Try our Advanced Search for more refined results
Bankruptcy
-
May 21, 2025
'Tough Luck' Case Law Cited In Refusal To Stop Summons
An Illinois federal judge on Tuesday grudgingly declined to issue an injunction to stop an arbitrator from dragging insurance broker Arthur J. Gallagher & Co. into arbitration stemming from the bankruptcy of Cooks Venture, a startup that specialized in the production and processing of pasture-raised, slow-growth chickens.
-
May 21, 2025
Conn. Diocese Ch. 11 Plan Approved With $31M Abuse Fund
A Connecticut bankruptcy judge on Wednesday approved the Chapter 11 plan of the Norwich Roman Catholic Diocese, clearing the way for survivors of childhood sexual abuse at the hands of priests and religious brothers to be compensated through a $31 million settlement fund.
-
May 21, 2025
Chancery Orders Nominating Do-Over For Ionic Board Vote
Citing overwhelming trial evidence, a Delaware vice chancellor on Wednesday told bankrupt Celsius Network's Ionic Digital successor to reopen a board nomination window after finding that the company wrongly eliminated one of two director seats ahead of an election in a defensive move targeting dissident candidates.
-
May 21, 2025
Vegan Restaurant Chain Planta To Tap $1.75M In DIP Funding
A Delaware bankruptcy judge Wednesday agreed to approve bankrupt vegan restaurant chain Planta's bid to access $1.75 million of its $3.5 million debtor-in-possession financing package, saying it needs funding to continue its efforts toward a sale.
-
May 21, 2025
SC Justices Affirm Receivership Order In Asbestos Dispute
The South Carolina Supreme Court on Wednesday unanimously upheld a trial court's decision to appoint a receiver over a Canadian company's insurance assets as part of discovery sanctions in an asbestos injury lawsuit, despite the company's contention it possesses no property in the state.
-
May 21, 2025
Rite Aid Cleared To Sell Pharmacy Assets To CVS, Others
A New Jersey bankruptcy judge Wednesday gave drugstore chain Rite Aid the go-ahead to transfer millions of prescriptions and dozens of stores to CVS, Walgreens and other pharmacy businesses in Chapter 11 transactions.
-
May 21, 2025
Ex-Atty's Cooperation Deal OK'd In Calif. Debt Firm's Ch. 11
A California bankruptcy judge on Wednesday approved a deal allowing a disbarred attorney accused of operating a fraudulent debt relief law firm to admit wrongdoing and provide information about the firm's collapse to a court-appointed trustee in an effort to recoup money for creditors.
-
May 21, 2025
Sheppard Mullin Lands Alston & Bird, Dechert Attys
Sheppard Mullin Richter & Hampton LLP has brought on a former Alston & Bird LLP partner in its Dallas office and a former Dechert LLP partner in its San Francisco office, strengthening the firm's finance and bankruptcy practice and business trial practice.
-
May 21, 2025
50 Cent Wants Ch. 11 Reopened To Fight Woman's $20M Suit
A Connecticut bankruptcy judge will review under seal a woman's $20 million New York injury suit against recording artist 50 Cent during an agreed-upon pause in the state court proceeding, helping her decide whether the rapper can use his Chapter 11 case to torpedo the woman's claims.
-
May 20, 2025
Crypto Co. Genesis Sues Parent Co. Over $1.2B In Transfers
Genesis Global Capital, a crypto lender that filed for bankruptcy in 2023, is now suing its parent company in bankruptcy court, seeking to recover more than $1.2 billion that the lender says was transferred to insiders while the company was insolvent and headed for Chapter 11.
-
May 20, 2025
Creditors Win Fight Against Insider Releases In Azzur Ch. 11
A Delaware bankruptcy judge on Tuesday sustained an objection to insider releases in the Chapter 11 liquidation plan of Azzur Group, finding the pharmaceutical services company had not justified the releases for prepetition conduct of current and former officers, directors, and equity holders.
-
May 20, 2025
Franchise Group Says Ch. 11 Plan Cuts $1.5B In Debt
Bankrupt retail franchise owner and operator Franchise Group Inc. told a Delaware judge on Tuesday that its proposed Chapter 11 plan would slash $1.5 billion from its balance sheet while positioning the business to emerge with 1,700 retail locations intact.
