Mid Cap
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November 08, 2024
5th Time Not The Charm For 'Stale' Dow Implant Check Fight
The Sixth Circuit has again rejected an appeal from South Korean claimants who sought replacement checks from a Dow Corning breast implant settlement fund, finding in claimants' fifth trip to the appeals court that they missed their window to cash their duly disbursed settlement checks.
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November 08, 2024
Under The Radar: Bankruptcy News You May Have Missed
The U.S. Trustee's Office took aim at the U.S. ties and motivations of a bankrupt defense contractor in Abu Dhabi, creditors of Eletson Holdings said they were still skeptical of Reed Smith LLP's work in the company's contentious Chapter 11 case and a Navajo Nation-owned energy company argued that a reorganized coal miner is trying to use a typo to boost royalty payments.
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November 08, 2024
Crypto Miner, Landlord Seek Early Wins In Ch. 11 Dispute
Bankrupt cryptocurrency mining company Rhodium Encore and landlord Whinstone US Inc. pushed respective bids for early wins Friday in Texas court as they prepare for trial over a contract assumption dispute.
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November 08, 2024
Judge Will Give Solar Co. $3M Interim Lifeline In Ch. 11
A Delaware bankruptcy judge said Friday she will grant Oya Renewables, a solar energy producer with offices in Boston and Toronto, interim access to $3 million in postpetition funding on offer from its Chapter 11 stalking horse bidder once some final modifications are made.
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November 07, 2024
Privilege Overruled In Firm's Suit Against Drinks Co. Founder
A Florida state court judge Thursday ordered the founder of the company that makes Bang Energy drinks to sit for a deposition in a lawsuit over unpaid fees brought by counsel who formerly represented him in a bankruptcy case, overruling attorney-client privilege asserted in a previous attempt to depose him.
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November 07, 2024
Blink Asks Court To OK Contested $121M Stalking Horse Sale
Two gym chains sparred over the assets of Blink Fitness Inc. in Delaware bankruptcy court Wednesday and Thursday, with a franchisee of U.S. mainstay Planet Fitness trying to upend a planned sale to the winning bidder, U.K.-based international gym operator PureGym Ltd.
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November 07, 2024
The Story Behind Global Wound Care Group's Ch. 11
Allegations of potential fraud at Global Wound Care Group helped drive it toward seeking bankruptcy protection in Texas, with a year-long federal investigation now hanging over its Chapter 11 case.
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November 07, 2024
Solar Energy Co. Hits Ch. 11 With $100M In Debt, Sale Plans
Oya Renewables, a solar energy producer with offices in Boston and Toronto, has filed for Chapter 11 protection in the Delaware bankruptcy court, disclosing at least $100 million in liabilities — including almost $87 million in funded debt — and plans to sell its assets, while blaming factors such as project delays and litigation for its liquidity crunch.
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November 07, 2024
Colo. Cannabis Co. Seeks Receivership As Part Of Wind Down
A branded cannabis consumer goods company asked a Colorado state court late Wednesday to appoint a receiver over its business as its Canadian parent company seeks to wind down its operations.
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November 07, 2024
Firm That Took Hurricane Victim Cases Wants Out Of Fee Row
A Louisiana law firm that took over now-bankrupt Houston plaintiffs firm MMA Law's hurricane victim cases is appealing a Houston bankruptcy's court's decision not to free it from a lawsuit claiming that it cut MMA out of its share of settlement fees.
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November 07, 2024
NC Court Refuses Law Firm Sanctions In Bankruptcy Fee Fight
A North Carolina business bankruptcy law firm and its founder have escaped sanctions for allegedly lying to a trial court about its communications in a fee dispute, as a state appellate court said the former client's sanctions motion must fail as a matter of law because he "unreasonably delayed" filing it.
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November 07, 2024
Del. Atty Will Co-Lead Lewis Brisbois' Bankruptcy Practice
Lewis Brisbois Bisgaard & Smith LLP recently announced that a partner who joined its Delaware office late last year has been appointed to co-chair the firm's bankruptcy and insolvency practice.
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November 06, 2024
Texas' MMA Sues Firm That Took Over Its Hurricane Cases
The bankrupt Houston plaintiffs' firm MMA Law has sued Daly & Black PC, the law firm that took over its clients, in Texas bankruptcy court seeking to claw back a cut of attorneys' fees from thousands of lawsuits it launched on behalf of hurricane victims in Louisiana.
