Large Cap
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July 17, 2024
Brazilian Cement Giant Gets Shield From Creditors In Ch. 15
A New York bankruptcy judge on Wednesday granted Brazilian cement manufacturer InterCement Brasil's request to temporarily stop creditors from taking action against the company over $750 million in notes that have come due.
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July 17, 2024
High Court Rulings Don't Nix Judge Romance Suit, Court Told
An investor suing Jackson Walker LLP over an ex-employee's secret romantic relationship with a former Texas bankruptcy judge told the court Tuesday that, despite what the firm says, recent U.S. Supreme Court decisions on standing do not change the fact that he suffered real harm from the firm.
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July 17, 2024
Fisker Lender Moves To Convert Ch. 11 After Fleet Sale
One of Fisker's noteholders is urging a Delaware bankruptcy judge to swap the electric-vehicle maker's Chapter 11 case with a Chapter 7 liquidation, arguing that the debtor no longer has any operations and the administrative burn of its reorganization is high.
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July 17, 2024
Hogan Lovells, Saul Ewing Exit Camshaft's, Byju's Ch. 11 Fight
Two law firms representing Camshaft Capital Fund LP and principal William Morton in the bankruptcy actions tied to the Chapter 11 of education tech company Byju's Alpha have petitioned a Delaware judge to approve their withdrawal as counsel, citing undisclosed Camshaft party failures to "uphold their obligations."
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July 17, 2024
Insurers Urge Judge To Deny SVB's Ch. 11 Plan
The Chubb Companies have asked a New York bankruptcy judge to tell SVB Financial Group it must change its Chapter 11 plan or have it rejected, saying the scheme doesn't clearly provide that SVB must meet certain obligations in order to keep receiving insurance benefits.
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July 17, 2024
Chief Deputy SDNY Bankruptcy Clerk To Be Bankruptcy Judge
The chief deputy clerk for the U.S. Bankruptcy Court for the Southern District of New York — a former Schulte Roth & Zabel LLP attorney who served as the lead law clerk on the liquidation of Bernie Madoff's investment securities company — is set to become a U.S. bankruptcy judge in Poughkeepsie.
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July 17, 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers
More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
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July 17, 2024
Kazakhstan Agrees To End Fight Over $506M Award
A decade-long fight between Kazakhstan and Moldovan oil and gas investors who won a half-billion-dollar arbitral award against the country has come to a close, with the parties inking a binding framework to resolve their dispute.
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July 17, 2024
CVS Seeks OK To Trash DVD Kiosks In Redbox Owner's Ch. 7
CVS Pharmacy Inc. asked the Delaware bankruptcy judge overseeing the Chapter 7 case of Redbox Automated Retail LLC's owner to give the rental business' trustee a week to remove over 2,500 kiosks from CVS properties before the pharmacy can dispose of them, saying the booths seem abandoned.
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July 16, 2024
Jackson Walker Urges Broad Questioning Of Ex-Judge Jones
Jackson Walker and the U.S. Trustee's Office on Tuesday defended the questions they plan to ask former bankruptcy judge David R. Jones during a deposition over his concealed romantic relationship with an ex-partner of the law firm, telling a Texas bankruptcy judge the inquiries aren't barred by confidentiality protections.
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July 16, 2024
Nonprofit Wants Out Of 'Fatally Flawed' $5M FTX Suit
A Berkeley, California, nonprofit asked a Delaware bankruptcy court to dismiss a suit from FTX Trading Ltd. seeking to claw back $5 million in donations, calling FTX's effort "fatally flawed."
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July 16, 2024
Fisker Gets OK For $46M Ch. 11 Sale Of EV Fleet
A Delaware bankruptcy judge Tuesday gave electric vehicle maker Fisker permission to sell its stock of 3,000 vehicles for $46.25 million and said he would authorize it to use cash for another two weeks if it tightens up the wording of the order.
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July 16, 2024
Platinum Co-Founder Dodges Prison For Bond Fraud Rap
Platinum Partners co-founder Mark Nordlicht on Tuesday was spared prison time for his five-year-old conviction over a purported scheme to defraud bondholders of a Texas oil and gas company, as a New York federal judge doubted that "such a weird case" would have any deterrent value.
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July 16, 2024
Meet The Attorneys In InterCement's Ch. 15 Case
Five White & Case LLP attorneys who have substantial collective experience with Latin American restructurings are representing cement supplier InterCement as it seeks U.S. recognition of its Brazilian insolvency proceedings.
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July 16, 2024
States, Legal Orgs. Urge Justices To Halt Biden's Debt Relief
A U.S. Supreme Court challenge to the Biden administration's latest student debt relief program received backing from seven Republican-led states and a trio of legal groups that assert the estimated $475 billion plan exceeds the executive branch's authority.
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July 16, 2024
Chinese Exile Guo Guilty On Most Counts In $1B Fraud Case
A Manhattan federal jury on Tuesday convicted prominent Chinese Communist Party critic Miles Guo on most charges alleging he operated a vast fraud that solicited more than $1 billion worth of sham investments from his supporters.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 16, 2024
Brazilian Cement Giant Seeks Ch. 15 With Over $1B In Debt
InterCement, the third-largest cement and concrete supplier in Brazil, is seeking Chapter 15 recognition from a New York bankruptcy court, saying it filed for mediation procedures in Brazil to stave off creditor litigation while it works to sell assets and address over a billion dollars in debt.
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July 15, 2024
Giuliani Booted, Purdue Regroups, Redbox Pivots
Rudy Giuliani's Chapter 11 case was tossed for his lack of financial disclosures, Purdue Pharma pressed for renewed plan mediation as creditors hedged their bets by seeking permission to sue its owners, and the parent company of Redbox pivoted to a liquidation due to what it described as mismanagement of the business.
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July 15, 2024
NRA's Policies Called 'Dumpster Fire' As 2nd NY Trial Opens
The New York attorney general cast the National Rifle Association as unrepentant and unreformed as a second-phase bench trial began in state court Monday, after a jury had found the group and its ex-officers liable for misspending millions.
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July 15, 2024
Yellow Corp. Denied Redo In $137M Teamsters Fight
A Kansas federal judge held firm Monday on her decision to throw out Yellow Corp.'s $137 million lawsuit against the Teamsters, in which the trucking company accused the union of driving it into bankruptcy by fighting a necessary corporate restructuring.
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July 15, 2024
FTX Proposes $4B Settlement Of CFTC's Massive $52B Claim
FTX Trading Ltd. asked a Delaware bankruptcy judge to sign off on a settlement with the U.S. Commodity Futures Trading Commission, saying the agreement to allow the agency a $4 billion claim in its bankruptcy would end a fraud civil enforcement action and address the "most significant single creditor" in the crypto currency exchange's Chapter 11 case.
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July 15, 2024
J&J Agrees To Pay $505M In Talc Producers' Ch. 11
Talc mining companies Imerys and Cyprus Mines asked the Delaware bankruptcy court to approve a Chapter 11 settlement in which Johnson & Johnson would pay $505 million in cash and insurance proceeds into a talc injury trust, even if it petitions for bankruptcy a third time.
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July 15, 2024
PBGC Seeks Early Win In $7.8B Pension Fight In Yellow Ch. 11
The Pension Benefit Guaranty Corp. has filed a motion for partial summary judgment in the Chapter 11 case of trucking firm Yellow Corp., telling a Delaware bankruptcy judge the $7.8 billion dispute over Yellow's withdrawal from multistate employee pension programs is a pure question of law that can be decided in the PBGC's favor.