Mid Cap
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October 25, 2024
US Trustee Opposes NJ Building's Receiver Stipulation
The U.S. Trustee's Office is asking a New York bankruptcy judge to hold off a decision regarding the receivership of a New Jersey building owned by New York developer Moshe Gold until the judge decides what court the bankruptcy should be heard in, if any.
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October 25, 2024
Glocal, UpHealth May Settle $115M Award Feud
Indian healthcare services platform Glocal and bankrupt digital health services company UpHealth may be on the verge of resolving their bitter dispute over an ill-fated merger that resulted in a $115 million arbitral award, Glocal has informed an Illinois federal court in a recent request to stay enforcement proceedings.
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October 25, 2024
Texas Pipe Co. Gets OK For $14.5M Asset Sale
A Texas bankruptcy judge approved a $14.5 million sale of pipe distributor Tubular Synergy Group's assets to pipe manufacturer Centric Pipe LLC after it emerged as the top bidder in a Chapter 11 auction.
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October 25, 2024
Biolase Can't Hire Its Outside GC In Ch. 11, US Trustee Says
Dental procedure equipment maker Biolase Inc. cannot retain the company's longtime outside general counsel, Carroll & Carroll PC, as special counsel in its Chapter 11, the U.S. Trustee's Office has told the Delaware bankruptcy court, arguing the law firm would be conflicted and offer non-bankruptcy legal services.
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October 25, 2024
Spirit Airlines Eyes $80M In Cost Cuts Amid New Deal Rumor
Spirit Airlines will implement layoffs as part of a plan to cut roughly $80 million in costs and has agreed to sell 23 Airbus aircraft to GA Telesis for about $519 million, disclosing the measures as the company is said to be in renewed talks to potentially sell itself to Frontier Airlines.
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October 25, 2024
McGlinchey Stafford Adds Finance Litigation Pro In Tampa
McGlinchey Stafford PLLC made its first new hire in Tampa after opening the Florida office in early September with the addition of an of counsel for the financial services litigation group from Garbett Allen & Roza PA.
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October 25, 2024
Ex-Judge Can't Hide Bank Records In Romance Cash Probe
A Texas federal bankruptcy court on Friday shot down a former federal judge's bid to shield his banking records from a U.S. Trustee's Office inquiry into his concealed romantic relationship with a former Jackson Walker LLP partner, giving Bank of America NA one week to provide six years of the former judge's bank statements.
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October 24, 2024
DOJ Says Bankrupt Wound Care Group Under Investigation
The U.S. Department of Justice on Thursday told a Texas bankruptcy judge it has concerns about the Chapter 11 filing of a California wound care practice, saying it has been under investigation for possible false billing claims for more than a year.
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October 24, 2024
3rd Circ. Says Retirement Funds Aren't Ch. 7 Estate Assets
A panel of the Third Circuit on Thursday upheld a New Jersey bankruptcy court's ruling that $1.7 million in retirement accounts are excluded from the Chapter 7 estate of an individual debtor and cannot be pursued by creditors.
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October 24, 2024
Alex Jones Atty Laments Sharing Sandy Hook Families' Info
The lead attorney in conspiracy theorist Alex Jones' Sandy Hook Elementary School defamation trial in Connecticut acknowledged Thursday that he "erred" when he allowed a hard drive containing the plaintiffs' confidential records to be transmitted to other attorneys, an act that led to ongoing disciplinary proceedings that threaten his law license.
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October 24, 2024
Morris Nichols' Bankruptcy Pro Being Promoted To Partner
Morris Nichols Arsht & Tunnell LLP announced Thursday that a bankruptcy attorney at the Delaware law firm will become the latest member of its partnership Jan. 1.
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October 24, 2024
Miami Development Site Draws $35M Stalking Horse Bid
A nearly 16-acre site along Biscayne Boulevard in Miami drew a $35 million stalking horse bid, setting the opening offer for the site ahead of a court-ordered sale in January.
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October 24, 2024
ConvergeOne Can't Ax Snubbed Creditors' Ch. 11 Plan Appeal
A Texas federal judge said he wouldn't toss an appeal by a group of secured creditors who say they were improperly iced out of a new equity offering pool for ConvergeOne, writing that the group's challenge wouldn't unravel the reorganized information technology services company's confirmed Chapter 11 plan or harm third parties.
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October 24, 2024
Giuliani Admissions Sink Bid To Shield Fla. Condo, Court Told
Two former Georgia poll workers seeking to collect a $148 million defamation judgment against disgraced ex-lawyer Rudy Giuliani argued this week that the former New York City mayor has admitted he was not living in his luxury Florida condo around the time they filed a lien on it, and thus cannot prevent a sale of the property.
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October 24, 2024
Conn. Firm Botched €1.6M Settlement For UK Client, Suit Says
Connecticut firm Carmody Torrance Sandak & Hennessey LLP is responsible for the loss of €1.6 million ($1.7 million) a U.K. client paid toward a failed global bankruptcy settlement agreement, according to a legal malpractice suit filed in Connecticut state court.
