Large Cap
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September 23, 2024
Decline And Fall: Brand Empires That Hit Bankruptcy
When food container maker Tupperware filed for Chapter 11 in Delaware last week, disclosing more than $1 billion in liabilities and plans for a quick sale, it became the latest iconic brand to seek relief from financial woes in bankruptcy court, following in the footsteps of giants from Rite Aid to RadioShack.
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September 23, 2024
SunPower Gets OK For $45M Asset Sale, Ch. 11 Plan Vote
A Delaware bankruptcy judge on Monday gave residential solar technology company SunPower Corp. the go-ahead for a $45 million sale of the majority of its assets and a creditor vote on its Chapter 11 plan.
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September 23, 2024
Cargo Airliner ESOP Participants Seek OK On $14.5M Deal
Western Global Airlines and its investment manager will pay $14.5 million to end a proposed class action from two pilots for the cargo airliner alleging the company's employee stock ownership plan was mishandled, according to filings in Delaware federal court.
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September 23, 2024
Judge Recuses Self After Opening Jackson Walker Ethics Probe
U.S. Bankruptcy Judge Marvin Isgur has asked a Texas federal court to investigate potential sanctions against Jackson Walker LLP for its failure to disclose a relationship between a firm partner and a federal judge, also telling the court he would recuse himself from any proceedings involving the ethics breach.
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September 23, 2024
J&J Accuses Beasley Allen Of Casting Bogus Talc Ballots
Johnson & Johnson has accused the Beasley Allen Law Firm of casting about two dozen false ballots against the company's latest talc bankruptcy plan without voters' consent and urged a New Jersey federal court to remove the firm from the plaintiff's steering committee as a consequence.
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September 23, 2024
Autism Played Role In Bankman-Fried Case, 2nd Circ. Told
A group of experts on neurodiversity told the Second Circuit that Sam Bankman-Fried, who has said he has autism and attention deficit hyperactivity disorder, may have been hurt at trial by a "cognitive and communication style" that at times frustrated the trial judge.
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September 23, 2024
Paul Hastings Adds Restructuring Pro In Dallas From Sidley
Paul Hastings LLP announced Monday that it has continued its expansion in the Lone Star State with the addition of a financial restructuring partner in Dallas who came aboard from Sidley Austin LLP.
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September 20, 2024
State Agencies Settle Securities Claims Against FTX
Defunct cryptocurrency exchange FTX has reached a settlement with agencies in five states that had asserted about $1.8 billion in claims against the debtor.
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September 20, 2024
Steward Health Scores $4.5M Deal For Texas Hospital
Embattled hospital operator Steward Health Care has informed a Texas bankruptcy judge that the company intends to accept a Texas-based Catholic health system's $4.5 million stalking horse offer for one of its facilities in the state.
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September 20, 2024
US Trustee Slams Proposed Exec Bonuses In Conn's Ch. 11
The U.S. Trustee's Office urged a Texas bankruptcy judge on Friday to reject bonuses that retailer Conn's wants to pay executives if it reaches key goals in its Chapter 11 case, saying the awards would amount to an impermissible "pay to stay" retention plan because the debtor's restructuring professionals are the ones responsible for meeting such targets.
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September 20, 2024
Plaintiffs Firms Battle Over Proposed $9B Deal In J&J Talc Suit
Two leading plaintiffs law firms in the multibillion-dollar litigation over Johnson & Johnson's tainted talcum powder are now warring among themselves, with Smith Law Firm PLLC suing Beasley Allen Law Firm for defamation after Beasley Allen accused the former of selling out clients to pay off litigation funders.
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September 20, 2024
J&J Makes Third Try At Handling Talc Claims In Bankruptcy
A Johnson & Johnson talc unit filed for Chapter 11 protection in Texas bankruptcy court Friday, marking the third time the company has tried to deal with liability from alleged asbestos-contaminated talc with a bankruptcy filing.
