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April 12, 2024
Bankruptcy Courts Beat Back Fakers Looking To Steal Funds
Fake IDs. Dead "debtors." Doctored notary seals and incorporation documents. America's bankruptcy clerks have seen it all as they spend more time and resources fighting a rise in unclaimed-funds fraud.
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April 12, 2024
Kevin Carey, Bankruptcy Bench 'Legend,' Dies At 69
Former U.S. Bankruptcy Judge Kevin Carey, who served on the Delaware bench for 14 years and was hailed as a "legend in the bankruptcy world," died Thursday at the age of 69.
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April 12, 2024
Hornblower Gets OK For Creditor Vote On Ch. 11 Plan
A Texas bankruptcy judge on Friday sent Hornblower Holdings' Chapter 11 plan out for a creditor vote after hearing the cruise and tour operator had resolved creditor objections to its plan disclosure statement.
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April 11, 2024
Chubb-Archdiocese Suit Raises Coverage Burden Issue
A Chubb lawsuit against the Archdiocese of New York over indemnity for sexual abuse claims is implicating questions over which party has the burden to show if a liability might be covered or not, a dispute inextricably tied to justice for the church's many alleged victims.
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April 11, 2024
NJ Diocese Says Don't Stop Ch. 11 Plan For Insurers' Appeal
The Roman Catholic Diocese of Camden, New Jersey, and a committee representing sexual abuse claimants have urged a bankruptcy judge to deny insurers' bid for a long-term stay on implementation of the diocese's reorganization plan while the carriers appeal its confirmation, asserting the appeal repeats arguments the court repeatedly rejected.
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April 11, 2024
Pro Sports Leagues Balk At Bally Parent's Ch. 11 Plan
Three major U.S. professional sports leagues, whose games are broadcast by Bally Sports Network parent company Diamond Sports Group, criticized the company's Chapter 11 restructuring plan, saying it fails to provide information about the debtor's go-forward operating business plan and any ongoing business agreements with distributors.
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April 11, 2024
Syracuse Diocese Told Its Ch. 11 Plan Needs More Work
A New York bankruptcy judge Thursday told the Roman Catholic Diocese of Syracuse that its Chapter 11 plan disclosure statement needs another round of revisions to address objections by insurance carriers claiming the plan impairs their contractual rights.
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April 11, 2024
Fired Yellow Corp. Workers Can Proceed With Class Action
A Delaware bankruptcy judge on Thursday lent support to a group of laid off Yellow Corp. workers in their bid to bring a class action against the insolvent trucking company, saying he would recognize claims tied to the terminations brought by both union members and others.
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April 11, 2024
Haynes Boone Bankruptcy Atty Looks Back On 40-Year Career
Born and raised in Texas, Charlie Beckham Jr. of Haynes and Boone LLP planned on becoming a trial lawyer when he started his career in El Paso in the early 1980s, but an oil industry bust that triggered a wave of bankruptcies in the Lone Star State and the newly enacted Bankruptcy Code set him on a different course. Beckham sat down with Law360 to discuss his career, his involvement in community professional organizations and more.
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April 11, 2024
FTX Brass, Investors Can't Move Bankruptcy Suit To MDL
The Judicial Panel on Multidistrict Litigation on Thursday denied a bid to move a Delaware bankruptcy proceeding regarding the collapse of cryptocurrency exchange FTX Trading Ltd. to an ongoing multidistrict litigation brought by the company's investors seeking to recoup their losses.
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April 10, 2024
FTX Strikes Deal With Voyager Over $445M Claim
FTX Trading Ltd. has asked a Delaware bankruptcy court to approve a deal between it and crypto brokerage Voyager Digital Holdings to resolve its $445 million claim against Voyager and Voyager's $130 million claim against FTX.
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April 10, 2024
FDIC Details Prep For Winding Down Failing Financial Giants
The Federal Deposit Insurance Corp. on Wednesday laid out its most comprehensive overview to date of how it would seek to resolve a failing U.S. banking giant, a scenario that would make use of as-yet untested authorities put in place after the 2008 financial crisis.
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April 10, 2024
Bankrupt Hospital Co.'s $16M Deal With Ex-Execs OK'd
A Delaware bankruptcy judge agreed Wednesday to let the liquidating trustee for hospital operator Promise Healthcare proceed with a $16 million settlement with former executives to resolve his Florida federal court lawsuit, which alleged they abused the company's trust by lying to board members for their own benefit.
