Large Cap
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July 22, 2024
Lack Of 'Smoking Gun' Sinks J&J's Bid To DQ Beasley Allen
The Beasley Allen Law Firm may represent plaintiffs in multicounty talc injury litigation in New Jersey state court, after a judge found Johnson & Johnson failed to show a former Faegre Drinker outside counsel shared information he learned representing the company in earlier talc litigation.
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July 22, 2024
SVB Postpones Ch. 11 Plan Hearing To Wednesday
The former parent of the failed Silicon Valley Bank has postponed the start of the New York bankruptcy court hearing on its Chapter 11 plan until Wednesday morning.
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July 19, 2024
Judge Dubious Of NY Diocese's Ch. 11 Plan Post-Purdue
A New York bankruptcy judge said Friday he was skeptical of a creditor noticing procedure meant to head off confirmation issues for the already voted on Chapter 11 plan of the Roman Catholic Diocese of Rochester, New York, noting he thinks affirmative creditor consent to third-party liability releases is needed following the U.S. Supreme Court's landmark Purdue Pharma ruling last month.
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July 19, 2024
Guo Trustee Reboots Civil RICO Case After NY Conviction
The Chapter 11 trustee overseeing the Connecticut bankruptcy of Chinese exile Miles Guo has filed a notice that lifts a March stay on civil RICO and alter ego claims after the debtor's criminal conviction this week on racketeering conspiracy, wire fraud, securities fraud and money laundering charges in the Southern District of New York.
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July 19, 2024
SVB, FDIC Head For Standing Clash At Ch. 11 Plan Hearing
The former parent of Silicon Valley Bank and federal banking regulators have dueling arguments regarding standing queued up, as they're scheduled to take their dispute over $1.9 billion in assets into a confirmation hearing for the company's liquidation plan before a New York bankruptcy judge on Monday.
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July 19, 2024
Dentons Hires Foley & Lardner Bankruptcy Partner
Dentons said Friday it has hired a bankruptcy partner in Chicago who spent the past 25 years at Foley & Lardner LLP.
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July 18, 2024
8th Circ. Blocks Another Biden Student Debt Relief Plan
The Eighth Circuit has blocked the Biden administration from implementing another plan for student loan forgiveness while the appellate court considers a Missouri-led state alliance's injunction request, according to an order entered Thursday.
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July 18, 2024
5th Circ. Lifts Civil Rights Suit Stay In La. Diocese Case
The Fifth Circuit Court of Appeals reversed a Louisiana bankruptcy court's decision applying the automatic stay of litigation to a group of children suing the bankrupt Archdiocese of New Orleans, saying the lawsuit arises from purely post-petition conduct and seeks only prospective injunctive relief.
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July 18, 2024
Judge 'Disappointed' By Atty Prep In SVB Financial Ch. 11 Tiff
A New York bankruptcy judge said he wasn't prepared to decide if joint liquidators of Silicon Valley Bank's Cayman Islands arm have standing to bring a $476 million claim in the Chapter 11 of the bank's former parent company, rebuking lawyers for not adequately briefing key questions ahead of a hearing on Thursday.
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July 18, 2024
Prison Health Co. Strikes $75M Deal With Tehum Creditors
Prison health provider YesCare Corp. says it has reached a $75 million settlement of claims against bankrupt spin-off Tehum Care Services, replacing a $54 million deal rejected by a Texas bankruptcy judge in April.
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July 18, 2024
6 Firms Steer Latin American Airline Giant's $533M IPO Plans
Latam Airlines Group SA on Thursday outlined plans for an estimated $533 million U.S. initial public offering, guided by six law firms, marking a return to U.S. markets two years after the South American airline giant exited bankruptcy.
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July 18, 2024
Judge Won't Pause Sanctions In Byju's Ch. 11
A Delaware district court Thursday ruled hedge fund Camshaft Capital Fund LP cannot hold off a contempt order from a Delaware bankruptcy court in the Chapter 11 case of Byju's Alpha while it appeals the sanctions, finding that it could avoid sanctions if it complied with a court order.
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July 18, 2024
New SDNY Bankruptcy Judge Brings Big-Case Experience
The Southern District of New York's newest bankruptcy judge comes to the bench with experience working on some of the largest financial bankruptcy cases of the last 20 years and with the difficulties of keeping the district's courts running through a pandemic.
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July 18, 2024
Girardi Denied Bid To Delay Client Theft Trial To October
A California federal judge rejected disgraced lawyer Tom Girardi's motion to have his closely watched wire fraud trial moved to October from its current August start date, determining that he was unable to provide a genuine reason as to why proceedings should be pushed back two months.
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July 17, 2024
Voyager Ch. 11 Plan Appeal Tests Scope Of Purdue Ruling
A federal judge in New York must decide whether the U.S. Supreme Court's decision wiping out liability releases in the Purdue bankruptcy case does the same for professionals in former cryptocurrency exchange Voyager's Chapter 11, as the U.S. Trustee's Office tests just how broad the bombshell ruling was.
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July 17, 2024
Co. Seeks $17M Refund Of Celsius' Payments For Mining Site
The successor to Celsius' bitcoin mining operation alleged in a New York bankruptcy court it is owed over $17 million in refunds for payments that the cryptocurrency platform company made to another firm that promised to build a crypto farm in Texas and failed to satisfy the agreement.
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July 17, 2024
Burr & Forman Accused Of Aiding Health Insurance Fraud
Burr & Forman LLP has been hit with a malpractice suit in Georgia federal court by the liquidating trustees of two purported health insurance companies after the firm allegedly aided in a scheme to defraud customers by charging exorbitant fees and denying promised coverage, saying the attorneys helped create a web of LLCs to which it siphoned off millions.
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July 17, 2024
Yellow Corp. Says It Has No Pension Withdrawal Liabilities
Bankrupt trucking firm Yellow Corp. hit back at a motion for summary judgment sought by multiple pension funds including Central States Pension Fund, telling a Delaware bankruptcy court that it has no withdrawal liability for backing out of a multistate pension fund for truckers.
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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.