Mid Cap
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April 17, 2024
Wilmington Trust Wants $33M For Defaulted Mortgage
Wilmington Trust accused a company in Delaware federal court of owing more than $33 million for a defaulted mortgage loan for a Wilmington, Delaware, property.
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April 17, 2024
4 Shocking Moments In Bankruptcy History
History is replete with bankruptcy filings that shocked the world due to their size, unexpectedness, criminal complications or final-nail-in-the-coffin quality — Lehman Brothers, FTX, Enron or even long-lost department store B. Altman & Co., for example. But what bankruptcy moments have most surprised practitioners? Below we recount four times when bankruptcy lawyers were taken aback by what they were witnessing.
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April 17, 2024
Kristen Bell's Baby Co. Proposes Ch. 11 Plan After $65M Sale
Unconditional Love Inc., the baby-product company founded by actress Kristen Bell that does business as Hello Bello, filed a Chapter 11 plan and disclosure statement in Delaware bankruptcy court following a $65 million sale of its assets.
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April 17, 2024
Missouri Moves To Block Biden's Student Loan Relief Plan
A Missouri-led state alliance wants a federal court to block further student loan relief planned by the Biden administration, claiming the president's lending forgiveness scheme will cost them hundreds of millions of dollars and is doomed to fail under U.S. Supreme Court precedent.
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April 17, 2024
Akerman Taps Longtime Fla. Partner As Bankruptcy Co-Chair
Akerman LLP has named a Fort Lauderdale, Florida, partner with nearly three decades and a long history of leadership at the firm to co-chair its bankruptcy and reorganization group.
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April 17, 2024
4th Circ. Affirms No Shield From IRS For Home In Bankruptcy
A North Carolina man who filed for bankruptcy protection and owes federal tax debt cannot shield the house he owns with his wife from the Internal Revenue Service, which is pursuing the asset as a creditor in the proceedings, the Fourth Circuit affirmed Wednesday.
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April 16, 2024
Retired Judge Carey Dies, Fraudster Charged, Diocese Bails
The bankruptcy bench in Delaware lost a well-respected colleague, retired Judge Kevin J. Carey, while federal court officials made good on efforts to root out fraud in the nation's bankruptcy courts, and a New York Catholic diocese moved to end its Chapter 11 case without a reorganization plan after abuse claimants roundly rejected its proposal.
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April 16, 2024
Canadian Trucking Biz Nears Consensus On US DIP Approval
At a hearing on Tuesday in Delaware bankruptcy court, Canadian trucking company Pride Group appeared to reach a consensus with certain creditors that will allow it to gain provisional approval of its debtor-in-possession facility that already received the go-ahead in Canadian court.
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April 16, 2024
Ex-Parler Owner Files For Ch. 11 With Over $10M Debt
The former owner of conservative-leaning Twitter alternative Parler filed for Chapter 11 protection in Delaware bankruptcy court Tuesday with more than $10 million in debt.
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April 16, 2024
Terraform Creditors Say All Clear To Hire Crypto Tracing Firm
The creditors committee for bankrupt cryptocurrency startup Terraform Labs Pte. Ltd. said on Tuesday it had resolved the only issues the U.S. Trustee's Office had with the committee's request to hire an investment bank to advise it on tracing cryptocurrency in Terraform's Chapter 11 case.
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April 16, 2024
Biotech Co. NanoString Seeks OK For Ch. 11 Plan Vote
Biotechnology company NanoString Technologies Inc. has asked a Delaware bankruptcy judge to send its Chapter 11 plan out for a creditor vote as it takes bids for its assets.
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April 16, 2024
Companies Wrongly Found Insolvent, Texas Court Rules
A Texas appeals court on Tuesday reversed a decision by a lower court that named two companies partially owned by a real estate developer that filed for bankruptcy as insolvent as well, saying a state court "abused its discretion" by putting the two entities in receivership.
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April 16, 2024
Bankrupt Breast Implant Co. Submits Ch. 11 Plan Disclosures
Bankrupt breast implant company Sientra Inc. has asked a Delaware bankruptcy court to approve the disclosure statement for its Chapter 11 reorganization plan, which provides for a wind-down of what is left of the company after $50.5 million worth of asset sales.
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April 15, 2024
Carey Remembered As Practical Judge With Great Demeanor
Former Delaware bankruptcy Judge Kevin J. Carey, who died Thursday at the age of 69, is remembered by colleagues as a respectful, practical judge who lawyers looked forward to appearing in front of in court.
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April 15, 2024
US Trustee Wants Biotech Eiger's Ch. 11 Booted From Texas
The U.S. Trustee's Office has asked a Texas bankruptcy judge to remove the Chapter 11 case of Eiger BioPharmaceuticals Inc. from the Lone Star State, saying the company cannot justify bringing it there.
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April 15, 2024
Humanigen Files Ch. 11 Plan Disclosures
Bankrupt biopharma company Humanigen Inc. has filed a proposed Chapter 11 plan and disclosure statement in Delaware court that calls for the payment in full of secured and priority claims, while general unsecured creditors owed a collective $44 million will receive up to 19% recoveries.
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April 15, 2024
Canadian Supplement Co.'s Sale Hits Ch. 15 Snag In Del.
A Delaware bankruptcy judge appeared skeptical Monday that an American judge can weigh in on a dispute over rights to Canadian assets, as counsel for a troubled nutritional supplement supplier based in Canada argued for U.S. recognition of a sale order from an insolvency court in its home country.
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April 15, 2024
NH Power Plant Co. Can Send Dual-Path Ch. 11 Plan To A Vote
The operator of a New Hampshire power plant fueled by scrap wood can seek creditors' approval of its Chapter 11 proposal, through which the debtor would either sell its assets or hand ownership of the reorganized business to lenders, a Delaware bankruptcy judge ruled Monday.
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April 15, 2024
BowFlex's $37.5M Ch. 11 Asset Sale Gets Green Light
A New Jersey bankruptcy judge on Monday approved fitness equipment maker BowFlex Inc.'s sale of assets to its stalking-horse bidder after canceling an auction, saying the company was accepting a fair offer.
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April 15, 2024
Dairy Co. Oberweis Hits Ch. 11 With Up To $50M In Debt
Oberweis, a popular Illinois-based ice cream and dairy producer run by a former Republican state senator, has hit Chapter 11, disclosing it has as much as $50 million in liabilities.
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April 15, 2024
Loeb & Loeb Bankruptcy Leader Joins Lowenstein Sandler
Lowenstein Sandler LLP announced Monday that the deputy chair of Loeb & Loeb LLP's bankruptcy and restructuring practice has joined its New York office as a partner.
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April 12, 2024
Bridal Designer Seeks Conversion Of JLM Couture To Ch. 7
A bridal dress designer engaged in litigation with bankrupt dressmaker JLM Couture asked a Delaware court Friday to convert the company's insolvency case to a Chapter 7 liquidation, saying the costs of that ongoing litigation will drain estate resources to the point it won't be able to pay for the bankruptcy case.
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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 11, 2024
Canadian Trucking Co. Needs More Time For US DIP Approval
At a hearing Thursday in Delaware bankruptcy court, Canadian trucking company Pride Group was unable to reach an agreement on provisional approval of its debtor-in-possession facility that received the go-ahead in Canadian court, as the U.S. Trustee warned of the expanding scope of Chapter 15 provisional relief hearings.