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October 23, 2024
Lucky Bucks Creditors Win Discovery Bid In Dividend Probe
Holders of equity in the reorganized iteration of gaming terminal operator Lucky Bucks LLC received a court's permission Wednesday to take discovery from members of the company's former management team, with a Delaware bankruptcy judge finding the new owners had similar rights as a litigation trust under the confirmed Chapter 11 plan.
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October 23, 2024
Leech Tishman Adds East Coast Restructuring Chair
Leech Tishman announced Tuesday that it is adding another chair to its business restructuring and insolvency practice, giving the team leadership on both coasts.
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October 23, 2024
'Alkaline Water' Co. Hit With $5B In Punitive Damages
A Nevada jury awarded $5 billion in punitive damages Wednesday in a 15-plaintiff trial over liver damage linked to Real Water's "alkaline water," the largest verdict yet in ongoing litigation against the bankrupt company.
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October 23, 2024
Del. Judge Won't Yet Revisit $242K Atty Sanctions In Ch. 7
A Delaware bankruptcy judge said Wednesday that he won't, for now, set aside more than $242,000 in legal fees he ordered a lawyer representing the owners of an insolvent government contractor to pay in a clawback lawsuit, saying that since the sanctions order was appealed to the district court, he doesn't have jurisdiction.
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October 23, 2024
Securities Claim Cut From Fraud Suit Against Calif. Developer
A California federal judge trimmed a securities claim from a Sonoma resident's suit against a real estate company embroiled in a fraud scandal and recommended that the rest of the claims be brought in state court.
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October 23, 2024
Judge Threatens To Toss Gov't's $4.9M Son-Of-Boss Claim
A federal judge warned government attorneys Wednesday that she would dismiss their case against an estate for $4.9 million in taxes if they didn't explain why they weren't actively pursuing their accusations that a Michigan couple schemed to artificially cancel out capital gains
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October 22, 2024
Giuliani Must Give NYC Apartment, Watches To Poll Workers
A New York federal judge Tuesday ordered Rudy Giuliani to hand over most of his property to two Georgia poll workers, including his Manhattan apartment, Mercedes-Benz, luxury watches and valuable sports memorabilia, to help cover the $148 million judgment the former mayor owes for defaming them.
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October 22, 2024
Liquidators Of Cayman Investment Firm Seek Ch. 15
The liquidators of Cayman Islands-based investment firm Canterbury Securities have filed for Chapter 15 recognition in New York bankruptcy court on Monday, following a dispute with another firm over a $20 million share sale that Canterbury allegedly appropriated.
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October 22, 2024
Handbag Maker Scores Ch. 11 Relief To Keep Running Biz
A company that employs military spouses to make handbags can take steps to continue operating while it pursues a Chapter 11 reorganization in the wake of manufacturing delays and advertising complications that cut into its revenues, a Delaware bankruptcy judge said Tuesday.
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October 22, 2024
LA-Based Wound Group Hits Ch. 11 After Medicare Pay Pause
A Los Angeles-based multistate wound care practice has filed for Chapter 11 protection in a Texas bankruptcy court, saying it can't pay nearly $156 million in charges from its management company after its Medicare payments were suspended last month.
Under The Radar: Bankruptcy News You May Have Missed
Brazilian airline GOL Linhas wants five more months to file a Chapter 11 plan, the U.S. trustee in Texas is champing at the bit to obtain documents from Jackson Walker LLP in connection with an investigation into ex-Judge David R. Jones, and talc claimants want another shot at moving the bankruptcy of a Johnson & Johnson unit out of Texas, the home of the divisional merger.
Behind The Ch. 11 Filing Of Rental Biz Fluid Trucking
Truck rental business Fluid Trucking is one of the latest companies to file for bankruptcy following a reversal of fortunes after the COVID-19 pandemic, in which the debtor blamed its "aggressive growth" strategy as being among the factors that led to bankruptcy.
Meet The Attys In Truck Rental Co. Fluid Market's Ch. 11
A team of attorneys from Pachulski Stang Ziehl & Jones LLP is representing Colorado-based truck rental business Fluid Market Inc. in its Delaware Chapter 11.
Expert Analysis
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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What Being An 'Insider' Means In Ch. 11, And Why It Matters
As borrowers grapple with approaching near-term maturities on corporate debt, lenders should be proactive in mitigating the risks of being classified as an insider in potential bankruptcies, including heightened scrutiny, preference risk, plan voting and more, say David Hillman and Steve Ma at Proskauer.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Navigating The Bankruptcy Terrain After Purdue Pharma
The U.S. Supreme Court’s June ruling in Harrington v. Purdue Pharma is having a significant impact on bankruptcies, with recent cases addressing nonconsensual third-party releases and opt-out mechanisms, and highlighting strategies practitioners can employ to avoid running afoul of the decision, say Brett Axelrod and Agostino Zammiello at Fox Rothschild.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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How 9th Circ. Ruling Expands Bankruptcy Trustees' Powers
The Ninth Circuit recently held in The Lovering Tubbs Trust v. Hoffman that a trustee can avoid intentionally fraudulent transfers, even if no creditor suffered harm as a result, materially strengthening bankruptcy trustees' powers, say Robert Klyman and Rod Kazempour at DLA Piper.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.