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Bankruptcy
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April 01, 2024
Bankrupt Coal Co.'s Affiliates Beat $6.5B Union Pension Suit
A bankrupt coal company's affiliates have dodged claims that they owe $6.5 billion to a union pension plan, with a Washington, D.C., federal judge holding that the plan's trustees lacked standing to sue under the Employee Retirement Income Security Act because one trustee wasn't properly appointed.
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April 01, 2024
Spinning For Terraform Was Tough, Crypto Rep Tells Jury
A California man who worked for Terraform Labs and creator Do Kwon told a Manhattan federal jury Monday that doing public relations for the now-bankrupt cryptocurrency startup accused of fraud left him "angry" and confused as he tried to be transparent.
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April 01, 2024
Inside The Global Ch. 11 Hunt For Ho Wan Kwok's Money
Chasing the assets of controversial businessman Ho Wan Kwok across dozens of jurisdictions worldwide isn't an impossible mission for the seasoned Chapter 11 trustee pursuing hundreds of clawback claims, but experts predict a formidable task awaits the Paul Hastings LLP partner thanks to a potentially hostile reception in foreign courts.
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April 01, 2024
Eiger BioPharmaceuticals Hits Ch. 11 With $53.1M Debt
Eiger BioPharmaceuticals Inc. filed for Chapter 11 protection in Texas bankruptcy court Monday with $53.1 million of debt and plans to sell its assets during the case.
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April 01, 2024
Canadian Trucking Co. Seeks US Bankruptcy Recognition
Canadian truck dealers the Pride Group on Monday asked a Delaware judge for U.S. recognition of the Canadian insolvency proceedings it began in the face of a more than $90 million claim from Mitsubishi over an alleged loan default.
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April 01, 2024
Chilean Telecom Operator WOM Hits Ch. 11 With $1B In Debt
WOM SA, one of the largest phone and internet providers in Chile, and five affiliates sought Chapter 11 protection in Delaware on Monday, listing over $1 billion in debt and saying credit downgrades, delays in a 5G network project and creditor liquidation attempts led it to bankruptcy.
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April 01, 2024
5G Co. Airspan Hits Ch. 11 With $205M Debt, Reorg Plan
5G hardware and software maker Airspan Networks filed for Chapter 11 protection Monday in a Delaware bankruptcy court with plans to trade its more than $205 million in funded debt for equity and raise up to $95 million in new equity financing.
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March 29, 2024
Judge Axes UpHealth's Claim Estimation Bid In Bankruptcy
A Delaware bankruptcy judge denied UpHealth Holdings Inc.'s request to treat a potential liability claim as worth nothing, saying the company hadn't shown that the bankruptcy case would be hindered if a state court was left to decide the claim's value.
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March 29, 2024
Giuliani Says He Could Be 'Homeless' If Florida Condo Is Sold
Rudy Giuliani said the official committee of unsecured creditors in his Chapter 11 case has overstepped its powers by asking a New York bankruptcy judge to force the sale of his Florida condo, a move that the former New York City mayor said could add him to "the ranks of the homeless."
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March 29, 2024
NY Bar Assoc. Building Owner Says Ch. 11 Filings Legit
The company that controls the historic New York County Lawyers Association Building in Manhattan has asked a New Jersey bankruptcy judge to reject a lender's motion to dismiss its Chapter 11 proceedings, asserting that the cases were not merely filed to halt a foreclosure sale.
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March 29, 2024
Up Next After Bankman-Fried Sentencing: FTX Cooperators
Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.
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March 29, 2024
Epiq Says Chubb Owes Costs In Clergy Abuse Data Leak Case
Epiq Corporate Restructuring LLC has sued Chubb-affiliated insurers in Connecticut federal court seeking to be reimbursed for $2.5 million in settlement costs and roughly $1.8 million for its defense of litigation over Epiq's disclosure of sex abuse survivors' names in a Chapter 11 case.
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March 28, 2024
FTX Investors To Settle With Ex-Execs, Crypto Promoters
Investors who launched a multidistrict litigation over cryptocurrency exchange FTX's collapse have reached a set of settlements with the former inner circle of founder Sam Bankman-Fried as well as seven promoters who, together, have agreed to pay over $1.3 million to resolve claims that they boosted a massive fraud scheme at the company.
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March 28, 2024
Judge Grants Request To Halt Camden Diocese Ch. 11 Plan
A New Jersey bankruptcy judge agreed Thursday to freeze the implementation of the Roman Catholic Diocese's Chapter 11 plan, saying he does not want any action of the diocese to try and moot an appeal by insurance carriers.
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March 28, 2024
Fruit Grower Cleared To Leave Ch. 11 With $43M Exit Loan
California stone fruit producer Prima Wawona is set to wind down its packing and distribution division, hand ownership of the reorganized company to creditors and leave bankruptcy after a Delaware bankruptcy judge agreed to approve its Chapter 11 plan Thursday.
