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Bankruptcy
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June 13, 2024
Pa. Nursing Home Creditors OK With $43.7M DIP Loan
Creditors of a Pittsburgh-area nursing home network indicated Thursday they were open to $43.7 million in debtor-in-possession financing as the group prepares to potentially sell off a portion of its footprint in a Chapter 11 sale.
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June 13, 2024
Judge Orders $2.9M Chinese Dissident's Fund Share Sale
A Connecticut bankruptcy judge approved a request by the Chapter 11 trustee overseeing exiled Chinese billionaire Miles Guo's case to liquidate $2.9 million in investment fund shares held by Lamp Capital LLC, a shell company whose assets the judge already determined belonged to Guo's estate.
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June 13, 2024
Judge Will Tap Arbitrator To Explain $87M Shipping Award
A New York federal judge will let an arbitrator who found that Levona Holdings Ltd. owed Eletson Holdings Inc. almost $87 million in damages clarify the order, saying it was sufficiently ambiguous to require elaboration and rejecting Levona's request that the arbitrator not be given that chance.
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June 13, 2024
Express Picks Stalking Horse Bidder As Ch. 11 Buyer
A stalking horse bidder offering $136 million in cash for the assets of clothing retailer Express Inc. will be the buyer in the debtor's competitive sale process, after its offer was deemed to be the only qualified bid to acquire the assets as a going-concern.
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June 13, 2024
Brazilian Food Chain Co. SouthRock Files Ch. 15 In Texas
SouthRock Capital Ltda., a Brazilian private equity company that operates international food service brands including Starbucks and TGI Friday, filed for Chapter 15 bankruptcy in Texas, blaming its insolvency on the COVID-19 pandemic and volatility in Brazil's economy.
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June 12, 2024
1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens
The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.
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June 12, 2024
2nd Circ. Backs Brokerage In Suit Over Biotech's Failed IPO
The Second Circuit on Wednesday declined to reinstate a Texas company's suit against an investment brokerage that advised biotech Inpellis on an initial public offering that failed and sent the company to file Chapter 7, ruling a lower court rightly found a global settlement eclipsed the need for a jury trial.
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June 12, 2024
SPAC Dealmakers Expect Modest Pickup After Market Bottom
Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.
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June 12, 2024
Directors Of Defunct Med Tech SPAC Seek Toss Of Del. Suit
Directors of a special purpose acquisition company that merged with now-defunct medical technology company Better Therapeutics Inc. urged Delaware's Court of Chancery on Wednesday to toss a shareholder's suit about the $15 million de-SPAC merger, saying it wasn't like other problematic SPAC deals.
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June 12, 2024
Terraform To Settle With SEC For $4.5B After Fraud Trial
Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.
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June 12, 2024
Money Fight Between Trustee, Law Firm Goes To Mediation
A money conflict between a Chapter 11 bankruptcy trustee and an outside law firm is going to mediation, the parties announced in a court filing this week. It's the latest move in the saga of Litigation Practice Group, the failed California debt relief law firm that was secretly run by a disbarred lawyer.
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June 12, 2024
Pool Co. Hits Ch. 11 After 'Crippling' $16M False Ads Verdict
The American arm of a Chinese swimming pool products manufacturer has declared bankruptcy after it was slapped with a $16 million false advertising and unfair business practices judgment in North Carolina that the company previously warned would put it out of business.
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June 12, 2024
Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY
Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.
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June 11, 2024
Bed Bath & Beyond Investor Defeats 'Short-Swing' Profits Suit
A New York federal judge on Tuesday threw out Bed Bath & Beyond investors' suit accusing activist investor Ryan Cohen of buying and selling his stock too quickly, finding the claims moot in light of the retailer's Chapter 11 bankruptcy plan.
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June 11, 2024
Alston Steers Transport Co. Coach Through Ch. 11
Bus company Coach USA Inc. announced Tuesday that it filed for Chapter 11 protection in Delaware bankruptcy court, saying it has struck asset purchase agreements to preserve jobs and continue offering its ground passenger transportation services.
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June 11, 2024
Pharmacy Co. Optio Gets Interim OK For $10M DIP Package
Illinois-based specialty pharmacy chain Optio received interim approval at a first-day hearing Tuesday in Delaware bankruptcy court to access a $10 million in new money debtor-in-possession financing to fund its Chapter 11.
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June 11, 2024
Willkie Farr Hires 11 Ex-Latham Bankruptcy Attys In Germany
Willkie Farr & Gallagher LLP has snagged three bankruptcy partners and eight more attorneys from Latham & Watkins LLP in Germany as it expands its bench in the country, the firm announced Tuesday.
