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1st Circ. Backs Creditors Cut Offs In Involuntary Bankruptcies
The First Circuit recently upheld the dismissal of an involuntary bankruptcy, backing a Boston judge who set a deadline for creditors to join the petition, in a ruling that speaks to the pitfalls that can come with the powerful but seldom used creditor tool, experts told Law360.
What's Happening In Bankruptcy Court This Coming Week
Bankruptcy judges are scheduled for a potentially four-day confirmation hearing on the Chapter 11 plan of the U.S. arm of vodka maker Stoli, while also considering final approval of a $912.5 million financing package for canned foods giant Del Monte, a proposed $17.5 million sale of some of the brands of tile and stone seller Mosaic Cos., and perhaps a dismissal or conversion hearing in the Chapter 11 case of MOM CA Investco LLC, a company that developed a resort and other properties in California.
Under The Radar: Bankruptcy News You May Have Missed
A bitcoin miner said its early investors cannot file claims in its Chapter 11 that allege the company was mismanaged, arguing those claims belong to the debtor's estate. A Brazilian fiber network company objected to the novel plans of telecommunications group Oi to end its Chapter 15 recognition of ongoing overseas restructuring to file for Chapter 11 instead. And a group of tort claimants said Genesis Healthcare's debtor-in-possession loan and auction plans would hamper their ability to pursue wrongful death and personal injury litigation.
1st Circ. Backs Creditors Cut Offs In Involuntary Bankruptcies
The First Circuit recently upheld the dismissal of an involuntary bankruptcy, backing a Boston judge who set a deadline for creditors to join the petition, in a ruling that speaks to the pitfalls that can come with the powerful but seldom used creditor tool, experts told Law360.
What's Happening In Bankruptcy Court This Coming Week
Bankruptcy judges are scheduled for a potentially four-day confirmation hearing on the Chapter 11 plan of the U.S. arm of vodka maker Stoli, while also considering final approval of a $912.5 million financing package for canned foods giant Del Monte, a proposed $17.5 million sale of some of the brands of tile and stone seller Mosaic Cos., and perhaps a dismissal or conversion hearing in the Chapter 11 case of MOM CA Investco LLC, a company that developed a resort and other properties in California.
Under The Radar: Bankruptcy News You May Have Missed
A bitcoin miner said its early investors cannot file claims in its Chapter 11 that allege the company was mismanaged, arguing those claims belong to the debtor's estate. A Brazilian fiber network company objected to the novel plans of telecommunications group Oi to end its Chapter 15 recognition of ongoing overseas restructuring to file for Chapter 11 instead. And a group of tort claimants said Genesis Healthcare's debtor-in-possession loan and auction plans would hamper their ability to pursue wrongful death and personal injury litigation.
Expert Analysis
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In recent cases addressing redactions that parties sought to apply based on the relevance of information — as oppo... (more story)
Large Cap More
McDermott Will & Schulte, four other law firms and one consulting firm have agreed to settle, for an undisclosed amount and without formal litigation, clawback claims totaling $4.4 million by the Chapter 11 es... (more story)
A litigation administrator for defunct cryptocurrency firm Celsius Network has blasted a bid by Cadwalader Wickersham & Taft LLP to have its legal fees for representing Alex Mashinsky, a Celsius co-founder sen... (more story)
New information that has emerged since customers of the now-collapsed cryptocurrency trading platform FTX Trading Ltd. sued Fenwick & West LLP over the firm's alleged role in that collapse justifies updating t... (more story)
Terraform founder Do Kwon is on track to enter a guilty plea in his $40 billion criminal fraud case, a Manhattan federal judge said Monday, in an order that comes ahead of a scheduled 2026 trial and amid weeks... (more story)
The U.S. Department of Justice's bankruptcy watchdog and the Commonwealth of Massachusetts are appealing a Texas bankruptcy judge's approval of former hospital operator Steward Health's Chapter 11 liquidation plan.
The official committee of unsecured creditors in the Chapter 11 case of household furnishings retailer At Home Group objected to the company's proposed plan disclosure statement, saying it describes an unconfi... (more story)
Pharmacy chain Rite Aid has told a New Jersey bankruptcy judge it's selected Med One Pharmacy Inc. as the buyer of drugs in its inventory, customer information, leases and other assets, months after the compan... (more story)
A Louisiana bankruptcy judge on Friday gave the Roman Catholic Archdiocese of New Orleans permission to send its Chapter 11 plan out for a creditor vote and to hold a November confirmation hearing, but warned ... (more story)
The Consumer Financial Protection Bureau is considering formally scaling back the reach of its nonbank oversight, floating a series of early stage proposals that contemplate sharply reducing the number of firm... (more story)
Lithium-sulfur battery maker Lyten announced Thursday that it will buy bankrupt Swedish battery manufacturer Northvolt AB's factories in two countries and all its remaining intellectual property in a move that... (more story)
Mid Cap More
The secured lender to Stoli Group USA Monday asked a Texas bankruptcy judge to reject the vodka maker's proposed Chapter 11 plan, saying the company is trying to shortchange it by paying its debt in bourbon.
Nielsen Holdings Ltd. and consumer intelligence spinoff Nielsen Consumer IQ agreed to end their dispute, a sole investor asked the court to name him lead plaintiff in a suit challenging Endeavor's $13 billion ... (more story)
Truck rental business Fluid Market Inc. asked a Delaware bankruptcy judge to let it convert its case to a Chapter 7 liquidation after completing a sale in December and reaching a settlement with its creditors,... (more story)
A Florida federal judge is considering a request to ban the founder of Bang Energy from submitting any more paperwork without court permission after Monster Energy argued Monday that fake legal citations gener... (more story)
The U.S. Tax Court correctly found the IRS properly denied a Connecticut partnership's $22.7 million loss deduction because the underlying transactions, which involved a Brazilian company, were tantamount to a... (more story)
The Consumer Financial Protection Bureau is getting ready to file a complaint against bankrupt Synapse Financial Technologies on allegations it failed to properly keep track of consumer funds and left as much ... (more story)
A medical device distributor can't use an allowed claim from a former employee's Chapter 7 bankruptcy to win summary judgment in a long-running lawsuit, the Second Circuit ruled Friday.
Funk legend George Clinton has asked a Florida federal court to reject sanctions and lawsuit dismissal bids from music executive Armen Boladian, arguing that his copyright ownership complaint is not frivolous.
A Florida bankruptcy judge Friday approved an $11.75 million settlement of a long-standing adversary lawsuit over the sale of artifacts from the Titanic during the bankruptcy of a company that ran popular trav... (more story)
A Texas bankruptcy judge is allowing some incarcerated individuals to continue suing a company that was spun off from prison healthcare provider Tehum Care Services prior to its Chapter 11 filing, after findin... (more story)