Large Cap
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May 16, 2024
SVB Parent Resolves Objections To Ch. 11 Plan Disclosures
SVB Financial Group, the former parent company of Silicon Valley Bank, told a New York bankruptcy judge Thursday that it had resolved outstanding objections to its Chapter 11 plan disclosure statement and was ready to move forward with a sale of its investment arm.
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May 16, 2024
DOL Unveils Long-Delayed Abandoned Retirement Plan Rules
After being sidelined for more than a decade, a plan for expanding U.S. Department of Labor rules for terminating retirement plans abandoned by employers are moving forward again, the agency reported Thursday, along with a long-delayed role in the process for bankruptcy trustees.
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May 15, 2024
MLB, NHL, NBA Doubt Bally Sports Parent Can Reorganize
The bankrupt parent of Bally Sports-branded regional sports networks touted the extension of a carriage contract with DirecTV Wednesday in Texas bankruptcy court, at the same time that the parent company's partners in major American sports leagues expressed skepticism about its ability to successfully reorganize.
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May 15, 2024
News Media Don't Want FTX Examiner's Report Sealed
Major news media companies asked a Delaware bankruptcy judge to ensure that an examiner's report into crypto giant FTX's downfall is not filed under seal, arguing that a proposed redaction process runs counter to the court's previous order, a Third Circuit decision and the public interest.
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May 15, 2024
Ollie's Can Make $14.6M Stalking-Horse Bid For 99 Cents Only
Discount retail chain 99 Cents Only received approval Wednesday from a Delaware bankruptcy judge for a $14.6 million stalking-horse bid for 11 of its properties in Texas from Ollie's Bargain Outlet Inc., another discount retailer.
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May 15, 2024
NY Diocese, Abuse Claimants Sent To Ch. 11 Plan Talks
A New York bankruptcy judge Wednesday sent the Roman Catholic Diocese of Rockville Centre and clergy sex abuse claimants back into mediation rather than grant the diocese's request to dismiss the case after the abuse claimants rejected its Chapter 11 plan.
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May 15, 2024
Celsius Data Leak Highlights Privacy Puzzle In Crypto Ch. 11s
A recent phishing attack that exposed personal information of 104,000 creditors in Celsius Network's Chapter 11 case has thrown fresh light on a vexing question for bankruptcy courts across the country: how to balance cryptocurrency companies' insistence on anonymity with bankruptcy's principle of transparency.
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May 15, 2024
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.
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May 14, 2024
5th Circ. Nixes Catholic Abuse Claimants' Ch. 11 Appeal
Sex abuse claimants removed from a Catholic archdiocese's bankruptcy unsecured creditors committee don't have grounds for an appeal because they couldn't show the removal was a sanction on them that cost the claimants anything, the Fifth Circuit said.
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May 14, 2024
BlockFi Ch. 11 Judge Keeps Insurance Fight In State Court
The judge overseeing the bankruptcy of cryptocurrency venture BlockFi Inc. ruled a fight over a $22.5 million premium for a directors and officers insurance policy should stay in New Jersey state court, saying the suit largely did not violate BlockFi's Chapter 11 plan.
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May 14, 2024
5 Retail Industry Questions For A Restructuring Expert
Major headwinds have been hitting the retail industry for some time and have already blown major brand names like Express Inc., Joann Inc. and Sam Ash Music Corp. into Chapter 11.
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May 14, 2024
Stretto Says Data Leak Spread Beyond Celsius Case
A New York bankruptcy judge expressed alarm Tuesday after Stretto disclosed that a data breach in the Chapter 11 of Celsius Network last month had affected creditors in additional cases, warning the claims agent he would bar it from working on cases he oversees if it fails to properly deal with the cyberattacks.
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May 14, 2024
FTX Wants Calif. Org To Return $5M In Donations
FTX has filed an adversary claim in its Chapter 11 case seeking to claw back roughly $5 million in prepetition charitable donations given to a Berkeley, California, nonprofit, which the company said was supported by its founder Sam Bankman-Fried and other insiders of the onetime cryptocurrency giant.
