Large Cap

  • 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.

  • 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.

  • February 28, 2024

    Major Amazon Seller Thrasio Enters Ch. 11 To Cut $500M Debt

    Thrasio Holdings Inc., a consumer goods company that is one of Amazon's largest third-party sellers, announced Wednesday that it entered Chapter 11 bankruptcy in New Jersey with the aim of cutting nearly $500 million in debt while bringing in more capital.

  • February 27, 2024

    Bankman-Fried Urges No More Than 6.5 Years For FTX Fraud

    FTX founder Sam Bankman-Fried asked a Manhattan federal judge late Tuesday for a sentence that releases him "promptly" after his conviction for stealing billions from customers of the now-collapsed crypto exchange, arguing that federal sentencing guidelines recommend no more than six-and-a-half years in prison.

  • February 27, 2024

    Ex-Girardi Keese Atty Settles With Actress Over Missing Cash

    An actress alleging that Erika Girardi's entertainment company helped her husband's now-defunct law firm, Girardi Keese, hide his clients' stolen money, including $744,000 stolen from her, finalized a $6,000 settlement with one of the firm's attorneys on Tuesday when a California judge signed off on the deal.

  • February 27, 2024

    Ch. 11 Trustee Says Bank Fraud-Tied Jewelry CEO Hid Assets

    The trustee for a bankrupt jewelry company allegedly tied to a $2 billion Indian bank fraud has filed a suit in New York bankruptcy court accusing the company's CEO of trying to hide a $7 million Manhattan apartment from creditors.

  • February 27, 2024

    Hospital Groups Allege Opioid Crisis Damaged Their Finances

    More than 20 hospitals and related companies have joined multidistrict litigation over the opioid epidemic, alleging in a massive new complaint that pharmacies, drug distributors and others contributed to a crisis that damaged hospitals' finances and strained their ability to help patients.

  • February 27, 2024

    Jackson Walker, Kirkland Again Sued Over Judge's Romance

    Jackson Walker and Kirkland & Ellis LLP have been hit with another lawsuit alleging they were aware of a former Texas bankruptcy judge's relationship with a onetime partner of the former firm and failed to disclose it during proceedings worth millions of dollars.

  • February 26, 2024

    Bally Sports Parent Gets OK For $495M Settlement, $450M DIP

    A Houston bankruptcy judge on Monday approved a $495 million settlement and a $450 million debtor-in-possession financing package for Bally Sports Network's parent company, loading the bases for the broadcaster to file a Chapter 11 plan in the coming weeks.

  • February 26, 2024

    Prosecutors Ask NC Justices To Enforce Ban On MV Realty

    Prosecutors told the North Carolina Supreme Court on Monday that MV Realty is trying to dodge the state's efforts to put it out of business, first with a bankruptcy filing and then by asking the court last week to overturn a decision blocking the company's operations in the state.

  • February 26, 2024

    H&M-Backed Fabric Recycler Files For Bankruptcy In Sweden

    Swedish textile recycler Renewcell AB has declared bankruptcy in Stockholm District Court, saying it hasn't been able to secure sufficient financing to complete a strategic review with satisfactory results.

  • February 26, 2024

    Yellow Corp. Gets Nod On New Procedures For Injury Claims

    Trucking company Yellow Corp. will use its insurance policies to deal with only certain claims from people alleging they were injured by its vehicles under new procedures a Delaware bankruptcy judge approved Monday, after the debtor resolved objections from parties who said its earlier plans would have violated their rights.

  • February 26, 2024

    Kirkland Nabs $14.6M Payout For Cyxtera's Ch. 11

    A New Jersey bankruptcy judge on Monday approved $43.8 million in final fee and expense applications for professionals involved in Cyxtera Technologies Inc.'s Chapter 11 case, with almost half the money going to an investment banking firm and roughly $15 million to Kirkland & Ellis LLP.

  • February 23, 2024

    US Trustee Objects To Rite Aid Disclosure Statement

    The U.S. Trustee's Office has flagged what it called "objectionable" proposals from Rite Aid to hold post-confirmation votes on some Chapter 11 plan releases, as well as shortening senior secured voting and preemptively deeming unsecured creditors as detractors.

  • February 23, 2024

    FTX Settles $324M Ch. 11 Suit Over European Deal For $33M

    Bankrupt cryptocurrency exchange FTX Trading Ltd. has asked a Delaware court to approve a plan to resolve a $323.5 million clawback action aimed at the co-founders of its European unit by selling the subsidiary back to the executives for $32.7 million.

  • February 23, 2024

    Eye Care Tech Co. Gets Go-Ahead For April Sale In Ch. 11

    A Texas bankruptcy judge said Friday she will approve sale procedures that will put a troubled optometry software maker on the block in April, after the debtor said it will give creditors a few more days to respond if it decides to name a stalking horse bidder.

