Mid Cap
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July 10, 2024
Rudy Giuliani: From America's Mayor To 'Disgraceful' Debtor
After emerging from the ashes of the 9/11 terrorist attack as a public official the wounded nation could rally behind, former New York City Mayor Rudolph W. Giuliani is now being slammed for "disgraceful behavior" in the foundering Chapter 11 case arising from his defamation of election workers in the aftermath of the 2020 presidential election.
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July 10, 2024
NJ Property Developer Files Ch. 11 With Up To $50M Liabilities
Real estate developer JGA Development LLC, which owns and operates 84 units and has been developing dozens more, filed for Chapter 11 protection in New Jersey on Tuesday with up to $50 million each of assets and liabilities.
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July 10, 2024
Texas Pipe Distributor Hits Ch. 11 With $50M Debt
A Texas pipe distributor has filed for Chapter 11 in the Lone Star state, as the company hopes to restructure its more than $50 million in debt in the face of default notices from its main lender.
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July 10, 2024
Bang Energy Drink Co. Ex-CEO Urges DQ Of Ch. 11 Judge
The former CEO of the company that makes Bang energy drinks urged the disqualification of a Florida federal bankruptcy judge and called for an investigation, alleging that the judge committed misconduct in the company's Chapter 11 case, according to a complaint filed with the Eleventh Circuit.
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July 10, 2024
Giuliani Urges DC Court Not To Disbar Him Over Trump Work
Rudy Giuliani on Wednesday urged the D.C. Court of Appeals to let him keep his law license, saying he did not commit misconduct in his work on former President Donald Trump's challenge to Pennsylvania's 2020 presidential election.
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July 10, 2024
Cooley Adds Bankruptcy Atty From Gibson Dunn To LA Office
Cooley LLP expanded its transactional services in its Los Angeles office this week with the addition of an attorney who moved his practice after eight years with Gibson Dunn & Crutcher LLP.
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July 10, 2024
Former McElroy Deutsch CFO Hits Ch. 11 Amid Theft Cases
McElroy Deutsch Mulvaney & Carpenter's former chief financial officer filed for bankruptcy in New Jersey this week as he awaits sentencing for embezzling over $1.5 million from the firm over a period of years via fraudulent bonuses.
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July 10, 2024
Bankruptcy Filing Halts Dueling Unions' Defamation Dispute
One of two security and law enforcement unions embroiled in defamation suits in Michigan federal court has informed the court that it has filed for bankruptcy in Pennsylvania, pausing the claims against it a week before trial.
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July 10, 2024
The Real Estate Bankruptcies Making Headlines This Year
The real estate industry is no stranger to distress, but recent market headwinds have made it even harder for certain companies to chart the course to calmer seas. Catch up on the major real estate bankruptcy developments that have made headlines so far this year.
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July 09, 2024
Pharma Co. Fined $16.9M For Fake Scripts, Ex-VP Arrested
A subsidiary of bankrupt DMK Pharmaceuticals Corp. faces a $16.9 million criminal fine after pleading guilty to conspiring in a scheme to ship drugs using false prescriptions, federal prosecutors announced Tuesday, adding that the subsidiary's former vice president of sales was also arrested.
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July 09, 2024
Cash Advance Lenders In Small Biz Bankruptcy Crosshairs
When Lynda Bui was tapped as the Chapter 7 trustee for a small bankrupt California lighting company called Vario Corp., she initially thought she would not recover any assets in the case, which involved a burdensome stack of ultra-high-interest merchant cash advances.
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July 09, 2024
Glocal Says UpHealth Coerced Acquisition In Ch. 11 Suit
Indian healthcare network Glocal said its majority owner, bankrupt telemedicine tech company UpHealth, lied about business delays and exaggerated its finances as leverage in a 2020 acquisition, alleging in a Delaware bankruptcy court lawsuit that UpHealth and its executives eroded $200 million in value and failed to uphold their end of a share purchase agreement.
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July 09, 2024
Massage Franchise Operator Files Ch. 7 With $32M Debt
The operators of a chain of massage therapy franchises in California and Texas filed for Chapter 7 liquidation in Delaware bankruptcy court with nearly $32 million in debt.
