Mid Cap
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September 23, 2024
Conn. Reaches $5M Deal To Resolve Vision Solar Case
Connecticut is asking a judge to sign off on a judgment that would impose a $5 million civil penalty against Vision Solar LLC to resolve the state's unfair trade practices complaint against the bankrupt company.
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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
Litigation Funding Firm Likely Out Of Hurricane Ad Class Action
A Texas federal judge said Thursday that a funding company that lent $20 million to a law firm accused in a proposed class action of conspiring to deceptively solicit hurricane victims should be dropped as a defendant.
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September 20, 2024
Trash-To-Gas Refiner Fulcrum Hit Ch. 11 Amid Capital Drought
The trash-to-gas innovator Fulcrum BioEnergy Inc. tumbled into bankruptcy earlier this month after the renewable aviation fuel maker ran out of runway with lenders and potential equity investors, whose money it needed to fund equipment fixes at its key Nevada refinery.
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September 20, 2024
Slow Development Puts Nebraska District Into Ch. 9
A local development authority filed for Chapter 9 protection in Nebraska after laying out significant funds to install roads and sewer systems for a housing development that was stalled by the 2008 financial crisis.
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September 20, 2024
Silvergate Wants Activist Investor's Board Seat Play Blocked
The parent company of Silvergate Bank, a defunct bank that catered to the cryptocurrency industry, has asked the judge in its Delaware bankruptcy case to help head off what it described as an activist investor's effort to score a seat on the debtor's board so he can try to secure a payout for shareholders who are set to receive nothing under a Chapter 11 plan.
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September 19, 2024
NYC Condo Owner Seeks Fast Confirmation On Ch. 11 Plan
Bankrupt New York City condominium complex Hudson 888 Owner LLC asked a New York bankruptcy judge to put it on the fast track to a confirmation hearing for its third proposed Chapter 11 plan, under which it would hand over residential real estate units to its main lender to clear debts.
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September 19, 2024
Ch. 7 Trustee Urges Justices To Uphold Return Of Taxes
The bankruptcy trustee of a defunct Utah transportation company warned the U.S. Supreme Court on Thursday that overturning a decision forcing the IRS to return tax payments made by company directors to cover their personal debts would encourage shareholder fraud.
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September 19, 2024
BurgerFi Says Macroeconomics Drove It Into Ch. 11
Fast-casual restaurant chain BurgerFi Inc. filed for Chapter 11 bankruptcy earlier this month, blaming macroeconomic factors for its insolvency in what is becoming an increasingly common tale for retail and hospitality companies operating after the onset of the COVID-19 pandemic.
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September 19, 2024
Tender Greens, Tocaya On Track For Final DIP, Bid Approval
A Delaware bankruptcy judge said Thursday she anticipated being able to give the company that operates Tender Greens and Tocaya restaurants final approval for $3.5 million in debtor-in-possession financing and a stalking-horse bid once the debtor submits proposed orders to that effect.
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September 19, 2024
Quinn Emanuel Challenges Oro Negro Execs' Discovery Bid
Quinn Emanuel Urquhart & Sullivan LLP is pushing back against a bid for firm documents from its former client, Oro Negro Drilling Pte. Ltd., saying the company that provides oil services in Mexico and its subsidiaries are "weaponizing" the firm's party status to gain a tactical advantage in related legal battles.
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September 19, 2024
Silvergate First-Day Ch. 11 Motions OK'd Ahead Of Wind-Down
A Delaware bankruptcy judge on Thursday approved a slew of first-day motions brought by the parent company of defunct cryptocurrency-focused bank Silvergate, allowing the debtor to stay on track with a plan to liquidate its business to pay creditors and shareholders.
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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
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
Meet The Attorneys In BurgerFi's Ch. 11
BurgerFi International Inc., the fast casual chain that also owns Anthony's Coal Fired Pizza & Wings restaurants, has assembled a team of lawyers from Raines Feldman Littrell LLP to assist with plans to turn its business around after entering Chapter 11 protection in Delaware last week.
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September 18, 2024
Vintage Wine Estates Nets $140M In Ch. 11 Auction
Bankrupt wine producer Vintage Wine Estates has told Delaware's bankruptcy court it scored a series of offers for its assets through a Chapter 11 auction that will bring in more than $140 million.
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September 18, 2024
Pa. AG Sues Robot Co. Over $2M In Unfilled Orders, Refunds
A Pittsburgh robotics company took orders for more than $4 million worth of robot toys but failed to deliver many of them — and in the case of a toy based on the TV show "Rick and Morty," didn't secure the intellectual property rights — according to a consumer protection lawsuit announced by the Pennsylvania Attorney General's Office on Wednesday.
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September 18, 2024
US Trustee Wants Mountain Sports Bonuses Partly Unsealed
The U.S. Trustee's Office urged a Delaware bankruptcy judge on Wednesday to deny sports retailer Mountain Sports' bid to conceal details of bonuses it has proposed to pay employees to help incentivize them to stay as it works to liquidate all remaining stores.
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September 18, 2024
Parent Of UK's TGI Fridays Falls Into Administration
The British restaurant group that operates TGI Fridays' UK stores has collapsed into administration on Wednesday, along with its plans to sell its 87 restaurants in the UK, the company said after it nixed a deal to acquire U.S. stores earlier this month.
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September 18, 2024
NYC Real Estate Week In Review
Segal & Segal and Yeung & Wang are among the law firms that guided the largest New York City real estate deals that hit public records last week, a period that saw seven deeds at or above the $20 million mark become public.
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September 18, 2024
Silvergate Bank Parent Co. Files Ch. 11, Plans Liquidation
The parent company of shuttered cryptocurrency-focused bank Silvergate filed for Chapter 11 protection in Delaware on Tuesday with plans to wind down and liquidate its remaining assets.
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September 17, 2024
Hawkers Asian Restaurant Chain Files For Ch. 11 In Fla.
Florida-based pan-Asian restaurant chain Hawkers Asian Street Food and Craft Cocktails became the latest casual dining enterprise to file for Chapter 11 protection Tuesday, as the industry continues to deal with a tricky combination of rising costs and tightening consumer pocketbooks.
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September 17, 2024
Sheppard Mullin Scores Depp Trial Pro From Brown Rudnick
The co-lead counsel for Johnny Depp in his defamation trial against Amber Heard has moved from Brown Rudnick LLP to Sheppard Mullin Richter & Hampton LLP, which just last month announced it had landed five other attorneys from Brown Rudnick who worked on the Depp case.
Expert Analysis
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.