Mid Cap
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August 09, 2024
Attys Eye Serta Simmons Appeal For New Clues In Debt Fights
Professionals who help distressed companies cope with oppressive debt loads are eagerly awaiting a Fifth Circuit ruling on mattress maker Serta Simmons' 2020 restructuring deal, a decision that experts say could reshape how courts handle so-called uptier transactions and hotly litigated fights among creditors.
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August 09, 2024
Pool Supply Co. Blasts 'Delay Tactics' In Rival's Ch. 11 Case
Pool parts supplier Hayward Industries Inc. has asked a North Carolina bankruptcy court not to allow rival Blueworks Corp. to use its bankruptcy stay to shield its subsidiaries, saying Blueworks has a pattern of foiling Hayward's collection efforts on a $16 million false advertising and unfair business practices judgment.
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August 09, 2024
How 2 Kirkland Attys Pivoted From Law To Communications
Jon Henes and Whitney Fogelberg never envisioned having careers crafting communications strategies for restructuring companies. But the seasoned former Kirkland & Ellis LLP bankruptcy partners have found themselves doing just that at C Street Advisory Group, a specialized public relations firm founded by Henes.
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August 09, 2024
Palm Owner Says Its Ch. 11 Should Halt Ex-GC's Bias Suit
The bankrupt parent company of iconic steakhouse chain The Palm Restaurant wants a federal court to halt a lawsuit filed by its ousted general counsel because its 2019 bankruptcy case has not been dismissed.
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August 09, 2024
NC Insurance Mogul Must Pay Dutch Insurer's $166M Award
Insurance mogul Greg Lindberg and his companies must pay a $166 million arbitral award issued to defunct Dutch life insurer Conservatrix, a North Carolina federal court ruled, saying the award has been upheld by Dutch courts and there is nothing to indicate that the proceedings were not conducted fairly.
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August 08, 2024
Poll Workers, Giuliani Want $148M Judgment Appeal Expedited
Rudy Giuliani and two Georgia election workers who secured a $148 million defamation judgment against him have asked the D.C. Circuit to fast-track the former mayor's appeal of the judgment.
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August 08, 2024
Indicted Co. Owner Gets Reprieve From Ch. 7 Discovery
A Delaware bankruptcy judge said Thursday he'd approve an order allowing discovery in a suit alleging principles of a bankrupt government water contractor engaged in fraud, including $14.5 million in transfers ahead of the bankruptcy, excluding the owner because she has been indicted for perjury.
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August 08, 2024
Fla. Judge Won't Pause E-Scooter Co.'s Ch. 11 Plan
California plaintiffs with tort claims against Bird Global Inc. can't stop a Chapter 11 plan for the bankrupt e-bike and e-scooter rental company while they appeal its confirmation because of the plan's third-party releases, a Florida bankruptcy judge ruled Thursday.
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August 08, 2024
Judge Pauses Syracuse Diocese Ch. 11 Pending Changes
A New York bankruptcy judge put the Roman Catholic Diocese of Syracuse's Chapter 11 case on hold Thursday until the diocese finishes revisions to its bankruptcy plan it says are needed to bring it into line with the Supreme Court's decision on Purdue Pharma's plan.
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August 08, 2024
Coach USA Drops Ch. 11 Auction, Takes Stalking Horse Bids
Bus line operator Coach USA Inc. informed a Delaware bankruptcy court that it did not receive any qualified offers for its three major assets beyond the initial stalking horse bids it had when entering bankruptcy.
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August 08, 2024
Cooley Hit With Fla. Malpractice Suit Over Financial Docs
Genetic Networks LLC has sued California-based Cooley LLP in Florida state court, alleging the law firm failed to file documentation needed to secure a lien when preparing loan papers for $1.2 million lent to ECI Pharmaceuticals.
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August 08, 2024
Conn. Judge Says Telecom Can Get $3.5M, Not $61M Interest
CCT Communications can't get the $61 million in interest it sought from a company it's been in dispute with for 14 years after a state judge ruled that Connecticut does not allow interest for breach of contract claims if the interest amounts to a penalty.
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August 08, 2024
McElroy Deutsch Seeks To Ax Former CFO's Ch. 11 Case
McElroy Deutsch Mulvaney & Carpenter LLP urged a New Jersey bankruptcy court Thursday to throw out a Chapter 11 filing from its former chief financial officer, who has been sent to prison for stealing over $1 million from the firm, slamming it as a bad faith "tactical maneuver" to stall ongoing civil litigation.
