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Bankruptcy
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February 20, 2024
Judge Spikes Ebix Investors' Bid For Ch. 11 Equity Committee
A Texas bankruptcy judge declined Tuesday to take the rare step of ordering the appointment of an equity committee to act on behalf of a group of shareholders in Ebix Inc.'s Chapter 11 case, ruling that the investors will be adequately represented without one.
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February 20, 2024
US Trustee Wants Sorrento Ch. 11 Tossed Or Relocated
The U.S. Trustee's Office has moved to have Sorrento Therapeutics' Chapter 11 case dismissed, alleging the biopharmaceutical company manufactured a venue in Texas bankruptcy court, even as the debtor asked for court approval to sell off its assets to its CEO under a revised reorganization plan.
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February 20, 2024
Ex-BigLaw Atty Avoids Prison For Ch. 11 Lies
A former BigLaw partner on Tuesday was spared any prison time for lying to a New York bankruptcy court in his 2022 personal Chapter 11 case, in an attempt to shield his assets from creditors.
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February 20, 2024
Audacy Ch. 11 Plan Reducing Debt By $1.6B Confirmed
Radio station operator Audacy Inc. received approval on Tuesday for its prepackaged Chapter 11 bankruptcy plan, allowing it to convert about $1.6 billion of debt to equity and emerge from bankruptcy following approval from the Federal Communications Commission.
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February 20, 2024
Almond Farmer Hits Ch. 11 With $188M Debt, Sale Plans
An almond ranch operator in California and 18 of its affiliates have petitioned for Chapter 11 protection, laying out plans to use $30 million in debtor-in-possession financing to maintain operations while looking to shed some or all of its properties to pay off $188 million in debt.
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February 20, 2024
US Trustee Says Coffee Co. Can't Redact Execs' Names
The U.S. Trustee's Office asked a New York bankruptcy judge to reject a request by Mercon Coffee Group to expunge the names of its senior managers, directors and owners from its Chapter 11 filings, saying this is basic information the public has the right to know.
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February 20, 2024
Hess Corp. Oil Refinery Unit Gets OK For Ch. 11 Plan
Oil and gas company Hess Corp.'s bankrupt oil refinery unit HONX Inc. received confirmation of its Chapter 11 reorganization plan that would allow it to pay $105 million to injury claimants who they say were affected by the company's asbestos exposure.
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February 20, 2024
Insurer Says BlockFi Premium Suit Violates Ch. 11 Plan
A directors and officers insurance carrier for bankrupt cryptocurrency lender BlockFi is seeking to remove a lawsuit attempting to claw back $22.5 million in premiums from New Jersey state court to bankruptcy court, saying the debtor is violating the order confirming its Chapter 11 plan.
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February 20, 2024
Sullivan & Cromwell Accused Of Aiding FTX Fraud
Sullivan & Cromwell LLP has been accused of knowing about and helping facilitate the massive fraud that brought down cryptocurrency exchange FTX while serving as FTX's outside counsel, and profiting on the back end by overseeing FTX's ongoing bankruptcy, according to a racketeering lawsuit filed last week.
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February 20, 2024
Girardi Keese Trustee Recovers $1.8M In Fees For Exide Case
A U.S. bankruptcy judge on Tuesday approved an agreement between the Girardi Keese bankruptcy trustee, a former attorney for the firm and the Mandell Law Firm to end an adversary proceeding connected to $1.8 million in attorney fees from a lawsuit over the toxic Exide battery plant in Vernon, California.
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February 20, 2024
Paul Hastings, Others Seek $9.9M In Kwok Ch. 11 Case Fees
Paul Hastings LLP and six other law firms and professional services organizations have filed applications seeking more than $9.9 million in fees and expenses in the global Chapter 11 saga of Chinese exile Ho Wan Kwok, leaving the cost of the two-year-old case at well more than $30 million.
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February 20, 2024
Selendy Gay Taps Paul Weiss Bankruptcy Litigation Pro
New York commercial litigation firm Selendy Gay PLLC announced Tuesday it will be welcoming a longtime Paul Weiss partner with extensive bankruptcy and restructuring experience as its latest partner, effective Monday.
