Large Cap
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May 07, 2024
Judge Rips 2nd Circ.'s 'Erroneous' Ruling In Sears Lease Spat
A New York federal district judge ruled that Sears Holdings Corp.'s lease for the Mall of America in Minneapolis should be returned to the bankrupt retail chain's liquidating trustee, saying that the decision gives "scant comfort" as it removed from the books "an obviously outlier ruling" by the Second Circuit.
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May 07, 2024
Prepetition Waivers Sway Invitae Judge On Kirkland Hire
A New Jersey bankruptcy judge approved the retention of Kirkland & Ellis LLP as bankruptcy counsel for debtor Invitae Corp. Tuesday, the same day he approved a $239 million sale of its assets to Labcorp.
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May 06, 2024
Kwok Ch. 11 Trustee Pounces On Co-Defendant's Guilty Plea
The Chapter 11 trustee seeking to wrangle a company from an individual who allegedly received it from Chinese exile Ho Wan Kwok's former chief of staff Yanping "Yvette" Wang says Wang's guilty plea in New York criminal court negates her attempt to slow-walk a Connecticut bankruptcy court adversary proceeding.
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May 06, 2024
FCC Only Commits To Normal Review Of Soros-Audacy Deal
The FCC has informed two Republican lawmakers worried about Soros Fund Management's acquisition of an ownership interest in radio station owner Audacy that it will conduct a regular license review, but stopped short of promising the foreign ownership review that the legislators want due to their concerns about the fund's "deeply partisan" billionaire owner.
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May 06, 2024
WeWork Advances Plan, J&J's Third Filing, More Jones Drama
WeWork Inc. pushed forward a reorganization plan despite its former CEO's objections, Johnson & Johnson disclosed plans for a prepackaged bankruptcy case supported by a $6.5 billion settlement, and an appeals court upheld more than $400,000 in sanctions as part of bankruptcy proceedings for Georgia-Pacific's asbestos unit.
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May 06, 2024
Aircraft Parts Co. Incora Blasted Over Releases In Ch. 11 Plan
Bankrupt aircraft component supplier Incora's amended Chapter 11 plan was opposed by the Office of the U.S. Trustee and a group of its noteholders in a Texas bankruptcy court on the grounds that its scope of claims releases is too broad.
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May 06, 2024
Hospital Chain Steward Health Hits Ch. 11 With Over $1B Debt
Embattled hospital operator Steward Health Care filed for Chapter 11 protection Monday in a Texas bankruptcy court with more than $1 billion in debt, blaming rising costs and falling government reimbursement rates.
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May 03, 2024
Harvey Weinstein Denied Win In $1M Fee Fight With Jose Baez
A New York state judge on Friday denied an early win to Harvey Weinstein in his $1 million fee dispute with criminal defense attorney Jose Baez, saying the incarcerated former media mogul produced nothing but a "self-serving affidavit" and "haphazard printout" to make his arguments.
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May 03, 2024
9th Circ. Orders 2nd Look At Stay In PG&E Wildfire Suit
The Ninth Circuit on Friday told a lower court to reconsider its order staying claims PG&E investors brought against officers, directors and others over wildfire liability, saying more factors should have been considered before the stay was granted.
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May 03, 2024
Judge OKs Syracuse Diocese Ch. 11 Plan Disclosures
A New York bankruptcy judge has approved the disclosure statement for the Chapter 11 plan of the Roman Catholic Diocese of Syracuse, New York, and set a confirmation hearing on the plan in September.
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May 03, 2024
Keeping Track Of The Catholic Diocese Bankruptcy Cases
New federal legislation that aims to bolster protections for sex abuse victims in bankruptcy has put renewed focus on the more than dozen Catholic dioceses that have turned to Chapter 11 to manage their liability for alleged child abuse crimes.
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May 03, 2024
Tech Co. ConvergeOne Can Tap Final $70M Leg Of $215M DIP
A Texas bankruptcy judge has given final approval to information technology company ConvergeOne's two debtor-in-possession loans, letting the company access $70 million of new money as it works to confirm a prepackaged Chapter 11 plan to clear $1.6 billion of debt.