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May 14, 2024
Sullivan & Cromwell Seeks To Ax Claims Of Aiding FTX Fraud
Sullivan & Cromwell LLP wants a Florida federal court to dismiss a proposed class action alleging the firm knew about and helped facilitate the massive fraud by FTX, saying customers of the cryptocurrency exchange platform fail to claim anything beyond a "series of speculative allegations with no factual basis."
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May 14, 2024
Jackson Walker Wants Out Of Texas Judge Romance Suit
Law firm Jackson Walker told a Texas federal court it wants out of a lawsuit accusing it of harming a tug boat company whose case was pending before a bankruptcy judge engaged in a romantic relationship with a firm attorney.
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May 14, 2024
Frost Brown Gains V&E Bankruptcy Ace In Dallas
Frost Brown Todd LLP has fortified its bankruptcy and restructuring practice with a partner in Dallas who came aboard after more than 16 years at Vinson & Elkins LLP.
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May 13, 2024
Kabbage Inks 2 FCA Deals With Feds Totaling $120M
Bankrupt online lender Kabbage Inc. has agreed to pay $120 million in two separate deals to resolve allegations it submitted thousands of false claims for loan forgiveness and operated without adequate fraud controls in place, the U.S. Department of Justice announced Monday.
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May 13, 2024
SVB's Bid To Recoup $1.9B Runs 'Counter To Law,' FDIC Says
The bankrupt former parent company of Silicon Valley Bank can't sue to collect $1.9 billion in deposits held by the Federal Deposit Insurance Corp. when it took receivership over funds after the bank failed, the FDIC told a California federal judge, saying the majority of SVB's latest lawsuit over the funds should be thrown out.
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May 13, 2024
Giuliani Gag Suit, FTX To Pay Up, Victims Seek Sanctions
Poll workers asked a bankruptcy court to bar Rudy Giuliani from making future defamatory statements like the ones that led to a $148 million judgment against him, while FTX said it plans to repay all customers in full in its proposed Chapter 11, and abuse claimants against the Roman Catholic Diocese of Syracuse are requesting sanctions for insurers that shared sensitive claims data.
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May 13, 2024
Binance Says Sullivan & Cromwell, FRA To Serve As Monitors
Crypto exchange Binance said Monday that the federal government has selected a Sullivan & Cromwell LLP partner and a Forensic Risk Alliance founding partner to serve as independent third-party monitors overseeing its compliance with the terms of its $4.3 billion settlement and guilty plea over money laundering, bank fraud and sanctions violations.
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May 13, 2024
Kwok Trustee Seeks Expanded Role For BVI Law Firm
The Chapter 11 trustee in Chinese exile Ho Wan Kwok's bankruptcy case has asked a Connecticut judge for permission to hire Harney Westwood and Riegels LP as Cayman Islands counsel, a move that would expand the firm's reach beyond its current status as British Virgin Islands counsel to the estate.
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May 13, 2024
Terraform Asks To Extend Coverage Of Worker Legal Fees
Insolvent cryptocurrency startup Terraform Labs has urged a Delaware bankruptcy court to let it continue to cover legal bills its employees incurred while responding to a government investigation for another six months.
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May 13, 2024
Steward Health's Multifaceted Ride Into Bankruptcy
By the time major U.S. hospital operator Steward Health Care fell into Chapter 11 on May 6, there were plenty of different places for critics to lay the blame: at the feet of its former private equity owners, its lender and landlord, its CEO, a stalled business deal, or the economy itself.
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May 13, 2024
Jackson Walker Seeks Sanctions Over Judge Romance Suit
Jackson Walker LLP asked a Texas federal court Monday to sanction lawyers and their "disgruntled millionaire" client for leveling racketeering allegations in a lawsuit over a former bankruptcy judge's romantic relationship with a former firm lawyer, saying the claims are "frivolous" and "conclusory."
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May 13, 2024
Justices Won't Review Ch. 11 Stay In Asbestos Cases
The U.S. Supreme Court won't review lower courts' decisions allowing the paper-products company Georgia-Pacific to remain shielded from mass tort litigation by way of a subsidiary's Chapter 11 case.