pay as much as $3.9 million to seven executives whom it says it must "properly incentivize" during its Chapter 11 case.
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April 29, 2024
Catching Up With Delaware's Chancery Court
A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.
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April 29, 2024
WeWork Wins Conditional OK Of Ch. 11 Plan Disclosures
A New Jersey bankruptcy judge gave conditional approval Monday to bankrupt flexible office space company WeWork Inc.'s reorganization plan disclosure statement over the objection of WeWork's former owner Adam Neumann, finding the disclosure contained adequate information.
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April 26, 2024
ABI President Chris Ward Talks Fees, Purdue Pharma, Phillies
Chris Ward of Polsinelli LLP, the new president of the American Bankruptcy Institute, expects high interest rates to continue dogging debt-laden companies this year. He's also skeptical a U.S. Supreme Court decision limiting nonconsensual releases in the bankruptcy case of Purdue Pharma LP would radically alter third parties' ability to get liability shields and thinks Chapter 11 has become too expensive, he told Law360 on Friday.
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April 26, 2024
Insurers Want Ch. 11 Plan Docs In Kidde-Fenwal Case
Insurers that provide coverage to bankrupt fire suppression company Kidde-Fenwal Inc. have asked a Delaware court to access drafts of the Chapter 11 plan the company has provided to unsecured creditors in ongoing mediation, saying they need to know how the plan could affect them.
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April 26, 2024
Republic First Bank Fails In Biggest Bust Since 2023 Turmoil
Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.
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April 26, 2024
Invitae Defends Its Ch. 11 Hire Of Kirkland Against DQ Bid
Bankrupt genetic-testing company Invitae Corporation has told a New Jersey bankruptcy judge that attempts to disqualify Kirkland & Ellis LLP as its bankruptcy counsel are baseless and no conflicts exist for the firm due to its representation of a creditor in other legal matters.
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April 26, 2024
3% Stalking Horse Breakup Fee Ok'd In Eye Care Ch. 11
A Texas bankruptcy judge has approved protections for optometry software company Eye Care Leaders Portfolio Holdings LLC's stalking horse bidder, allowing the company to pay private equity firm Create Capital a 3% breakup fee on its $11 million offer.
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April 25, 2024
McDermott Judge U-Turns, Says Some Investors Deserve Cert.
A Texas federal magistrate judge reversed his recommendation that investors be denied class certification in litigation over McDermott International's $6 billion merger with Chicago Bridge & Iron, saying a former CB&I shareholder class "should be certified now" and a putative McDermott stock purchaser class be created for subsequent consideration.
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April 25, 2024
Joann Fabric Wins Confirmation Of Prepackaged Ch. 11 Plan
Joann Inc., parent company of retailer Joann Fabric and Crafts, received a Delaware judge's approval of its prepackaged Chapter 11 plan Thursday that will lighten its debt load by $505 million.
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April 25, 2024
3rd Circ. Lets Mallinckrodt Off Sanofi's Royalty Hook
A Third Circuit panel said Thursday that Mallinckrodt PLC's Chapter 11 bankruptcy could sever its obligation to pay Sanofi-Aventis US LLC royalties on sales of an autoimmune disease drug, finding that Sanofi's contract to sell Mallinckrodt the rights to the drug created a claim ripe to be extinguished.
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April 25, 2024
DOJ Still Owes Victims After $139M Nassar Settlement
The federal government's $139 million settlement for victims of convicted sexual abuser Larry Nassar goes a long way toward holding the FBI responsible for its egregious mishandling of the victims' allegations, but gives no assurance that such complaints in the future will be handled properly, legal experts say.
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April 25, 2024
Express Inc. Bankruptcy Tests Once And Future Mall 'Darling'
Just before the COVID-19 pandemic, Express Inc. made a fateful decision to invest more in its retail clothing stores despite dwindling profits as consumers increasingly embraced online shopping. That left the company ill-prepared for the e-commerce boom to come in 2020 — and set it on a path that culminated in its bankruptcy filing this week.
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April 25, 2024
Labcorp Makes $239M Bid In Invitae's Ch. 11 Auction
SoftBank-backed genetic testing company Invitae has informed a New Jersey bankruptcy judge that its asset sale auction resulted in a successful $239 million cash bid, along with other noncash considerations, from laboratory services giant Labcorp.