Mid Cap
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November 25, 2024
E-Commerce Co. Grocery Shopii Files For Ch. 7 Liquidation
E-commerce company Grocery Shopii filed for Chapter 7 liquidation in Delaware bankruptcy court listing a bit over $2.8 million of debt against a shade over $1 million of assets.
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November 22, 2024
Retirement Contributions Found Not Disposable In Ch. 13
A split Ninth Circuit on Friday held that voluntary contributions to employer-managed retirement plans are not disposable income under Chapter 13 bankruptcy, reversing a lower court's decision that required a debtor to include $484 in monthly retirement contributions in her disposable income.
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November 22, 2024
Under The Radar: Bankruptcy News You May Have Missed
Troubled nursing home operator Petersen Health Care reached a settlement with the former owner of one of its properties, a Chapter 11 examiner urged mediation in the bankruptcy of New York hedge fund Weiss Multi-Strategy Advisers and the liquidating trust for Residential Capital LLC was given a two-year extension to continue insurance coverage litigation.
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November 22, 2024
Trustee To Take Over Ch. 11 Of NY Bar Assoc. Building Owner
A New Jersey bankruptcy judge on Friday sided with a lender of the insolvent owner of the historic New York County Lawyers Association Building in Manhattan, ordering that a Chapter 11 trustee take over the property owner's bankruptcy cases.
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November 22, 2024
Ex-Loot Crate Owner Says Fee Cut Deal Will Pave Ch. 11 Exit
The former owner of pop-culture merchandise subscription box Loot Crate has asked a Delaware bankruptcy judge to sign off on a settlement it said is the best way to maximize creditor recoveries and wind up its administratively insolvent, five-year-old Chapter 11 case.
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November 22, 2024
UAE Defense Contractor Says Ch. 11 Case 'Fell Apart Quickly'
Abu Dhabi-based defense contractor Paramount Group Ltd. told a Delaware bankruptcy judge on Friday that its efforts to implement a Chapter 11 restructuring "fell apart" in the early days of its case, and that a motion to dismiss the proceedings filed by the U.S. Trustee's Office should be granted.
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November 22, 2024
Judge Grants Dormify Breathing Room In Ch. 11
A Delaware bankruptcy judge on Friday gave Dormify Inc., a retailer that sells college gear and decor for dorms, approval to use its existing cash management system and held off on requiring it to hire a claims agent, having learned that the debtors' counsel are working fast to get a handle on the case themselves.
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November 22, 2024
Pot Dispensary Aims To Escape Lowenstein Sandler's Fee Suit
A New Jersey cannabis dispensary has moved to dismiss a suit from Lowenstein Sandler LLP seeking nearly $800,000 in unpaid fees, telling a state court that the firm did not give the proper notice before suing over the fee dispute.
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November 22, 2024
Judge Garrity Will Leave SDNY Bankruptcy Bench In 2025
The U.S. Bankruptcy Court for the Southern District of New York, one of the nation's busiest bankruptcy venues, has announced that it will be losing one of its longest-serving judges next year.
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November 22, 2024
Latham Adds 4 Restructuring Attys From Weil And Paul Weiss
Latham & Watkins LLP announced Thursday that it has tapped four restructuring practice leaders from two rival BigLaw shops to join its New York office.
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November 22, 2024
Fed Bans Ex-CEO Of Bank Felled By Crypto Scam
The former CEO of Kansas' now-shuttered Heartland Tri-State Bank has been banned by the federal government from being a part of the banking industry after stealing $47.1 million from the bank to give to cryptocurrency scammers, leading his bank to fail.
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November 22, 2024
Avante Health Parent Cleared To Sell For $72.5M In Ch. 11
A Delaware bankruptcy judge on Friday approved the $72.5 million sale of Jordan Health, the corporate parent of medical equipment company Avante Health, to an affiliate of Staple Street Capital after the debtor reached a settlement with unsecured creditors.
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November 22, 2024
1st Circ. Backs Auction For Bankrupt Farmer's Milk Quota
The First Circuit has affirmed a Puerto Rico regulator's ability to order the sale of a dairy farmer's milk quota despite his pending bankruptcy, ruling the action wasn't blocked by a stay blocking actions that can affect a bankruptcy estate.
