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August 05, 2024
Jackson Walker, Ex-Judge Could Face Sanctions Over Chat
A Texas bankruptcy court is demanding answers and threatening sanctions over an "off-the-record" interview between former bankruptcy judge David R. Jones and attorneys for Jackson Walker LLP, in the midst of a federal investigation into Jones' secret romantic relationship with a onetime Jackson Walker attorney.
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August 05, 2024
Meet The Attorneys In Tom Girardi's Criminal Fraud Trial
When Tom Girardi's criminal fraud trial gets underway this week, the notorious disbarred attorney will be facing a team of seasoned federal prosecutors who've convicted several former Los Angeles City Council members, a sitting U.S. congressman, insider traders, Ponzi schemers and con artists who bilked millions from their victims.
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August 05, 2024
The 'No Nonsense' Calif. Judge Overseeing Girardi's Trial
The California federal judge who will preside over the closely watched criminal trial of disgraced attorney Tom Girardi is a veteran jurist who runs a tight ship, but is also known for being extraordinarily thorough and thoughtful.
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August 05, 2024
What To Watch Out For During Girardi's Trial
With evidence of allegedly stolen millions and attempted escapes to the Bahamas taking center stage, disgraced attorney Tom Girardi's criminal trial is set to begin Tuesday at the murky intersection of client theft and TV celebrity, where attorneys will grapple with novel legal issues like the use of evidence from a bankruptcy trustee.
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August 05, 2024
Ebix Gets Ch. 11 Plan Approved After Nixing Opt-Out Releases
A Texas bankruptcy judge has approved Ebix Inc.'s Chapter 11 plan after the company removed third-party releases that the judge earlier ruled were illegal, allowing the insurance software firm to complete a deal to turn over the business to its chief executive officer.
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August 02, 2024
Bed Bath & Beyond Accuses Gamestop CEO Of Insider Trading
The bankrupt big-box housewares retailer once known as Bed Bath & Beyond Inc. sued GameStop CEO Ryan Cohen and his company RC Ventures LLC in New York federal court Thursday, seeking to recover $47 million that it says the defendants made from insider trading not long before the company went belly-up.
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August 02, 2024
Insurers Ask To Block J&J's $505M Deal In Talc Miners Ch. 11s
A Delaware bankruptcy judge should reject a settlement between Johnson & Johnson and its former talc suppliers, a group of insurance companies said, arguing a proposed $505 million acquisition of Imerys and Cyprus Mines' indemnity claims also gives away the insurers' claims against Johnson & Johnson.
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August 02, 2024
Purdue-Inspired Release Row Upends Robertshaw Ch. 11 Plan
A Texas bankruptcy judge quizzed the U.S. Trustee's Office on Friday about its argument that appliance parts maker Robertshaw's Chapter 11 plan contains involuntary third-party releases in violation of the U.S. Supreme Court's Purdue Pharma decision, and asked the watchdog to show the supporting language in the opinion.
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August 02, 2024
Ebix Opt-Out Releases Illegal In Ch. 11 Plan, Judge Rules
A Texas bankruptcy judge ruled Friday that third-party releases contained in Ebix Inc.'s Chapter 11 plan are impermissible, deciding an opt-out provision of the liability waivers wasn't enough to establish consent.
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August 02, 2024
Express Inc. Creditors Seek To File Their Own Ch. 11 Plan
The unsecured creditors committee for clothing retailer Express Inc. has asked a Delaware bankruptcy judge to give them the right to file their own Chapter 11 plan, saying progress on the case has been stalled since the company's going-concern sale, as the debtor insisted on including broad liability releases in its liquidation plan.
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August 02, 2024
Bid To Get Ex-Judge Jones' Phone Records Blocked, For Now
A Texas judge has temporarily barred JCPenney's bankruptcy administrator from accessing former Judge David R. Jones' cellphone records amid the scandal involving his concealed romantic relationship with an ex-Jackson Walker LLP partner and firm fees he approved in various cases, including JCPenney's bankruptcy.
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August 02, 2024
Attys Dropping Out Of Byju's Ch. 11 As Last Resort: Experts
Faced with clients whose behavior was so egregious it led to an arrest order and hefty fines, all the lawyers representing two key figures in Byju's Alpha's bankruptcy have tried to quit — just about the only avenue left for attorneys under such circumstances, experts have told Law360.
