Mid Cap
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August 14, 2024
Philly Art School Hit With Students' Suit Over Abrupt Closure
Two former students at the University of the Arts claimed the school's sudden shutdown in June was without proper heads-up or guidance, according to a potential class action in Pennsylvania federal court.
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August 14, 2024
Meet The Attys Running Gym Chain Blink's Ch. 11
A team of attorneys from Young Conaway Stargatt & Taylor LLP is handling the bankruptcy case of Blink Fitness, a budget gym chain owned by higher-end gym company Equinox Fitness.
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August 13, 2024
Judge To Give Gym Chain OK To Tap $28M Of Ch. 11 Funding
A Delaware bankruptcy judge on Tuesday agreed to grant bankrupt gym chain Blink Fitness interim approval to access $28 million of its $73 million proposed debtor-in-possession loan, along with a host of customary motions.
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August 13, 2024
Meet The Attorneys In LL Flooring's Ch. 11
A team of attorneys from Skadden Arps Slate Meagher & Flom LLP is representing national home improvement store LL Flooring in its $109.6 million bankruptcy.
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August 13, 2024
The Solar Energy Bankruptcies That Flared Up In 2024
Residential solar technology provider SunPower and Vermont-based iSun are among the solar firms seeking protection under the Bankruptcy Code this year, joining Vision Solar, which filed for Chapter 7 late last year.
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August 13, 2024
Gene Tech Co. Execs Pilfered Biz Amid Collapse, Suit Says
The senior lender to Sequencing Health Inc. has sued former officers and directors of the now-defunct genomic science company, alleging they squandered the company's assets, awarded themselves big bonuses and shut down the business, costing Oxford tens of millions of dollars in losses.
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August 13, 2024
4th Circ. Won't Tie Debtor To Default Bankruptcy Plan
The Fourth Circuit said Tuesday that Chapter 13 debtors aren't bound to default provisions in the form used in their local jurisdiction when creating a plan to exit bankruptcy, finding the debtor should be the "principal architect" of their own plan and the bankruptcy court's ability to reject that plan is limited.
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August 13, 2024
Pioneer Health Ch. 11 Plan With Future Sale Gets OK
Bankrupt clinic operator Pioneer Health Inc. received approval Tuesday from a Delaware court of its Chapter 11 plan with a post-confirmation sale set to be completed before the plan's effective date.
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August 13, 2024
Riders Renew Bid To Sue Segway Over Pa. Scooter Injuries
Two riders who were injured and the estate of a rider who was killed while using the now-defunct Spin electric scooter service in Pittsburgh have renewed their request to split their lawsuit against the city and Spin's bankrupt parent company so they can move ahead with claims against scooter maker Segway and the service's nonprofit partners.
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August 13, 2024
LL Flooring Gets Initial OK On $130M Ch. 11 Loan
Home renovation retailer LL Flooring got a Delaware bankruptcy judge's interim nod for an up to $130 million debtor-in-possession package as attorneys said at a hearing Tuesday that they need to nail down a stalking horse offer for the business by the end of the month or pivot to a Chapter 11 liquidation.
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August 13, 2024
Solar Co. ISun Gets Initial OK On $10M Sale In Ch. 11
A Delaware bankruptcy judge indicated Tuesday he would approve solar energy company iSun's plan to sell itself once the firm works through a few remaining objections to the $10 million deal.
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August 13, 2024
Jackson Walker Slams 'Draconian' Judge Romance Fees Bid
Jackson Walker LLP is pushing back on a U.S. Trustee Office's attempt to roll back at least $13 million in fees and reimbursements awards, saying the firm is just the latest bystander to become "collateral damage" from a concealed romance between an ex-firm partner and a former federal bankruptcy judge.
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August 13, 2024
Spector Gadon's $200K Fee Pursuit Against Client Paused
Philadelphia-based Spector Gadon Rosen Vinci PC has to pause its pursuit of more than $200,000 in fees from a client it represented in Chapter 7 bankruptcy proceedings, while the debtor appeals a ruling that the firm has a right to a jury trial on the matter.