-
May 20, 2025
Jailed Investor Puts Portfolio In Ch. 11 Ahead Of NY Auction
A group of companies owned by a real estate investor jailed last month for his role in a scheme defrauding Fannie Mae has filed for bankruptcy protection in New Jersey on a portfolio carrying at least $100 million in both assets and debt, ahead of a sheriff's sale in New York set for Tuesday.
-
May 20, 2025
Nursing Homes Facing 'Corporate Death Penalty' Owe $15.4M
The companies behind two Pittsburgh-area nursing homes convicted of falsifying staffing records were ordered Tuesday to pay a total of $15.35 million in restitution to the federal government, though the corporations' attorney told the judge that they had already received a "corporate death penalty" for their conviction.
-
May 19, 2025
Carrier's Kidde-Fenwal Ch. 11 Deal Barred By Purdue, AGs Say
Connecticut and other states Monday objected to Carrier Global Corp.'s proposed $540 million deal releasing it from "forever chemicals" litigation liability through its ownership of bankrupt firefighting foam manufacturer Kidde-Fenwal Inc., saying the U.S. Supreme Court shot down a similar deal in drugmaker Purdue Pharma LP's bankruptcy case.
-
May 19, 2025
Binance Calls FTX Ch. 11 Clawback Suit 'Legally Deficient'
Binance has asked a Delaware bankruptcy judge to dismiss FTX's lawsuit seeking to recover $1.76 billion that was transferred to Binance, accusing the estate of FTX of trying to "shift the blame" for that company's November 2022 collapse.
-
May 19, 2025
Irish Developer Inks $1.9M Deal With Ex Amid Conn. Ch. 7
The Chapter 7 trustee for Irish real estate developer Sean Dunne has agreed to settle for $1.9 million prepetition bankruptcy claims by Jennifer Coyle, a woman who said she was Dunne's first wife, capping what was originally a €3.6 million ($4.1 million) series of claims.
-
May 19, 2025
Biotech Services Company Files Ch. 11 With $60M In Debt
Contracted biotechnology research company AmplifyBio filed for Chapter 11 protection late Friday in Ohio bankruptcy court listing about $60 million in debt, saying it intends to sell its assets after failing to realize sufficient revenue to support its capital-intensive operations.
-
May 19, 2025
'50 Cent' Liquor Biz Eyes Ex-Boss's Conn. Home For $7M Debt
Famed rapper Curtis '50 Cent' Jackson's liquor company asked a Connecticut bankruptcy court to let the business enforce its lien on its former brand manager Mitchell Green's $1 million home in Westport to help satisfy a $7 million fraud judgment, arguing that the lien will not disrupt Green's Chapter 7 proceedings.
-
May 19, 2025
Wachtell-Led Regeneron To Buy 23andMe, Gaining User Data
Regeneron Pharmaceuticals said Monday it emerged as the winning bidder for 23andMe, agreeing to pay $256 million to scoop the once high-flying consumer genomics firm out of bankruptcy while pledging to uphold strict privacy standards.
-
May 19, 2025
Proskauer Adds Another M&A Atty In NYC From Ropes & Gray
Proskauer Rose LLP announced Monday that it has brought another Ropes & Gray LLP attorney specializing in distressed mergers and acquisitions to its New York office.
-
May 19, 2025
Manhattan Private School Files Ch. 11 On Verge Of Closure
Not-for-profit New York City private school Manhattan Country School has filed for Chapter 11 protection in a New York bankruptcy court with more than $27.4 million in debt, saying it's insolvent and on the verge of closing its doors.
-
May 16, 2025
Real Estate Recap: Gold Card, Hospitality, Revolving Door
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including attorney insights into the "Gold Card" visa program, the hospitality sector's reaction to tariffs, and the path from in-house attorney to private practice.
-
May 16, 2025
Bank Balks At Nostrum Ch. 11 Sale Over Drug Disposal Issue
Waterford Bank NA has objected to New Jersey drugmaker Nostrum Laboratories Inc.'s plan to sell an Ohio property, saying the bank doesn't want to be left to pay for the disposal of large quantities of controlled substances left at the site, an issue the parties are now negotiating ahead of a hearing next week.
