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Bankruptcy
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March 06, 2024
Del. Judge Asks If Byju's Ch. 11 Clawback Bid Is A Legal Claim
A Delaware bankruptcy judge asked for more briefing on a temporary restraining order demand by the U.S. arm of Indian tech giant Byju's Wednesday, saying he wasn't sure he had the authority to issue such an order in the debtor's $533 million clawback action because Byju's is seeking the return of cash assets.
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March 06, 2024
Judge Rejects Equity Challenge To Virgin Orbit Ch. 11
A Delaware bankruptcy judge on Wednesday told Virgin Orbit LLC shareholders that she wouldn't retract confirmation of the satellite launch company's Chapter 11 liquidation plan, because Virgin Orbit appropriately sought approval even if the scheme left equity holders without hope of recoveries.
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March 06, 2024
Kwok Trustee Asks For Ch. 11 Pause During NY Criminal Trial
The Chapter 11 trustee overseeing the $374 million case of Chinese exile Ho Wan Kwok has urged a Connecticut bankruptcy judge to pause a racketeering suit and roughly 270 avoidance actions, saying the stay would lighten the court's administrative burden while also allowing Kwok to face trial in New York.
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March 06, 2024
Genesis Parent Co. Says NY Fraud Suit Is 'Baseless Innuendo'
Crypto conglomerate Digital Currency Group Inc. and its CEO told a New York trial court on Wednesday that the state attorney general's claims that it defrauded customers out of more than $3 billion are "a thin web of baseless innuendo, blatant mischaracterizations and unsupported conclusory statements" that should be permanently tossed.
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March 06, 2024
'Joker' Producer Accused Of Funding Films Via Ponzi Scheme
Movie producer Jason Cloth and a Chicago-area investment brokerage are facing an $80 million proposed class action that was recently leveled in Illinois state court by an investor who says the filmmaker has mishandled money he's pulled in for several projects and raised new funds to pay older investors.
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March 06, 2024
Sewer Deal Kept On Ice During Appeal In Philly Suburb's Ch. 9
A Philadelphia bankruptcy judge Wednesday rejected a utility's latest effort to lift the automatic stay triggered by the City of Chester's Chapter 9 bankruptcy, which has delayed a $276.5 million sewer sale, saying it would require her to answer questions that are on appeal from a similar motion she nixed last year.
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March 06, 2024
Otterbourg Formalizes Bankruptcy, Mass Torts Practice Group
As many BigLaw firms continue chasing bankruptcy talent, Otterbourg PC announced the formalization of a cross-departmental mass tort bankruptcy practice group under the leadership of a recently hired restructuring attorney and a longtime Otterbourg litigator.
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March 06, 2024
Gemini Scores Arbitration Bid In 'Earn' Crypto Investment Suit
Gemini Trust Co. LLC investors must arbitrate their claims that the cryptocurrency exchange misled them about the firm's interest-bearing accounts and were hurt after the program for the accounts was halted, with a New York federal judge finding that Gemini and its founders have shown that a valid arbitration agreement exists.
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March 06, 2024
Rite Aid Aims To Divest Most Of Its Health Dialog Business
Bankrupt drugstore chain Rite Aid Corp. said Wednesday that it will sell most of its Health Dialog business, which provides personalized health services, to Carenet Health for an undisclosed amount.
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March 06, 2024
Bankruptcy Group Of The Year: Sullivan & Cromwell
Sullivan & Cromwell LLP's bankruptcy practice handled the sprawling bankruptcy of cryptocurrency exchange FTX and the Chapter 11 proceedings of Kidde-Fenwal, the first bankruptcy resulting from PFAS-related product liability, earning it a spot among Law360's Bankruptcy Groups of the Year.
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March 06, 2024
Ex-Stimwave CEO Found Guilty Of Healthcare Fraud
A New York federal jury on Wednesday convicted the former CEO of Stimwave over allegations that the medical device maker sold an implant for chronic pain sufferers with a bogus component in order to drive up billings.
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March 06, 2024
BowFlex Gets OK For $25M DIP, Plans On April Sale
A New Jersey bankruptcy judge on Wednesday gave BowFlex permission to draw on $25 million in Chapter 11 financing as the exercise equipment company heads for what it said will be an April asset sale.
