Try our Advanced Search for more refined results
Bankruptcy
-
May 07, 2024
SEC Says Morrison Can't Save Terraform From Disgorgement
The U.S. Securities and Exchange Commission said bankrupt crypto firm Terraform Labs should remain on the hook for potentially $3.6 billion in disgorgement over its fraud trial loss, saying any claims that its unregistered transactions took place beyond the court's reach are undermined by the agency's congressional authority.
-
May 07, 2024
Real Estate Co. Says Privilege, Immunity Don't Protect Trustee
A real estate company says a Chapter 7 trustee overseeing a Connecticut woman's personal bankruptcy cannot invoke the doctrine of qualified immunity or assert a litigation privilege to avoid being countersued for trying to stop a home sale the trustee considered fraudulent.
-
May 07, 2024
NYC Eatery Asks 2nd Circ. To Undo Revival Of Workers' Suit
A New York City restaurant operator urged the Second Circuit Tuesday to reject a lower court finding that its workers' federal wage claims may be cut from their class action but can also be reinstated if the appeals court were to vacate their state wage claims, insisting the decision is unfair.
-
May 07, 2024
Gronk, Others To Pay $2.4M In Voyager Crypto Promoter Suit
Retired football star Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill have agreed to collectively pay $2.4 million to settle allegations they helped promote failed cryptocurrency exchange Voyager Digital Holdings Inc.
-
May 07, 2024
Steward Health Gets Ch. 11 Loan, Says It Plans Hospital Sales
A Texas bankruptcy judge Tuesday allowed Steward Health Care to take out $75 million in Chapter 11 financing to meet its next-day payroll after being told the hospital chain plans to sell facilities to pay down its $9 billion in debt.
-
May 07, 2024
Prepetition Waivers Sway Invitae Judge On Kirkland Hire
A New Jersey bankruptcy judge approved the retention of Kirkland & Ellis LLP as bankruptcy counsel for debtor Invitae Corp. Tuesday, the same day he approved a $239 million sale of its assets to Labcorp.
-
May 06, 2024
Kwok Ch. 11 Trustee Pounces On Co-Defendant's Guilty Plea
The Chapter 11 trustee seeking to wrangle a company from an individual who allegedly received it from Chinese exile Ho Wan Kwok's former chief of staff Yanping "Yvette" Wang says Wang's guilty plea in New York criminal court negates her attempt to slow-walk a Connecticut bankruptcy court adversary proceeding.
-
May 06, 2024
Crypto Platform's Ex-Brass Charged With $783M Fraud
Three former executives behind bankrupt cryptocurrency investment platform Cred Inc. face wire fraud and money laundering charges after they allegedly lied to customers about the firm's lending and investing practices ahead of a collapse prosecutors say wiped out $783 million in customer crypto.
-
May 06, 2024
FCC Only Commits To Normal Review Of Soros-Audacy Deal
The FCC has informed two Republican lawmakers worried about Soros Fund Management's acquisition of an ownership interest in radio station owner Audacy that it will conduct a regular license review, but stopped short of promising the foreign ownership review that the legislators want due to their concerns about the fund's "deeply partisan" billionaire owner.
-
May 06, 2024
CFPB Sues Pa. Student Loan Servicer, Trusts For $5M
The Consumer Financial Protection Bureau is seeking $5 million in penalties against a Pennsylvania public corporation that services almost $18 billion in student loans and a group of 15 securitization trusts, accusing them in federal court of ignoring or wrongly denying borrowers who requested relief.
-
May 06, 2024
Cybersecurity Firm Appgate Hits Ch. 11 3 Years After IPO
Technology firm Appgate Inc. and 11 affiliates filed for Chapter 11 bankruptcy in Delaware Monday with a prepackaged plan to wipe all debt from its books, tap new funding and go private roughly three years after its initial public offering backed by $1 billion in investments.
-
May 06, 2024
Battery Startup Ambri Hits Ch. 11 With Lender Sale Plans
Massachusetts battery developer Ambri Inc. filed for Chapter 11 protection in Delaware with over $50 million in liabilities and a credit bid stalking horse offer from a group of secured noteholders after fundraising efforts last year fell short.
-
May 06, 2024
Hospital Chain Steward Health Hits Ch. 11 With Over $1B Debt
Embattled hospital operator Steward Health Care filed for Chapter 11 protection Monday in a Texas bankruptcy court with more than $1 billion in debt, blaming rising costs and falling government reimbursement rates.
-
May 03, 2024
Harvey Weinstein Denied Win In $1M Fee Fight With Jose Baez
A New York state judge on Friday denied an early win to Harvey Weinstein in his $1 million fee dispute with criminal defense attorney Jose Baez, saying the incarcerated former media mogul produced nothing but a "self-serving affidavit" and "haphazard printout" to make his arguments.
-
May 03, 2024
9th Circ. Orders 2nd Look At Stay In PG&E Wildfire Suit
The Ninth Circuit on Friday told a lower court to reconsider its order staying claims PG&E investors brought against officers, directors and others over wildfire liability, saying more factors should have been considered before the stay was granted.
