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August 28, 2024
Justices Won't Revive Student Debt Relief Plan Right Now
The U.S. Supreme Court on Wednesday refused to reinstate President Joe Biden's latest student loan debt relief program, leaving the $475 billion plan on ice until the Eighth Circuit decides whether the administration has the authority to continue its new push to reduce student loan bills for millions of people.
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August 28, 2024
Farella Braun Can Pursue Unpaid SVB Fees From FDIC
Farella Braun & Martel LLP can go after the Federal Deposit Insurance Corp. for $49,000 in legal fees owed by Silicon Valley Bank's parent after the agency was appointed as the bank's receiver, a California federal judge ruled Wednesday.
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August 28, 2024
CRE Reset Heats Up As Lenders Take Fight To Guarantors
Remote work and high interest rates have dented commercial real estate values, but much of the fallout is yet to come. While the market waits for values to reset, some lenders are now turning to a strategy that indicates they are reaching their limit: pursuing guarantors.
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August 28, 2024
Boy Scout Abuse Trust Art Sales To Start In November
An auction house announced Wednesday that parts of the Boy Scouts of America's former art collection, including a number of Norman Rockwell pieces, will go on the auction block in November to pay for claims by sexual abuse survivors.
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August 28, 2024
Scandinavian Airline SAS Departs Ch. 11
Sweden-based airline SAS has exited bankruptcy with a lighter balance sheet and some $1.2 billion in new investments, the airline said Wednesday, completing its Chapter 11 after a New York bankruptcy judge in March signed off on its reorganization plan.
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August 27, 2024
Guo Trustee Says Trump Aide Must Face $353K Clawback Suit
The Chapter 11 trustee for Miles Guo has urged a Connecticut bankruptcy judge to preserve an adversary action seeking to claw back more than $353,000 that he alleged the Chinese exile fraudulently gave to Jason Miller, a senior adviser to Donald Trump and founder of conservative social media platform Gettr, saying Miller's bid to ax the case was flimsy.
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August 27, 2024
Chancery Voids Bank Board Picks In Scheduling Suit
A Delaware Chancery Court judge on Tuesday invalidated an annual meeting where a board election was held by directors of Golden Mountain Financial Holdings, restoring the preelection boards of the venture, which emerged from the bankruptcy of First NBC Bank Holding Co.
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August 27, 2024
Asbestos Claimants Tell 4th Circ. Bestwall Isn't Distressed
The official committee of asbestos claimants in the Chapter 11 case of Georgia-Pacific unit Bestwall told the Fourth Circuit that the company's bankruptcy should be tossed because commitments to fund asbestos liabilities by the parent mean the debtor isn't facing financial distress.
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August 27, 2024
Jackson Walker Is Trying To 'Revise History,' US Trustee Says
Jackson Walker LLP told a Houston judge Tuesday that the U.S. Trustee's Office "wants everyone to play by the rules except for [itself]" in a discovery dispute connected to a former Texas bankruptcy judge's secret relationship, as the bankruptcy watchdog simultaneously accused the firm of chasing down rumors to "revise history" through overbroad discovery requests.
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August 27, 2024
Top Bankruptcy Trends Of 2024: Midyear Report
The bankruptcy world has had a busy 2024 so far on a number of fronts, with Chapter 11 filings rising across a variety of industries.
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August 27, 2024
Disbarred Atty Tom Girardi Convicted Of Defrauding Clients
A California federal jury on Tuesday convicted disbarred attorney Tom Girardi on all four counts of wire fraud, finding that the former titan of the plaintiffs bar misappropriated $15 million of his clients' settlement funds.
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August 27, 2024
Celsius Says It Has Returned 93% Of Customer Assets
Celsius Network on Tuesday told a New York bankruptcy judge it has distributed more than $2.5 billion of its former customers' assets in its Chapter 11 case, approximately 93% of the amount it owes ex-customers under its plan.
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August 27, 2024
Latham Hires BigLaw Restructuring Vet From Gibson Dunn
Latham & Watkins LLP tapped Joe Zujkowski, a BigLaw veteran and former co-head of the domestic restructuring practice at O'Melveny & Myers LLP, as a partner in New York.