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March 05, 2024
Lordstown Ch. 11 Plan Confirmed After Settlements Reached
A Delaware bankruptcy judge confirmed the Chapter 11 plan of electric vehicle maker Lordstown Motors Corp. over the objection of the Office of the U.S. Trustee after finding that the debtor is eligible for a discharge of its liabilities.
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March 05, 2024
Terraform Says Creditors Sabotaging Dentons Retention
A Delaware bankruptcy judge on Tuesday allowed Terraform Labs unsecured creditors time to catch up on a dispute over the debtor's Denton's retention, a request Terraform dubbed "sabotage" of its defense in an upcoming $40 billion securities fraud trial.
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March 05, 2024
IPwe Seeks Ch. 7 Liquidation After Ch. 11 Financing Loss
Patent trading platform operator IPwe asked a Delaware bankruptcy judge Tuesday to convert its Chapter 11 reorganization to a Chapter 7 liquidation, saying it has lost its source of bankruptcy funding and has no way to continue with its planned going-concern sale.
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March 05, 2024
Robertshaw's Ch. 11 Sale Plan Panned As 'Blatant Favoritism'
Asset manager Invesco asked a Texas bankruptcy judge to block appliance parts maker Robertshaw US Holding Corp.'s proposed bidding procedures for a Chapter 11 sale, calling the debtors' agreement with a lender group and its equity sponsor "blatant favoritism."
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March 05, 2024
EV Maker Proterra's Ch. 11 Plan Gets Thumbs-Up In Del.
A Delaware bankruptcy judge on Tuesday approved the reorganization plan of commercial electric vehicle technology company Proterra, which entered Chapter 11 to overhaul nearly $200 million in funded debt, overruling a handful of remaining objections.
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March 05, 2024
WeWork Seeks 4 More Months Of Ch. 11 Exclusivity
WeWork asked a New Jersey bankruptcy judge to extend the window during which only the coworking space company can propose a Chapter 11 reorganization plan by 120 days, saying the extra time would avoid disruptions to its progress.
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March 05, 2024
Rite Aid Process To Break Leases, Close Stores In Ch. 11 OK'd
A New Jersey bankruptcy judge on Tuesday signed off on procedures for bankrupt retail pharmacy chain Rite Aid Corp. to potentially shutter 210 rented stores with fast-approaching lease rejection deadlines, overruling objections from two landlords.
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March 05, 2024
NC Panel Says Co. Can't Intervene In Insurer Liquidation
A holding company owned by insurance mogul Greg Lindberg shouldn't have been allowed to intervene in the North Carolina insurance commissioner's liquidation of two insolvent insurers, a state appeals court held Tuesday, saying only a company's directors are permitted to do so under state law.
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March 05, 2024
Voyager Creditors Have Left $19M Of Checks Uncashed
The wind-down administrator for defunct cryptocurrency brokerage Voyager Digital Holdings Inc. has told a New York bankruptcy judge that $19 million worth of checks sent to creditors were still unclaimed, setting an April 20 deadline to cash the checks or lose out on recovery for good.
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March 05, 2024
Bankruptcy Group Of The Year: Ropes & Gray
The bankruptcy practice at Ropes & Gray is a versatile unit capable of winning high-profile cases and pioneering solutions to clients' financing needs, securing a unanimous high court decision in April for Mall of America's owner and devising a unique transaction for Trinseo PLC months later that kept the manufacturer afloat, earning it a spot among Law360's Bankruptcy Groups of the Year.
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March 05, 2024
BowFlex Maker Files For Bankruptcy With $67M Debt
The makers of the BowFlex exercise machine filed for Chapter 11 protection in New Jersey bankruptcy court late Monday with more than $67 million in debt and a $37.5 million purchase offer.
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March 04, 2024
Puerto Rico Fiscal Board Argues For Utility Reorg Plan
Puerto Rico's fiscal oversight board told a federal judge on Monday that it had the only plan to save the island's troubled electric utility, while bondholders claimed the board had created the plan specifically to shortchange them.
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March 04, 2024
Atty For Alex Jones' Infowars Asks Court's Permission To Quit
The head lawyer for conspiracy theorist Alex Jones' Infowars radio show production company has urged a Texas bankruptcy judge to let him quit his work on the Chapter 11 case, saying Free Speech Systems' chief restructuring officer has withheld his pay in retaliation for disputes between the two professionals.
Expert Analysis
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Courts Can Overturn Deficient State Regulations, Too
While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.
