Large Cap
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July 30, 2024
SEC Sues NC Investment Adviser Over Bogus Guarantees
A North Carolina investment adviser lied to clients about the safety of their investments when he sold them on risky corporate bonds issued by a financial services company that went bankrupt, the U.S. Securities and Exchange Commission said in a newly filed complaint.
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July 29, 2024
Comcast Reaches Deal To Bring Bally Sports Back To Xfinity
Comcast has reached an agreement with the bankrupt owner of Bally Sports to again distribute its regional sports networks to Xfinity TV customers, according to an announcement made Monday.
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July 29, 2024
Celsius Blasted For Undisclosed Crypto Distribution Limits
A New York bankruptcy judge Monday chided the administrators of the remaining assets of defunct cryptocurrency investment platform Celsius Network for what he said were undisclosed limits on crypto distribution to hundreds of the exchange's former customers.
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July 29, 2024
Fisker Reaches Deal To Put Brakes On Ch. 7 Conversion
Defunct electric-vehicle maker Fisker Inc. told a Delaware bankruptcy judge on Monday it had reached an agreement with secured creditors to postpone conversion of its insolvency case to a Chapter 7 liquidation, giving the business three weeks to negotiate a potential plan.
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July 29, 2024
Amex Inks $3M Deal To Settle Girardi Bankruptcy Suit Claims
American Express reached a $3 million deal to settle claims brought by the Girardi Keese bankruptcy trustee accusing the credit giant's banking unit and another subsidiary of enabling $50.25 million in fraudulent transfers as part of the now-defunct law firm's scheme to defraud creditors.
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July 29, 2024
J&J Ch. 11 Tossed, Steward Gets Subpoena, Zachry Settles
The Third Circuit threw out Johnson & Johnson's second attempt to use bankruptcy to deal with mass talc litigation, Red Lobster won court approval to solicit votes on its Chapter 11 plan, and a Senate committee voted to approve an investigation into bankrupt Steward Health Care and subpoena its chief executive officer. This is the week in bankruptcy.
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July 29, 2024
Co. Denies Bid At 99 Cents Only Sale, Wants $1.5M Deposit
A California real estate entity urged a Delaware bankruptcy judge to let it reclaim all of a $1.5 million deposit it made in connection to the estate of 99 Cents Only, saying the money was required to attend an auction but the discount retailer is pretending the company won a bid for some of its property.
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July 29, 2024
NRA Avoids Compliance Monitor In NY AG Case
A Manhattan judge on Monday rejected the New York attorney general's request for a compliance monitor to oversee the National Rifle Association, saying such relief would "result in a long, awkward and potentially speech-chilling government involvement in a political organization."
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July 29, 2024
Meet The Attorneys In 2U's Bankruptcy Case
Remote learning and accreditation group 2U Inc. has retained a team of experienced debtors' counsel from Latham & Watkins LLP to represent it in its Chapter 11 case.
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July 26, 2024
FTX's Ryan Salame Asks To Delay Prison After Dog Attack
Former FTX executive Ryan Salame on Friday asked a New York federal judge to delay his prison surrender date because he was recently mauled by a German shepherd and must undergo "urgent and necessary medical treatment and surgery."
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July 26, 2024
Puerto Rico Fiscal Board Sues To Stop Solar Panel Bill
The Financial Oversight and Management Board for Puerto Rico on Friday sued Gov. Pedro R. Pierluisi to nullify a law extending a program which reduces the cost of solar panels for Puerto Rican households, calling it legislative interference with the island's energy regulator.
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July 26, 2024
US Trustee Tries To Sink Robertshaw Plan Over Releases
The U.S. Trustee's Office has asked a Texas bankruptcy judge to deny confirmation of Robertshaw's Chapter 11 plan, arguing the appliance parts maker's reorganization scheme contains nonconsensual third-party releases in violation of the U.S. Supreme Court's recent Purdue Pharma decision.
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July 26, 2024
Online Education Group 2U Gets Interim OK For Ch. 11 Loan
Remote learning and accreditation group 2U Inc. received interim approval on Friday to access $60 million of a $64 million debtor-in-possession financing package to fund its Chapter 11 case.
