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Bankruptcy
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January 07, 2025
J&J, Talc Suppliers, Insurers Spar Over $505M Sale Stay
The former talc suppliers of Johnson & Johnson said Tuesday that staying part of a settlement and a connected bankruptcy sale could bog down their efforts to secure plan confirmations and exit Chapter 11, urging a Delaware bankruptcy judge to reject a motion to set aside $50 million from the $505 million deal while it is being appealed.
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January 07, 2025
Ligado Gets OK To Tap $939M DIP Amid Spectrum Spat
Satellite and spectrum business Ligado Networks received a Delaware bankruptcy judge's approval Tuesday to borrow a share of $939 million in Chapter 11 financing that the company will use to repay high-ranking debt and support itself during the case.
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January 07, 2025
Quinn Emanuel Says NAFTA Case Irrelevant In DQ Bid
A Mexican oil company and its subsidiaries cannot add "undisputedly irrelevant" supplementary information about former counsel Quinn Emanuel amid a disqualification bid, the law firm has told a Miami federal court, arguing that the requested documents, including the dismissal of a NAFTA arbitration Quinn Emanuel brought against Mexico, are either unrelated to the underlying litigation or duplicative.
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January 07, 2025
NYC Condo Owner Hits Ch. 11 With More Than $70M Debt
The owner of 105 unsold New York City waterfront condominium units has filed for Chapter 11 protection with more than $70 million in liabilities.
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January 07, 2025
CFPB Adopts Rule To Take Medical Debt Off Credit Reports
The Consumer Financial Protection Bureau moved ahead Tuesday with plans to restrict the use of medical debt information in credit scoring and lending, finalizing a rule that it said will take an estimated $49 billion in unpaid medical bills off consumers' credit reports.
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January 06, 2025
Dentons Adds Ex-Skadden Bankruptcy Pro In Calif.
Global law firm Dentons is beefing up its restructuring, insolvency and bankruptcy practice with a new Los Angeles partner who spent more than two decades at Skadden, most recently as Skadden's head for corporate restructuring practice in the western United States.
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January 06, 2025
Mich. Residents Say Solar Investors Can't Arbitrate Fraud Suit
Michigan residents who allege Florida investment firms funded a company that duped them into buying defective solar panels have urged a federal judge to deny the firms' bid to arbitrate or dismiss the claims, saying the court has already rejected the investors' arguments.
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January 06, 2025
Terraform Victims May Exceed 1M, Feds Say In Notice Request
The U.S. Department of Justice on Monday asked a Manhattan federal judge for permission to issue a public notice to notify potential victims of defunct cryptocurrency firm Terraform Labs' creator Do Kwon's alleged $40 billion fraud, saying there are too many victims — potentially more than one million — to do individual outreach.
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January 06, 2025
Giuliani Held In Contempt In $148M Defamation Row
A New York federal judge on Monday found Rudy Giuliani in contempt of court for failing to turn over evidence to two former Georgia election workers seeking to collect on a $148 million defamation judgment they secured against the former attorney to President-elect Donald Trump.
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January 06, 2025
Akoustis Says Ch. 11 Plan Handles IP Injunction Concerns
Radio frequency filter venture Akoustis Technologies Inc. has accused judgment creditor Qorvo Inc. of seeking to scuttle Akoustis' Chapter 11 stalking-horse sale in Delaware for competitive reasons beyond Qorvo's $38 million patent infringement judgment.
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January 06, 2025
Press Release Distributor News Direct Hits Ch. 11 In Conn.
A corporate press release distributor filed for Chapter 11 bankruptcy protection in Connecticut with less than $50,000 in assets and over $5 million in liabilities.
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January 06, 2025
Girard Sharp Launches Into New Year With New Leadership
San Francisco-based Girard Sharp has kicked off the new year with a major leadership change, announcing Monday that Daniel C. Girard had stepped down as managing partner of the prominent plaintiffs complex litigation boutique he founded in 1995 and that longtime partner Dena C. Sharp was taking the reins.
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January 06, 2025
Chinese Billionaire's Deputy Gets 10 Years For $1.4B Fraud
A Manhattan federal judge sentenced a Chinese business manager to 10 years in prison Monday for her role assisting convicted billionaire Miles Guo's $1.4 billion fraud, saying the lawbreaking was egregious because it leveraged talk of bringing democracy to authoritarian China.
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January 06, 2025
Pa. Coal Co. Hits Ch. 11 With Up To $50M In Debt, Sale Plans
Corsa Coal Corp., which operates coal mines in Pennsylvania and Maryland, filed for bankruptcy Monday saying it planned to sell itself in Chapter 11 after it wasn't able to secure a U.S. Department of Agriculture-backed loan fast enough to refinance some $16.3 million of debt.