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July 09, 2024
3 States Ask High Court To Freeze Biden's Debt Relief Plan
Three state attorneys general applied to the U.S. Supreme Court seeking to vacate the stay of a nationwide injunction in an effort to pause implementation of a $475 billion student loan debt forgiveness program, saying they are likely to succeed in their attempts to have the program invalidated by the high court.
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July 09, 2024
Dentons Advises $115M For Stalking Horse Hotel Buy
Dentons guided the financing for a bankruptcy sale of Brooklyn, New York's, William Vale hotel to EOS Hospitality for $177 million in a stalking horse bid approved by a bankruptcy judge in May.
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July 09, 2024
Reed Smith's Work In Eletson Ch. 11 'Deficient,' Creditors Say
Unsecured creditors of shipping company Eletson asked a New York bankruptcy judge to reject or pare back fees for Reed Smith, arguing that the law firm's work on the shipper's Chapter 11 plan and disclosure statement was "deficient."
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July 09, 2024
NJ Atty Must Face Claims Over Not Reviving Malpractice Suit
The New Jersey state appeals court reversed a trial court decision Tuesday and reinstated a malpractice case against a solo practitioner who allegedly blew a filing deadline and caused his clients to lose a separate malpractice suit.
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July 09, 2024
Weinstein May Face Nov. Retrial As DA Vets New Rape Claims
Manhattan prosecutors Tuesday said November is a "realistic" date for Harvey Weinstein's retrial on rape charges as they continue to investigate new claims that the disgraced Hollywood producer assaulted other women, saying they expect to seek a superseding indictment by late September.
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July 09, 2024
LeClairRyan Trustee Floats Ch. 7 Deals With Ex-Lawyers
The liquidating trustee of shuttered law firm LeClairRyan PLLC on Tuesday proposed two settlements with former attorneys to resolve their roughly $2.1 million in claims for $1.4 million by granting them unsecured interests as part of the bankruptcy case in Virginia federal court.
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July 08, 2024
Giuliani's Creditors Call Ch. 7 Conversion Bid A 'Delay Game'
Rudy Giuliani's unsecured creditors in his Chapter 11 case on Monday slammed the former New York City mayor's bid in New York bankruptcy court to convert the proceedings to a liquidation, saying the move is just another part of his "delay game" to avoid discovery and "responsibility for his malfeasance."
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July 08, 2024
Meet The Attorneys In Delta Apparel's Ch. 11
A team of lawyers from Polsinelli PC with deep expertise in financial restructuring and bankruptcy transactions is guiding clothing company Delta Apparel Inc. through its Chapter 11, working to help the Georgia-based company achieve its goal of selling a lifestyle brand during the case.
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July 08, 2024
Judge Jones To Be Deposed, Giuliani Seeks Ch. 7 Conversion
The ex-Texas bankruptcy judge whose undisclosed romance with a former Jackson Walker LLP partner sparked an ethics scandal and efforts by the Office of the U.S. Trustee to recoup some $13 million in fees will be deposed; Rudy Giuliani can no longer practice law in New York and asked to convert his personal Chapter 11 bankruptcy to a Chapter 7; and the U.S. Supreme Court's monumental ruling in Purdue has opened questions about other high profile Chapter 11 plans and the authority of bankruptcy courts.
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July 08, 2024
Bus Co. Coach Gets $8M Stalking-Horse Bid For More Assets
An industrial transportation provider submitted a roughly $8 million stalking-horse offer for some of the remaining assets of intercity bus operator Coach USA, as the insolvent company seeks to sell more of its assets while in Chapter 11 in Delaware.
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July 08, 2024
iSun Gets OK For July Auction After Fee Deal
A Delaware bankruptcy judge Monday gave solar energy firm iSun permission to put itself on the block at the end of July after its proposed baseline bidder agreed to accept a flat amount as a bid protection payment rather than a percentage of a winning overbid.
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July 08, 2024
Romance Writers Group Can Go Ahead With Ch. 11 Plan
A Texas bankruptcy judge on Monday allowed Romance Writers of America to move forward with its bankruptcy plan in the trade association's streamlined Chapter 11 case, noting that there were no objections to confirming the reorganization.