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August 13, 2024
Coach USA Gets Nod On Sales Of Bus Lines In Ch. 11
Bus company Coach USA won a Delaware bankruptcy judge's approval Tuesday on four sales of bus routes and property after defeating an objection brought by the U.S. Trustee's Office, allowing the debtor to complete a deal that it said will preserve more than 2,000 jobs.
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August 13, 2024
Green Generator Startup Moxion Files Ch. 7 After Layoffs
Amazon-backed electric generator startup Moxion Power Co. filed for Chapter 7 liquidation in Delaware with between $100 million and $500 million of total estimated liabilities, not long after the San Francisco Bay Area company announced scores of layoffs.
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August 12, 2024
Texas Wants Debt Relief Review In Wake Of 8th Circ. Ruling
Texas' solicitor general on Saturday pressed the U.S. Supreme Court to shut down the Biden administration's student debt relief plan, arguing that a recent Eighth Circuit decision granting an injunction against the plan in a similar case "underscores" why the high court should grant its petition for certiorari.
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August 12, 2024
Chase Bank Sued Over Alleged Ties To $119M Ponzi Scheme
Chase Bank "actively accommodated" a purported Ponzi scheme worth more than a hundred million dollars by real estate developer SiliconSage Builders LLC, according to a court-appointed receiver who alleged in a new suit that the bank "went well beyond providing ordinary banking services" to the developer.
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August 12, 2024
4th Circ. Urged To Rethink Ex-Ch. 11 Trustee Legal Fee Ruling
A Fourth Circuit panel misinterpreted whether the bankruptcy code limits a former bankruptcy trustee from retroactively seeking professional fees after the case was converted to a Chapter 13, the former trustee has asserted in a bid for rehearing.
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August 12, 2024
Meet The Attorneys In The Guardian Elder Care Ch. 11
A team of attorneys from Saul Ewing LLP are representing the nursing homes operating under the banner of Guardian Elder Care as they seek to sell their facilities in a Chapter 11 case in Pennsylvania.
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August 12, 2024
Byju's Dodges Dismissal, Crypto Updates, SunPower Filing
The U.S.-based affiliate of Indian educational technology giant Byju's avoided the dismissal of its Chapter 11 case in Delaware, a subpoena for cellphone records from former bankruptcy judge David R. Jones was quashed, and a $2 billion bankruptcy from a residential solar technology company was filed. This is the week in bankruptcy
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August 12, 2024
Colo. Brewery And Ex-Manager Settle Embezzlement Suit
A Colorado brewery and its ex-manager accused of embezzling more than $600,000 for his own business agreed to permanently dismiss a lawsuit, one day after a state judge let the brewery seek punitive damages in the case.
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August 12, 2024
NYC Office Guarantors Fight 'Surrealistic' Recourse
The guarantors of financing on a Midtown Manhattan office building sued the lender Aug. 8, saying it tricked the borrower into an arrangement that could leave the guarantors liable for the full loan amount and attorney fees in a separate federal lawsuit.
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August 12, 2024
Sorrento Shareholders' Fee Objection Too Late, Judge Says
A Texas bankruptcy judge on Monday found a group of Sorrento Therapeutics shareholders objected too late to proposed fee payments to Jackson Walker LLP for its work on Sorrento's Chapter 11 case, denying them the opportunity to present evidence at a fee hearing next month.
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August 12, 2024
Blink Fitness Hits Ch. 11 In Delaware With $280M Debt
Budget gym chain Blink Fitness and more than 130 affiliates filed for Chapter 11 bankruptcy protection in Delaware with $280 million in debt and plans for an asset sale.
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August 12, 2024
LL Flooring Hits Chapter 11 Amid Consumer Spending Slump
National home improvement store LL Flooring filed for bankruptcy in Delaware with some $109.6 million in funded debt, saying it plans to sell its business and reduce its footprint while in Chapter 11.