Mid Cap
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September 10, 2024
Most Young Lawyers Say Debt Alters Their Career Plans
A recent student debt study by the American Bar Association Young Lawyers Division has found that student debt affects young attorneys in many ways — including changing their career plans.
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September 09, 2024
Apartment Cooperative Hits Chapter 11 Amid Takeover Fight
The management of Success Village Apartments Inc. has filed for Chapter 11 bankruptcy protection in the District of Connecticut, citing between $1 million and $10 million in debt, amid court battles with local communities and utility companies that sought to force the 900-unit housing cooperative into receivership.
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September 09, 2024
Pa. Nursing Home Chain Gets OK For October Facility Auction
A federal bankruptcy court has approved the sale of eight nursing homes in Western Pennsylvania and West Virginia as part of their owners' Chapter 11 reorganization, according to court orders issued Friday and Monday.
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September 09, 2024
Apollo-Backed Software Company Edgio Hits Ch. 11
Digital content delivery platform Edgio Inc. filed for Chapter 11 protection Monday, listing $379 million in assets and $369 million in liabilities and with a plan to sell its assets to a major lender.
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September 06, 2024
Property Plays: Faropoint, EPA, Lendlease
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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September 06, 2024
PE-Backed Red Lobster Has Rocky Route To Post-Ch. 11 Profit
With court approval of its reorganization plan secured, Red Lobster will soon exit bankruptcy with new owners, a 35-year-old chief executive, $60 million in fresh funding and about 100 fewer restaurants. But to pull off its planned turnaround, the seafood chain must revitalize its brand in a tricky market for casual-dining restaurants, and the next 12 months will be critical, experts told Law360.
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September 06, 2024
Trustee Backs Tossing Ex-McElroy Deutsch CFO's Ch. 11 Case
The U.S. Trustee's Office has urged a New Jersey bankruptcy court to dismiss a Chapter 11 petition from McElroy Deutsch Mulvaney & Carpenter LLP's former CFO, who is currently incarcerated for embezzling millions from the firm, because he has stonewalled the trustee's requests for information about his finances.
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September 06, 2024
Steptoe Adds Co-Leader To Restructuring & Insolvency Group
Steptoe LLP has expanded its transactions and tax practice by hiring a New York-based partner as a co-leader of the firm's insolvency and restructuring team.
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September 06, 2024
Red Lobster Landlord Sues Zurich Over $1.2M Fire Payment
The owner of a property leased to Red Lobster said a Zurich unit negligently failed to name the owner on settlement checks issued to the eatery after a fire, telling a New Jersey federal court the failure allowed Red Lobster to avoid using the $1.2 million to make repairs.
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September 06, 2024
US Trustee Says Solar Biotech Sale Price May Be Too Low
The U.S. Trustee's Office has filed an objection in Delaware bankruptcy court to Solar Biotech's proposed $14.9 million credit bid asset sale, saying it does not appear to leave anything to pay Chapter 11 expenses.
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September 06, 2024
Man Disguised Businesses To Duck Tax, US Says In $1.9M Suit
A retired business owner who the U.S. government said removed his mailbox to avoid receiving letters from the IRS owes nearly $1.9 million in unpaid tax liabilities, some stemming from pretending to operate his companies as religious ministries, the government said in a suit in Florida federal court.
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September 05, 2024
Real Estate Co. EasyKnock Settles Battle With Ch. 7 Trustee
New York-based real estate investor EasyKnock Inc. would fork over the full alleged value of a debtor's home to her bankruptcy estate as part of a proposed deal to settle the Chapter 7 trustee's fraud claims and the company's own suit alleging collusion.
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September 05, 2024
US Trustee Blasts Releases In Optio Ch. 11 Plan
The U.S. Trustee's Office has asked a Delaware bankruptcy judge to reject Optio Rx LLC's Chapter 11 plan, saying it contains impermissible third-party releases that are overly broad in scope and period.
