Mid Cap
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May 15, 2024
Crypto 'Academy' Closed After Probe Into False Assurances
A cryptocurrency firm that "recklessly" persuaded customers to put money into investment plans has been wound up after the government's insolvency agency found that the company had given false assurances and traded without regulatory approval.
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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
Giuliani, For Now, Can't Appeal Defamation Verdict In Ch. 11
A New York bankruptcy judge on Tuesday denied Rudy Giuliani's bid to lift his bankruptcy's automatic stay so he can challenge a $148 million defamation verdict, saying the Republican firebrand needs to make more progress in his Chapter 11 and chiding him for repeating false accusations about two former Georgia poll workers.
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May 14, 2024
Biotech Co. Hits Bankruptcy With Creditor Deal In Hand
Biotech company Gamida Cell Inc. filed for Chapter 11 protection in Delaware bankruptcy court after reaching a take-private deal with its largest creditor to extend up to $45 million in new capital and forgive more than $4 million in secured debt.
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May 14, 2024
Meet The Attorneys In Sam Ash Music's Chapter 11
A team of attorneys from Cole Schotz PC is representing 100-year-old music instrument retailer Sam Ash Music in its Chapter 11 case.
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May 14, 2024
Mercon Coffee's Ch. 11 Plan Disclosures Need More Brewing
A New York bankruptcy judge on Tuesday said Mercon Coffee's Chapter 11 plan releases were so hard to parse in a proposed disclosure statement that he struggled to understand them and doubted a creditor could do so, before adjourning a hearing on the matter at the debtor's request.
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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
Petersen Health Gets Final OK For $45M Ch. 11 Financing
A Delaware bankruptcy judge Tuesday gave Petersen Health Care final permission to tap into $45 million in Chapter 11 financing after the senior living chain said it had settled almost all the objections to the proposal.
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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
50 Cent, GC Accused Of Federal Wiretap Violations
A liquor business consultant has told a New York state court that Curtis "50 Cent" Jackson and the rapper's general counsel violated federal and New Jersey wiretap statutes, after the court dismissed an earlier counterclaim lodged under the Illinois Eavesdropping Act.
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May 13, 2024
Eletson Creditors Seek Over $1M Cut In Reed Smith Fees
Unsecured creditors of shipping company Eletson Holdings have asked a New York bankruptcy judge to cut more than $1 million from the fees being sought by Eletson counsel Reed Smith LLP, saying the firm overstaffed the case and wasted money on needless and meritless fights.
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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
Petersen Health Receivership Deal Draws US Trustee Concern
Senior living chain Petersen Health Care Monday told a Delaware bankruptcy judge it has struck a deal to resolve the status of a number of its facilities that are in receivership, but the U.S. Trustee's Office said the deal may bend the Bankruptcy Code too far.
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May 13, 2024
Peer Street Ch. 11 Ruling Hinges On Pro Se Creditor's Protest
A Delaware bankruptcy judge told real estate investment platform Peer Street Inc. on Monday that she would make a final ruling on confirmation of the company's Chapter 11 plan in the coming days, but only after finishing a review of a pro se creditor's complaints about the otherwise consensual wind-down deal.
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May 13, 2024
Toy Co. KidKraft's $4M 'Lifeline' DIP Gets Nod
A Texas bankruptcy judge on Monday agreed to let toymaker KidKraft access $4 million of bankruptcy financing that its counsel called a "lifeline," once the debtor submits a revised version of the request, following arguments over whether the Chapter 11 case's brisk pace allowed enough time for objections.
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May 13, 2024
US Trustee Blasts Mercon Coffee Ch. 11 Plan Disclosures
The U.S. Trustee's Office asked a New York bankruptcy judge to reject Mercon Coffee's Chapter 11 plan disclosure statement, saying it contains insufficient information for plan voters and the company hasn't properly gotten consent for its third-party claims releases.
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May 13, 2024
NY Youth Welfare Org To Sell 12-Acre Campus In Ch. 11
Longtime youth mental health services provider St. Christopher's Inc. will sell its Dobbs Ferry residential campus as it looks to handle roughly 30 child abuse lawsuits in Chapter 11, lawyers for the nonprofit told a New York bankruptcy judge during a first-day hearing on Monday.
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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
Ga. Election Workers Ask Court To Stop Giuliani's Lies
Two Georgia poll workers have asked a New York federal bankruptcy judge to bar Rudy Giuliani from continuing to repeat the same "malicious" false claims that led a jury to award them $148 million last year because of the former New York City mayor's lies that the pair committed ballot fraud during the 2020 presidential election.
