Mid Cap
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October 11, 2024
Discount Chain's Equity Owner Gets OK To Run Ch. 11 Sales
A Delaware bankruptcy judge Friday gave discount retailer Channel Control Merchants permission to use an affiliate of its majority shareholder to run the going-out-of-business sales in its Chapter 11 case.
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October 11, 2024
Under The Radar: Bankruptcy News You May Have Missed
A group of secured lenders to food giant Del Monte have asked Delaware's Chancery Court to find a liability management transaction was an event of default for an original loan, insurers are hoping two seasoned mediators will be able to iron out a long-running dispute with a bankrupt New York diocese, and lawyers for cancer patients say a bankrupt talc miner's Chapter 11 plan would result in uneven recoveries for personal injury claimants.
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October 11, 2024
Conn. Judge OKs $5M Deal To Resolve AG's Vision Solar Case
A Connecticut state judge approved a $5 million judgment to resolve an unfair trade practices suit Attorney General William Tong brought against Vision Solar LLC.
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October 11, 2024
BurgerFi Creditors Blast DIP, Bidding Procedures In Ch. 11
Unsecured creditors of restaurant chain BurgerFi Inc. are challenging the terms of its post-bankruptcy financing package and some of the details of its planned asset sale, saying the provisions will unfairly leave creditors with little to nothing in recoveries.
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October 11, 2024
Kramer Levin Formalizes Its Private Credit Practice
Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.
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October 10, 2024
Ex-Latham Atty Must Turn Over SEC Whistleblower Docs
A New Jersey federal judge on Thursday ordered a retired Latham & Watkins LLP attorney to hand over communications between himself and two whistleblowers who tipped off the U.S. Securities and Exchange Commission to an alleged $73 million fraud after one of the whistleblowers dropped his objections to producing the documents.
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October 10, 2024
Discount Retailer Plans To Close Its Stores In Ch. 11
The parent of secondary market retail chain operator Channel Control Merchants on Thursday filed for Chapter 11 protection in Delaware bankruptcy court with more than $76 million in debt and plans to close its 68 locations by the end of the year.
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October 10, 2024
Meet The Attys Behind Medical Equipment Co. Avante's Ch. 11
The parent of Avante Health Solutions, a medical equipment sale and service business, has filed for bankruptcy in Delaware and is planning to hold a Chapter 11 auction for its assets in November. Guiding the company through insolvency is a team of Polsinelli PC attorneys, who in recent years have helped debtors navigate tight Chapter 11 sales.
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October 10, 2024
Biotech Co. Gritstone Hits Ch. 11 With Over $100M Debt
Vaccine developer Gritstone bio Inc. filed for Chapter 11 protection in Delaware bankruptcy court Thursday with at least $100 million of debt, saying it was in discussions with a potential bidder for a sale of the business to ensure it can continue researching cancer and other disease treatments.
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October 10, 2024
Calif. Says FDIC Must Wait For $21M Tax Refund
A California tax agency urged a New York federal court to toss a lawsuit by the FDIC seeking a $20.7 million tax refund on behalf of the shuttered Signature Bank, saying it's entitled to wait for a possible IRS audit before delivering the payment.
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October 10, 2024
Atty For McElroy Deutsch's Ex-CFO Wants Out Of Theft Case
An attorney representing McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer — who is behind bars on charges of stealing from the firm — has asked to be relieved as counsel in the firm's New Jersey suit against the former CFO because he has not paid his legal bills.
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October 10, 2024
Morris Nichols Welcomes 3 Recent Law Clerks To Its Roster
Delaware firm Morris Nichols Arsht & Tunnell LLP announced Thursday that it had hired three attorneys who recently completed judicial clerkships.
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October 10, 2024
Avante Health Parent Gets OK For $2.5M In Ch. 11 Financing
A Delaware bankruptcy judge on Thursday gave medical device sale and service business Avante Health Solutions permission to tap into $2.5 million in Chapter 11 financing and start down the road to a November sale of the business.