-
May 03, 2024
Rue21 Can Use Lender Cash As It Moves To Shut All Stores
A Delaware bankruptcy judge gave an initial nod Friday to teen apparel company rue21's bid to use its lender cash collateral to fund itself as it works to sell off inventory across 540 stores in the U.S. during its Chapter 11 case.
-
May 03, 2024
Ohio Atty Gets 3rd Suspension After Not Reporting Conviction
A Cleveland-area attorney trying to get reinstated after neglecting bankruptcy cases was suspended yet again by the Ohio Supreme Court, which said he failed to report a drug conviction to his county bar association for almost eight months.
-
May 03, 2024
Kwok's Ex-Chief Of Staff Pleads Out Before $1B Fraud Trial
The former chief of staff to exiled Chinese billionaire Ho Wan Kwok pled guilty in Manhattan federal court on Friday to participating in a $1 billion investor fraud, less than three weeks before she was scheduled to go to trial alongside her erstwhile boss.
-
May 02, 2024
Ontario-Based Glass Co.'s Receiver Seeks Ch. 15 Recognition
The Canadian court-appointed receiver for Ontario-based glass facade company Antamex Industries ULC asked the Delaware bankruptcy court for Chapter 15 recognition of the company's liquidation in the United States, saying that unless the Canadian proceedings and the receiver's stewardship is acknowledged, U.S. litigation could hurt creditors' return.
-
May 02, 2024
Plastic-Film Maker Announces $200M Recapitalization
Plastic-film maker Transcendia Holdings announced Thursday that it had reached a recapitalization deal that will cut $200 million in debt, provide $114 million in new capital, and hand majority ownership of the company to private equity firm Industrial Opportunity Partners.
-
May 02, 2024
Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House
Ryan Salame, the former co-chief executive of FTX Digital Markets, an affiliate of bankrupt cryptocurrency exchange FTX Trading Ltd., has agreed to transfer a $5.9 million house he owns in the Bahamas to FTX in lieu of paying the firm restitution over fraudulent political donations, according to a Wednesday motion.
-
May 02, 2024
Skin Care Drug Co. Gets OK For Ch. 11 Wind-Down Plan
A Delaware bankruptcy judge on Thursday said she would approve the unopposed and unanimously approved Chapter 11 wind-down plans of the company previously known as Timber Pharmaceuticals Inc.
-
May 02, 2024
Teen Retailer Rue21 Hits Ch. 11 Again With Plans To Sell
Retail fashion company rue21, which made a trip through bankruptcy most recently in 2017, filed for Chapter 11 protection in Delaware court Thursday, disclosing $194.4 million in debt and a plan to sell the business.
-
May 01, 2024
Weinstein On Track For Fall Trial Redo On NY Rape Charges
A New York judge said Wednesday that disgraced movie mogul Harvey Weinstein will be retried sometime after September, following last week's decision by the state's highest court to overturn his rape conviction due to the admission of overly broad evidence at trial.
-
May 01, 2024
Eiger Gets Deal With Merck Over $46M Rare-Disease Drug Sale
Bankrupt Eiger BioPharmaceuticals Inc. told a Texas federal judge Wednesday it had struck a tentative agreement with drug company Merck & Co. over licensing rights to a rare-disease drug that it is selling for $46.1 million.
Expert Analysis
-
What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
-
Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
-
In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
-
What WeWork's Ch. 11 Filing Means For Landlords
WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.
-
How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
-
The 4 Top Philadelphia Commerce Court Opinions Of 2023
Four 2023 rulings from the Philadelphia County Court of Common Pleas — including decisions on judicial privilege, stay requests, sheriff's sales and the appointment of a receiver — highlight the court's commitment to stringent standards and address evolving challenges in commercial litigation, say Jonathan Hugg and Sarah Boutros at Eckert Seamans.
-
A Former Bankruptcy Judge Talks 2023 High Court Rulings
In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.
-
3 Defense Takeaways From The Bankman-Fried Trial
FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.
-
Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
-
Opinion
What Happens If High Court Rejects Releases In Purdue Ch. 11
Reading the tea leaves following the U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, it appears likely that the justices will decide that bankruptcy courts lack the power to release third-party claims against nondebtors, which would result in one of three scenarios, says Gregory Germain at Syracuse University.
-
Del. Ruling Shows Tension Between 363 Sale And Labor Law
The Delaware federal court's ruling in the Braeburn Alloy Steel case highlights the often overlooked collision between an unstayed order authorizing an asset sale free and clear of successor liability under Section 363 of the Bankruptcy Code and federal labor law imposing successor liability on the buyer, say attorneys at Proskauer.
-
How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
-
Del. Insurance Co. Liquidation Reveals Recovery Strategies
Arrowood's recent liquidation in the Delaware Chancery Court offers a positive development for policyholders and claimants, providing access to guaranty association protections amid the company's demise, say Timothy Law and Ann Kramer at Reed Smith.
-
How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
-
Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.