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Bankruptcy
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March 11, 2024
Canadian Oil Driller Seeks US Recognition Of Reorg Filings
A Canadian operator of Wyoming oil and gas wells Monday asked a Delaware court to recognize its Canadian insolvency proceedings, saying it is out of cash, $92 million in debt and seeking a buyer after years of production problems.
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March 11, 2024
Hertz Tells Chancery To Reject $4B Buyback 'Hindsight' Suit
Hertz directors weren't certain when they authorized $4 billion in stock buybacks that it would transfer control of the company to a private equity-backed shareholder, an attorney for Hertz told Delaware's Court of Chancery on Monday, urging the court to toss a shareholder's lawsuit over the buybacks.
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March 11, 2024
MoFo's NY Office Gains A Restructuring Atty From Dechert
Morrison Foerster LLP announced Monday another addition to its business restructuring and insolvency group in New York, this time from Dechert LLP.
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March 11, 2024
Retailer The Body Shop Files For US Liquidation
Buth-Na-Bodhaige Inc., better known as soap and lotion seller The Body Shop, filed for Chapter 7 liquidation in New York after its international parent filed for insolvency in the United Kingdom.
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March 08, 2024
Allegiance Coal Spars With Ch. 11 Lender Over $1.8M Fees
A Delaware bankruptcy judge on Friday declined to rule on a petition from mining company Allegiance Coal USA to toss its debtor-in-possession lender's adversary proceeding demanding $1.8 million in fees, allowing more time to determine whether the fees have priority over the rest of the debtor's obligations.
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March 08, 2024
Experian Biased Jury In Credit Reporting Suit, 11th Circ. Told
An attorney for a Florida resident who sued Experian alleging it inaccurately reported a discharged mortgage in his credit history told the Eleventh Circuit on Friday that a lower court judge allowed the company to introduce improper evidence at trial, arguing it caused jurors to deliver an unfavorable verdict against her client.
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March 08, 2024
Sorrento Gets OK For $2M Ch. 11 Funding Infusion, Asset Sale
A Texas bankruptcy judge on Friday approved drug developer Sorrento Therapeutics Inc.'s bid for an asset sale and $2 million in funds to fuel its Chapter 11 case, saying they represented the only option outside of a transition to Chapter 7.
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March 08, 2024
Aircraft Parts Co. AeroCision Begins Ch. 11 Liquidation
AeroCision, a troubled supplier of airplane components, has informed Delaware's bankruptcy court its Chapter 11 liquidation plan has gone into effect, distributing remaining assets of the business after it went on the auction block late last year.
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March 08, 2024
UBS Luxembourg Must Face $50M Madoff Clawback Suit
UBS Luxembourg can't escape a lawsuit seeking to claw back nearly $50 million the bank allegedly redeemed from Bernard L. Madoff feeder fund Fairfield Sentry Limited at highly inflated values, a New York bankruptcy judge ruled on Friday.
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March 08, 2024
Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution
A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.
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March 08, 2024
Giuliani Creditors Ask To Investigate His Finances
Former New York City Mayor Rudy Giuliani's creditors want to probe his finances, his businesses, his advisers and even defense funds paying some of his legal bills, telling a bankruptcy court in a filing late Thursday that his history of shirking discovery requests in other cases and concerns that he could be hiding assets warrant a formal investigation.
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March 08, 2024
BowFlex OK'd For April Auction, $37.5M Stalking Horse Bid
Fitness equipment maker BowFlex Inc. received a New Jersey bankruptcy judge's approval Friday to sell its U.S. and Canada businesses at an auction next month, setting it up to repay its debtor-in-possession loan and draw up a Chapter 11 liquidation plan.
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March 08, 2024
Clifford Chance Adds Arnold & Porter Restructuring Duo
Clifford Chance LLP is no exception to the wave of firms seeking restructuring talent in recent months, announcing Thursday that it's brought on two former Arnold & Porter Kaye Scholer LLP attorneys with a history of working on high-stakes reorganizations.
