Mid Cap
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August 12, 2024
4th Circ. Urged To Rethink Ex-Ch. 11 Trustee Legal Fee Ruling
A Fourth Circuit panel misinterpreted whether the bankruptcy code limits a former bankruptcy trustee from retroactively seeking professional fees after the case was converted to a Chapter 13, the former trustee has asserted in a bid for rehearing.
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August 12, 2024
Meet The Attorneys In The Guardian Elder Care Ch. 11
A team of attorneys from Saul Ewing LLP are representing the nursing homes operating under the banner of Guardian Elder Care as they seek to sell their facilities in a Chapter 11 case in Pennsylvania.
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August 12, 2024
Byju's Dodges Dismissal, Crypto Updates, SunPower Filing
The U.S.-based affiliate of Indian educational technology giant Byju's avoided the dismissal of its Chapter 11 case in Delaware, a subpoena for cellphone records from former bankruptcy judge David R. Jones was quashed, and a $2 billion bankruptcy from a residential solar technology company was filed. This is the week in bankruptcy
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August 12, 2024
Colo. Brewery And Ex-Manager Settle Embezzlement Suit
A Colorado brewery and its ex-manager accused of embezzling more than $600,000 for his own business agreed to permanently dismiss a lawsuit, one day after a state judge let the brewery seek punitive damages in the case.
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August 12, 2024
NYC Office Guarantors Fight 'Surrealistic' Recourse
The guarantors of financing on a Midtown Manhattan office building sued the lender Aug. 8, saying it tricked the borrower into an arrangement that could leave the guarantors liable for the full loan amount and attorney fees in a separate federal lawsuit.
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August 12, 2024
Sorrento Shareholders' Fee Objection Too Late, Judge Says
A Texas bankruptcy judge on Monday found a group of Sorrento Therapeutics shareholders objected too late to proposed fee payments to Jackson Walker LLP for its work on Sorrento's Chapter 11 case, denying them the opportunity to present evidence at a fee hearing next month.
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August 12, 2024
Blink Fitness Hits Ch. 11 In Delaware With $280M Debt
Budget gym chain Blink Fitness and more than 130 affiliates filed for Chapter 11 bankruptcy protection in Delaware with $280 million in debt and plans for an asset sale.
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August 12, 2024
LL Flooring Hits Chapter 11 Amid Consumer Spending Slump
National home improvement store LL Flooring filed for bankruptcy in Delaware with some $109.6 million in funded debt, saying it plans to sell its business and reduce its footprint while in Chapter 11.
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August 09, 2024
Attys Eye Serta Simmons Appeal For New Clues In Debt Fights
Professionals who help distressed companies cope with oppressive debt loads are eagerly awaiting a Fifth Circuit ruling on mattress maker Serta Simmons' 2020 restructuring deal, a decision that experts say could reshape how courts handle so-called uptier transactions and hotly litigated fights among creditors.
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August 09, 2024
Pool Supply Co. Blasts 'Delay Tactics' In Rival's Ch. 11 Case
Pool parts supplier Hayward Industries Inc. has asked a North Carolina bankruptcy court not to allow rival Blueworks Corp. to use its bankruptcy stay to shield its subsidiaries, saying Blueworks has a pattern of foiling Hayward's collection efforts on a $16 million false advertising and unfair business practices judgment.
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August 09, 2024
How 2 Kirkland Attys Pivoted From Law To Communications
Jon Henes and Whitney Fogelberg never envisioned having careers crafting communications strategies for restructuring companies. But the seasoned former Kirkland & Ellis LLP bankruptcy partners have found themselves doing just that at C Street Advisory Group, a specialized public relations firm founded by Henes.
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August 09, 2024
Palm Owner Says Its Ch. 11 Should Halt Ex-GC's Bias Suit
The bankrupt parent company of iconic steakhouse chain The Palm Restaurant wants a federal court to halt a lawsuit filed by its ousted general counsel because its 2019 bankruptcy case has not been dismissed.
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August 09, 2024
NC Insurance Mogul Must Pay Dutch Insurer's $166M Award
Insurance mogul Greg Lindberg and his companies must pay a $166 million arbitral award issued to defunct Dutch life insurer Conservatrix, a North Carolina federal court ruled, saying the award has been upheld by Dutch courts and there is nothing to indicate that the proceedings were not conducted fairly.
