Mid Cap
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July 22, 2024
Purdue Release Ruling May Spur Creative Ch. 11 Workarounds
With nonconsensual third-party releases off the table following the U.S. Supreme Court's June decision in the Purdue Pharma bankruptcy, restructuring attorneys are looking at a variety of ways to work around the restriction, from more aggressive assertion of derivative claims to Chapter 15 filings with third-party releases.
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July 22, 2024
Bankrupt Nursing Homes To Pay $36M To End DOL Wage Suit
More than a dozen bankrupt nursing homes will have to pay nearly $36 million in a U.S. Department of Labor's suit claiming workers weren't paid full wages after creating "an adversarial" payroll structure, a Pennsylvania federal judge ruled Monday.
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July 22, 2024
Giuliani In Limbo, Guo Faces Ch. 11 Trustee Suit
The court-appointed watchdog for Miles Guo's bankruptcy has unpaused a civil racketeering conspiracy case against the Chinese billionaire after his criminal RICO case resulted in a conviction, ex-New York City mayor Rudy Giuliani's Chapter 11 case has still yet to be dissolved, and a new bankruptcy judge has ascended to the bench in New York.
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July 22, 2024
Watchdog Says Pioneer Health Trustee Can't File Plan
The Office of the U.S. Trustee objected to a proposal to strip debtor Pioneer Health Systems LLC of control over its Chapter 11 case, saying the Subchapter V trustee that would take over is unable to file a plan of reorganization due to limitations in the Bankruptcy Code.
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July 22, 2024
Clothing Co. Delta Seeks Ch. 11 Consulting Fees For Ex-Execs
Clothing manufacturer Delta Apparel and its affiliates asked for a Delaware bankruptcy court's permission to pay three former executives, who resigned as the company headed toward insolvency, as consultants so they can help the debtors market their assets, including beachwear brand Salt Life, for sale.
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July 22, 2024
US Trustee Asks To Make UrgentPoint's Ch. 11 A Liquidation
The U.S. Trustee's Office requested that a Delaware bankruptcy judge convert healthcare provider UrgentPoint's Chapter 11 case to a Chapter 7 liquidation, saying the debtor is or shortly will be unable to meet its administrative obligations and put its ability to care for patients at risk.
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July 22, 2024
Airspan Needs $5M DIP Add Amid Ch. 11 Regulatory Delays
Telecommunications company Airspan Networks has asked a Delaware bankruptcy court for permission to borrow an additional $5 million in debtor-in-possession financing to support the business as it waits for regulatory approval in the United Kingdom of its confirmed restructuring plan.
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July 22, 2024
Mercon Coffee Can't Grant Insider Releases, Judge Rules
A New York bankruptcy judge has ruled that coffee supplier Mercon Coffee Group can't reward corporate insiders who stuck with the company through its Chapter 11 case with a release from future litigation.
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July 19, 2024
Real Estate Recap: CMBS, Phoenix Evictions, Summer Break?
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including trends in multifamily commercial mortgage-backed securities, a study of corporate landlord evictions in Phoenix, and the creative lengths real estate lawyers go to when closing the deal on a summer vacation.
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July 19, 2024
Tender Greens And Tocaya Get Interim OK For Ch. 11 Loan
One Table Restaurant Brands LLC, the Los Angeles-based casual restaurant chain that operates Tender Greens and Mexican eatery Tocaya, received interim approval Friday to access $1.7 million of a $3 million debtor-in-possession facility from a prepetition lender that also may submit a stalking-horse credit bid for the company.
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July 19, 2024
Meet The Attys For Tender Greens And Tocaya's Ch. 11
A partner at Raines Feldman Littrell LLP is representing Los Angeles-based casual restaurant chain One Table Restaurant Brands LLC, which operates about 40 locations of Tender Greens and Mexican eatery Tocaya, in its Chapter 11 bankruptcy in Delaware.