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November 22, 2024
Hodgson Russ Adds Bankruptcy Talent To Buffalo Team
Hodgson Russ LLP has added an attorney who focuses on complex commercial insolvency matters to its team in Buffalo to work as a partner with its bankruptcy, restructuring and commercial litigation practice.
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November 21, 2024
How COVID Put TGI Fridays On The Path To Bankruptcy
After a tough five years in which TGI Fridays saw two scuttled acquisitions, a shrinking footprint and attempts to offset COVID-19 pandemic losses, the dining chain known for its peppy atmosphere, comfort food and cocktails became one of the latest restaurant groups to hit Chapter 11.
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November 21, 2024
The Onion's Infowars Bid Rests On Whether Highest Is Best
As satirical media company The Onion prepares to defend its offer to buy Alex Jones' right-wing conspiracy show, Infowars, it is relying on the idea that sometimes, the highest offer is not the best one for creditors, experts told Law360.
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November 21, 2024
Prime Core's Ch. 11 Trust Sues To Reclaim $10M Payout
The liquidating trust for Prime Core Technologies Inc., a troubled cryptocurrency technology business, sued in Delaware bankruptcy court Thursday to claw back what it described as a fraudulent transfer of more than $10 million that was paid to a creditor while the company was insolvent.
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November 21, 2024
Canadian Power Services Co. Files For Ch. 15 In Delaware
A British Columbia-based utility services provider filed for Chapter 15 bankruptcy protection Thursday in Delaware seeking recognition of a Canadian receivership placed on the business by a court there, saying it needs to protect the company's American assets.
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November 21, 2024
Mayer Brown Practice Co-Head To Lead Linklaters Team
Following a series of high-level corporate and finance hires this year, Linklaters announced Thursday that it is hiring the former co-leader of Mayer Brown LLP's infrastructure mergers and acquisitions practice as its head of U.S. infrastructure and private capital M&A.
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November 21, 2024
UAE Bank Loses Suit Accusing Family Of Evading £19M Debt
A UAE bank has lost its claim against a businessman's family over an alleged £19 million ($24 million) debt, after a London judge ruled Thursday that the lender failed to prove that the businessman had intentionally moved assets to keep them out of the hands of his creditors.
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November 20, 2024
Bankruptcy Panel Lets Paid Creditor Join Involuntary Ch. 7 Bid
Creditors who were repaid after a bankruptcy is filed are eligible to later join an involuntary insolvency petition, a bankruptcy appellate panel for the Ninth Circuit has found, overturning a lower court's decision and reviving a California man's involuntary Chapter 7.
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November 20, 2024
CFPB Subpoenas Trustee In Debt Relief Firm Bankruptcy Case
The U.S. Consumer Financial Protection Bureau has served a subpoena on the Chapter 11 trustee in charge of collapsed California debt relief law firm Litigation Practice Group's bankruptcy estate, the trustee's law firm said in a recent court filing.
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November 20, 2024
Girardi Pushes For New Trial Over Competency Claims
Counsel for Tom Girardi told a federal judge the disbarred attorney is plainly mentally incompetent and deserves a new trial over charges he defrauded clients of $15 million worth of settlement money.
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November 20, 2024
Meet The Attys Driving Car Financing Co. Vroom's Ch. 11
Vroom Inc., a financing company and former online used car seller, filed for bankruptcy in Texas earlier this month with plans to exchange nearly all of its $290 million in debt for equity under a Chapter 11 road map approved by most creditors. Behind the wheel of its bankruptcy are a team of Porter Hedges LLP attorneys who have worked on a number of recent high-profile cases.
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November 20, 2024
TGI Fridays Gets OK On Bid Process As It Seeks Out Buyers
A Texas bankruptcy judge on Wednesday approved TGI Fridays' procedures for contacting and selecting prospective buyers for its assets after the struggling restaurant chain said it was in discussions with at least 21 potential bidders.
Expert Analysis
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.