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July 26, 2024
'Terrible Decisions': Ex-McElroy Deutsch CFO Gets 5 Years
McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer was sentenced Friday in a New Jersey state court to five years in prison and ordered to pay restitution for embezzling more than $1.5 million from the firm and failing to pay income tax.
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July 26, 2024
New Bill Would Sink 'Texas Two-Step' Ch. 11s Over 'Bad Faith'
U.S. lawmakers are taking aim at a controversial bankruptcy tactic used by Johnson & Johnson and others designed to insulate corporations from mass tort liability, introducing a bipartisan bill that would order courts to label "Texas two-step" Chapter 11 cases "bad-faith filings."
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July 25, 2024
3rd Circ. Again Tosses J&J Talc Unit's 'Texas Two-Step' Ch. 11
The Third Circuit on Thursday affirmed the dismissal of the reworked Chapter 11 case of Johnson & Johnson's talc unit that used a controversial "Texas two-step" maneuver, saying the company still hasn't displayed the financial distress required to justify bankruptcy protection.
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July 25, 2024
Girardi Can't Block Firm's Chapter 7 Evidence In Fraud Trial
Tom Girardi can't exclude evidence from his upcoming trial that he claims prosecutors illegally obtained from his firm's bankruptcy trustee, after a California federal judge said Thursday no constitutional rights were violated since the evidence was the bankruptcy estate's property and in the trustee's possession.
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July 25, 2024
Embattled Texas Law Firm Wants More Time For Ch. 11 Plan
Troubled Houston law firm MMA Law asked a Texas bankruptcy court to extend the exclusivity period to file a Chapter 11 plan for 120 more days, with a current filing exclusivity period set to end in early August.
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July 25, 2024
Meet The Attorneys In Retailer Conn's $1.95B Ch. 11
A team of six attorneys from Sidley Austin LLP is steering the Chapter 11 case of furniture and appliance retailer Conn's Inc., which hit bankruptcy in Texas with $1.95 billion in debt Tuesday.
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July 25, 2024
Hertz Tells Chancery Warrant Holders Are Misreading Contract
A pair of investment funds that acquired 9 million warrants from Hertz after its bankruptcy and later sued the car rental company for breach of contract misinterpreted the warrant agreement, and their lawsuit should be dismissed, Hertz said in a response to the complaint brought before Delaware's Court of Chancery.
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July 25, 2024
US Trustee Asks To Block Terraform's Singapore Suit Deal
The U.S. Trustee's Office asked a Delaware bankruptcy judge to reject cryptocurrency firm Terraform Labs PTE Ltd.'s settlement with claimants in a $57 million Singaporean lawsuit, saying it would treat the claimants as secured creditors and allow their litigation to go forward and the company hasn't justified doing so.
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July 25, 2024
'Textbook Failure' Enabled CFO's Theft From McElroy Deutsch
As the criminal case against McElroy Deutsch Mulvaney & Carpenter LLC's former chief financial officer reaches sentencing, fraud experts and legal leaders tell Law360 Pulse that his misconduct signals a lack of internal controls at the firm.
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July 25, 2024
SVB Caymans Branch Liquidators Seek $294M Clawback
The liquidators of the Cayman Islands arm of Silicon Valley Bank asked a New York bankruptcy judge to claw back a $294 million dividend paid in 2022 to the bank's now-bankrupt parent company, saying Silicon Valley was already a "ticking time bomb."
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July 25, 2024
8 Firms Guide Pair Of IPOs For Health Provider, Airline Giant
Occupational health services provider Concentra Group Holdings Parent Inc. and South American air travel giant Latam Airlines Group SA debuted in trading Thursday after pricing listings that nearly raised $1 billion combined, guided by eight law firms total.
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July 25, 2024
Online Education Group 2U Hits Ch. 11 With Over $944M Debt
2U Inc., a remote learning and accreditation group, and a handful of affiliates filed for Chapter 11 protection in New York on Thursday with plans to cut some $486 million in debt from its balance sheet and exit bankruptcy by September.