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End Of J&J Talc Unit's Ch. 11 Shows 'Texas Two-Step' Risks
The recent dismissal of Johnson & Johnson's third try to spin off its talc liability into a new entity with a "Texas two-step" shows that it remains a risky dance, particularly with the third-party claims releases at the heart of the strategy under increased scrutiny in a post-Purdue world.
J&J Ch. 11 Case Tossed, New Tariffs May Boost Bankruptcies
A Texas bankruptcy judge dismissed Johnson & Johnson's third attempt to settle cancer claims through Chapter 11, tossing Red River Talc's bankruptcy case and a $9 billion deal. Law360 has learned that dozens of employees of the U.S. Trustee Program have accepted buyouts. And experts say new tariffs under President Donald Trump may drive even more insolvencies as economic pressures mount. This is the week in bankruptcy.
Already Lean US Trustee Program Sees 58 Take Buyouts
Dozens of employees of the United States Trustee Program have taken buyouts offered by the federal government, Law360 has learned, leaving the office at a time when experts say it is already running a lean operation and risking its ability to efficiently execute on its mission if future cuts are made.
End Of J&J Talc Unit's Ch. 11 Shows 'Texas Two-Step' Risks
The recent dismissal of Johnson & Johnson's third try to spin off its talc liability into a new entity with a "Texas two-step" shows that it remains a risky dance, particularly with the third-party claims releases at the heart of the strategy under increased scrutiny in a post-Purdue world.
J&J Ch. 11 Case Tossed, New Tariffs May Boost Bankruptcies
A Texas bankruptcy judge dismissed Johnson & Johnson's third attempt to settle cancer claims through Chapter 11, tossing Red River Talc's bankruptcy case and a $9 billion deal. Law360 has learned that dozens of employees of the U.S. Trustee Program have accepted buyouts. And experts say new tariffs under President Donald Trump may drive even more insolvencies as economic pressures mount. This is the week in bankruptcy.
Already Lean US Trustee Program Sees 58 Take Buyouts
Dozens of employees of the United States Trustee Program have taken buyouts offered by the federal government, Law360 has learned, leaving the office at a time when experts say it is already running a lean operation and risking its ability to efficiently execute on its mission if future cuts are made.
Expert Analysis
While law school teaches you to research, write and think critically, it often overlooks the professional skills y... (more story)
Attorneys at Pryor Cashman discuss the interplay between a sale of personally identifiable information and bankrup... (more story)
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and prov... (more story)
Large Cap More
The U.S. Trustee has given notice of a subpoena it filed for the trial testimony of former federal bankruptcy judge David Jones, after Jones said he hoped to avoid "live trial testimony" in the agency's pursui... (more story)
Greenberg Glusker LLP announced that an experienced attorney who most recently spent over two decades at recently closed Danning Gill Israel & Krasnoff LLP has joined the firm's bankruptcy practice as a Los An... (more story)
Clifford Chance LLP announced Tuesday that it has hired the former co-chair of Gibson Dunn & Crutcher LLP's corporate restructuring practice to co-lead its global restructuring and insolvency practice.
A Delaware bankruptcy judge said Monday that retail chain owner Franchise Group could retain exclusive control over its efforts to restructure, but she was considering pushing back the hearing on its proposed ... (more story)
A New York bankruptcy judge said Monday he will grant a Brazilian construction company known as OEC recognition of insolvency proceedings the firm launched in its home country once the debtor revises the langu... (more story)
A hearing to discuss whether disbarred attorney Tom Girardi should serve any sentence in prison or be committed to a care facility due to his dementia diagnosis was pushed back to May to accommodate scheduling for witnesses.
The U.S. Securities and Exchange Commission has dropped a Connecticut federal lawsuit alleging Silver Point Capital LP failed to establish policies to safeguard material nonpublic information, particularly fro... (more story)
Brown Rudnick LLP has agreed to pay nearly $8 million in a deal with the trustee overseeing Chinese exile Miles Guo's Chapter 11 case in Connecticut to settle potential claims tied to the law firm's onetime wo... (more story)
Bankrupt Brazilian airline GOL Linhas on Monday got permission from a New York bankruptcy judge to amend the terms of its contract to buy 92 aircraft from Boeing over the next five years.
The CEO of budget air carrier Spirit Airlines LLC has resigned following the company's completion of its bankruptcy, the company announced Monday.
Mid Cap More
Kognitiv, a customer loyalty and data company, has urged a Delaware bankruptcy judge to grant it permission by the end of this month to privately sell its assets to another loyalty platform for a bit more than... (more story)
A Texas bankruptcy judge on Tuesday approved a $185 million asset sale to settle a dispute between Rhodium Encore and its remaining landlord that will allow the bankrupt cryptocurrency miner to wipe out its de... (more story)
Oregon-based House Spirits Distillery LLC, which produces premium whiskey brand Westward Whiskey, has hired a team of lawyers from Pashman Stein Walder Hayden PC to assist it in navigating a streamlined Chapte... (more story)
Evolve Bank & Trust and Lineage Bank were hit with a consumer's proposed class action in Tennessee federal court accusing them of mismanaging their relationships with Synapse Financial, a now-bankrupt middlewa... (more story)
Oregon whiskey distillery House Spirits Distillery LLC has filed a streamlined Chapter 11 for businesses with small debt loads in Delaware, saying a post-COVID drop in alcohol demand mixed with a glut of inven... (more story)
An examiner appointed in the Chapter 11 case of bank parent Silvergate Capital Corporation has filed a report in Delaware bankruptcy court identifying some concerns with an independent investigation of potenti... (more story)
A Delaware bankruptcy judge on Monday approved aerospace parts supplier Dynamic Aerostructures' $16 million sale of its business to a unit of private equity firm Avem Partners after the company failed to attra... (more story)
The Fourth Circuit on Friday revived class claims by a Chapter 7 debtor who received a collection letter over a defaulted mortgage, saying the debtor still has obligations to pay the mortgage lender, partially... (more story)
In this month's review of ongoing defamation fights, Law360 looks back on an escalation in Jay-Z's case against personal injury lawyer Tony Buzbee, who he accuses of pursuing a "false" and "malicious" rape sui... (more story)
The unsecured creditors of Azzur Group urged a Delaware bankruptcy judge Friday to reject a proposed $84.5 million Chapter 11 financing package, saying far too much of it is a rollup of the biotech consulting ... (more story)