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June 11, 2024
SVB Wants A Trial Over Its $605M Tax Bill From IRS
The parent company of failed Silicon Valley Bank has told a New York bankruptcy judge it wants him to decide if it owes the Internal Revenue Service more than $605 million in taxes.
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June 11, 2024
WeWork Announces CEO Switch As It Leaves Ch. 11
WeWork, fresh from the confirmation of its Chapter 11 restructuring plan, said Tuesday it will be led by John Santora, who will take over as CEO as the company leaves bankruptcy behind.
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June 11, 2024
AI Hiring Platform's Ex-CEO Charged With $27M Fraud
The founder of hiring startup Joonko Diversity Inc. has been charged with fraud, with prosecutors saying Tuesday that she deceived investors into dumping $27 million into a platform that supposedly used artificial intelligence to help companies recruit diverse job candidates.
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June 10, 2024
Voyager Crypto Investors Get Initial OK For $2.4M Deal
A Florida federal judge gave the first green light on Monday to a $2.4 million settlement reached between retired football star Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill and a class of Voyager Digital Holdings Inc. investors over claims that the men helped promote the failed cryptocurrency exchange.
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June 10, 2024
Bankrupt UpHealth Warned Of Criminal Charges In India
A court in India said it has received a criminal charge sheet issued by an investigative governmental agency in Calcutta against bankrupt American healthcare company UpHealth, targeting it and executives over accusations that they conspired to defraud a local healthcare system.
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June 10, 2024
3 Takeaways From Cigna's Win In 9th Circ. Rehab Claim Fight
The Ninth Circuit's recent decision finding Cigna is off the hook for $8.6 million in out-of-network mental health and substance use disorder treatment claims against employee benefit plans administered by the insurer could discourage similar litigation, benefits attorneys say. Here are three key takeaways from the decision.
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June 10, 2024
Chinese Dissident's Banker Lied About Accounts, Jury Hears
The former head of banking for Miles Guo, the prominent Chinese dissident also known as Ho Wan Kwok, testified in Manhattan federal court Monday that he lied to financial institutions about a number of investment entities that are now the subject of $1 billion fraud charges.
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June 10, 2024
Amid FBI Probe, Troubled Law Firm Gets Fees Win At 5th Circ.
An embattled Texas law firm has won another shot to secure fees for its work on hurricane-related cases in Louisiana, the Fifth Circuit ruled, one day after the FBI revealed it was investigating the firm over its client solicitation practices.
Expert Analysis
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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5 Key Tips For Attorneys In The Subchapter V Arena
Subchapter V cases present unique challenges for the nondebtor parties-in-interest, and habits developed by attorneys in typical Chapter 11 cases do not necessarily translate, meaning creditors and their counsel should quickly take a proactive role in their cases to protect their interests, which can be done by attending the 341 meeting, analyzing the plan, and more, says Kelly Singer at Squire Patton.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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Why The Debt Maturity Wall Is Still A Figment, For Now
While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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10 Essential Bankruptcy Litigation Tips For In-House Counsel
Bankruptcy litigation is a complex and multifaceted area of law that poses unique challenges for in-house counsel, and there are several tools at legal professionals' disposal, like appraisals and understanding jurisdictions, to stay well-informed and protect their companies' interests, says Alison Ashmore at Dykema.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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Sellers Seeking Best Deal Should Focus On Terms And Price
Rising interest rates and a decline in the automotive mergers and acquisitions market mean that a failed deal carries greater stakes, and sellers therefore should pursue not only the optimum price but also the optimum terms to safeguard their agreement, says Joseph Aboyoun at Fox Rothschild.
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
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Rite Aid's Reasons For Ch. 11 Go Beyond Opioid Suits
Despite opioid-related lawsuits being the perceived reason that pushed Rite Aid into bankruptcy, the company's recent Chapter 11 filing reveals its tenuous position in the pharmaceutical retail market, and only time will tell whether bankruptcy will right-size the company, says Daniel Gielchinsky at DGIM Law.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
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A Look At DOJ's New Nationwide Investment Fraud Approach
Investment fraud charges are increasingly being brought in unlikely venues across the country, and the rationale behind the U.S. Department of Justice's approach could well be the heightened legal standards in connection with prosecuting investment fraud, says Jonathan Porter at Husch Blackwell.
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Decoding The Digital Asset Landscape In Bankruptcy
Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.
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How Fla. Bankruptcy Ruling May Affect Equity Owners
A Florida bankruptcy court’s recent ruling in Vital Pharmaceuticals — which rejected the Third Circuit’s Majestic Star decision that determined a bankrupt corporation’s flow-through status was not protected by the automatic stay — may significantly affect how equity owners can mitigate the impact of flow-through structures in bankruptcy, say Eric Behl-Remijan and Natasha Hwangpo at Ropes & Gray.