Mid Cap
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October 30, 2024
Nuclear Energy Co. To Tap $10M Of $23M DIP
A Delaware bankruptcy judge Wednesday agreed to give her interim approval for Ultra Safe Nuclear Corp. to access $10 million of its debtor-in-possession financing as it moves towards a planned sale in December.
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October 30, 2024
Canadian Lender Seeks Ch. 15 With Wind-Down Or Sale Plans
A Toronto-based specialty lender and 13 affiliates filed for Chapter 15 recognition of their Canadian insolvency proceedings on Wednesday, with Chesswood Group Ltd. blaming a rise in interest rates and U.S. regional bank failures for heavy losses that added to its over $148 million in debt.
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October 30, 2024
MVP: Kirkland's Steven Serajeddini
Steven N. Serajeddini, a restructuring partner at Kirkland & Ellis LLP, has kept busy over the last year handling some of the largest and most complex bankruptcy cases in the country, including the sprawling insolvencies of flexible workspace provider WeWork Inc. and cancer healthcare company GenesisCare, earning him a spot as one of the 2024 Law360 Bankruptcy MVPs.
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October 29, 2024
Catching Up With New Bankruptcy Case Action
Several companies filed for bankruptcy this past week, grappling with litigation, unforeseen events such as the loss of a key investor, and continued financial challenges stemming from the COVID-19 pandemic and persistent macroeconomic pressures, including high inflation.
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October 29, 2024
Defunct Pot Co. CEO Says 'Grifter' Is Trying To Stop Settlement
The founder of a defunct marijuana greenhouse claims the $1.5 million settlement it made with a class of investors has been stymied in unrelated legal action filed by a "sophisticated grifter" looking for personal gain, urging a Colorado federal judge to push aside the bankruptcy action.
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October 29, 2024
Nuclear Energy Developer Hits Ch. 11 After Patron's Death
A company developing modern nuclear energy technology filed for Chapter 11 protection in Delaware Tuesday, saying it was left in a liquidity crunch after the recent death of a longtime investor who had provided more than $120 million in funding for the business.
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October 29, 2024
Republic First Bank Discriminated Before It Failed, NJ Says
New Jersey authorities said Tuesday that they have concluded that the former Republic First Bank redlined local communities of color in the state in the years before it failed, findings they have taken up with the bank's receiver, the Federal Deposit Insurance Corp.
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October 29, 2024
NS8 Litigation Trustee Seeks $173M From Ex-Exec For Fraud
The co-founder and former CEO of NS8 Inc. should return nearly $23 million he was paid by the now-defunct cybersecurity firm and cover $150 million in damages for years of fraud that pushed it into bankruptcy, the litigation trustee for NS8's Chapter 11 estate has told the Delaware bankruptcy court.
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October 29, 2024
4th Circ. Unclear On LeClairRyan Founder's Tax Liability
A Fourth Circuit panel appeared confused and noncommittal Tuesday as it wrestled with a narrow question of contract interpretation that could determine whether Gary LeClair of defunct LeClairRyan PLLC is on the hook for massive tax bills tied to the firm's collapse.
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October 29, 2024
Kirkland Partner Appointed US Bankruptcy Judge In Chicago
Michael B. Slade, a Kirkland & Ellis LLP litigation partner with restructuring experience assisting debtors like Yellow Corp., will join Illinois' bankruptcy bench in late November, the Seventh Circuit's chief judge announced.
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October 29, 2024
MVP: Latham's George Davis
George Davis, global chair of Latham & Watkins LLP's restructuring and special situations practice, negotiated successful prepackaged Chapter 11 plans for Joann Inc. and Audacy and helped Mallinckrodt navigate two bankruptcy cases tied to opioid litigation, earning him a spot as one of the 2024 Law360 Bankruptcy MVPs.
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October 29, 2024
PE-Owned Implant Maker Plagued By Lawsuits Hits Ch. 11
Joint implant maker Exactech Inc. on Tuesday filed for Chapter 11 protection in Delaware bankruptcy court with an offer from its lenders to take over the company, as a wave of lawsuits tied to product recalls weighs on the private equity-owned firm.
