Large Cap
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October 09, 2024
Bally Sports Owner Approved For New Ch. 11 Plan Disclosure
The parent company of Bally Sports-branded regional sports networks received approval Wednesday from a Texas bankruptcy judge for the disclosure statement tied to an amended Chapter 11 plan that will reorganize the business.
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October 09, 2024
The Story Behind Bargain Retailer Big Lots' Ch. 11 Case
Big Lots, like many other retailers, has faced both macroeconomic and industry-specific challenges in the wake of the COVID-19 pandemic, ultimately driving the company to Chapter 11 bankruptcy.
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October 09, 2024
Sanctioned NJ Firm Asks To Exit $374M Guo Ch. 11
Four attorneys for associates of convicted fraudster Miles Guo in his Chapter 11 bankruptcy — whose law firm was sanctioned in the proceedings — have urged Connecticut's bankruptcy court to let them leave the case, saying several corporate entities connected to Guo indicated their services are no longer needed.
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October 09, 2024
Sullivan & Cromwell Dropped From FTX Investor Suit
FTX customers dismissed Sullivan & Cromwell LLP from ongoing multidistrict litigation over the crypto exchange's collapse on Wednesday, after an investigation by the customers' counsel into the firm and dialogue with the FTX bankruptcy estate and appointed examiner resolved concerns about the law firm's conduct.
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October 09, 2024
Girardi Seeks New Fraud Trial Over Memory Issues
Disbarred attorney Tom Girardi has called on a California federal court to overturn his conviction for misappropriating $15 million in client settlement funds, arguing he was not competent to stand trial due to memory problems that left him unable to remember witnesses or even his own attorneys.
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October 08, 2024
Judge Puts US Trustee's Depo On Ice In Judge Romance Suit
A Houston judge Tuesday put Jackson Walker's deposition of the U.S. Trustee for the Texas divisions of the bankruptcy watchdog on hold while he considers whether a Justice Department guideline applies to the ongoing dispute surrounding a former Texas bankruptcy judge's secret relationship with an ex-partner of the firm.
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October 08, 2024
Ex-Girardi Keese CFO Inks Plea Deal Over Firm Embezzlement
Girardi Keese's former Chief Financial Officer Christopher K. Kamon reached a plea agreement Tuesday with Los Angeles federal prosecutors, who allege he spearheaded a "side fraud" that bilked millions of dollars from the embattled law firm's accounts behind disbarred attorney Tom Girardi's back.
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October 08, 2024
FTX's Ellison To Give Up 'Substantially All Of Her Assets'
Former FTX insider Caroline Ellison agreed to give up "substantially all of her assets" and cooperate with the FTX bankruptcy estate in a deal to resolve the claims against her in an adversary proceeding that sought to recover hundreds of millions of dollars from the collapsed crypto exchange's former leadership.
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October 08, 2024
EPA Inks Historic $4.2M Deal Over Philly Refinery Explosion
The U.S. Environmental Protection Agency revealed on Tuesday that it has reached a $4.2 million proposed deal with Philadelphia Energy Solutions Refining and Marketing LLC, settling a Clean Air Act claim tied to a June 2019 leak and explosion at the company's former South Philadelphia refinery.
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October 08, 2024
J&J Wins OK For $505M Deal With Bankrupt Talc Miners
A Delaware bankruptcy judge approved a $505 million settlement between a pair of talc producers and Johnson & Johnson after overruling an objection by a group of insurers to the deal, which would resolve several ongoing disputes with J&J over talc injury claims.
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October 08, 2024
Yellow Tells 10th Circ. To Revive Claims Against Teamsters
Yellow Corp. called on the Tenth Circuit to reverse a lower court's dismissal of the company's $137 million lawsuit against the Teamsters that claimed the union led the nearly 100-year-old company to shutter, saying the business wasn't required to exhaust the grievance process under a contract.
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October 08, 2024
How Hasty Purchases Drove Wheel Pros Into Ch. 11
Automotive wheel company Wheel Pros LLC, which is seeking to get its Chapter 11 plan past a creditor vote this week, hit bankruptcy after foundering in debt as it attempted to bounce back from inflation and supply chain woes.