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May 03, 2024
SVB Seeks Exit Fee For $340M Brookfield, Sequoia JV Sale
SVB Financial Group has urged a New York bankruptcy court to sign off on protections for a joint venture of Brookfield and Sequoia that is offering $340 million to purchase its investment platform, explaining that a $15.1 million break-up fee provision is necessary to secure the bid.
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May 03, 2024
Ohio Atty Gets 3rd Suspension After Not Reporting Conviction
A Cleveland-area attorney trying to get reinstated after neglecting bankruptcy cases was suspended yet again by the Ohio Supreme Court, which said he failed to report a drug conviction to his county bar association for almost eight months.
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May 03, 2024
Kwok's Ex-Chief Of Staff Pleads Out Before $1B Fraud Trial
The former chief of staff to exiled Chinese billionaire Ho Wan Kwok pled guilty in Manhattan federal court on Friday to participating in a $1 billion investor fraud, less than three weeks before she was scheduled to go to trial alongside her erstwhile boss.
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May 02, 2024
US Trustee Says Celsius Committee Member Overstepped
The U.S. Trustee is fighting a bid by a Celsius Network creditor to "clear his name" after the bankruptcy watchdog accused him of overstepping his bounds by representing and counseling the unsecured creditors committee without permission.
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May 02, 2024
Comcast Dispute Adds Wrinkle To Diamond Sports Ch. 11
A carriage dispute between Bally Sports and Comcast has thrown a wrinkle into Diamond Sports Group's Chapter 11 case, knocking its regional sports networks off the air with less than 45 days until its plan confirmation hearing.
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May 02, 2024
Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House
Ryan Salame, the former co-chief executive of FTX Digital Markets, an affiliate of bankrupt cryptocurrency exchange FTX Trading Ltd., has agreed to transfer a $5.9 million house he owns in the Bahamas to FTX in lieu of paying the firm restitution over fraudulent political donations, according to a Wednesday motion.
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May 02, 2024
Office Snapshot: Lewis Brisbois' Delaware Digs
Since opening its Delaware office at the height of the COVID-19 pandemic in May 2020, Lewis Brisbois Bisgaard & Smith LLP has steadily grown its attorney roster in Wilmington, including some recent hirings.
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May 02, 2024
InfoWars Discharge Fight Delayed Until Ch. 11 Plan Hearings
A dispute between Alex Jones and his InfoWars radio show business on one side, and the families of Sandy Hook shooting victims on the other about whether defamation judgments can be discharged in bankruptcy will be pushed until after Chapter 11 plan proposals are heard by the court.
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May 01, 2024
Enviva's $500M DIP Approved With Shareholder Rights Intact
Enviva Inc. received permission Wednesday from a Virginia bankruptcy judge to tap a $500 million debtor-in-possession financing package that includes a provision allowing existing shareholders to chip in up to $100 million to help fund the wood pellet maker's Chapter 11 case.
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May 01, 2024
Madoff Investor Asks High Court To Overturn Clawback Math
An investor in Bernie Madoff's Ponzi scheme asked the U.S. Supreme Court Wednesday to overturn a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate, saying the panel misquoted a prior circuit ruling.
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May 01, 2024
5 Key Moments In Vice Media's Bankruptcy
Once valued at $5.7 billion, Vice Media Group on Tuesday took an important step towards a bankruptcy exit as a smaller, more streamlined company when a New York judge said he would approve the company's liquidation plan, following a nearly year-long spell in Chapter 11.
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May 01, 2024
99 Cents Pursues $2.5M Store Leases Sale To Dollar Tree
Discount retail chain 99 Cents Only urged a Delaware bankruptcy court Wednesday to let it accept a $2.5 million offer from Dollar Tree to potentially take over the debtor's leases at 58 recently closed stores, as it works to quickly wind down in Chapter 11.
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May 01, 2024
Judge Enjoins Baseball Bat Cos. In Fla. Trademark Fight
A pair of companies owned by ex-MLB player Yoenis Céspedes have won a preliminary injunction against several businesses in an intellectual property dispute in Florida federal court over baseball bats, saying the former New York Mets outfielder's companies are likely to succeed on a trademark claim.