Mid Cap
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May 02, 2024
Plastic-Film Maker Announces $200M Recapitalization
Plastic-film maker Transcendia Holdings announced Thursday that it had reached a recapitalization deal that will cut $200 million in debt, provide $114 million in new capital, and hand majority ownership of the company to private equity firm Industrial Opportunity Partners.
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May 02, 2024
Office Snapshot: Lewis Brisbois' Delaware Digs
Since opening its Delaware office at the height of the COVID-19 pandemic in May 2020, Lewis Brisbois Bisgaard & Smith LLP has steadily grown its attorney roster in Wilmington, including some recent hirings.
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May 02, 2024
Skin Care Drug Co. Gets OK For Ch. 11 Wind-Down Plan
A Delaware bankruptcy judge on Thursday said she would approve the unopposed and unanimously approved Chapter 11 wind-down plans of the company previously known as Timber Pharmaceuticals Inc.
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May 02, 2024
Teen Retailer Rue21 Hits Ch. 11 Again With Plans To Sell
Retail fashion company rue21, which made a trip through bankruptcy most recently in 2017, filed for Chapter 11 protection in Delaware court Thursday, disclosing $194.4 million in debt and a plan to sell the business.
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May 01, 2024
Madoff Investor Asks High Court To Overturn Clawback Math
An investor in Bernie Madoff's Ponzi scheme asked the U.S. Supreme Court Wednesday to overturn a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate, saying the panel misquoted a prior circuit ruling.
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May 01, 2024
JLM Couture Opposes Ex-Designer's Ch. 7 Conversion Bid
Bankrupt dressmaker JLM Couture urged a Delaware bankruptcy judge to ignore a request from a bridal dress designer feuding with the company to force JLM into a kind of bankruptcy aimed at liquidation, saying that creditors would suffer if JLM's case left Chapter 11.
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May 01, 2024
The Story Behind Why A Minn. Bankruptcy Firm Filed Ch. 11
After it became clear that Minnesota consumer bankruptcy LifeBack Law Firm PA wouldn't be able to avoid an arbitrator's decision finding it had engaged in click fraud on a competitor's Google ads, LifeBack filed its own bankruptcy petition as it seeks breathing room in this legal challenge and another from its former partners.
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May 01, 2024
Weinstein On Track For Fall Trial Redo On NY Rape Charges
A New York judge said Wednesday that disgraced movie mogul Harvey Weinstein will be retried sometime after September, following last week's decision by the state's highest court to overturn his rape conviction due to the admission of overly broad evidence at trial.
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May 01, 2024
Eiger Gets Deal With Merck Over $46M Rare-Disease Drug Sale
Bankrupt Eiger BioPharmaceuticals Inc. told a Texas federal judge Wednesday it had struck a tentative agreement with drug company Merck & Co. over licensing rights to a rare-disease drug that it is selling for $46.1 million.
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May 01, 2024
Judge OKs Ch. 11 Dairy Co. Sale Rules With $20M Floor Bid
An Illinois bankruptcy judge on Wednesday agreed to approve sale procedures for bankrupt ice cream and dairy producer Oberweis Dairy Inc. that would set a $20 million bid as the auction floor in exchange for promising a 5% breakup fee to the stalking horse bidder.
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May 01, 2024
Ex-NFL Star Romanowski Files For Ch. 11 Amid $15M Tax Suit
Ex NFL star and Super Bowl champion Bill Romanowski has filed for Chapter 11 protection in California after being slapped with a $15.5 million income tax suit.
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May 01, 2024
Allegiance Coal's Lenders Oppose 'Outrageous' Ch. 11 Fee Bid
A secured lender of bankrupt mining operation Allegiance Coal USA objected to the $5.2 million in expense fees requested by the debtor's professionals, telling a Delaware bankruptcy court that the ask is "outrageous," especially since the firms failed in their quest to land a going-concern sale.
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May 01, 2024
Kirkland Rips 'Tortured' Theory In Texas Judge Romance Suit
Kirkland & Ellis LLP's inclusion in a Texas federal suit accusing it of conspiring with Jackson Walker LLP, a disgraced Texas bankruptcy judge and a former Jackson Walker partner who was his romantic partner to oust a CEO is based on "a tortured theory" and "flimsy facts," the firm declared.
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May 01, 2024
Jambys Brand Hopes To Avoid Cash Advance Claims
Online clothing brand Jambys Inc. on Wednesday told a Delaware bankruptcy judge it plans to file suit to avoid repaying the high-interest financing that drove it to seek Chapter 11 protection and emerge as a going concern.