-
May 16, 2025
Oregon Distillery Seeks Ch. 11 Loan To Reassure Vendors
Citing an emergency need for a shot of cash, an insolvent Oregon whiskey distiller sought a Delaware bankruptcy judge's approval for an up-to $1.55 million Chapter 11 loan in part to assure vendors that it will continue business through its reorganization and after exit.
Expert Analysis
-
Perfecting Security Interests In Renewable Energy Tax Credits
The ability to transfer renewable energy tax credits has created new opportunities for developers, investors and lenders, but it also raises important questions regarding when and how the security interests in these credits are perfected — questions that must be answered definitively to protect credit claims and transactions, says Harry Teichman at Stinson.
-
Firms Still Have Lateral Market Advantage, But Risks Persist
Partner and associate mobility data from the fourth quarter of 2024 shows that we’re in a new, stable era of lateral hiring where firms have the edge, but leaders should proceed cautiously, looking beyond expected revenue and compensation analyses for potential risks, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
-
Opinion
We Must Allow Judges To Use Their Independent Judgment
As two recent cases show, the ability of judges to access their independent judgment crucially enables courts to exercise the discretion needed to reach the right outcome based on the unique facts within the law, says John Siffert at Lankler Siffert & Wohl.
-
What To Know About NAIC's Risk-Based Capital Task Force
Attorneys at Debevoise outline key details of the Risk-Based Capital Model Governance Task Force, which was recently launched by the National Association of Insurance Commissioners, including the task force's objectives, and potential implications for insurers and their investment strategies.
-
Series
Performing Stand-Up Comedy Makes Me A Better Lawyer
Whether I’m delivering a punchline on stage or a closing argument in court, balancing stand-up comedy performances and my legal career has demonstrated that the keys to success in both endeavors include reading the room, landing the right timing and making an impact, says attorney Rebecca Palmer.
-
3 Del. Bankruptcy Cases Highlight US Trustee Objections
As three recent Delaware bankruptcy cases show, debtors who seek approval of a stalking horse bid protections agreement should be prepared for the U.S. Trustee Office's objections, including if the proposed classification for the bid protections is a superpriority administrative expense claim, says Kyle Arendsen at Squire Patton.
-
Series
Adapting To Private Practice: From SEC To BigLaw
As I adjusted to the multifaceted workflow of a BigLaw firm after leaving the U.S. Securities and Exchange Commission, working side by side with new colleagues on complex matters proved the fastest way to build a deep rapport and demonstrate my value, says Jennifer Lee at Jenner & Block.
-
Making The Case For Rest In The Legal Profession
For too long, a culture of overwork has plagued the legal profession, but research shows that attorneys need rest to perform optimally and sustainably, so legal organizations and individuals must implement strategies that allow for restoration, says Marissa Alert at MDA Wellness, Carol Ross-Burnett at CRB Global, and Denise Robinson at The Still Center.
-
4 Ways Women Attorneys Can Build A Legal Legacy
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help leave a lasting impact for future generations, even if it means mentoring one person or taking 10 minutes to make a plan, says Jackie Prester, a former shareholder at Baker Donelson.
-
A Judge's Pointers For Adding Spice To Dry Legal Writing
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.
-
Lessons Learned From SAS' Flight Through Chapter 11
Scandinavia's SAS is the first European airline to find its wings through the U.S. Chapter 11 process since COVID-19 rocked the aviation industry — and while the process involved some familiar steps, certain complex jurisdictional issues and non-U.S. stakeholders required the carrier to venture into uncharted airspace, says Emily Hong at Norton Rose.
-
Bankruptcy Ruling Provides Guidance On 363 Asset Sales
HE v. Avadim Holdings, a recent ruling from the District of Delaware, underscores the principle that rejection of executory contracts does not unwind completed transfers of property and the importance of clear and precise language in sale orders and asset purchase agreements in bankruptcy cases, say attorneys at Eversheds Sutherland.
-
A Look At The Student Loan Case Pending At Supreme Court
The Trump administration is likely to drop the U.S. Supreme Court case of U.S. Department of Education v. Career Colleges and Schools of Texas after its review of the 2022 borrower defense to repayment rule, but any outcome will be significant for institutions participating in programs covered by Title IV of the Higher Education Act, say attorneys at Duane Morris.
-
7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from Practical Guidance
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
-
Series
Playing Beach Volleyball Makes Me A Better Lawyer
My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.