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Bankruptcy
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April 02, 2024
Shoes For Crews Footwear Co. Hits Ch. 11 With $480M Debt
Nonslip shoe company Shoes for Crews filed for Chapter 11 protection in Delaware on Tuesday with $480 million in funded debt and a stalking horse bid from its lenders.
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April 02, 2024
Acorda Therapeutics Hits Ch. 11, Plans $185M Drug Sale
Neurological disorders drugmaker Acorda Therapeutics Inc. filed for Chapter 11 protection in New York bankruptcy court, with plans to sell its assets to another pharmaceutical company for $185 million.
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April 01, 2024
Insurance Mogul's Cos. Want $161M Arbitration Case Tossed
Two companies associated with Greg Lindberg are looking to nix litigation filed by defunct Dutch life insurer Conservatrix to enforce an arbitral award that could force the embattled insurance mogul to fork over about $161 million, arguing that the award orders only provisional relief and is not enforceable.
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April 01, 2024
Bankrupt Water Co. Investors Say CEO Stole Millions
Investors of now-defunct water purification company Water Now said its former CEO ran the business into the ground while enriching himself, telling a Texas federal court Friday that the executive used the company to take out significant loans and line his own pockets.
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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.
Expert Analysis
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A Former Bankruptcy Judge Talks 2023 High Court Rulings
In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.
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3 Defense Takeaways From The Bankman-Fried Trial
FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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Opinion
What Happens If High Court Rejects Releases In Purdue Ch. 11
Reading the tea leaves following the U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, it appears likely that the justices will decide that bankruptcy courts lack the power to release third-party claims against nondebtors, which would result in one of three scenarios, says Gregory Germain at Syracuse University.
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Del. Ruling Shows Tension Between 363 Sale And Labor Law
The Delaware federal court's ruling in the Braeburn Alloy Steel case highlights the often overlooked collision between an unstayed order authorizing an asset sale free and clear of successor liability under Section 363 of the Bankruptcy Code and federal labor law imposing successor liability on the buyer, say attorneys at Proskauer.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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Del. Insurance Co. Liquidation Reveals Recovery Strategies
Arrowood's recent liquidation in the Delaware Chancery Court offers a positive development for policyholders and claimants, providing access to guaranty association protections amid the company's demise, say Timothy Law and Ann Kramer at Reed Smith.
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How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Navigating Asset Tracing Challenges In Bankruptcy
A Virginia court’s recent ruling in Health Diagnostic Laboratory Inc.'s bankruptcy highlights the heightened demand for asset tracing and the strategic use of the lowest intermediate balance rule in recovering funds from commingled accounts, says Daniel Lowenthal at Patterson Belknap.
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Lender Agreements And Unitranche Facilities: A Fresh Look
Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Opinion
Bankruptcy Must Be On The Table As A Student Loan Solution
Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.