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Bankruptcy
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March 01, 2024
McCarter & English Denied $1M Fee Bid In Celsius Ch. 11
A New York bankruptcy judge has granted requests by a number of creditor groups in the Celsius Network Chapter 11 case for fees and expenses but denied a $1 million request by a borrower group represented by McCarter & English, saying it had failed to make a substantial contribution to the case.
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March 01, 2024
Fintech Co. Vesttoo's Ch. 11 Plan OK'd After Dissent Defused
A Delaware bankruptcy judge has approved the Chapter 11 liquidation plan proposed by the official committee of unsecured creditors to bankrupt Israeli fintech firm Vesttoo Ltd., after the committee sorted out a final objection to the plan.
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March 01, 2024
MediaMath Floats Ch. 11 Dismissal After $22M Sale Of Assets
Bankrupt adtech company MediaMath Holdings Inc. asked a Delaware bankruptcy judge to end its Chapter 11 case and allow it to dissolve, because it's sold off basically all it had for $22 million and there's nothing left to reorganize.
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March 01, 2024
Amazon Seller Can Tap DIP Funds, Aims For Quick Ch. 11
A New Jersey bankruptcy judge allowed Amazon aggregator Thrasio Holdings Inc. to tap into $35 million of its $360 million post-petition financing package on Friday, over objections from a bankruptcy watchdog, and approved other measures that will allow the third-party seller to continue hawking pillows, cocktail shakers, hiking poles and hundreds of other goods online through its Chapter 11 case.
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March 01, 2024
Conn. AG Tells Lawmakers To Ban MV Realty's 'Scam Deals'
Connecticut's attorney general urged state lawmakers to protect vulnerable homeowners by passing legislation banning a business model used by MV Realty to rack up thousands in junk fees on people who sign their 40-year exclusive listing agreements.
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March 01, 2024
Trustee's Office Goes After More Jackson Walker Fees In Texas
As fallout over the Judge David R. Jones case continues, the U.S. Trustee's Office has filed a flurry of new motions in multiple bankruptcy cases, seeking to claw back fees paid to Jackson Walker LLP and, in at least one case, to reopen proceedings.
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March 01, 2024
Bankruptcy Group Of The Year: Davis Polk
Davis Polk & Wardwell LLP helped Revlon, Party City and LATAM Airlines get their bankruptcy cases over the finish line while moving Purdue Pharma through the appeals of its Chapter 11 plan, landing the firm a spot among Law360's Bankruptcy Practice Groups of the Year.
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February 29, 2024
Lordstown To Pay $25M In SEC Probe Of Overhyped EVs
Bankrupt automaker Lordstown Motors Corp. has agreed to return $25.5 million to shareholders who were allegedly drawn in by false assurances that the company had secured tens of thousands of pre-orders for electric trucks that it didn't even have the parts to build, the U.S. Securities and Exchange Commission announced Thursday.
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February 29, 2024
Stolen Funds Render FTX Clawback Moot, Embed Parties Say
Parties associated with stock trading platform Embed Financial Technologies told a Delaware bankruptcy judge Thursday that defunct cryptocurrency exchange FTX Trading Ltd. can't claw back $240 million from a prepetition acquisition because the funds used to buy Embed were stolen from FTX customers.
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February 29, 2024
US Trustee Opposes Proterra Ch. 11 Plan's Future Exculpation
The Office of the U.S. Trustee objected Thursday to the Chapter 11 plan of electric bus maker Proterra Inc., saying it includes exculpation provisions that would cover actions after it emerges from bankruptcy, and interferes with the payment of required quarterly fees to the trustee's office.
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February 29, 2024
Yellow Corp. Gets Ch. 11 Control Extended To End Of July
Bankrupt Yellow Freight Corp. has secured an extra 90 days to hold onto the wheel of its Chapter 11 case in Delaware, after citing both the complexity of its case and the "tremendous" progress in selling off its assets.
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February 29, 2024
Amazon Seller Thrasio Seeks $360M DIP Facility In Ch. 11
Thrasio Holdings Inc., which aggregates third-party brands for sale on Amazon, has urged a New Jersey bankruptcy court to sign off on an agreement the company struck with lenders to finance the consumer goods business' Chapter 11 case to the tune of $360 million.
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February 29, 2024
Celsius Floats Fix For Customers' 'Devastating' Ballot Blunder
Hundreds of Celsius Network customers who mistakenly elected to receive a reduced payout for their cryptocurrency claims would get a chance to correct their "devastating" error under a plan filed by the crypto company in New York bankruptcy court.
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March 01, 2024
Inside BigLaw's 'Tremendous' Hunger For Restructuring Attys
Even as the economy appears poised to pick up steam in 2024, BigLaw firms are still aggressively adding restructuring capabilities, with a number of recent lateral hires reflecting the glut of work still to be found in the practice area.
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February 29, 2024
Bankruptcy Group Of The Year: Brown Rudnick
The bankruptcy department at Brown Rudnick LLP has coalesced into a powerful team able to fight for the rights of commercial and tort creditors in large Chapter 11 cases, including securing the dismissal of insolvency cases for Johnson & Johnson's talc unit — twice — and forging a resolution for the sprawling case of cryptocurrency player BlockFi Inc., earning it a spot among Law360's 2023 Bankruptcy Groups of the Year.
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February 29, 2024
Bankrupt Endo To Pay $465M To Resolve Opioid Claims
Drugmaker Endo International has agreed to pay as much as $465 million to resolve criminal and civil claims stemming from its sale and marketing of a powerful opioid, and will turn over its assets to a group of secured lenders who will operate the company under a new corporate structure.