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October 29, 2024
Tech Co. Launches Consumer Bankruptcy Payment Portal
A Maine-based technology company on Tuesday announced the launch of AcceptDebtPayments.com, a platform for consumer bankruptcy attorneys to accept client debit and credit card payments.
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October 28, 2024
Creditors Get Ponzi Finding In Wash. Bankruptcy Trial
A Washington state bankruptcy judge has found that real estate investment firm iCap Enterprises Inc. had operated as a Ponzi scheme, opening up the door for creditors to bring lawsuits and deduct some part of the losses from their taxes, attorneys for the official committee of iCap's unsecured creditors said Monday.
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October 28, 2024
Ex-Judge Can't Shield Bank Docs; Tupperware Agrees To Sale
Former Bankruptcy Judge David R. Jones lost a bid to shield his banking records from a U.S. Trustee's Office probe into his undisclosed romantic relationship with a onetime Jackson Walker LLP partner.
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October 28, 2024
Judge Rejects Eletson's Ch. 11 Plan In Favor Of Creditors Plan
A New York judge confirmed a Chapter 11 plan from the creditors that petitioned to have shipping company Eletson placed in bankruptcy, after finding that the debtor's reorganization plan was not feasible.
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October 28, 2024
NJ Diocese Gets Insurer's Abuse Coverage Suit Tossed
A New Jersey federal court tossed an insurer's suit seeking to escape coverage for more than 200 sexual abuse lawsuits brought against the Catholic Diocese of Trenton, saying Monday the suit "relies on a strictly hypothetical controversy that may never occur."
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October 28, 2024
NYC Real Estate Week In Review
Gibson Dunn and Seyfarth Shaw are among the law firms that steered the largest New York City real estate deals that hit public records last week, a list headlined by a pair of Brooklyn deals above the $200 million mark.
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October 28, 2024
NY Firm Sued Over Botched $5M Art Collector Ch. 7 Dispute
A family enmeshed in New York's art world is suing their former attorneys in relation to a dismissed bankruptcy proceeding with an art collector over a breach of contract, alleging the attorneys' incompetence lost them $5 million when they moved the case from state court to a Chapter 7 bankruptcy filing.
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October 28, 2024
NY Youth Welfare Org Picks Up $4M Bid For 12-Acre Campus
Longtime New York youth mental health services provider St. Christopher's Inc. has received a $4 million bid for its Dobbs Ferry residential campus in a Chapter 11 auction.
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October 28, 2024
Linklaters Adds 4 A&O Shearman Finance Partners In NY
Linklaters LLP announced Monday the addition of four partners from the recently merged Allen Overy Shearman Sterling to the firm's finance division, deepening its U.S. capital markets and restructuring offerings in New York.
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October 25, 2024
US Trustee Opposes NJ Building's Receiver Stipulation
The U.S. Trustee's Office is asking a New York bankruptcy judge to hold off a decision regarding the receivership of a New Jersey building owned by New York developer Moshe Gold until the judge decides what court the bankruptcy should be heard in, if any.
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October 25, 2024
Under The Radar: Bankruptcy News You May Have Missed
Brazilian airline GOL Linhas wants five more months to file a Chapter 11 plan, the U.S. trustee in Texas is champing at the bit to obtain documents from Jackson Walker LLP in connection with an investigation into ex-Judge David R. Jones, and talc claimants want another shot at moving the bankruptcy of a Johnson & Johnson unit out of Texas, the home of the divisional merger.
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October 25, 2024
Glocal, UpHealth May Settle $115M Award Feud
Indian healthcare services platform Glocal and bankrupt digital health services company UpHealth may be on the verge of resolving their bitter dispute over an ill-fated merger that resulted in a $115 million arbitral award, Glocal has informed an Illinois federal court in a recent request to stay enforcement proceedings.
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October 25, 2024
Texas Pipe Co. Gets OK For $14.5M Asset Sale
A Texas bankruptcy judge approved a $14.5 million sale of pipe distributor Tubular Synergy Group's assets to pipe manufacturer Centric Pipe LLC after it emerged as the top bidder in a Chapter 11 auction.