Mid Cap
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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.
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September 04, 2024
Produce Co. With Bankrupt Parent Settles $1M Payment Suit
A Michigan federal judge has dismissed a $1.3 million payment dispute between Canadian produce distributors and the U.S. arm of a vegetable wholesaler, after the parties reached a deal to resolve the litigation.
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September 04, 2024
LL Flooring, Buyer In Talks To Skirt Ch. 11 Liquidation
Home improvement retailer LL Flooring has until end of day Thursday to finalize negotiations with a possible going-concern buyer, or it will pivot to a Chapter 11 liquidation of its hundreds of stores across the country, attorneys told a Delaware bankruptcy judge Wednesday.
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September 04, 2024
Former Michelin Tire Factory Site Worth $30M, NJ Jurors Told
The owner of a 22-acre former Michelin Tire factory in Milltown, New Jersey, told jurors Wednesday it should be paid at least $30 million by a borough redevelopment agency to acquire the property through eminent domain for the construction of a 350-unit mixed-use residential development.
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September 04, 2024
US Trustee Challenges AI Video Co. StoryFile's Sale Plans
The U.S. Trustee's Office has asked a New York bankruptcy judge to reject artificial intelligence video startup StoryFile's motion for approval of bidding procedures governing a likely sale of virtually all its assets to a debtor-in-possession lender, arguing that the proposed sale would effectively bypass making payments to secured and priority creditors.
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September 04, 2024
McElroy Deutsch's Former CFO Fights Bid To Sink Ch. 11 Case
The currently incarcerated former chief financial officer for McElroy Deutsch Mulvaney & Carpenter LLP denied that his Chapter 11 filing was a bad faith maneuver meant to stall ongoing civil litigation, claiming instead that the bankruptcy will allow for the liquidation of property for the benefit of creditors.
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September 04, 2024
Linklaters Gains NY Restructuring Pro From Simpson Thacher
An attorney with more than 25 years of transactional experience has left Simpson Thacher & Bartlett LLP this week to join Linklaters' New York office as head of the firm's U.S. capital solutions practice.
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September 04, 2024
Immunity Can't Shield Ex-Judge In Romance Suit, Court Told
The former head of a now-shuttered barge company is asking a Texas federal judge to keep alive his claims against a former bankruptcy judge over his undisclosed romantic relationship with an attorney on the company's Chapter 11 case, saying the onetime jurist isn't entitled to immunity for "decidedly non-judicial acts."
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September 04, 2024
Former Judge Faces Risks With Looming Atty Romance Depo
Former Texas bankruptcy judge David R. Jones faces some serious risks in an upcoming deposition that was recently given the green light, especially since the U.S. Department of Justice is reportedly conducting a criminal investigation of his undisclosed relationship with a former Jackson Walker LLP partner who appeared before him, according to attorneys.
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September 03, 2024
Steward Gets Hospital Deal; Pause Urged For Judge Shop Ban
Steward Health Care reached a tentative deal to keep most of its hospitals operating, Jackson Walker LLP and the U.S. Trustee's Office traded blows at a hearing over deposition disputes, and a group of asbestos claimants urged the Fourth Circuit to toss Bestwall's bankruptcy, alleging the Georgia-Pacific unit isn't actually facing financial distress.
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September 03, 2024
IRS Should Be Bound By $2M Bankruptcy Deal, Justices Told
An Alabama real estate developer who sought bankruptcy protection and agreed to settle his tax debts for $2 million asked the U.S. Supreme Court to review a decision allowing the IRS to demand additional taxes from him, saying the agency shouldn't be allowed to back out of the deal.
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September 03, 2024
Ch. 11 Bankruptcy Trustee Says Firm Charged Excessive Fees
The Chapter 11 trustee overseeing collapsed debt relief law firm Litigation Practice Group has accused a New York law firm of charging excessive fees while defending the California firm from lawsuits from merchant cash advance companies.
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September 03, 2024
Former Partner Of Bankrupt NC Firm Settles With Trustee
A former member of bankrupt North Carolina-based real estate law firm Washburn Law PLLC, which is being investigated by the FBI for millions of dollars in pilfered client money, has reached a settlement agreement with a court-appointed bankruptcy trustee.
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September 03, 2024
NY REIT Heads Toward Noteholder Mediation For Ch. 11 Plan
Attorneys for real estate investment trust JER Investors Trust Inc., told a Delaware bankruptcy judge Tuesday that it plans to mediate with noteholders who objected to its Chapter 11 plan based on a $15 million settlement signed less than a week before JERIT filed for bankruptcy.
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August 30, 2024
Meet The Attys In Pregnancy Tech Co. Nuvo's Ch. 11 Case
Remote pregnancy monitoring band maker Nuvo Group USA Inc., which entered bankruptcy after a merger and failed fundraising left it cash strapped, has assembled a team of lawyers from Morris Nichols Arsht & Tunnell LLP and Hughes Hubbard & Reed LLP to guide it through Chapter 11.
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August 30, 2024
Bitcoin Miner Rhodium Gets Interim OK For $30M Ch. 11 Loan
A Texas bankruptcy judge on Friday gave interim approval for bitcoin miner Rhodium to access $15 million of a $30 million debtor-in-possession financing package from blockchain company Galaxy Digital.
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August 30, 2024
Republic Bank Tells IP Lawsuit Judge It's Bankrupt
An embattled Pennsylvania-based bank has sought bankruptcy protection following its high-profile seizure by federal authorities as it grappled with $1.3 billion in debt, according to its latest filing in a trade secrets misappropriation suit.
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August 30, 2024
Water Vending Machine Co. Pushed Into Ch. 11 In Texas
Creditors of the Washington state water vending machine company Water Station Management LLC have filed an involuntary Chapter 11 petition in Texas bankruptcy court, citing at least $7.4 million in debt, as the company also faces a suit alleging it bilked investors out of more than $100 million through a Ponzi scheme.
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August 30, 2024
Giuliani Pretends To Live In Fla. To Shield Condo, Suit Says
The Georgia election workers who secured a $148 million judgment against former New York Mayor Rudy Giuliani in D.C. federal court hit him with a new lawsuit Friday, saying he is "pretending" to live in Florida in "a brazen attempt to shield his luxury Palm Beach condo" from them.
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August 29, 2024
'You Don't Need To Be Obnoxious': Ch. 11 Hearing Gets Rowdy
A California bankruptcy judge on Thursday slammed an attorney for what he called her "obnoxious" courtroom behavior, while the lawyer argued that a proposed liquidation plan for a defunct law firm could enrich the professionals managing the case and leave little for claimants.
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August 29, 2024
Judiciary Group Urged To Table 'Mega' Bankruptcy Panel Ban
A subcommittee urged the Judicial Conference's bankruptcy rule advisory committee to hold off on considering a ban on so-called mega bankruptcy panels at an upcoming meeting, saying a different committee's work overlaps with a rule proposed to curb the controversial practice.