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Bankruptcy
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September 11, 2024
Hertz Noteholders Entitled To $270M Interest, 3rd Circ. Rules
Unsecured noteholders from Hertz's bankruptcy are entitled to roughly $270 million in interest as a so-called make-whole payment, a Third Circuit panel decided in a split ruling overturning a bankruptcy court opinion that said it was disallowed under the Chapter 11 code.
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September 11, 2024
Star Witness In Bankman-Fried Trial Seeks No Prison Time
Former FTX insider Caroline Ellison urged a Manhattan federal judge not to sentence her to prison for her part in the crypto exchange's massive fraud scheme, citing her remorse and the "devastating" trial testimony she gave against onetime romantic partner and company founder Sam Bankman-Fried.
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September 11, 2024
TD Bank To Pay $28M Over Consumer Reporting Failings
The Consumer Financial Protection Bureau hit TD Bank with a $20 million fine on Wednesday for its failures over inaccurate consumer credit reports and ordered it to pay nearly $8 million to customers, four years after the regulator imposed a $122 million fine against the bank over illegal overdraft fees.
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September 11, 2024
BurgerFi Flips Into Ch. 11, Burned By Rising Costs
BurgerFi International Inc., the fast casual chain that also has Anthony's Coal Fired Pizza & Wings restaurants under its umbrella, filed for Chapter 11 protection in Delaware on Wednesday, listing up to $500 million in debt and being deluged by increasing operational costs.
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September 10, 2024
Blink Fitness Lands $105M Bid From PureGym
Bankrupt gym chain Blink Fitness landed a stalking horse bid from a unit of U.K.-based global gym operator PureGym Ltd. that sets a $105 million floor price for a Chapter 11 auction set to be held later this month, the companies said Tuesday.
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September 10, 2024
King & Spalding Expands In Texas With V&E, Skadden Attys
King & Spalding LLP has strengthened two of its Lone Star State offices with the addition of a veteran litigator from Vinson & Elkins LLP and a Skadden Arps Slate Meagher & Flom LLP attorney who specializes in energy transactions, the firm announced Tuesday.
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September 10, 2024
Ex-McElroy Deutsch CFO's Ch. 11 Case Nixed As 'Bad Faith'
McElroy Deutsch Mulvaney & Carpenter LLP convinced a New Jersey bankruptcy judge to throw out the Chapter 11 filing of its former chief financial officer, who is behind bars for stealing over $1 million from the firm, with the judge finding Tuesday that the petition was brought in "bad faith" to stall related state litigation.
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September 10, 2024
Will Tom Girardi's Age Impact His Sentence?
Disbarred attorney Tom Girardi's age and mental decline did not help him avoid conviction last month on charges that he stole millions in client funds, but it's an open question how much these factors will affect his sentencing, set for December.
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September 10, 2024
Fulcrum BioEnergy Files For Ch. 11 In Delaware
Fulcrum BioEnergy Inc., a company that endeavors to make sustainable aviation fuel, filed for Chapter 11 protection late Monday in Delaware, listing up to $500 million in debt.
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September 09, 2024
Cybersecurity Co. Founders To Pay $1.6M In SEC Fraud Suit
The co-founders of a now-bankrupt cybersecurity firm have agreed to pay nearly $1.6 million to end the U.S. Securities and Exchange Commission's claims that they used doctored financial records to convince investors to fund their company to the tune of $100 million.
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September 09, 2024
Purdue Sees Another OxyContin Patent Axed
A Delaware federal court decided on Monday that yet another patent issued to bankrupt OxyContin maker Purdue Pharma is invalid, a year and a half after a similar ruling was issued in another case about the company's efforts to assert different patents to stop the same prospective Indian manufacturer of generic painkillers.
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September 09, 2024
FTX To Pay $14M To Access $600M Robinhood Share Cashout
Defunct cryptocurrency exchange FTX Trading Ltd. has struck a $14 million deal that will let it access more than $600 million of cash and liquidated shares in Robinhood Markets Inc., in a settlement agreement with Sam Bankman-Fried-founded Emergent Fidelity Technologies Ltd.
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September 09, 2024
Conn. Diocese Proposes $30M Plan For Abuse Claimants
The Roman Catholic Diocese of Norwich, Connecticut, has proposed a Chapter 11 reorganization plan, claiming it would provide better and quicker compensation to sex abuse claimants than the plan proposed by the unsecured creditors committee.