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March 08, 2024
Catholic Group Gets $2M Fee Award In Boy Scouts' Ch. 11
A Delaware bankruptcy judge on Friday awarded an ad hoc group of Roman Catholic organizations just over $2 million in legal fees and expenses in the Boy Scouts of America's Chapter 11 case, saying it had made a substantial contribution to the group's bankruptcy plan.
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March 07, 2024
No Pretrial Win For Anyone In $1.3M Dish Network Print Fight
A Colorado federal judge on Thursday rejected dueling summary judgment motions in a $1.3 million contract fight between a Dish Network unit and defunct printing company, finding the companies' "vehement disagreement" about simple facts of the case makes clear it can't be decided at this stage.
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March 07, 2024
Asbestos Claimants Refuel Bid To Chuck Bestwall Ch. 11
Mesothelioma victims seeking recompense for asbestos exposure are taking another stab at throwing out the bankruptcy case of Georgia-Pacific unit Bestwall LLC, telling a North Carolina federal judge that the papermaker has abused the bankruptcy process to shield itself from liability.
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March 07, 2024
Judge Delays Final OK For Almond Grower's Ch. 11 Loan
A California bankruptcy judge Thursday pushed back final approval of $30 million in Chapter 11 financing for almond grower Trinitas Farming by at least another week, saying more time is needed to address his concerns with the loan agreement.
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March 07, 2024
Cano Health's Ch. 11 Financing Approved Consensually
Primary care group Cano Health Inc. told a Delaware bankruptcy judge Thursday that productive talks with a recently appointed creditors' committee had enabled it to submit a consensual order to gain final approval for its $150 million Chapter 11 loan.
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March 07, 2024
Ex-SVB Counsel Farella Braun Seeks $49K In Unpaid Fees
Farella Braun & Martel LLP, which previously represented Silicon Valley Bank's parent in a dispute over fraud coverage, has sued the Federal Deposit Insurance Corp. in a California federal court to extract nearly $49,000 in unpaid legal fees it says the agency must pay on behalf of the defunct lender.
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March 07, 2024
Equity Concerns Follow Mass Torts' March Into Bankruptcy
After decades of suffering and waiting, a group of more than 82,000 childhood sexual abuse survivors recently reached a $2.5 billion bankruptcy settlement with the Boy Scouts of America and related groups. Yet the survivors may once again be in suspense.
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March 07, 2024
Bankruptcy Group Of The Year: White & Case
White & Case LLP spent 2023 in the trenches of new and emerging issues in bankruptcy, steering the Boy Scouts of America out of Chapter 11 and breaking down the bankruptcy process for hundreds of thousands of former customers and unsecured creditors of former crypto company Celsius Network, earning the firm a spot as one of Law360's 2023 Bankruptcy Groups of the Year.
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March 07, 2024
Honigman Picks Up Corporate Attorney From Ropes & Gray
Honigman LLP said it has hired away a Ropes & Gray LLP counsel with finance transaction expertise who started his career at Honigman to become a partner in its corporate finance practice group.
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March 07, 2024
EV Charging Co. Hits Ch. 11 With Plan For Lender Takeover
Electric vehicle charging company Charge Enterprises Inc. filed for Chapter 11 protection Thursday in Delaware bankruptcy court with $48.7 million in debt, saying it plans to hand control of the company to lenders following a dispute with an investment adviser.
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March 06, 2024
Yellow Corp. Faces Pension Funds' Arbitration Bid In $6B Spat
Eleven retirement funds urged a Delaware bankruptcy judge Wednesday to order Yellow Corp. to arbitrate their claims worth over $6 billion, arguing it would be efficient to take the dispute before a benefits plan expert, while the trucking firm insisted that arbitration would delay its ongoing Chapter 11 proceedings.