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November 06, 2024
Grocery Co. Takeoff Reaches Deal To Avoid Ch. 7 Conversion
Grocery automation firm Takeoff Technologies reached a new settlement with its creditors and debtor-in-possession lenders that the debtor says paves the way for a Chapter 11 liquidation of its remaining assets instead of a Chapter 7 conversion
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November 06, 2024
Bankruptcy Judge OKs $54M Credit Bid For BurgerFi Assets
A Delaware bankruptcy judge said on Wednesday that he will approve a $10 million credit bid by BurgerFi International Inc.'s senior secured lender TREW Capital Management Private Credit 2 LLC to take over the burger chain's assets, as well as TREW's $44 million credit bid to acquire Anthony's Coal Fired Pizza & Wings.
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November 06, 2024
Texas Baptist Church Files Ch. 11 Bankruptcy
A Houston Baptist church has filed for a subchapter V small business Chapter 11 in a Texas bankruptcy court with more than $1 million in liabilities.
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November 06, 2024
FINRA Fines Firm Over Lax Real Estate Investment Diligence
The Financial Industry Regulatory Authority ordered broker-dealer XP to pay $800,000 in restitution and penalties to settle claims that, among other things, it recommended investments in a series of real estate-focused private placements without conducting proper due diligence on them, leading to investor losses when the offerings flopped.
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November 06, 2024
Meet The Attys Behind TGI Fridays' Bankruptcy
Casual dining chain TGI Fridays Inc. has assembled a team of lawyers from Ropes & Gray LLP and Foley & Lardner LLP to help it with the Chapter 11 it initiated in Texas to cope with almost $151 million in debt and pursue a sale.
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November 06, 2024
Lowenstein Sandler Sues Firm Over Dispensary Fee Dispute
A New Jersey law firm accused of helping forcibly dismantle a medical cannabis dispensary to deprive Lowenstein Sandler LLP of over $750,000 in fees for work on the dispensary's behalf has asked the New Jersey state court to let it exit the suit, arguing Lowenstein Sandler failed to state a claim.
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November 06, 2024
California Hotel Hits Ch. 11 For The 2nd Time In 3 Years
SC SJ Holdings, the owner of a San Jose, California, hotel that previously filed for bankruptcy in 2021, filed for Chapter 11 in a California bankruptcy court with $100 million to $500 million in debt.
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November 05, 2024
The Firms With An Inside Track To A New Trump Admin
Law firms that have represented Donald Trump and the Republican Party on everything from personal legal woes to election-related lawsuits could see the risks of that work pay dividends as Trump is projected to secure a second term in office.
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November 05, 2024
The Story Behind Vaccine Maker Gritstone's Ch. 11
Vaccine maker Gritstone bio Inc. hit Chapter 11 after a tightening investment market left it starved of the capital it needed to keep doing its research into preventative treatments for cancer, COVID-19 and HIV, according to court filings.
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November 05, 2024
Icon Aircraft Gets New Offer For Investor Claims
A Delaware bankruptcy judge approved a settlement between light-sport aircraft producer Icon and a group of its shareholders that sued the company in derivative litigation, while pushing back a confirmation hearing as the debtors consider a competing settlement offer.
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November 05, 2024
Bankruptcy Not Delaying NJ Health System's Antitrust Case
A New Jersey federal magistrate judge on Tuesday partly denied CarePoint Health Management's request to delay its antitrust case against RWJBarnabas Health Inc. because of CarePoint's recent bankruptcy filing.
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November 05, 2024
Film Production Services Co. Hits Ch. 11 With Sale Plans
A film production services company owned by embattled private equity firm 777 Partners has filed for Chapter 11 protection in Delaware with $88.9 million in liabilities, blaming the COVID-19 pandemic, Hollywood strikes and its owner's legal and financial troubles.
Expert Analysis
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The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Navigating Asset Tracing Challenges In Bankruptcy
A Virginia court’s recent ruling in Health Diagnostic Laboratory Inc.'s bankruptcy highlights the heightened demand for asset tracing and the strategic use of the lowest intermediate balance rule in recovering funds from commingled accounts, says Daniel Lowenthal at Patterson Belknap.
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Lender Agreements And Unitranche Facilities: A Fresh Look
Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Bankruptcy Must Be On The Table As A Student Loan Solution
Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Rockport Ch. 11 Highlights Global Settlement Considerations
A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.
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How Purdue High Court Case Will Shape Ch. 11 Mass Injury
The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.
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Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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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.