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February 20, 2024
Boomerang In Default For Silence On $7M Del. Contract Suit
A defunct steel tube plant that failed to respond to a Delaware Chancery Court lawsuit seeking $7.35 million for unpaid invoices was found in default Tuesday after failing to appear in court for more than a year and a half.
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February 20, 2024
Windels Marx Atty Joins Seyfarth's New Restructuring Team
About a month after Seyfarth Shaw LLP launched its restructuring and insolvency practice with two Bryan Cave Leighton Paisner LLP partners, the firm announced Tuesday that it had added another attorney from Windels Marx Lane & Mittendorf LLP.
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February 16, 2024
Giuliani's Retrial Bid Stuck In Fight Over Representation
Rudy Giuliani has still not sought a new trial in his $148 million defamation case, even though a New York bankruptcy judge said nearly a month ago that he would sign off on the request, as his case has become mired in spats over disclosures and who will pay for the former mayor's special counsel.
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February 16, 2024
Ex-Yellow Corp. Workers Push WARN Class Cert In Ch. 11
Former employees of trucking firm Yellow Corp. told a Delaware bankruptcy court that recognizing them as a class is the best way to handle their claim that the bankrupt company didn't give them adequate warning of layoffs.
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February 16, 2024
French Retail Co. Casino Group Files For Ch. 15 Recognition
French retail conglomerate Casino Guichard-Perrachon SA filed for Chapter 15 bankruptcy in New York, seeking recognition of a French insolvency proceeding designed to slash more than €1.5 billion ($1.6 billion) from its debt sheet.
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February 16, 2024
Kwok Trustee Files RICO Claims As Judge Extends Deadlines
Alleging bankruptcy fraud, money laundering and other claims, the Chapter 11 trustee overseeing the $374 million bankruptcy of Chinese exile Ho Wan Kwok has filed a civil Racketeer Influenced and Corrupt Organizations complaint against Kwok's relatives, his onetime attorney and others, including two companies connected to Donald Trump aides.
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February 16, 2024
No Coverage For Conn. Firm's Malpractice Fight, Insurer Says
The law firm Evans & Lewis LLC and partner Douglas J. Lewis should lose a breach of contract suit against their malpractice carrier because they were already in the early stages of battling a professional misconduct claim when the relevant policy went into effect, the insurer told the Connecticut Superior Court in seeking summary judgment.
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February 16, 2024
Fruit Grower Gets OK For $11M DIP Draw After Lender Deal
Bankrupt fruit producer Prima Wawona received interim approval Friday for an $11 million draw on its $22 million in Chapter 11 financing after saying it had reached a deal with objecting lenders on the financing and was working on a deal for its overall bankruptcy plan.
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February 16, 2024
Supreme Court Pauses Boy Scouts Ch. 11 Plan
The U.S. Supreme Court temporarily paused the Boy Scouts of America's Chapter 11 bankruptcy on Friday amid a dispute over nonconsensual, third-party liability waivers included in its reorganization plan, prompting the $2.5 billion trust that is compensating victims of childhood sexual abuse to suspend operations.
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February 16, 2024
Firms Connected To 1MDB Scandal Seek Ch. 15 In US
Liquidators overseeing the bankruptcies of five alleged shell companies that they say received an estimated $1.5 billion from 1Malaysia Development Bhd., a Malaysian government-owned fund at the heart of an international corruption scandal, asked a Florida bankruptcy court to grant Chapter 15 recognition of their British Virgin Islands liquidations.
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February 15, 2024
NRA Accuses NY AG Of Political Bias As Trial Closes
Lawyers for the National Rifle Association and its former CEO Wayne LaPierre accused New York Attorney General Letitia James of political bias in their final trial arguments Thursday, while a government attorney said this "witch hunt" defense is merely a distraction from the gun group's misuse of charitable assets.
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February 15, 2024
Instant Brands May Have Rights Against Supplier, Judge Says
A Texas bankruptcy judge issued a tentative ruling that could favor appliance and housewares maker Instant Brands in its dispute with a supplier objecting to the Chapter 11 plan's treatment of indemnification claims.
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February 15, 2024
Invitae Can Use Cash Collateral For Speedy Ch. 11
Bankrupt genetic testing company Invitae Corp. on Thursday got the approval of a New Jersey bankruptcy court for routine first-day motions as it moves toward a planned April auction of its assets.
Expert Analysis
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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.