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March 28, 2024
Faruqi & Faruqi Beats 5 Firms To Lead NewAge Investor Suit
A Colorado district judge has selected two clients of Faruqi & Faruqi LLP to lead an investor class action accusing the executives and directors of wellness company NewAge Inc. of securities fraud, saying the plaintiff with an even bigger financial interest is unfit for appointment because he hid his "troubling" background.
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March 28, 2024
Auto Parts Mogul Must Face Lender's $127M Trust Fraud Suit
An auto parts mogul must face allegations that he tampered with assets in a trust that owes hundreds of millions of dollars to a lending agent, a Michigan federal judge said this week after ruling the lender has plausibly alleged the mogul made fraudulent transfers to hinder the debt repayment.
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March 28, 2024
Rite Aid Says It Has Creditor Deal, Gets OK For Plan Vote
A New Jersey bankruptcy judge Thursday gave Rite Aid the go-ahead to send its Chapter 11 plan out for a creditor vote after hearing it has reached a $47.5 million deal with unsecured creditors and is close to a settlement on state and federal claims over drug sales.
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March 28, 2024
Pillsbury Ducks Malpractice Suit At 3rd Circ. Over Bankruptcy
A Third Circuit panel on Thursday shot down a bid from a group of hotel investors to sue Pillsbury Winthrop Shaw Pittman LLP for malpractice, finding a Delaware bankruptcy court was right in denying the request sought months after a Chapter 11 plan had been finalized.
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March 28, 2024
Ohio Justices Split On Attorney's Sanction For Hiding His Past
The Ohio Supreme Court has given a Cleveland attorney a six-month stayed suspension for omitting information in his application for a physician assistant license about multiple name changes and prior proceedings against him for having child pornography on his computer, which he had created via photo editing to demonstrate a point while serving as a defense expert.
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March 28, 2024
Bankruptcy Partner Joins Saul Ewing In LA From Danning Gill
Saul Ewing LLP has picked up a complex business bankruptcy, restructuring and insolvency partner for its Los Angeles office who spent much of his legal career with Danning Gill Israel & Krasnoff LLP.
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March 28, 2024
Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud
FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."
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March 27, 2024
Sedgwick Trustee's Valuation Of Firm Flawed, Judge Told
An accounting expert hired by two ex-partners fighting the Sedgwick LLP trustee's bid to claw back $1.1 million testified at the close of a three-day California bench trial Wednesday that the trustee expert's valuation analysis is "materially flawed" and took a "sledgehammer" to the law firm's book value.
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March 27, 2024
NC Commissioner Says Insurance Mogul's Argument 'Mistaken'
The North Carolina insurance commissioner asked the state's Supreme Court on Tuesday to allow him to give his take on a group of insurers' lawsuit against embattled mogul Greg Lindberg that alleges he pilfered the insurance companies as owner, saying if the court lets him submit an amicus brief he'll explain how Lindberg's main argument is "mistaken."
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March 27, 2024
BlockFi Wins Approval Of 'Tremendous' Deal With FTX
A New Jersey bankruptcy judge gave his blessing on Wednesday to a global settlement that ends disputes between fallen cryptocurrency giants BlockFi Inc. and FTX, saying the results were "tremendous."
Expert Analysis
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Ch. 11 Ruling Highlights 'Two-Step' Challenges In 4th Circ.
A North Carolina bankruptcy court’s recent ruling in Bestwall’s Chapter 11 case, and the decision's interpretation of Fourth Circuit law, suggests that, compared to other circuits, it may be more difficult to dismiss so-called Texas Two-Step bankruptcy cases within the Fourth Circuit, say Brittany Falabella and Kollin Bender at Hirschler Fleischer.
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3 Strategies For Aggressive Judgment Enforcement
As illustrated by the many creditors of Citgo Petroleum Corp. who may walk away empty-handed — despite the company's court-ordered sale — it is important to start investigating counterparty assets and planning for enforcement even before obtaining a judgment, says Brian Asher at Asher Research.
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Chancery's Sears Ruling Clarifies Stockholder Duties
In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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NY Guidelines Bring Clarity To Prepackaged Chapter 11 Cases
The Southern District of New York’s recently adopted guidelines provide bankruptcy practitioners guidance on practical matters pertaining to prepacks, and facilitate the use of prepacks as a tool that can greatly reduce the time, expense and risks of a Chapter 11 case, say Robert Drain and Moshe Jacob at Skadden.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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The Competing Goals Of Environmental And Bankruptcy Laws
Recent economic pressures combined with environmental liabilities have led to some of the largest bankruptcy filings in U.S. history, meaning debtors and creditors should be aware of the challenges, conflicts and uncertainties that arise at the intersection of these two legal fields, say Andrew Gallo and Duke McCall at Morgan Lewis.