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September 20, 2024
Meet The Attorneys In Tupperware's Ch. 11
A team of attorneys from Cole Schotz PC and Kirkland & Ellis LLP is helping guide food storage company Tupperware through its Chapter 11 bankruptcy, in which it hopes to quickly find a buyer while fending off a dismissal motion from a group of lenders.
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September 20, 2024
NY Firm Settles With Chinese Exile Guo's Ch. 11 Trustee
Wildes & Weinberg PC, a New York-based immigration law firm, has penned a confidential settlement with the Chapter 11 trustee overseeing Chinese exile Miles Guo's bankruptcy in Connecticut, a deal that appears to be the first one the trustee struck with a law firm since he began filing clawback actions earlier this year.
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September 19, 2024
Senate Panel Holds Steward CEO In Contempt After No-Show
A U.S. Senate committee voted unanimously Thursday to hold Steward Health Care CEO Ralph de la Torre in civil and criminal contempt after he defied a subpoena to testify about the bankrupt health system's downfall.
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September 19, 2024
Puerto Rico Utility's $188M Deal With Contractor Gets OK
A New York federal judge has approved a roughly $188 million settlement between Puerto Rico's bankrupt public electricity provider and a company whose multi-million-dollar contract to repair hurricane-damaged power lines on the island had been under legal scrutiny.
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September 19, 2024
Calif. Says FDIC's $20M Tax Refund Bid Must Wait
A California tax collection agency asked a New York federal court to throw out Federal Deposit Insurance Corp. claims seeking a more than $20 million tax refund on behalf of the shuttered Signature Bank, saying the agency is entitled to wait for a potential IRS audit to end.
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September 19, 2024
Tupperware Gears Up For Lender Fight Over Ch. 11 Plans
Iconic food storage brand Tupperware received a Delaware bankruptcy judge's approval Thursday to keep its bank account systems operating as it prepares to fight off objections to most of its first-day motions next week from a group of secured lenders looking to dismiss its Chapter 11 bankruptcy and foreclose on its assets.
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September 19, 2024
Terraform Gets OK For Ch. 11 Liquidation Plan
A Delaware bankruptcy judge on Thursday confirmed the Chapter 11 liquidation plan from cryptocurrency firm Terraform Labs after overruling objections from several individual cryptocurrency investors.
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September 19, 2024
Potter Anderson Renews Lease For Its Del. Headquarters
Delaware firm Potter Anderson & Corroon LLP has announced that it has extended the lease for its Wilmington headquarters for 13 years to 2041, and also plans to modernize the space in time for the firm's 200th anniversary in 2026.
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September 19, 2024
Meet The New Acting US Trustees For Northwestern States
Attorney General Merrick Garland has appointed two acting U.S. trustees to oversee the administration of bankruptcy cases in two major regions that encompass multiple northwestern states.
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September 19, 2024
Cozen O'Connor Recruits Goulston & Storrs Bankruptcy Pro
Philadelphia-headquartered Cozen O'Connor has hired a corporate restructuring professional from Goulston & Storrs PC for its bankruptcy, insolvency and restructuring practice as a member in the firm's growing New York City office.
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September 18, 2024
FTX Auditor Prager Metis Settles SEC Charges For Negligence
The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX agreed Tuesday to pay $1.95 million to resolve allegations by the U.S. Securities and Exchange Commission of misconduct in FTX audits and, in a separate case, violations of auditor independence rules.
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September 18, 2024
Tupperware Hits Ch. 11, 3rd Circ. Says Hertz Owes $270M
This week saw a wave of new bankruptcy filings, including that of kitchen supply brand Tupperware, two restaurant chains based in Florida and a defunct California bank that catered to cryptocurrency users.
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September 18, 2024
What To Expect At Terraform's Plan Confirmation Hearing
Bankrupt cryptocurrency firm Terraform Labs will face several objections from individual investors and the U.S. Trustee's Office at a hearing Thursday in Delaware in which it hopes to receive confirmation of its Chapter 11 liquidation plan.