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Bankruptcy Ruling Guides Secured Lenders On Proxy Rights
The Delaware bankruptcy court’s recent ruling in the case of CII Parent is an example of how a secured lender can utilize proxy rights to affect a borrower's ability to use bankruptcy as a protective tool against lender action, say David Wender and Nathaniel DeLoatch at Eversheds Sutherland.
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Opinion
Time For Law Schools To Rethink Unsung Role Of Adjuncts
As law schools prepare for the fall 2023 semester, administrators should reevaluate the role of the underappreciated, indispensable adjunct, and consider 16 concrete actions to improve the adjuncts' teaching experience, overall happiness and feeling of belonging, say T. Markus Funk at Perkins Coie, Andrew Boutros at Dechert and Eugene Volokh at UCLA.
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Ch. 13 Ruling Issues Warning To Mortgage Servicers
The Ninth Circuit Bankruptcy Appellate Panel’s recent ruling in Orlansky, which held that the mortgage servicer violated the automatic stay in its post-petition communication to debtors, suggests that circuit bankruptcy courts may more closely scrutinize how certain fees are presented in monthly statements, say Justin Paget and Jennifer Wuebker at Hunton.
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Good Faith Buyer Lessons From 5th Circ. Bankruptcy Ruling
The Fifth Circuit’s recent ruling in Palm Springs II, affirming the sale of property to a senior lender, is notable for its guidance on Section 363(m), including the ability of a senior lender to remain a good faith purchaser despite squeezing out a junior lender, says Shane Ramsey at Nelson Mullins.
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Tips For In-House Legal Leaders In A Challenging Economy
Amid today's economic and geopolitical uncertainty, in-house legal teams are running lean and facing increased scrutiny and unique issues, but can step up and find innovative ways to manage outcomes and capitalize on good business opportunities, says Tim Parilla at LinkSquares.
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How Cities Can Tackle Post-Pandemic Budgeting Dilemmas
Due to increasing office vacancies around the country, cities may consider politically unpopular actions to avoid bankruptcy, but they could also look to the capital markets to ride out the current real estate crisis and achieve debt service savings to help balance their budgets, say attorneys at Cadwalader.
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What Associates Need To Know Before Switching Law Firms
Excerpt from Practical Guidance
The days of staying at the same firm for the duration of one's career are mostly a thing of the past as lateral moves by lawyers are commonplace, but there are several obstacles that associates should consider before making a move, say attorneys at HWG.
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Amid Recent Wins, SEC Crypto Authority Is Strong — For Now
With a win against LBRY, an upcoming decision in litigation with Ripple Labs and a newly filed case against Bittrex, it's clear the U.S. Securities and Exchange Commission is utilizing the Howey test to go after the crypto industry, but Congress may place regulatory authority in the hands of a body other than the SEC, say Samuel Licker and Liza Kirillova at Michelman & Robinson.
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A Case For Sharing Mediation Statements With Counterparties
In light of a potential growing mediation trend of only submitting statements to the mediator, litigants should think critically about the pros and cons of exchanging statements with opposing parties as it could boost the chances of reaching a settlement, says Arthur Eidelhoch at Eidelhoch Mediation.
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Tackling Long-Tail Legacy Liability Risk: A Defendant's Toolkit
Johnson & Johnson was recently rebuffed in its efforts to employ the "Texas Two-Step," which is likely to affect this increasingly popular method to isolate and spin off large asbestos and talc liabilities, but companies have multiple options to reduce long-tail legacy liability risk, says Stephen Hoke at Hoke LLC.
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Colo. Bankruptcy Ruling Clarifies Debt Collection Rules
The Colorado Supreme Court’s recent ruling in U.S. Bank v. Silvernagel provides necessary clarification on the state's debt collection statute of limitations commencement rules and gives lenders breathing room to pursue foreclosure after their borrowers receive a bankruptcy discharge, say Erin Edwards and Justin Balser at Troutman Pepper.
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Preparing For Legal Scrutiny Of Data Retention Policies
Two recent cases involving Google and Meta should serve as a call to action for companies to ensure their data retention policies are updated and properly implemented to the degree of being able to withstand judicial scrutiny, especially as more data is generated by emerging technologies, say Jack Kallus and Labeed Choudhry at Kaufman Dolowich.