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October 09, 2024
Timeline Of FTX's Historic Bankruptcy
From the beginning, the bankruptcy of FTX seemed like it would go down in Chapter 11 history as among the most difficult to resolve. Atop a heap of new cryptocurrency companies, it unraveled quickly and dragged down other firms with it as the full scope of founder Sam Bankman-Fried's criminality was revealed.
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October 09, 2024
NY Diocese's Insurance Deal Wasn't Contract, Judge Says
A New York bankruptcy judge has dismissed a claim the Roman Catholic Diocese of Rochester broke a contract with Continental Insurance when it backed out of a proposed $63.5 million settlement of sexual abuse claims while he expressed frustration at the pace of the Chapter 11 case.
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October 09, 2024
Fulcrum Gets OK For $5M Ch. 11 Loan From Potential Buyer
Trash-to-gas innovator Fulcrum BioEnergy Inc. received final approval Wednesday from a Delaware bankruptcy judge for a $5 million debtor-in-possession loan from Las Vegas-based data center operator Switch Ltd., which also plans to make a $15 million stalking-horse bid for the renewable aviation fuel maker's assets.
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October 09, 2024
Singapore Liquidator Seeks Recognition For Overseas Case
The liquidator of a bankrupt Singapore company has told a New Jersey bankruptcy judge he needs to act to stop one of the company's creditors from using a U.S. lawsuit to undermine court proceedings in Singapore.
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October 09, 2024
The Story Behind Bargain Retailer Big Lots' Ch. 11 Case
Big Lots, like many other retailers, has faced both macroeconomic and industry-specific challenges in the wake of the COVID-19 pandemic, ultimately driving the company to Chapter 11 bankruptcy.
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October 09, 2024
Girardi Seeks New Fraud Trial Over Memory Issues
Disbarred attorney Tom Girardi has called on a California federal court to overturn his conviction for misappropriating $15 million in client settlement funds, arguing he was not competent to stand trial due to memory problems that left him unable to remember witnesses or even his own attorneys.
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October 09, 2024
US Trustee Objects To Milbank Representing Edgio In Ch. 11
Milbank LLP should be removed as counsel for digital content delivery platform Edgio Inc. in its Chapter 11, the U.S. Trustee's Office told a Delaware federal judge, arguing the firm is conflicted because of its ongoing work representing Edgio directors and officers in various securities suits.
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October 09, 2024
Medical Device Service Co. Hits Ch. 11 After Fight With Rival
The parent company of medical device sale and service business Avante Health Solutions filed for Chapter 11 protection in Delaware court, saying prepetition litigation with competitors drained significant resources that led to a default on its secured debt obligations.
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October 08, 2024
Judge Puts US Trustee's Depo On Ice In Judge Romance Suit
A Houston judge Tuesday put Jackson Walker's deposition of the U.S. Trustee for the Texas divisions of the bankruptcy watchdog on hold while he considers whether a Justice Department guideline applies to the ongoing dispute surrounding a former Texas bankruptcy judge's secret relationship with an ex-partner of the firm.
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October 08, 2024
Ex-Girardi Keese CFO Inks Plea Deal Over Firm Embezzlement
Girardi Keese's former Chief Financial Officer Christopher K. Kamon reached a plea agreement Tuesday with Los Angeles federal prosecutors, who allege he spearheaded a "side fraud" that bilked millions of dollars from the embattled law firm's accounts behind disbarred attorney Tom Girardi's back.
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October 08, 2024
Meet The Attorneys Directing Dental Laser Co. Biolase's Ch. 11
Biolase Inc., which makes laser systems used by dentists, has retained teams from Potter Anderson & Corroon LLP and Pillsbury Winthrop Shaw Pittman LLP as it plans for a swift sale during its Chapter 11 case.
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October 08, 2024
1st Circ. Warned Not To 'Speculate' In Union Debt Ceiling Suit
A lawyer for a governmental workers' union challenging the constitutionality of the federal debt limit told a First Circuit panel on Tuesday that a January default is a virtual certainty under existing law, and urged the judges to avoid trying to predict whether President Joe Biden and a lame-duck Congress might extend the ceiling.