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January 06, 2025
Satellite Co. Ligado Hits Ch. 11 With $8.6B Of Debt
Satellite business Ligado Networks filed for Chapter 11 protection in Delaware bankruptcy court with about $8.6 billion of debt and a plan to hand control of the company to creditors after suffering what its chief executive called "catastrophic" losses allegedly caused in part by the U.S. Department of Defense.
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January 03, 2025
Pool Co. Denied New Trial On TM Claims After Winning $16M
A North Carolina pool parts supplier can't retry trademark infringement claims after securing a $16 million false advertising and unfair business practices judgment against a rival Chinese company accused of misleading customers, a federal judge ruled this week.
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January 03, 2025
Opt-Out Releases In Lumio's Ch. 11 Plan Rejected
A Delaware bankruptcy judge Friday rejected the opt-out mechanism for obtaining releases for third parties in Solar panel provider Lumio Holdings LLC's Chapter 11 plan, but said she would allow it to solicit votes on the plan.
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January 03, 2025
NY Nursing Home Blames AG's 'Crusade' For Ch. 11
The owner of a 588-bed nursing facility on Long Island has filed for Chapter 11 protection in a New York bankruptcy court with more than $58 million in debt, saying it was the victim of a "crusade" and "smear campaign" launched by the state attorney general's office.
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January 03, 2025
Hertz Off The Hook For $337M Bond In Claim Recalculation Tiff
A Delaware bankruptcy judge said Hertz Corp. doesn't need to post a $337.4 million bond while she uses an appeals court decision on underpaid interest to recalculate a group of unsecured noteholders' claims, writing the request would alter Hertz's more than 3-year-old Chapter 11 plan and give the noteholders better treatment than other creditors.
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January 03, 2025
Giuliani Says Memory Faulty In Meandering NY Contempt Row
A Manhattan federal judge mulled a bid to hold Rudy Giuliani in contempt of a $148 million defamation judgment Friday, during a day of sparring in which the former New York City mayor repeatedly told counsel for two defamed Georgia poll workers that he doesn't remember case details.
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January 03, 2025
Silver Airways Hits Ch. 11 With Over $100M In Debt
Regional airline Silver Airways LLC is headed to bankruptcy court for a first-day hearing Monday, after recently launching a Chapter 11 case in Florida with at least $100 million in debt.
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January 03, 2025
Diamond Sports Exits Ch. 11, Rebrands As Main Street Sports
Diamond Sports Group has emerged from Chapter 11 with a balance sheet that is nearly $9 billion lighter in debt and with a new name, the sports broadcasting company has announced.
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January 02, 2025
Celsius To Challenge $445M Claim Denial In FTX Bankruptcy
Celsius Network's post-Chapter 11 plan counsel filed an appeal on Thursday of a Delaware bankruptcy judge's denial of the cryptocurrency network's amended $444.6 million claim against fellow bankrupt crypto platform FTX.
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January 02, 2025
Bankrupt Pa. City Must Remit Casino Revenue, County Argues
Pennsylvania's Delaware County has asked the Third Circuit to undo a bankruptcy court's ruling that the financially ailing city of Chester is excused from paying the county revenue from gambling taxes because of the city's Chapter 9 proceedings, despite an ordinance mandating that the county get a cut of the money.
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January 02, 2025
'Crush-Resistant' OxyContin Patents Fail At Fed. Circ.
In one of its last major moves in 2024, the Federal Circuit decided to reject an appeal from the bankrupt maker of OxyContin, which is trying to use patent laws to block the release of a competing "crush-resistant" generic painkiller.
Expert Analysis
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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How Cos. Can Leverage IP In Corporate Bankruptcy
In light of an increase in year-to-date Chapter 11 filings, businesses must understand the importance and value of intellectual property in corporate bankruptcy and restructuring, from contributing to enterprise value, to providing leverage in negotiations and facilitating recovery, says Gregory Campanella at Ocean Tomo.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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Avoiding Retail Bankruptcy As Economic Uncertainty Persists
Amid record retail bankruptcies and continued economic uncertainty in 2024, retailers can take specific steps like building stronger cash-flow models, managing inventory wisely and reassessing cost structures to avoid financial distress, say consultants at BRG.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Banking Compliance Takeaways From Joint Agency Statement
Federal bank regulatory agencies’ recent joint statement warning of risks associated with third-party fintech deposit services spotlights a fundamental problem that may arise with bank deposit products that are made through increasingly complex customer relationships, says Tom Witherspoon at Stinson.
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Opinion
Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Crypto Gatekeepers May Be The Next Front Of Enforcement
Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.