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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 09, 2024
Automotive Co. Wheel Pros Hits Ch. 11 With Over $1B In Debt
Clearlake Capital-backed automotive wheel company Wheel Pros LLC has filed for Chapter 11 protection in Delaware bankruptcy court with $1.746 billion in debt and a reorganization plan to hand control of the company to senior lenders.
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September 09, 2024
Bargain Retailer Big Lots Hits Ch. 11 With Sale In Sights
Discount retail chain Big Lots filed for Chapter 11 protection Monday in Delaware with $556 million of secured debt and plans to shutter more than 300 stores while it works to complete a $620 million deal to sell the rest of its business as a going concern.
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September 06, 2024
Real Estate Recap: Pol Funding, Investor Angst, Climate Risk
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including which presidential candidates BigLaw real estate pros have backed, where one attorney sees investor confidence despite tough conditions, and how extreme weather events are reshaping the property insurance market.
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September 06, 2024
Earthlink Investors Accept $85M Deal To End Merger Suit
Earthlink investors who say they were duped into approving a $1.1 billion merger with failing telecommunications company Windstream Holdings Inc. told an Arkansas federal judge Friday that they've reached an $85 million deal to end the lawsuit two months before the case was scheduled to go to trial.
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September 06, 2024
Investment Co. Appeals Sanction In Highland Ch. 11
An alternative investment company has asked a Texas federal court to overturn a sanctions order it received in defunct hedge fund Highland Capital's Chapter 11 case after the bankruptcy court concluded that it filed a claim in bad faith.
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September 06, 2024
Cleveland-Cliffs Faces Trial Over Mining Co.'s Antitrust Claims
A Delaware bankruptcy court has partially allowed claims accusing steelmaking giant Cleveland-Cliffs of engaging in anticompetitive behavior that harmed a mining venture's efforts to complete an iron mine and ore plant in northern Minnesota to go to trial by a jury in federal court.
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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.
Expert Analysis
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Opinion
Congress Must Increase Small Biz Ch. 11 Debt Cap
Congress must act to reinstate Subchapter V, which recently sunsetted when the debt threshold to qualify reverted from $7.5 million to just over $3 million, meaning thousands of small businesses will no longer be able to use the means of reorganization, says Daniel Gielchinsky at DGIM Law.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Ch. 11 Ruling Clarifies Cross-Border 'Alternative A' Scope
A New York bankruptcy court’s recent ruling in airline holding company SAS’s Chapter 11 case — addressing the applicability of Alternative A, which is similar to Section 1110 of the U.S. Bankruptcy Code — is a cautionary tale for contracting European Union member states that have adopted Alternative A domestically but have not made a formal declaration, say attorneys at Pillsbury.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Ambiguity Ruling Highlights Deference To Arbitral Process
A New York federal court’s recent ruling in Eletson v. Levona, which remanded an arbitral award for clarification, reflects that the ambiguity exception’s analysis is not static and may be applied even in cases where the award, when issued, was unambiguous, says arbitrator Myrna Barakat Friedman.
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Justices' Ch. 11 Ruling Is A Big Moment For Debtors' Insurers
The U.S. Supreme Court’s recent Truck Insurance v. Kaiser Gypsum ruling upends decades of Chapter 11 bankruptcy jurisprudence that relegated a debtor’s insurer to the sidelines, giving insurers a new footing to try and avoid significant liability, say Stuart Gordon and Benjamin Wisher at Rivkin Radler.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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Opinion
High Court Made Profound Mistake In Tossing Purdue Deal
The U.S. Supreme Court's recent decision to throw out Purdue Pharma's Chapter 11 plan jeopardizes a multistate agreement that would provide approximately $7 billion in much-needed relief to help fight the opioid epidemic, with states now likely doomed to spend years chasing individual defendants across the globe, says Swain Wood at Morningstar.
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What FTX Case Taught Us About Digital Asset Recoverability
FTX's Chapter 11 plan has drawn lots of attention, but the focus should be on the anticipated outcome for investors, which counters several myths about digital currencies, innovation and recoverability, says Kyla Curley at StoneTurn.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.