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August 08, 2024
Snapshot: Delaware Federal Court's 2024 Annual Report
Civil filings in Delaware's district court continue to decline as the patent litigation-heavy venue saw its lowest number of patent filings during the past decade in 2023, experiencing a 23% dip from the year prior amid a national patent litigation plunge.
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August 08, 2024
50 Cent Beats Liquor Consultant's 'Ridiculous' Wiretap Claim
A frustrated New York state judge on Thursday tossed a former Beam Suntory Inc. sales contractor's reworked wiretapping allegations against rapper Curtis "50 Cent" Jackson in a $3 million embezzlement dispute, calling the claims "ridiculous" and an "obvious" delay tactic.
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August 07, 2024
SEC Accuses Urban Commons REIT Founders Of $70M Fraud
The U.S. Securities and Exchange Commission has accused the founders of the Urban Commons real estate investment trust of running a pair of fraud schemes involving investments in U.S.-based hotels that the regulator said collectively cost investors $70 million.
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August 07, 2024
Bid For Ex-Judge's Phone Records Halted At Texas Hearing
A Texas bankruptcy judge shut down a bid from JCPenney's bankruptcy administrator to subpoena former Judge David R. Jones' cellphone records in a partially sealed hearing Wednesday in connection with Jones' secret romance with a onetime lawyer at Jackson Walker LLP.
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August 07, 2024
Judge Hands Buca Di Beppo $11M Lifeline In Ch. 11
A Texas bankruptcy judge on Wednesday approved Italian restaurant chain Buca di Beppo to accept debtor-in-possession financing totaling $10.85 million on an interim basis, saying the combination of new money and a rollup of prepetition advances was appropriate given the restaurant's straits.
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August 07, 2024
World Of Beer Moves Forward On Speedy Ch. 11 Plan
Bar and restaurant chain World of Beer received a Florida bankruptcy judge's initial approval on a package of first-day motions Wednesday, including a request to tap up to $2 million in debtor-in-possession financing, as counsel for the craft beer-focused eatery company said it is hoping to get a Chapter 11 plan confirmed quickly and possibly beat a district record.
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August 07, 2024
Acorda Creditors' Ch. 11 Votes Count As Release Consent
A New York bankruptcy judge said Wednesday creditors' votes in favor of the Chapter 11 plan of Acorda Therapeutics constitute consent in granting third-party releases, overruling the position of the United States trustee that the Supreme Court's recent ruling in Purdue Pharma requires a separate agreement on releases.
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August 07, 2024
Behind The Ch. 15 Filing Of Immunology Co. VBI Vaccines
After accumulating more than half a billion dollars of deficits over its history, VBI Vaccines, a developer of COVID-19 and hepatitis B vaccines, was unable to avoid bankruptcy court as it sought to consummate a sale of some of its assets.
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August 07, 2024
Caribbean Resort Owner Facing $15M Claim Files Del. Ch. 11
A resort residence complex on the Caribbean island and British Overseas Territory of Anguilla, now facing a $15 million claim tied to an attack on the child of a guest family in 2015, is seeking Chapter 11 protection in Delaware, listing $500,000 or less in assets.
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August 07, 2024
'Herculean' Efforts Warrant Max Fee, Debt Firm Trustee Says
A California bankruptcy trustee overseeing the failed debt relief law firm Litigation Practice Group has told the court he deserves the maximum fee amount and possibly a bonus due to the "herculean" efforts of himself and his colleagues — a statement that comes at a time when the bankruptcy estate appears to have little money to pay more than 2,500 creditors.
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August 07, 2024
Eversheds Sutherland Adds Kilpatrick Bankruptcy Atty In Atlanta
The former team leader of Kilpatrick Townsend & Stockton LLP's bankruptcy and financial restructuring practice has departed the firm after more than three decades to move to Eversheds Sutherland in Atlanta as co-leader of its U.S. restructuring and insolvency team.
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August 07, 2024
Pool Co. Can't Get Atty Fees After Losing False Ads Trial
A pool parts supplier on the hook for a $16 million false advertising and unfair business practices judgment isn't entitled to attorney fees in the case, a North Carolina federal judge has ruled, finding there's "no question" the winning party is its opponent given the eight-figure damages award.