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July 19, 2024
Coach USA Reaches Deal On DIP Loan, Ch. 11 Sale Process
Bankrupt bus transportation company Coach USA told a Delaware judge Friday that it had reached agreement with its lenders, unsecured creditors and a stalking horse bidder that allowed the company to finalize a $200 million debtor-in-possession loan and move forward with a sale process for its key business segments.
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July 19, 2024
Ex-Pharma Sales Exec Denies Fake Prescription Scheme
The former vice president of sales for pharmaceutical company U.S. Compounding Inc. pled not guilty in Manhattan federal court Friday to forging fake horse drug prescriptions in order to juice revenues.
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July 19, 2024
Judge Will OK Biotech Co.'s Final DIP Loan
A Delaware bankruptcy judge said Friday she would grant Solar Biotech permission to borrow a final $2.3 million debtor-in-possession loan in its Chapter 11 case, under terms worked out through additional negotiations, once the debtor submits a new proposed order with some tweaks.
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July 19, 2024
Dentons Hires Foley & Lardner Bankruptcy Partner
Dentons said Friday it has hired a bankruptcy partner in Chicago who spent the past 25 years at Foley & Lardner LLP.
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July 19, 2024
Jury Finds Gibson The Rightful Owner Of Liberace Piano
A Boston federal jury on Friday affirmed Gibson Guitars' right to have Liberace's bedazzled 9-foot-long grand piano returned to it from a Massachusetts piano store to which it loaned the entertainer's iconic instrument more than a decade ago.
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July 19, 2024
Staveley Drops Fight Over £3.4M Payment In Loan Dispute
A London judge ended Newcastle United co-owner Amanda Staveley's legal battle over a debt to a Greek shipping magnate after her lawyers said Friday that she had made the over £3.4 million ($4.4 million) payment she had been expected to challenge.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 18, 2024
8th Circ. Blocks Another Biden Student Debt Relief Plan
The Eighth Circuit has blocked the Biden administration from implementing another plan for student loan forgiveness while the appellate court considers a Missouri-led state alliance's injunction request, according to an order entered Thursday.
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July 18, 2024
5th Circ. Lifts Civil Rights Suit Stay In La. Diocese Case
The Fifth Circuit Court of Appeals reversed a Louisiana bankruptcy court's decision applying the automatic stay of litigation to a group of children suing the bankrupt Archdiocese of New Orleans, saying the lawsuit arises from purely post-petition conduct and seeks only prospective injunctive relief.
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July 18, 2024
Atty Says Golf Malpractice Row Already Ran Its Course
An attorney seeking summary judgment in a legal malpractice suit told a New York federal judge that, five years and three courts later, the owners of the Foothills Club West Golf Court have still failed to produce evidence to support their allegations.
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July 18, 2024
How Midwest Christian Villages Wound Up In Ch. 11
Midwest Christian Villages Inc., a faith-based healthcare nonprofit operating senior-living facilities, suffered diminished patient intake and higher labor costs while it lurched through COVID-19 and then the following inflation spike, ultimately hitting Chapter 11.
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July 18, 2024
Red Lobster Angles To Keep More Than 100 Leases In Ch. 11
Red Lobster's well-known Times Square location in New York City is off the chopping block of potential closures, for now, along with 112 other outposts of the casual dining seafood chain, after the troubled company said during a bankruptcy court hearing Thursday it is negotiating new agreements with landlords.
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July 18, 2024
New SDNY Bankruptcy Judge Brings Big-Case Experience
The Southern District of New York's newest bankruptcy judge comes to the bench with experience working on some of the largest financial bankruptcy cases of the last 20 years and with the difficulties of keeping the district's courts running through a pandemic.
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July 18, 2024
Girardi Denied Bid To Delay Client Theft Trial To October
A California federal judge rejected disgraced lawyer Tom Girardi's motion to have his closely watched wire fraud trial moved to October from its current August start date, determining that he was unable to provide a genuine reason as to why proceedings should be pushed back two months.