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February 28, 2024
Fla. Judge OKs $43.5M Deutsche Bank Deal In Ch. 15 Case
A Florida bankruptcy judge on Wednesday approved a $43.5 million settlement between Deutsche Bank AG and liquidators for a group of Caribbean-based companies to resolve claims against the bank for its alleged role in a real estate Ponzi scheme targeting rich South Americans.
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February 28, 2024
Gemini To Pay $37M Fine, Vows To Make Customers Whole
Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.
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February 28, 2024
Kwok Trustee Seeks Second Judge's Help With Clawbacks
Offering four high-profile bankruptcies as examples, the Chapter 11 trustee overseeing the $374 million case of Chinese exile Ho Wan Kwok has suggested that a second Connecticut bankruptcy judge could act as a mediator to help speed a deluge of 278 avoidance actions efficiently toward possible settlements.
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February 28, 2024
NY Bar Assoc. Building Owner Hits Ch. 11 Amid Lender Tiff
The company that controls the historic New York County Lawyers Association Building in Manhattan petitioned a New Jersey bankruptcy court for Chapter 11 protection Wednesday, estimating between $50 million and $100 million in debt, as it faces in New York a roughly $28 million lawsuit leveled by a mortgage lender.
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February 28, 2024
Brazilian Airline Approved For Ch. 11 Loan Worth $1B
GOL Linhas Aereas Inteligentes SA received final bankruptcy court approval Wednesday for a debtor-in-possession financing package that has grown to $1 billion after achieving consensus with creditors that previously objected to the package.
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February 28, 2024
Bankrupt Coffee Co. Says Nicaraguan Asset Sale Unlikely
Coffee supplier Mercon Coffee Corp. Wednesday told a New York bankruptcy judge it no longer believes it will be able to win government cooperation for the sale of its Nicaraguan assets before it runs out of cash to fund its Chapter 11 case.
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February 28, 2024
Homeowners Urge Judge To Toss 'Tactical' MV Realty Ch. 11
A committee of homeowners who signed agreements with MV Realty told a Florida bankruptcy judge on Tuesday that the company filed for Chapter 11 as a maneuver to dodge a series of state actions seeking to void predatory deals with some 40,000 homeowners in 34 states.
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February 28, 2024
Erika Girardi Can't Shed Costume Merchant's Suit
A California federal judge has kept alive a costume merchant's malicious prosecution claim against singer and reality TV star Erika Girardi, saying the merchant showed evidence that Girardi had him wrongfully arrested and prosecuted on made-up fraud charges.
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February 28, 2024
US Trustee Taps Ex-Prosecutor To Be FTX Examiner
The U.S. Trustee's Office has urged a Delaware bankruptcy judge to allow Robert Cleary, a former U.S. attorney who is now with Patterson Belknap Webb & Tyler LLP, to investigate FTX's finances as an examiner in the defunct cryptocurrency company's Chapter 11 case.
Expert Analysis
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Rethinking In-Office Attendance For Associate Retention
The hybrid office attendance model doesn't work for all employees, but it does for many — and balancing these two groups is important for associate retention and maintaining a BigLaw firm culture that supports all attorneys, says Summer Eberhard at Major Lindsey.
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Bittrex Bankruptcy Order Highlights Creative Crypto Financing
In a recent first, the Delaware bankruptcy court authorized Bittrex to obtain post-petition financing solely in bitcoin from the debtor-in-possession lender, an order that may serve as a catalyst for future debtors to explore creative mechanisms for crypto financing and payback, says Kyle Arendsen at Squire Patton.
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Opinion
Despite Its Plan Objections, UST Also Won In Purdue Ch. 11
The Second Circuit’s recent decision approving Purdue Pharma’s reorganization plan is a win even for the dissenting Office of the U.S. Trustee because the decision sets extremely stringent guidelines for future use of nonconsensual third-party releases, say Edward Neiger and Jennifer Christian at Ask.
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Murdaugh Trials Offer Law Firms Fraud Prevention Reminders
As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.
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Post-Siegel Trustee Fee Rulings Further Debtor-Friendly Trend
One year after the U.S. Supreme Court’s bankruptcy ruling in Siegel v. Fitzgerald left the matter of trustee fee refunds open to lower courts, related rulings have sided with debtors, reminding practitioners of the importance of the constitutional backdrop to statutory law, say Daniel Lowenthal and Jonah Wacholder at Patterson Belknap.
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Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
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Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.
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Perspectives
How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
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Opinion
Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
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As Subchapter V's Popularity Rises, So Do Its Boundaries
Recent data and bankruptcy court rulings give greater context to Subchapter V’s popularity, but also show how courts continue to interpret its provisions to establish limits and contours, such as the sequence of filing for affiliate debtors, say Jack O’Connor and Heidi Hockberger at Levenfeld Pearlstein.
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A Comparison Of 2 Bank Failures, With Regulatory Lessons
Though the factors that contributed to the downfalls of Silicon Valley Bank and First Republic Bank were similar, differences in federal regulators' handling of the banks' sales — and the additional two weeks it took to find a buyer for SVB — may help illuminate how regulators can improve their response to future financial panic, say attorneys at Lewis Brisbois.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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Shkreli Cos. Bankruptcy Illustrates Novel Subchapter V Trend
Vyera Pharmaceuticals and related companies founded by convicted "Pharma Bro" Martin Shkreli recently filed for bankruptcy under Subchapter V in Delaware, becoming the latest case to show the appeal of the subchapter for debtors with large contingent or unliquidated liabilities seeking a more efficient form of bankruptcy, says Sam Ashuraey at Paul Hastings.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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Opinion
High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.