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August 26, 2024
Girardi Lied 'Over And Over,' Jury Told As Fraud Trial Wraps
A federal prosecutor told a California federal jury during closing arguments in Tom Girardi's criminal fraud trial Monday that the now-disbarred attorney lied to his clients "over and over and over again" in order to misappropriate millions of their settlement money as part of a yearslong Ponzi scheme.
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August 26, 2024
US Trustee Raises Release Concerns With FTX Ch. 11 Plan
The U.S. Trustee's Office has lodged an objection to FTX's Chapter 11 plan with 10 reasons why the proposed resolution for the mammoth crypto bankruptcy is flawed, including releases that are overbroad and don't carve out a high-profile data breach from their terms.
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August 26, 2024
Judge Won't Eject Trustee From Irish Developer's $942M Ch. 7
A Connecticut bankruptcy judge has denied a nearly two-and-a-half-year-old motion to remove a Chapter 7 trustee from an Irish developer's $942 million bankruptcy, saying the developer's appellate losses and a recent U.S. Supreme Court certiorari denial, ultimately favoring the trustee, left the motion finally ripe for a decision.
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August 26, 2024
Girardi Denies Fraud Charges, Alex Jones Biz Sale Proposed
Disbarred attorney Tom Girardi has denied stealing from any of his clients, asking a judge to toss wire fraud charges. Meanwhile, a court-appointed trustee in Alex Jones' bankruptcy has asked a Texas judge to authorize the liquidation and wind-down of Free Speech Systems. This is the week in bankruptcy.
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August 26, 2024
Ventilator Co. To Liquidate After Closing Ch. 11 Sales
Ventilator maker Vyaire Medical on Monday told a Delaware bankruptcy judge it will be closing on going-concern sale bids for its businesses that fell nearly $50 million short of its hopes, and it will be winding down its remaining assets.
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August 26, 2024
Diamond Sports Strikes Deals With NBA, NHL In Ch. 11 Case
The bankrupt owner of Bally Sports-branded regional sports networks said it reached deals with the National Hockey League and the National Basketball Association's media wing that would alter the rights agreements between the parties, enabling them to work together until at least the end of the coming seasons.
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August 26, 2024
Texas Cases To Watch In Last Half Of 2024
Courts across the state are poised to make decisions in several high-stakes cases over the next several months, including ruling on whether Texas Attorney General Ken Paxton can be deposed in a long-running employment retaliation suit and whether a challenge to Texas' floating Rio Grande barrier must be tried before a jury.
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August 23, 2024
Girardi Says High Court Holding Should Gut His Fraud Case
Tom Girardi has urged a California federal judge to toss the majority of the wire fraud charges he is facing ahead of closing arguments in his trial, saying a 1960 U.S. Supreme Court case demonstrates he was charged for nothing more than receiving legally required wire transfers.
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August 23, 2024
Fed. Judge Affirms $37M Escrow, Yacht Rulings In Guo Ch. 11
A Connecticut federal judge on Friday upheld bankruptcy rulings placing a $37 million escrow account and a $23 million yacht under the control of Chinese exile and convicted fraudster Miles Guo's Chapter 11 trustee, agreeing that a holding company was Guo's alter ego and approving the trustee's veil piercing maneuver.
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August 23, 2024
Chapter 11 Check-In: Yellow Corp.'s $1.5B Bankruptcy
It's been more than a year since national trucking giant Yellow Corp. landed in Delaware's bankruptcy court following contentious union negotiations. Despite pulling in over $2 billion from asset sales and paying off $1.5 billion in debt, Yellow's road out of Chapter 11 has been stalled by high-stakes litigation and claims disputes.
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August 23, 2024
Sale Sought For Assets Of Alex Jones' Co.
The court-appointed trustee in Alex Jones' bankruptcy case has asked a Texas judge to authorize the liquidation and wind-down of Free Speech Systems LLC, arguing that Jones' estate wholly owns the company and that it has valuable assets to monetize.
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August 23, 2024
Electric Car Co. Fisker Promises Ch. 11 Plan In A Week's Time
A Delaware bankruptcy judge Friday gave defunct electric-vehicle maker Fisker Inc. permission to enter into a deal with its lenders that will see it file a Chapter 11 plan by the end of August and seek court approval for the plan in just over a month.