Mid Cap
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April 18, 2024
Meet The Attorneys In Oberweis Dairy's Ch. 11
Attorneys from Adelman & Gettleman Ltd. are representing Oberweis Dairy, a popular Illinois-based ice cream and dairy producer, as it seeks to deal with nearly $22 million in debt with an asset sale in Chapter 11.
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April 18, 2024
5th Circ. Says Subchapter V Limits Apply To Businesses
The Fifth Circuit has ruled that corporations are subject to the same restrictions on what debts they can have discharged through Subchapter V of the Bankruptcy Code's Chapter 11 as individuals using the streamlined insolvency process, countermanding a bankruptcy court's finding that the limitations didn't apply to a janitorial services provider.
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April 18, 2024
Bank Wants To Exit Suit Over $100M Of Special Needs Trusts
American Momentum Bank has for the second time asked a Florida federal judge to let it get out of a lawsuit from the parents of a disabled child claiming it abetted a predatory scheme to misappropriate more than $100 million of special needs trust assets, saying the parents failed to show what role the bank played in the alleged misdeeds.
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April 18, 2024
Bankrupt Oberweis Dairy Receives $20M Stalking Horse Bid
Oberweis Dairy Inc. has received a $20 million stalking horse bid for its assets and hopes to attract other potential buyers, its attorneys said at a bankruptcy hearing Thursday in Chicago, where it also received interim approval of a $1 million debtor-in-possession loan from its senior prepetition lender.
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April 18, 2024
J. Singer Law Group Adds New Bankruptcy Of Counsel
J. Singer Law Group PLLC has announced it hired bankruptcy attorney Ira Reid as the firm's new of counsel who will focus on its Chapter 11 bankruptcy practice.
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April 18, 2024
Biotech Co. NanoString Lands $393M Bid At Ch. 11 Auction
Scientific instrument maker Bruker Corp. is set to acquire insolvent biotechnology company NanoString for roughly $393 million in cash that would be used to repay creditors under the debtor's recently proposed Chapter 11 plan, a notice filed in Delaware's bankruptcy court shows.
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April 17, 2024
Ga. High Court Urged To Broaden Atty Malpractice Time Limit
Counsel for an Atlanta restaurateur urged the Supreme Court of Georgia on Wednesday to revive a malpractice claim against his former lawyer by allowing for a more expansive statute of limitations when breach of contract claims enter the mix.
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April 17, 2024
Chancery Orders Invictus Fund Manager To Hand Over Docs
A distressed credit and special situations fund that has battled its general partner and investment manager for months to hand over key records and documents won a partial victory in Delaware's Court of Chancery Wednesday when a vice chancellor found "repeated interference" with the fund's rights to information.
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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.