Mid Cap
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February 04, 2025
Travel App Mondee's DIP, Sale Plan Abusive, Investor Says
A Mondee shareholder has alleged the insolvent travel app company's proposed debtor-in-possession financing and bidding procedures would violate the Bankruptcy Code by allowing the transfer of "substantially all" estate assets to an insider and certain creditors while shielding them from litigation, and that other parties would be left uncompensated.
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February 04, 2025
Guo Trustee Gets OK To Keep Law Firm Deal Sealed For Now
The Chapter 11 trustee overseeing convicted Chinese fraudster Miles Guo's bankruptcy estate can keep secret for 180 days an adversary proceeding settlement with a New York law firm because similar clawback cases should proceed without being impacted by the terms of the deal, a Connecticut bankruptcy judge has ruled.
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February 04, 2025
Bankruptcy Group Of The Year: Paul Hastings
Paul Hastings LLP spent 2024 representing renowned bankruptcy cases, including FTX, Core Scientific, WeWork and Diamond Sports Group's Chapter 11, helping various creditors recover billions of dollars and overcome challenging restructuring hurdles, earning the firm a spot as one of the 2024 Law360 Bankruptcy Groups of the Year.
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February 04, 2025
Judge Rejects Blink Fitness Ch. 11 Plan Exculpations
A Delaware bankruptcy judge Tuesday rejected Blink Fitness' request to shield the administrator of its Chapter 11 wind-down plan from legal liability, saying she can't release claims for future acts.
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February 04, 2025
King & Spalding Adds Restructuring Partners In New York
King & Spalding LLP said it has hired away two Alston & Bird partners for the firm's bankruptcy stable.
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February 03, 2025
Under The Radar: Bankruptcy News You May Have Missed
A New Jersey event venue, a lithium battery maker and the operator of one of the world's largest cobalt refineries hit Chapter 11; retailer Party City wants to beef up security for its current and former directors, citing threats of violence; and yet another former member of Byju's Alpha's top brass was sanctioned for contempt of court.
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February 03, 2025
Jackson Walker Ethics Case Shelved Over Lack Of Authority
A Houston federal judge on Monday recommended closing an ethics case against Jackson Walker LLP over its supposed knowledge of a firm attorney's relationship with a judge, finding the court lacked the authority to pursue sanctions against a law firm.
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February 03, 2025
Bankruptcy Group Of The Year: Akin
The more than 100 restructuring lawyers at Akin Gump Strauss Hauer & Feld LLP have untangled some of the most complex Chapter 11 cases in recent years for the benefit of unsecured creditors, including the sprawling proceedings of hospital system Steward Health Care and the difficult reorganization of Diamond Sports Group, earning it a spot among the 2024 Law360 Bankruptcy Groups of the Year.
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February 03, 2025
Meet The Team Guiding Cobalt Refiner Jervois Through Ch. 11
A team of Sidley Austin LLP attorneys is guiding the operator of one of the world's largest cobalt refineries through Chapter 11 as it seeks to shed nearly $164 million in debt.
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February 03, 2025
PetroQuest Gets OK For $20.6M Texas Oilfield Sale
A Delaware bankruptcy judge on Monday approved the $20.6 million sale of PetroQuest Energy's East Texas oilfields, more than two years after a failed attempt to sell those fields sparked a lawsuit that helped land the company in Chapter 11.
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February 03, 2025
Liberated Brands Files Ch. 11 After Losing Clothing Licenses
Liberated Brands LLC, a retail company that sells clothes for brands like Volcom, RVCA and Billabong, filed for bankruptcy in Delaware with $226 million in debt to wind down and sell its operations after a retail lull pinched its liquidity and led a third-party brand owner to pull out of key license agreements.
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January 31, 2025
Under The Radar: Bankruptcy News You May Have Missed
Lenders for Tupperware said the company's Chapter 11 case does not need a committee to represent retired workers, the U.S. Trustee's Office opposed third-party releases in a pair of Chapter 11 cases and hardware retailer True Value wants more time to pursue its Chapter 11 plan.
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January 31, 2025
Comics Distributor Seeks Ch. 11 Lifeline In Tough Industry
Diamond Comic recently filed for bankruptcy in Maryland after 40 years in business, dealing a blow to the comic book industry, but the company is pursuing a potential going-concern sale to ensure it hasn't turned its last page.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
Sandy Hook Families Resist Depositions In Alex Jones Ch. 11
Two groups of families of victims in the Sandy Hook school shooting are fighting deposition and document requests from right-wing fabulist Alex Jones ahead of a hearing Wednesday on a settlement between the groups.