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August 02, 2024
LaVie Agrees To Narrowed Ch. 11 Discovery With Creditors
Bankrupt skilled-nursing facility operator LaVie Care Centers reached an agreement on Friday with the official committee of unsecured creditors in its Chapter 11 case that will allow for narrower discovery demands than originally proposed by the creditors, who are interested in the circumstances surrounding prepetition facility sales.
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August 02, 2024
Off The Bench: NFL Reversal, Drone Spying, UFC Deal Tossed
In this week's Off The Bench, a bombshell ruling wipes out a $4.7 billion antitrust verdict against the NFL, Canada takes it on the chin for Olympic drone spying, and a nine-figure settlement to address UFC wage suppression is rejected.
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August 01, 2024
Robertshaw Judge Rejects Invesco Bid To Pause Ch. 11 Sale
A Texas bankruptcy judge on Thursday denied a request by Invesco to temporarily stop appliance-parts maker Robertshaw from selling its business to lenders as part of its Chapter 11 case, finding that the asset manager wasn't likely to succeed on an appeal because there is no "serious" legal dispute.
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August 01, 2024
'Texas Two-Step,' 3rd-Party Releases In Congress' Crosshairs
The "Texas two-step" bankruptcy maneuver is facing another congressional challenge from a bill that also aims to codify the U.S. Supreme Court's decision barring involuntary third-party releases in bankruptcy plans.
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August 01, 2024
Oakland Diocese Asks For One More Ch. 11 Plan Extension
The Roman Catholic Diocese of Oakland asked a California bankruptcy judge to extend the window of its exclusive right to file a Chapter 11 plan, requesting "a modest but much-needed two months" to complete mediation with creditors and insurers.
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August 01, 2024
Bahamas Resort Developer Seeks $1.5B In Builder Fraud Trial
Counsel for the now-defunct developer of the Bahamian luxury resort Baha Mar opened a bench trial in New York state court Thursday arguing the company lost more than $1.5 billion because of a Chinese state-owned construction firm's "lies, competing agendas and broken promises."
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August 01, 2024
FTX's Ch. 11 Plan Sweetens Crypto Creditor Claim Market
A byproduct of the collapse of large cryptocurrency businesses — their bankruptcy claim market — has developed as an unlikely source of security and a rare positive outcome in the fallout from the so-called crypto winter, partly reflected in BlockFi's sale of roughly $875 million in allowed claims against FTX.
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July 31, 2024
Guo Judge Wants To Know If $26.5M Mansion Will Be Safe
A Connecticut bankruptcy judge has ordered an alleged shell company to explain whether it will stop funding a security detail at an uninsured $26.5 million New Jersey mansion that federal prosecutors and a Chapter 11 trustee are eyeing as an asset that could reimburse a Chinese exile's creditors and fraud victims.
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July 31, 2024
Steward Health Care Gets OK To Close 2 Mass. Hospitals
A Texas bankruptcy judge Wednesday approved the closure of two Massachusetts hospitals owned by Steward Health Care after the debtor said that it was unable to find buyers for them.
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July 31, 2024
Ex-Byju's Exec Faces $10K Daily Contempt Fine
A Delaware bankruptcy judge on Wednesday ordered a former executive of the troubled U.S.-based affiliate of Indian educational technology giant Byju's to pay $10,000 a day in contempt sanctions for failing to provide court-ordered discovery, while his attorneys asked for the court's permission to exit the case.
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July 31, 2024
Judge Urges Narrowing Of LaVie Creditors' Ch. 11 Discovery
A Georgia bankruptcy judge signaled his approval Wednesday of a set of discovery demands made by unsecured creditors of nursing facility owner LaVie Care Centers, but gave the parties time to continue discussions in hopes of narrowing the scope of the discovery.
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July 31, 2024
Conn's Bankruptcy Shows Retail Stressors Converging
While retailers have been under pressure for years, Conn's bankruptcy last week illustrates the convergence of two acute and growing problems that have taken hold this year: lower-income consumers who are cutting spending and difficulty selling the same kinds of home goods that flew off the shelves earlier in the COVID-19 pandemic.
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July 31, 2024
Meet The Attys Working To Confirm Robertshaw's Ch. 11 Plan
Appliance-parts maker Robertshaw on Friday will ask a Texas bankruptcy judge to approve its Chapter 11 liquidation and wind-down as it hopes to close out a bankruptcy fraught with lender power struggles. Guiding Robertshaw toward its exit is a team of Latham & Watkins LLP and Hunton Andrews Kurth LLP attorneys with experience in bankruptcy, litigation and private equity deals.