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September 05, 2024
Asbestos Claimants Want A Say In 4th Circ. 'Two-Step' Appeal
Asbestos cancer survivors and the estates of victims with pending claims against Aldrich Pump LLC, DBMP LLC and Murray Boiler LLC have asked the Fourth Circuit's permission to file an amicus brief in an appeal centered on the separate Chapter 11 case of Georgia-Pacific unit Bestwall, saying they had been prevented from pursuing relief while Aldrich, DBMP and Murray pursue bankruptcy.
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September 05, 2024
Healthcare Cos. Using Ch. 11 As Life Support In 2024
Several healthcare companies, including ventilator maker Vyaire Medical Inc. and hospital operator Steward Health Care System, have filed for bankruptcy this year, citing issues like a post-pandemic revenue drop and ballooning expenses colliding with declining government reimbursements.
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September 05, 2024
Subchapter V Filings Slowing After Debt Limit Sunset
After Congress allowed the expanded debt threshold for Subchapter V bankruptcies to expire in June, the rate of new cases filed under the streamlined small-business insolvency process has slowed since the beginning of the year, as practitioners have become more familiar with the statute and how to wield it, experts said.
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September 05, 2024
Eiger Cleared To Liquidate, Repay Creditors Under Ch. 11 Plan
Drug developer Eiger Biopharmaceuticals will wind down its business and distribute proceeds from sales of its rare-disease treatments to creditors and shareholders under a Chapter 11 plan approved by a Texas bankruptcy judge on Thursday.
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September 05, 2024
Delta Apparel Gets $54M In Bids For Clothing Lines
Clothing company Delta Apparel Thursday told a Delaware bankruptcy judge it had raised more than $54.4 million in an asset auction last week and settled a dispute over its Chapter 11 financing, and got the judge's go-ahead to hire a liquidator for its remaining inventory.
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September 05, 2024
Red Lobster Gets Confirmation For Ch. 11 Exit Plan
A Florida bankruptcy judge signed off Thursday on a plan for seafood restaurant chain Red Lobster to exit bankruptcy just under four months after filing for Chapter 11 protection.
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September 05, 2024
Pa. City Iced Retirees Out Of Ch. 9 Plan Talks, Committee Says
Retiree creditors in the city of Chester, Pennsylvania's bankruptcy have denounced its proposed Chapter 9 plan, telling a judge in Philadelphia it is a "blunt-instrument approach" to complex issues and was docketed without consulting their committee that represents the largest creditor group.
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September 05, 2024
$9.1M In Fees Requested For Calif. Debt Relief Law Firm Ch. 11
Just days after a bankruptcy judge said in court that unsecured creditors in the case of collapsed California debt relief firm Litigation Practice Group will likely receive little to nothing, professionals working on the case filed about $9.1 million in fee requests — enough to use up most of the available cash.
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September 05, 2024
'Flimsy Attack' In $102M Award Suit Falls Flat, Court Hears
Liberian entities fighting to enforce a $102 million arbitral award issued in a dispute over control of a $700 million liquefied petroleum gas shipping joint venture have criticized the award debtor's "flimsy attack" on the arbitrator's impartiality in a filing to a New York federal judge.
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September 05, 2024
Gates Foundation Puts $4M Behind Debt Nonprofit's AI Tech
Online bankruptcy nonprofit Upsolve said it has received a $4 million grant from the Bill & Melinda Gates Foundation to develop and roll out financial software backed by artificial intelligence for use by indigent Americans seeking guidance on debt management and credit improvement.
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September 04, 2024
Jambys Ch. 11 Plan Draws Fire From Lenders, US Trustee
Several lenders and the U.S. Trustee's Office have all asked a Delaware bankruptcy judge to reject online clothing brand Jambys Inc.'s Chapter 11 plan, arguing that it is not viable, does not deal with their claims and contains impermissible releases and an "overboard" injunction.
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September 04, 2024
Atty Tied To Ponzi Scheme Can't Discharge CFTC Debt
A Colorado federal judge on Wednesday denied an attorney's request to have his debt to the Commodity Futures Trading Commission discharged after he and others were found liable for $10 million for their roles in a Ponzi scheme.