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January 31, 2025
Judge Approves TGI Fridays To Sell 17 More Restaurants
A Texas bankruptcy judge on Friday approved TGI Fridays' sale of 17 restaurant locations for more than $3 million after the casual-dining chain resolved objections over protections for its landlords.
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January 31, 2025
Bankruptcy Group Of The Year: Jones Day
Jones Day's bankruptcy attorneys spent 2024 on the frontiers of their practice, with work that included helping a Johnson & Johnson subsidiary enter bankruptcy with a proposal for a historically large talc injury settlement, as well as helping Spark Networks SE to navigate a new German bankruptcy law and the Chapter 15 process — putting the team among the 2024 Law360 Bankruptcy Groups of the Year.
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January 31, 2025
NJ Event Venue Hits Ch. 11 After $11M Loan Foreclosure
A New Jersey event venue under construction called The Chariot has filed for Chapter 11 protection in New Jersey after its bank took foreclosure action on its $11 million loan, with the business' co-owner saying the debtor launched the insolvency proceedings to get some "breathing room" as it works toward opening the sprawling restaurant and catering space.
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January 31, 2025
NY Nursing Home Sale Request Delayed By Union Dispute
A bankrupt 588-bed Long Island nursing home Friday postponed its request that a New York bankruptcy judge approve the sale of its facility while its union workers and its proposed buyer try to work out the terms of their future contract.
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January 30, 2025
Container Store Hopes Debt Restructuring Leads To Growth
After a quick trip through Chapter 11, The Container Store has emerged as a private company in the control of its lenders, but its changes were largely to its balance sheet rather than its operations.
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January 30, 2025
Agency In NJ Town Loses Retrial Bid In $26M Land-Taking Fight
A New Jersey federal judge has denied a redevelopment agency's bid for a new trial in a land-taking battle after a jury determined it should pay $25.6 million for a 22-acre former Michelin Tire & Rubber Co. factory, ruling that it failed to meet the high bar set to overturn a verdict.
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January 30, 2025
Meet The Attorneys Powering Battery Startup iM3NY's Ch. 11
IM3NY, a pre-revenue battery manufacturer, filed for bankruptcy in Delaware on Monday, looking to sell its assets by early April after it ran out of money and struggled to find investors needed for its New York factory. Guiding the startup is a team of Chipman Brown Cicero & Cole LLP lawyers.
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January 30, 2025
Pashman Stein Brings On Bankruptcy Pros In Delaware
Pashman Stein Walder Hayden PC has added two attorneys, including one from Whiteford Taylor & Preston LLP, to continue to grow its bankruptcy, restructuring and creditors' rights practice in Delaware and beyond.
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January 30, 2025
Bankruptcy Group Of The Year: Weil
Bankruptcy attorneys from Weil Gotshal & Manges LLP steered hospital chain Steward Health Care's $9 billion bankruptcy and represented Scandinavian Airlines in its restructuring of $2 billion in debt across the U.S. and Sweden, earning a spot among the 2024 Law360 Bankruptcy Groups of the Year.
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January 30, 2025
Judge Stays NY Diocese Abuse Suits, Citing 2nd Circ. Ruling
A New York bankruptcy judge on Thursday agreed to stay sexual abuse claims filed under the state's Child Victims Act against the Roman Catholic Diocese of Rochester, deciding that a Second Circuit ruling in 2022 makes clear that legal actions naming debtors as defendants are barred by bankruptcy's automatic stay.
Expert Analysis
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How Cannabis Cos. Are Adapting In Shifting Bankruptcy Arena
Recent bankruptcy cases show that federal courts have begun to demonstrate more openness to downstream businesses in the cannabis industry, and that even though receivership can be a viable option for those denied access to the bankruptcy system, it is not without its own risks and complexities, say attorneys at Troutman Pepper.
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Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns
A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.
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Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Pa. Ruling Shows Why Term Sheet Can Be Worth The Wait
A Pennsylvania bankruptcy court’s recent In re: Legarde ruling, holding that a settlement term sheet was enforceable, reminds litigants that it’s crucial to draft a written agreement before leaving mediation in order to resolve potential evidentiary issues and protect against buyer’s remorse, says Brian Shaw at Cozen O'Connor.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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Asserting 'Presence-Of-Counsel' Defense In Securities Trials
As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.
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Crypto Has Democratized Trading In Bankruptcy Claims
Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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5 Key Tips For Attorneys In The Subchapter V Arena
Subchapter V cases present unique challenges for the nondebtor parties-in-interest, and habits developed by attorneys in typical Chapter 11 cases do not necessarily translate, meaning creditors and their counsel should quickly take a proactive role in their cases to protect their interests, which can be done by attending the 341 meeting, analyzing the plan, and more, says Kelly Singer at Squire Patton.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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Why The Debt Maturity Wall Is Still A Figment, For Now
While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.