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May 10, 2024
ABI Meeting Debates Purdue, DIPs, Data Breaches And Incora
Lawyers met in Manhattan for the American Bankruptcy Institute's daylong New York City Bankruptcy Conference on Thursday, taking in a packed day of panels on subjects ranging from Purdue Pharma to debtor-in-possession financing trends and the increasingly complicated presumption of transparency in bankruptcy.
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May 10, 2024
Full 4th Circ. Urged To Settle Key 'Texas Two-Step' Questions
A Fourth Circuit panel left critical issues open when it denied permission to an appeal challenging the so-called Texas two-step Chapter 11 of industrial equipment maker Aldrich Pump, asbestos claimants in two separate bankruptcy cases said, asking the full appeals court to reconsider hearing the case and settle questions that have plagued their own bankruptcies in the Western District of North Carolina.
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May 10, 2024
Del. Court Extends Ch. 11 Stay To Jambys Execs
A Delaware bankruptcy judge on Friday gave permission to online clothing brand Jambys Inc. to apply the automatic stay covering the company to its two co-founders, finding that they personally guaranteed many of the debtor's loans and needed protection from collection actions.
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May 10, 2024
JLM Couture Nears Settlement With Bridal Dress Designer
Dressmaker JLM Couture told Delaware's bankruptcy court Friday it reached an agreement in principle with a bridal dress designer, who was sued by the company and had sought to convert its Chapter 11 case into a Chapter 7 liquidation.
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May 10, 2024
Sam Ash Music Can Tap $20M DIP That Trustee Opposed
Music store chain Sam Ash won a New Jersey bankruptcy court's blessing Friday to borrow $20 million in Chapter 11 financing, defeating an objection by the U.S. Trustee's Office to a mechanism that would let the funds be used to pay off existing debt held by the lender.
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May 10, 2024
Legal Tech Co. IDocket Settles $5M Claim With IT Co. IncluIT
Government case management and court record search provider iDocket.com has asked a Texas bankruptcy court to approve a settlement between itself and Florida software company IncluIT concerning a disputed claim of $5.3 million.
Expert Analysis
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Calif. Ruling May Open Bankruptcy Trustees To Tort Liability
In Martin v. Gladstone, a recent California appellate court decision, the application of tort concepts to bankruptcy trustees could pose a new concern for trustees and federal receivers when controlling and maintaining commercial property, says Jarrett Osborne-Revis at Buchalter.
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Co. Directors Must Beware Dangers Of Reverse Factoring
New accounting requirements governing the disclosure of so-called reverse-factoring programs have revealed billions of dollars worth of hidden liabilities on companies’ ledgers, and directors of corporate boards should review their companies’ books for this hidden danger, say Garland Kelley at Looper Goodwine, Amin Al-Sarraf at Locke Lord and Jill Basinger at Discovery Land.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Why 7th Circ. Libel Ruling Is Crucial For The Media
As more defamation plaintiffs attorneys argue that allowing a published statement to remain online after additional evidence of falsity emerges equates to actual malice, the Seventh Circuit's recent National Police Association v. Gannett opinion should be lauded by the media and online publishers as a favorable decision, say attorneys at Vedder Price.
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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3 Cases Show Tensions Between Arbitration And Insolvency
The intersection of international arbitration and insolvency may influence the formulation of litigation strategy on a global scale, and several recent cases illustrate the need for counsel to understand how courts are varying in their approaches, say attorneys at Skadden.
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Air Ambulance Ch. 11s Show Dispute Program Must Resume
Air Methods’ recent bankruptcy filing highlights the urgent need to reopen the No Surprises Act’s independent dispute resolution program for air ambulances, whose shutdown benefits insurance companies and hurts providers, says Adam Schramek at Norton Rose.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Why Delaware ABCs Are No Longer As Easy As 1-2-3
In light of the Court of Chancery's recent focus on additional disclosures, the assignment for the benefit of creditors process in Delaware may no longer be as efficient as it once was, and companies should be prepared to provide significantly more information leading up to an ABC, say attorneys at Goodwin.
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Diamond Sports Cases Shed Light On Executory Contracts
Recent Texas bankruptcy cases involving telecast fees payable by Diamond Sports to certain Major League Baseball teams provide a window into the dynamic relationship that can develop between debtors and counterparties under some executory contracts, say Joseph Badtke-Berkow and Robin Spigel at Allen & Overy.
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Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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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.