  • February 22, 2024

    Crypto Co. DGC Blasts NY AG Settlement With Genesis Global

    The parent company of Genesis Global Holdco slammed a proposed settlement between the bankrupt lender and the New York attorney general on Wednesday, calling the agreement an attempt to "rig" the Chapter 11 plan confirmation to include larger payouts for certain creditors.

  • February 22, 2024

    US Can't Appeal Order To Give Avenatti's Tax Info To Trustee

    A California federal judge declined Wednesday to allow the U.S. to appeal a bankruptcy court's decision ordering Michael Avenatti's tax returns to be released to the trustee overseeing the estate of Eagan Avenatti LLP's bankruptcy, finding the decision to be unappealable, and Avenatti himself hasn't objected to the disclosure.

  • February 22, 2024

    Kwok Owed Records About CCP Targeting, Judge Says

    A New York federal judge ordered the Justice Department to hand over evidence it possessed of the Chinese Communist Party's targeting of bankrupt and jailed Chinese exile Ho Wan Kwok, but didn't require the government to hand over other evidence sought by Kwok about Chinese government targeting of his alleged victims.

  • February 22, 2024

    FTX Can Cash Out $500M Investment In AI Biz To Fund Ch. 11

    Insolvent cryptocurrency exchange FTX Trading Ltd. received a Delaware bankruptcy judge's approval Thursday to sell off its equity stake in an artificial intelligence technology company launched by former members of OpenAI that FTX purchased for $500 million in 2021.

  • February 22, 2024

    Yellow Corp. Landlord Says Time's Up For Ch. 11 Lease Sales

    A landlord of Yellow Corp. has asked a Delaware bankruptcy judge to reject the insolvent trucking company's request for two more years to find buyers for its remaining truck terminal leases, arguing it already had sufficient time to solicit bidders and must decide now whether to accept or reject the rental agreements.

  • February 22, 2024

    Full Supreme Court Won't Halt Boy Scouts' Ch. 11 Plan

    The full U.S. Supreme Court on Thursday shot down an appeal that had prompted Justice Samuel Alito to briefly halt the Boy Scouts of America's bankruptcy and had thrown its Chapter 11 plan into temporary disarray.

  • February 21, 2024

    NY Judges Question Lehman's Bid To Undo CDS Trial Loss

    A panel of New York appeals court judges on Wednesday appeared reluctant to undo a bench trial loss Lehman Bros.' bankrupt European unit suffered last year in a suit attempting to clawback nearly half a billion dollars from Assured Guaranty over alleged losses on credit default swaps tied to the 2008 financial crisis.

  • February 21, 2024

    Genesis Creditors Seek At Least $45M Out Of Ch. 11 Plan

    Two of Genesis Global's prepetition lenders have asked a New York bankruptcy court to guarantee they'll receive a minimum of $45 million for their claims should the cryptocurrency lender enact a Chapter 11 plan, saying that at present, they might not be repaid until after resolving a complex dispute over fees.

  • February 21, 2024

    5th Circ. Affirms Subrogation Loss In Fieldwood Energy Sale

    The Fifth Circuit has ruled that a group of insurers that issued surety bonds to bankrupt Fieldwood Energy in a sale of its assets are not entitled to subrogation rights because the bankruptcy court's order stripping their rights could not be challenged under Section 363 of the Bankruptcy Code, a protection that limits appellate review of an approved sale.

Expert Analysis

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • Del. Ruling Shows Tension Between 363 Sale And Labor Law

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    The Delaware federal court's ruling in the Braeburn Alloy Steel case highlights the often overlooked collision between an unstayed order authorizing an asset sale free and clear of successor liability under Section 363 of the Bankruptcy Code and federal labor law imposing successor liability on the buyer, say attorneys at Proskauer.

  • How Clients May Use AI To Monitor Attorneys

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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • Del. Insurance Co. Liquidation Reveals Recovery Strategies

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    Arrowood's recent liquidation in the Delaware Chancery Court offers a positive development for policyholders and claimants, providing access to guaranty association protections amid the company's demise, say Timothy Law and Ann Kramer at Reed Smith.

  • The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

  • Navigating Asset Tracing Challenges In Bankruptcy

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    A Virginia court’s recent ruling in Health Diagnostic Laboratory Inc.'s bankruptcy highlights the heightened demand for asset tracing and the strategic use of the lowest intermediate balance rule in recovering funds from commingled accounts, says Daniel Lowenthal at Patterson Belknap.

  • Lender Agreements And Unitranche Facilities: A Fresh Look

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    Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.

  • What Banks Should Know About FDIC Assessment Rule

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    Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

  • Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • Bankruptcy Must Be On The Table As A Student Loan Solution

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    Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.

  • Breaking Down High Court's New Code Of Conduct

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    The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.

  • Rockport Ch. 11 Highlights Global Settlement Considerations

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    A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.

  • How Purdue High Court Case Will Shape Ch. 11 Mass Injury

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    The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.