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October 08, 2024
1st Circ. Warned Not To 'Speculate' In Union Debt Ceiling Suit
A lawyer for a governmental workers' union challenging the constitutionality of the federal debt limit told a First Circuit panel on Tuesday that a January default is a virtual certainty under existing law, and urged the judges to avoid trying to predict whether President Joe Biden and a lame-duck Congress might extend the ceiling.
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October 08, 2024
EV Battery Maker Northvolt Puts Unit Into Swedish Bankruptcy
Swedish electric vehicle battery maker Northvolt AB has moved a subsidiary responsible for a multibillion-dollar expansion project into bankruptcy in Stockholm weeks after the project was shuttered for the company to focus efforts on its existing production facilities.
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October 08, 2024
Mass. Seeks Order Forcing Steward To Maintain Coverage
Massachusetts officials are asking the Texas bankruptcy judge presiding over Steward Health Care's Chapter 11 proceedings to order the company to maintain medical malpractice and workers' compensation coverage for current and potential claims from its operation of hospitals and medical practices in the Bay State.
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October 08, 2024
Celsius Says It Sent Out $2.6B To Creditors In Crypto, Cash
Celsius Network reported that the reorganized debtor has now distributed a total of $2.57 billion to creditors and customers in both cash and cryptocurrency, meaning more than two-thirds of creditors have received a recovery.
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October 08, 2024
Wiggin Adds Restructuring Practice Chair In NY
Wiggin and Dana LLP said Tuesday that it has hired a partner to chair the firm's newly organized restructuring practice in New York, as well as a new special counsel for that group.
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October 07, 2024
Attys Want $20M Fees For Netting $64M Tuna Price-Fixing Deal
Attorneys representing a class of purchasers who sued several canned tuna producers have asked a California federal judge for nearly $20 million in fees and costs associated with their recently inked $64 million settlement, saying the award is fair considering the effort the case took to prosecute and the complexity of the deal.
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October 07, 2024
Fed. Circ. Questions If Safer OxyContin Profits Came From IP
An attorney for Purdue Pharma didn't seem to find much purchase at the Federal Circuit on Monday as he argued that the company's patents for abuse-deterrent OxyContin weren't obvious, claiming other companies had ample opportunity to reach a solution and failed to do so.
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October 07, 2024
FTX Gets OK For Ch. 11 Plan After Objections Overruled
A Delaware bankruptcy judge said he would confirm the Chapter 11 reorganization plan of FTX Trading Ltd. after overruling several objections Monday, beginning a process of distributing billions of dollars to customers less than two years after the cryptocurrency exchange collapsed.
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October 07, 2024
FTX Wins Plan Approval, Diamond Sports Drops MLB Deals
FTX will start repaying customers using up to $16.5 billion in assets that the fallen cryptocurrency company has recovered since filing for bankruptcy in November 2022, after a Delaware bankruptcy judge blessed FTX's reorganization plan at a hearing Monday.
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October 07, 2024
Tupperware Delays Conversion Hearing For More Ch. 11 Talks
Bankrupt food storage product maker Tupperware told a Delaware judge on Monday that it is engaged in discussions with an ad hoc group of lenders seeking dismissal or conversion of the company's Chapter 11 case, and pushed back a potentially case-ending hearing to continue those negotiations.
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October 07, 2024
US Trustee Pans Guo Ch. 11 Trustee's Secret Deal For Firm
The U.S. Trustee's Office on Monday objected to a Chapter 11 trustee's attempt to file under seal a deal with a law firm in the sprawling $374 million bankruptcy of convicted Chinese exile Miles Guo, saying voluminous case law prevents shrouding such settlements with secrecy.
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October 07, 2024
Feds Seek Tape, Allege Witness Tampering In WeWork Case
Prosecutors asked Sunday to subpoena a recording of an incident in which they say a former investment firm CEO who is accused of making a fraudulent offer for WeWork shares had improper contact with a witness expected to testify at the ex-CEO's upcoming trial.
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October 04, 2024
SEC Says It's Investigating Bankrupt EV Maker Fisker
The U.S. Securities and Exchange Commission said Friday that it's been looking into whether electric-car maker Fisker Inc. violated securities law before it filed for Chapter 11 protection, urging a Delaware federal bankruptcy judge not to approve Fisker's proposed liquidation plan.