Large Cap
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June 03, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.
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June 03, 2024
Nursing Home Co. LaVie Hits Ch. 11 In Ga. With $1.1B Debt
Nursing home operator LaVie Care Centers LLC hit Chapter 11 on Monday in Georgia with $1.1 billion in debt, saying it has not been able to recover from the COVID-19 pandemic.
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June 03, 2024
High Court Won't Hear Arguments On Madoff Clawback Math
The U.S. Supreme Court on Monday declined to hear arguments by an investor in Bernie Madoff's Ponzi scheme for overturning a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate.
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June 03, 2024
Paul Hastings Adds 11-Partner King & Spalding Finance Team
Continuing its hiring in the finance and restructuring space, Paul Hastings LLP announced Monday that it is bringing on a team of 11 partners from King & Spalding LLP, including the co-head of the global finance and restructuring practice.
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May 31, 2024
Girardi Not Famous Like Avenatti, Feds Say In Panning Jury Form
Prosecutors pushed back Friday on Tom Girardi's request to ask prospective jurors in his California federal fraud trial if they have seen his wife's television show or reports about his law firm's scandal, saying Girardi's fame is not similar to convicted attorney Michael Avenatti's, whose case included a written juror questionnaire.
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May 31, 2024
Clothing Retailer Express Delays Speedy Ch. 11 Auction
Clothing retailer Express Inc. said Friday that it will delay a Chapter 11 auction it was hoping to host next week after a Delaware bankruptcy judge said she couldn't sign off on a speedy auction timeline or give final approval to the company's connected debtor-in-possession package until she saw more evidence to back them up.
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May 31, 2024
Jilted FTX Claim Buyer Sues Crypto Trader In Chancery
An affiliate of Connecticut hedge fund Silver Point Capital has sued a crypto trading firm and a buyer of FTX bankruptcy claims in Delaware Chancery Court, alleging that they breached a sale agreement for "a highly unique and lucrative customer claim" with a face value of $10 million in the FTX bankruptcy case.
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May 31, 2024
Byju's Seeks $10K Sanctions For Ex-Exec Found In Contempt
The bankrupt U.S. affiliate of Indian education tech giant Byju's told a Delaware judge that a former executive should face $10,000 in daily sanctions until he shares information about the location of $533 million in debtor funds.
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May 31, 2024
Beasley Allen Wants J&J Subpoenas Nixed Amid Ethics Fight
The Beasley Allen Law Firm and a plaintiff steering committee in the Johnson & Johnson talc litigation blasted subpoenas directed at the firm and others aimed at turning up evidence of an alleged scheme to muster opposition to J&J's latest $6.5 billion bankruptcy plan.
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May 31, 2024
Spencer Fane Adds Minneapolis Bankruptcy Partner
Spencer Fane LLP has added a bankruptcy partner from Stinson LLP to its Minneapolis office.
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May 31, 2024
WeWork's Winding Road Through Bankruptcy Court
Office space provider WeWork won approval for its $4 billion Chapter 11 reorganization plan Thursday, overcoming opposition from landlords, unsecured creditors and its own founder to emerge debt-free under new equity ownership.
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May 31, 2024
Disbarring Giuliani Would 'Protect The Public,' DC Panel Says
A Washington, D.C., attorney ethics panel agreed Friday that Rudy Giuliani's role in former President Donald Trump's attempt to overturn Pennsylvania's presidential election in 2020 amounted to misconduct "of the utmost seriousness," and that disbarring him would "protect the public, the courts, and the integrity of the legal profession."
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May 30, 2024
5 Facts To Know As Alex Jones' Ch. 11 Reckoning Approaches
Right-wing conspiracy theorist Alex Jones and his media company Free Speech Systems will be seeking approval of their respective Chapter 11 plans in mid-June, and the Texas judge overseeing the proceedings has said the cases could also face conversion to Chapter 7 liquidation or outright dismissal.