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May 01, 2024
Boris Becker Gets UK Bankruptcy Order Lifted
Boris Becker is no longer bankrupt after a London court released the multiple Grand Slam tennis champion on Wednesday from any further liability arising from his bankruptcy debt in the U.K.
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April 30, 2024
Attys Barred From Practicing Over Ch. 13 Real Estate Scams
Enforcement actions against two consumer bankruptcy attorneys who admitted they hid their involvement in schemes to acquire their clients' homes during Chapter 13 proceedings have resulted in sanctions barring them from practicing in certain districts, the U.S. Department of Justice's Trustee Program announced Tuesday.
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April 30, 2024
Insurance Mogul Can't Escape $164M Dutch Payout Yet
A shareholder accused of raiding a Dutch insurer's coffers can't stop it from trying to enforce a nearly $164 million arbitration victory, a North Carolina federal judge ruled, finding that he didn't show it's not enforceable in U.S. courts.
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April 30, 2024
New York Teen Mental Health Home Files For Ch. 11
St. Christopher's Inc., a New York nonprofit that provides residential mental health services to children, and the foundation that supports it have filed for Chapter 11 Subchapter V bankruptcy, citing up to $10 million each of assets and liabilities.
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April 30, 2024
Canadian Pharma Co. Contract Asks For Ch. 15 Recognition
Contract Pharmaceuticals Ltd. asked Tuesday that a Delaware bankruptcy judge recognize the company's foreign insolvency proceedings, saying it started the process in Canada while facing a debt load of more than $41 million and hobbled revenue.
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April 30, 2024
When Philly Newspapers Cast Credit Bidding Into Doubt
Credit bidding is a regular feature of many bankruptcy asset sales now. But for a brief spell more than a decade ago, the case of Philadelphia Newspapers gutted the idea that secured lenders were entitled to include the outstanding amount owed on their loans as part of an offer to buy assets.
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April 30, 2024
Apparel Brand Jambys Files Ch. 11 As PJs Lose Popularity
Online clothing brand Jambys Inc. filed for Chapter 11 protection under Subchapter V in Delaware federal bankruptcy court Tuesday, citing $7 million in debt as the company struggles with declining consumer interest in sleepwear and loungewear now that the COVID-19 pandemic has abated.
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April 30, 2024
Meet The Attorneys Cooking Up Sticky's Chicken Ch. 11
A team of attorneys from Pashman Stein Walder Hayden PC is advising New York area restaurant chain Sticky's Chicken in its Chapter 11, Subchapter V case.
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April 30, 2024
Canadian Lumber Biz Hits Ch. 15 To Find Buyer
Lumber and forestry products producer Teal Jones Holdings Ltd. has petitioned for Chapter 15 bankruptcy protection in Delaware, seeking recognition of an ongoing insolvency proceeding in Canadian court, where it intends to reorganize, possibly through a sale of its assets.
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April 30, 2024
Atty Wants Out Of 'Coup' Suit Over Judge Romance
The former Jackson Walker LLP attorney whose secret relationship with a Texas judge ignited an ethics scandal wants out of a racketeering suit accusing her of "orchestrating a coup" in a bankruptcy case, calling the suit a "dubious" attempt to blame her for an ex-CEO's "disastrous" mismanagement of his family business.
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April 30, 2024
NYC Law Firm Says Japanese Auto Supplier Owes $800K Fees
New York law firm Florence Rostami Law LLC seeks more than $800,000 in legal fees and expenses after representing a Japanese auto part manufacturer in litigation and bankruptcy court proceedings in a contract dispute with a former vendor, the firm told a Michigan federal court.
Expert Analysis
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Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns
A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.
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Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Pa. Ruling Shows Why Term Sheet Can Be Worth The Wait
A Pennsylvania bankruptcy court’s recent In re: Legarde ruling, holding that a settlement term sheet was enforceable, reminds litigants that it’s crucial to draft a written agreement before leaving mediation in order to resolve potential evidentiary issues and protect against buyer’s remorse, says Brian Shaw at Cozen O'Connor.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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Asserting 'Presence-Of-Counsel' Defense In Securities Trials
As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.
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Crypto Has Democratized Trading In Bankruptcy Claims
Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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5 Key Tips For Attorneys In The Subchapter V Arena
Subchapter V cases present unique challenges for the nondebtor parties-in-interest, and habits developed by attorneys in typical Chapter 11 cases do not necessarily translate, meaning creditors and their counsel should quickly take a proactive role in their cases to protect their interests, which can be done by attending the 341 meeting, analyzing the plan, and more, says Kelly Singer at Squire Patton.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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Why The Debt Maturity Wall Is Still A Figment, For Now
While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.