Large Cap
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June 18, 2024
J&J Fights Law Firm's Bid To Nix Subpoenas In Talc Brawl
Information about the Beasley Allen Law Firm's litigation funding and settlement communications is relevant and necessary to resolving long-running multidistrict litigation over Johnson & Johnson's talcum powder products and so should be turned over, the pharmaceutical giant has told a New Jersey federal court.
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June 18, 2024
Rite Aid, SVB Affiliates Among Top 2024 Ch. 11 Sales So Far
Branches of Rite Aid and Silicon Valley Bank, technology and biotech firms and a discount store chain were among the companies that attracted top dollar in the Chapter 11 auctions held during the first half of 2024.
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June 18, 2024
San Diego Diocese ReEnters Ch. 11 Over Sex Abuse Claims
The Roman Catholic Diocese of San Diego has reentered Chapter 11 in a California bankruptcy court, saying it is facing more than $100 million in liabilities from more than 450 new sexual abuse claims filed in recent years.
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June 18, 2024
Electric Vehicle Startup Fisker Hits Ch. 11 With Sale Plans
Electric vehicle company Fisker Group Inc. has petitioned for Chapter 11 protection in Delaware bankruptcy court with more than $100 million of debt, months after the collapse of a potential partnership with a major automaker imperiled the startup's attempts to raise new financing.
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June 17, 2024
Creditors Say Giuliani Is 'Shrewd' And Needs Ch. 11 Trustee
Rudy Giuliani's creditors made their argument to a New York judge on Monday about why they felt he should be stripped of control of his bankruptcy case, disparaging his motives, missing financial information and ability to stick to a budget.
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June 17, 2024
Justices Side With US Trustee, Alex Jones Switches To Ch. 7
The U.S. Supreme Court ruled there would be no retroactive redress for a disparity between U.S. trustee fees in different jurisdictions, seafood restaurant chain Red Lobster struck a deal with creditors to hammer out a reorganization plan, and a Texas judge pulled the trigger on converting Alex Jones' Chapter 11 case to a Chapter 7.
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June 17, 2024
Ginnie Mae, HUD Want Bank's Loan Lien Suit Sent To Dallas
The U.S. Department of Housing and Urban Development and Ginnie Mae pushed for the transfer of Texas Capital Bank's suit in Texas federal court over a vacated loan lien, arguing that the bank is contractually required to file its suit in a different division within the same district.
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June 17, 2024
Deutsche Bank Sues Over Stalled Lehman Claim Deal
Deutsche Bank said a Boston portfolio management firm is demanding unreasonable terms to close the acquisition of $906 million worth of claims in Lehman Brothers' long-running bankruptcy, saying in a New York federal lawsuit that Finepoint Capital LP should cover costs connected to the stalled deal.
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June 17, 2024
FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab
FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.
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June 17, 2024
NY Archdiocese Wants Abuse Coverage Suit Tossed
The Archdiocese of New York sought dismissal of Chubb's bid to evade coverage of over 1,700 underlying sexual abuse claims brought under the Child Victims Act, filing counterclaims with a state court alleging that the carrier has wrongfully refused coverage and must indemnify the organization in the underlying claims.
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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.