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March 06, 2024
SVB Parent Co. Sues Receivers Over $1.9B In Withheld Funds
Silicon Valley Bank's former parent company has sued the Federal Deposit Insurance Corp. in its capacity as receiver for its defunct subsidiary and Silicon Valley Bridge Bank in California federal court, alleging it was wrongfully denied its administrative claims to recover approximately $1.9 billion in account funds and other deposit claims.
Expert Analysis
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Divergent NY Rulings Compound Crypto Regulation Questions
Though the crypto industry had a brief victory when a New York federal court held that the crypto-asset at issue was not a security, another ruling from the same courthouse just two weeks later showed that the U.S. Securities and Exchange Commission's enforcement efforts are far from over, say attorneys at Ballard Spahr.
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Insurers, Prepare For Large Exposures From PFAS Claims
With thousands of lawsuits concerning per- and polyfluoroalkyl substances pending across the country, several large settlements already reached, and both regulators and the plaintiffs bar increasingly focusing on PFAS, it is becoming clear that these "forever chemicals" present major exposures to insurers and their policyholders, say Scott Seaman and Jennifer Arnold at Hinshaw.
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Series
The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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Opinion
3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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Subchapter V Eligibility Ruling Raises Uncertainty For Tenants
A Virginia bankruptcy court’s recent ruling in Macedon Consulting — that all remaining rent under a lease should be factored into a lessee's Subchapter V eligibility — raises the question, but does not address, how a court should calculate the amount of debt owed under a lease, creating significant risk for potential tenant debtors, says Sam Ashuraey at Ashuraey Law.
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Ch. 11 Ruling Sets New Standard For Using Reinstatement
A New York bankruptcy court’s recent ruling in Golden Seahorse, which concluded that Section 365(b)(2)(D) of the U.S. Bankruptcy Code only creates a cure exception for nonmonetary defaults, sets a high bar for challenging the requirement to pay default interest as a condition to reinstatement of a loan agreement under a Chapter 11 plan, says Debra Dandeneau at Baker McKenzie.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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How A Union Fight Played A Key Role In Yellow's Bankruptcy
Finger-pointing between company and union representatives appears to be front and center at the early stages of trucking company Yellow’s bankruptcy case, highlighting the failed contract negotiations' role in the company's demise, says George Singer at Holland & Hart.
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The FTC May Be Expanding Its Monetary Relief Toolbox
The Federal Trade Commission's recent settlement with crypto exchange Celsius — which resolved a Gramm-Leach-Bliley Act pretexting count — reveals an attempt to significantly expand the FTC's authority to obtain monetary relief in ordinary matters regarding unfair or deceptive acts or practices, says Nikhil Singhvi at Covington.
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Bankruptcy Ruling Shows Section 363's Magic Has Its Limits
The Ninth Circuit Bankruptcy Appellate Panel's recent ruling in Groves demonstrates that Section 363 — which allows a debtor-in-possession to sell their property in order to generate cash — fails as a tool when it’s used to turn a nondebtor entities' property into property of a debtor's bankruptcy estate, says Brian Shaw at Cozen O'Connor.
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Serta Simmons Ch. 11 Expands Split On Credit Agreements
The recent confirmation of Serta Simmons' Chapter 11 plan by a Texas bankruptcy court judge furthers a split in case law between narrow interpretation of credit agreement provisions and a more holistic approach focused on the practical effect of the uptiering transaction on minority lender rights, say attorneys at Schulte Roth.
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How High Court Is Assessing Tribal Law Questions
The U.S. Supreme Court's four rulings on tribal issues from this term show that Justice Neil Gorsuch's extensive experience in federal Native American law brings helpful experience to the court but does not necessarily guarantee favorable outcomes for tribal interests, say attorneys at Dorsey & Whitney.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.
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Shifts In The CRE Landscape Demand Creative Loan Solutions
An increase in commercial real estate loan workouts makes it critical for borrowers, lenders and other CRE participants to examine all the available options and remedies, including mortgage and mezzanine foreclosures, bankruptcy filings and property short sales, say attorneys at Goulston & Storrs.