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April 10, 2024
Retailer 99 Cents Can Tap $60.8M DIP For Ch. 11 Winddown
99 Cents Only can access $20.5 million of its Chapter 11 financing package, a Delaware bankruptcy judge ruled Wednesday, after attorneys for the discount retail chain resolved a handful of objections to first day approval of its debtor-in-possession loan.
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April 10, 2024
Brazilian Airline Gets OK On Plane Leases In Ch. 11
GOL Linhas Aereas Inteligentes SA told a New York bankruptcy judge Wednesday it is happy with its current situation with respect to leases for its fleet of aircraft, saying it has authority to assume deals for 58 planes.
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April 10, 2024
Q&A With Former Delaware Bankruptcy Judge Carey - Part II
Former U.S. Bankruptcy Judge Kevin Carey, now senior counsel at Hogan Lovells, recently sat down with Law360 to discuss his time on the bench and his thoughts on issues facing the bankruptcy bar today. In part two, he discusses the "leap" in attorneys' fees, nonconsensual third-party releases and when an attorney should consider taking the bench in their career.
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April 10, 2024
Creditors Ask For Time To Look At Amazon Seller's Books
Unsecured creditors of Thrasio Holdings asked a New Jersey bankruptcy judge to slow the pace of the Amazon reseller's Chapter 11 case, saying they need to investigate how the company lost billions in the midst of an e-commerce boom.
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April 10, 2024
Biden's Student Loan Relief Plan Is Unlawful, States Say
A coalition of states have sued the Biden administration over a student loan forgiveness program that's set to kick in this summer, alleging in a Missouri federal lawsuit that the plan sidesteps statutory authority and will unduly cost taxpayers nearly $500 billion.
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April 09, 2024
99 Cents Only Moves Forward On Ch. 11 Shutdown Plans
Discount retail store 99 Cents Only is on track to close its 371 stores by the end of May as part of its Chapter 11 case after a Delaware bankruptcy judge on Tuesday approved first-day motions that lay groundwork for the company to close down, but held off on approving a debtor-in-possession package until terms reached during hallway negotiations can be memorialized.
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April 09, 2024
'No Merit' To Talent Co.'s Bid To DQ Execs' Attys, Judge Says
A California state judge on Tuesday told attorneys for A3 Artists Agency and its chair, Adam Bold, that their allegation of a conflict of interest "has no merit" and that she tentatively would deny their motion to disqualify opposing counsel representing executives suing Bold and the agency for breach of contract.
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April 09, 2024
Maryland Man Charged With $1.8M Bankruptcy Fraud Scheme
A Puerto Rico grand jury returned a multicount indictment charging a Maryland man with identity theft and mail and wire fraud in connection with an alleged scheme that fraudulently sought to obtain $1.8 million in unclaimed funds from more than two dozen bankruptcy courts.
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April 09, 2024
Q&A With Former Delaware Bankruptcy Judge Carey - Part I
Former U.S. Bankruptcy Judge Kevin Carey, now senior counsel at Hogan Lovells, recently sat down with Law360 to discuss his time on the bench and his thoughts on issues facing the bankruptcy bar today. In part one, he discusses Philadelphia versus Delaware, his toughest cases and lawyer burnout.
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April 09, 2024
Hornblower Creditors Try To Sink Cruise Line's Disclosure
Hornblower Holdings LLC's creditors are objecting to the bankrupt cruise line's disclosure statement, arguing that it doesn't include basic information necessary for unsecured creditors who hold more than $1.3 billion in claims to evaluate the proposed reorganization plan.
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April 09, 2024
Byju's Ch. 11 Judge Won't Stay Contempt Order Amid Appeal
A Delaware bankruptcy judge on Tuesday denied a motion to stay a contempt order in the Chapter 11 case of Indian education technology company Byju's, finding the nondebtor subjects of the order who face creditors' adversarial action did not demonstrate they are likely to succeed on their appeal of the decision.
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April 09, 2024
Akin Lands Paul Hastings Atty As Restructuring Partner In NY
Akin Gump Strauss Hauer & Feld LLP has hired a Paul Hastings LLP of counsel as a financial restructuring partner in New York, its third Big Apple recruit from that firm in less than a month, the firm announced Tuesday.