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May 30, 2024
Weiss Fund Survives Motion To Convert To Ch. 7
A New York judge shot down a bid by two financial firms, Jefferies and Leucadia, to convert the Chapter 11 case of Weiss Multi-Strategy Advisers LLC to Chapter 7, saying that it is premature to determine several components of the issue.
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May 30, 2024
Rite Aid Ch. 11 Timeline Extended To Allow More Plan Review
A New Jersey judge on Thursday lengthened the timeline for Rite Aid to seek an exit from its Chapter 11 bankruptcy, pushing the confirmation hearing date out by seven days after insurers and others said the company's schedule would not provide enough time to review its restructuring plan.
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May 30, 2024
Terraform, SEC Reach 'Settlement In Principle' In Crypto Case
Crypto firm Terraform Labs and its creator Do Kwon appear to have reached an agreement with the U.S. Securities and Exchange Commission to settle remedies after the firm and its founder were held liable for fraud by a Manhattan jury.
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May 30, 2024
Crypto Lender Genesis On Track To Exit Ch. 11 In July
Attorneys for Genesis Global Holdco LLC told a New York bankruptcy judge Thursday that the defunct crypto lending platform expects to exit bankruptcy in July and has laid groundwork to help it quickly kick off creditor distributions under its liquidation and wind down Chapter 11 plan.
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May 30, 2024
Invitae Ch. 11 Creditor Standing Issue Sent To Mediation
A New Jersey bankruptcy judge on Thursday referred to mediation a motion from Invitae Corp.'s unsecured creditors seeking standing to bring actions on behalf of the debtor's estate, explaining that while he is able to decide on the matter, he hoped to avoid the costs of litigating the question.
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May 30, 2024
WeWork Gets OK For $4B Chapter 11 Plan
A New Jersey bankruptcy judge on Thursday approved office space provider WeWork's plan to wipe out $4 billion in debt and end its Chapter 11 case after hearing there were no remaining creditor objections.
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May 29, 2024
Why Giuliani's Creditors Say He Can't Run His Own Ch. 11
The official committee of unsecured creditors in Rudy Giuliani's Chapter 11 has asked a New York bankruptcy judge to hand control of the Republican firebrand's estate to a trustee, bringing to a head months of creditor allegations that Giuliani has been skipping out on his bankruptcy obligations.
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May 29, 2024
Bankrupt BlockFi Agrees To $150k Penalty In Conn. Bond Row
Bankrupt cryptocurrency lender BlockFi has reached a deal with Connecticut's banking regulator to pay a $150,000 civil penalty over claims the company failed to maintain a required surety bond, and a decision in November 2020 to halt account withdrawals from the platform.
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May 29, 2024
Archdiocese Seeks NY High Court Clarity In Abuse Row
The Archdiocese of New York asked a state appeals court for leave to appeal to the state's highest court to clarify the proper pleading standards in a coverage dispute brought by Chubb over sexual abuse claims, arguing Chubb's "collective pleading strategy" is inconsistent with state precedent.
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May 29, 2024
Pa. Seeks New Bankruptcy Judge As Vacancies Increase
Two vacancies and a third open seat coming at the end of July in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania has led the Third Circuit to announce this week it is accepting applications to fill the court's bench.
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May 29, 2024
SVB Parent Gets OK For $340M Sale Of Financial Biz
A New York bankruptcy judge gave the former parent of Silicon Valley Bank permission Wednesday to sell its still-solvent investment arm for $340 million, and told it he will rule on sending its Chapter 11 plan out for a vote by Thursday.
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May 29, 2024
Gemini Returns $2.2B Of Crypto From Genesis Ch. 11
Crypto Exchange Gemini and bankrupt former crypto lender Genesis Global Holdco LLC returned $2.18 billion worth of digital assets Wednesday to 232,000 users of an interest-accruing lending program, Gemini Earn, that have been locked up since Genesis had filed for Chapter 11 protection in early 2023.