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August 08, 2024
Poll Workers, Giuliani Want $148M Judgment Appeal Expedited
Rudy Giuliani and two Georgia election workers who secured a $148 million defamation judgment against him have asked the D.C. Circuit to fast-track the former mayor's appeal of the judgment.
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August 08, 2024
Indicted Co. Owner Gets Reprieve From Ch. 7 Discovery
A Delaware bankruptcy judge said Thursday he'd approve an order allowing discovery in a suit alleging principles of a bankrupt government water contractor engaged in fraud, including $14.5 million in transfers ahead of the bankruptcy, excluding the owner because she has been indicted for perjury.
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August 08, 2024
Fla. Judge Won't Pause E-Scooter Co.'s Ch. 11 Plan
California plaintiffs with tort claims against Bird Global Inc. can't stop a Chapter 11 plan for the bankrupt e-bike and e-scooter rental company while they appeal its confirmation because of the plan's third-party releases, a Florida bankruptcy judge ruled Thursday.
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August 08, 2024
Judge Pauses Syracuse Diocese Ch. 11 Pending Changes
A New York bankruptcy judge put the Roman Catholic Diocese of Syracuse's Chapter 11 case on hold Thursday until the diocese finishes revisions to its bankruptcy plan it says are needed to bring it into line with the Supreme Court's decision on Purdue Pharma's plan.
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August 08, 2024
Coach USA Drops Ch. 11 Auction, Takes Stalking Horse Bids
Bus line operator Coach USA Inc. informed a Delaware bankruptcy court that it did not receive any qualified offers for its three major assets beyond the initial stalking horse bids it had when entering bankruptcy.
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August 08, 2024
Cooley Hit With Fla. Malpractice Suit Over Financial Docs
Genetic Networks LLC has sued California-based Cooley LLP in Florida state court, alleging the law firm failed to file documentation needed to secure a lien when preparing loan papers for $1.2 million lent to ECI Pharmaceuticals.
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August 08, 2024
Conn. Judge Says Telecom Can Get $3.5M, Not $61M Interest
CCT Communications can't get the $61 million in interest it sought from a company it's been in dispute with for 14 years after a state judge ruled that Connecticut does not allow interest for breach of contract claims if the interest amounts to a penalty.
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August 08, 2024
McElroy Deutsch Seeks To Ax Former CFO's Ch. 11 Case
McElroy Deutsch Mulvaney & Carpenter LLP urged a New Jersey bankruptcy court Thursday to throw out a Chapter 11 filing from its former chief financial officer, who has been sent to prison for stealing over $1 million from the firm, slamming it as a bad faith "tactical maneuver" to stall ongoing civil litigation.
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August 08, 2024
Snapshot: Delaware Federal Court's 2024 Annual Report
Civil filings in Delaware's district court continue to decline as the patent litigation-heavy venue saw its lowest number of patent filings during the past decade in 2023, experiencing a 23% dip from the year prior amid a national patent litigation plunge.
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August 08, 2024
50 Cent Beats Liquor Consultant's 'Ridiculous' Wiretap Claim
A frustrated New York state judge on Thursday tossed a former Beam Suntory Inc. sales contractor's reworked wiretapping allegations against rapper Curtis "50 Cent" Jackson in a $3 million embezzlement dispute, calling the claims "ridiculous" and an "obvious" delay tactic.
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August 07, 2024
SEC Accuses Urban Commons REIT Founders Of $70M Fraud
The U.S. Securities and Exchange Commission has accused the founders of the Urban Commons real estate investment trust of running a pair of fraud schemes involving investments in U.S.-based hotels that the regulator said collectively cost investors $70 million.
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August 07, 2024
Bid For Ex-Judge's Phone Records Halted At Texas Hearing
A Texas bankruptcy judge shut down a bid from JCPenney's bankruptcy administrator to subpoena former Judge David R. Jones' cellphone records in a partially sealed hearing Wednesday in connection with Jones' secret romance with a onetime lawyer at Jackson Walker LLP.