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Tales From The Trenches Of Remote Depositions
As practitioners continue to conduct depositions remotely in the post-pandemic world, these virtual environments are rife with opportunities for improper behavior such as witness coaching, scripted testimony and a general lack of civility — but there are methods to prevent and combat these behaviors, say Jennifer Gibbs and Bennett Moss at Zelle.
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Tide May Be Turning On Texas Two-Step Bankruptcy Strategy
Recent developments in several high-profile bankruptcy cases suggest that the use of the Texas Two-Step to shield solvent companies from tort claims may be falling out of favor, but until the U.S. Supreme Court hears one of these cases the strategy will remain divisive and the subject of increased scrutiny, say attorneys at Rivkin Radler.
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Vice Bankruptcy Ruling Shows Contract Assignment Issues
A New York bankruptcy court’s recent ruling in Vice Media’s Chapter 11 case is likely to have implications for other cases involving the assignment of contracts by corporate entities, and may signal that Showtime will still face an uphill battle in trying to prove that its contract constituted personal services, says Debra Dandeneau at Baker McKenzie.
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Level Up Lawyers' Business Development With Gamification
With employee engagement at a 10-year low in the U.S., there are several gamification techniques marketing and business development teams at law firms can use to make generating new clients and matters more appealing to lawyers, says Heather McCullough at Society 54.
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Mallory Ruling Leaves Personal Jurisdiction Deeply Unsettled
In Mallory v. Norfolk Southern Railway, a closely divided U.S. Supreme Court recently rolled back key aspects of its 2017 opinion in Daimler AG v. Bauman that limited personal jurisdiction, leaving as many questions for businesses as it answers, say John Cerreta and James Rotondo at Day Pitney.
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Despite Economic Ambiguity, Restructuring Still Strong In '23
Although the economy refuses to conform to any predictable script and public perception is middling at best, there's nothing confusing about restructuring activity in 2023, and it seems that restructurings will remain elevated at least through the end of the year and likely longer, says Michael Eisenband at FTI Consulting.
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5 Ways Firms Can Rethink Office Design In A Hybrid World
As workplaces across the country adapt to flexible work, law firms must prioritize individuality, amenities and technology in office design, says Kristin Cerutti at Nelson Worldwide.
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Opinion
Bar Score Is Best Hiring Metric Post-Affirmative Action
After the U.S. Supreme Court's ruling striking down affirmative action admissions policies, law firms looking to foster diversity in hiring should view an applicant's Multistate Bar Examination score as the best metric of legal ability — over law school name or GPA, says attorney Alice Griffin.
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5 Strategies For Restructuring Underperforming CRE Loans
With commercial real estate industry conditions expected to deteriorate further in the coming months, market participants should consider a number of strategies to help resolve challenged investments, ranging from financial restructurings to project phasing, say attorneys at Ballard Spahr.
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Ghosting In BigLaw: How To Come Back From Lack Of Feedback
Junior associates can feel powerless when senior colleagues cut off contact instead of providing useful feedback, but young attorneys can get back on track by focusing on practical professional development and reexamining their career priorities, says Rachel Patterson at Orrick.
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The Redemption Of 'Too Big To Fail' After SVB Collapse
With many depositors moving their money to banks deemed "too big to fail" in the wake of the recent failure of Silicon Valley Bank, a term seen as a stigma after the Great Recession has become a sign of stability — but granting some banks too-big-to-fail status, and not others, comes with risks, says Christine Docherty at Goodwin.
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Texas Bankruptcy Ruling May Create Uncertainty For Sureties
A Texas federal court’s recent ruling in Markel Insurance v. Origin Bancorp casts uncertainty on the utility of commonly used contractual trust language, and highlights that sureties should not be put to the task of negotiating intercreditor agreements to protect their rights, says Lisa Tancredi at Womble Bond.
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Steps To Success For Senior Associates
Excerpt from Practical Guidance
Adriana Paris at Rissman Barrett discusses the increased responsibilities and opportunities that becoming a senior associate brings and what attorneys in this role should prioritize to flourish in this stressful but rewarding next level in their careers.
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Opinion
SEC Crypto Settlements Run Contrary To Public Interest
Cryptocurrency stakeholders await a Southern District of New York ruling poised to break the harmful trend of U.S. Securities and Exchange Commission no-admit, no-deny settlements, which come at the expense of the public interest and have the potential to create catastrophic consequences in the crypto space, say Samidh Guha, Sophia Weinstock Kielar and David Rosa at Guha.