Large Cap
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June 25, 2024
Genesis Global Strikes $40M Deal With Unnamed Customer
Attorneys representing defunct cryptocurrency services company Genesis Global told a New York bankruptcy court Tuesday an anonymous customer agreed to pay it $40 million to resolve their dueling claims over a loan.
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June 25, 2024
Noteholder Deal Spares Telecom WOM From Ch. 11 Dismissal
Chilean telecommunications company WOM told Delaware's bankruptcy court it reached a deal with a group of noteholders and the unsecured creditors committee to resolve their bid to dismiss the debtor's bankruptcy case.
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June 25, 2024
Bankruptcy Vet Joins Saxton & Stump As Practice Chair
Saxton & Stump LLC announced Tuesday that an attorney with over 35 years of experience working with banks and other corporate entities has become a shareholder and chair of the firm's bankruptcy and financial restructuring group.
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June 25, 2024
Bed Bath & Beyond Estate Rips Investor's 'Frivolous' Filing
The Chapter 11 plan administrator for Bed Bath & Beyond urged a New Jersey bankruptcy judge to reject an unidentified former shareholder's bid to appoint an equity committee in the case, calling the motion "frivolous" because the debtor canceled all its shares months ago.
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June 25, 2024
Troutman Pepper Gets Restructuring Pro From Sidley Austin
Troutman Pepper Hamilton Sanders LLP has hired a seasoned attorney for its finance and restructuring practice who previously worked at Sidley Austin LLP for more than 20 years.
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June 24, 2024
What To Expect At FTX's Ch. 11 Plan Disclosures Hearing
Bankrupt cryptocurrency exchange FTX trading Ltd. faces a slew of objections to the disclosure statement for its Chapter 11 reorganization plan as it heads into Delaware bankruptcy court Tuesday seeking approval for the plan disclosures and to petition creditor votes.
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June 24, 2024
Ch. 11 Fee Cases Remanded After 'Very Practical' Decision
Now that the U.S. Supreme Court has decided refunds aren't owed to debtors who overpaid the U.S. Trustee's Office under a previous fee structure, it sent three similar cases that were pending before it back to the lower courts to give them a crack at applying the ruling.
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June 24, 2024
2nd Circ. Reverses $19M Sanctions Over Charter Ads
The Second Circuit Monday found a New York bankruptcy judge had wrongfully levied more than $19 million in sanctions on Charter Communications for an advertising campaign targeting a bankrupt telecom rival, saying there was doubt the ads violated the Bankruptcy Code.
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June 24, 2024
Giuliani Trustee Sought, Eletson Has 3 Plans Up For Vote
Rudy Giuliani's creditors urged a bankruptcy court to appoint a trustee to oversee his finances, while the creditors of shipping company Eletson Holdings will be asked to choose between three competing Chapter 11 plans, and nearly all of biotechnology firm NanoString's creditors will be paid in full.
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June 24, 2024
LifeWallet Calls Cano Health's Ch. 11 Plan Unconfirmable
Claim reimbursement company LifeWallet has told Delaware's bankruptcy court that primary healthcare group Cano Health's proposed Chapter 11 plan would hinder its legal defenses and setoff claims, arguing the plan runs afoul of the Bankruptcy Code and cannot be confirmed.
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June 24, 2024
McDermott Investors See Partial Cert. In $6B CB&I Deal Suit
Investors in energy industry engineering company McDermott International Inc. saw part of their proposed investor class certified as a lead plaintiff is sought for a second subclass in litigation over the company's $6 billion acquisition of Chicago Bridge & Iron Company NV.
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June 24, 2024
Rite Aid Ch. 11 Plan Hearing Set Over Insurer Opposition
A New Jersey bankruptcy judge kept the Chapter 11 plan confirmation hearing of drugstore chain Rite Aid Corp. on track Monday, denying a request from the debtor's insurers to delay the proceedings to allow for additional discovery about the plan's impact on their contractual rights.
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June 24, 2024
Justices Send 3 US Trustee Fee Cases Back To Lower Courts
The U.S. Supreme Court on Monday vacated three appellate court decisions ordering refunds to debtors who had overpaid U.S. Trustee's Office fees under a previous fee structure and remanded the cases for further adjudication after resolving the issue earlier this month.
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June 21, 2024
After Surfside Collapse, Safety Reform And A 'Condo Crisis'
In the three years since 98 lives were lost in the partial collapse of the Champlain Towers South condominium in Surfside, Florida, several states have worked on legislation to address building safety. But their efforts to back the pledge of "never again" are stirring up concerns that they are fostering a whole new quandary for millions of condo owners.
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June 21, 2024
Crypto Vet With FTX Ties Launches Fintech Policy Think Tank
Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.
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June 21, 2024
Robertshaw Cleared For Ch. 11 Sale As Invesco Claims Loom
Appliance parts producer Robertshaw received a Texas bankruptcy court's approval Friday to sell the business to a group of its lenders and send the company's Chapter 11 liquidation plan out for a creditor vote, but counsel for the debtor noted that the final confirmation may hinge on a judge's ruling on claims in a breach of contract lawsuit.
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June 21, 2024
Tragedy And Torment Preceded Alex Jones Ch. 7 Liquidation
More than 11 years after the tragic death of 26 people in the Sandy Hook school shooting, families of the slain victims are clear to pursue payment of damages from right-wing conspiracy theorist Alex Jones and his media company following a bankruptcy court order directing the liquidation of his personal assets.
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June 21, 2024
EV Maker Fisker Heads To Fleet Sale With 1 Week Of Cash
A Delaware bankruptcy judge on Friday gave electric-car producer Fisker permission to use its cash for the next week as it tries to sell off the vehicles it still has, but shot down a lender's demand for a claim on possible future clawback proceeds as security.
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June 21, 2024
Alex Jones Can't Appeal Bankruptcy Order On Debt To Victims
A Texas federal judge has rejected Alex Jones' bid to appeal a bankruptcy court order that said he couldn't use his Chapter 11 case to avoid paying damages to the families of Sandy Hook victims, ruling that the legal substance of the right-wing radio host's proposed challenge had already been considered by the Fifth Circuit.
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June 21, 2024
Bally Sports Parent Told To Hand Over Certain Info To MLB
At a hearing on Friday, a Texas bankruptcy judge asked the parent company of Bally Sports-branded regional sports networks to hand over aggregated and anonymized information to Major League Baseball about earnings and deals with different distributors.
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June 21, 2024
Girardi Wants To Block Evidence Of Ex-Clients' Injuries At Trial
At the upcoming fraud trial of disgraced attorney Tom Girardi, his defense attorneys want to exclude any mention of the horrific injuries suffered by the clients he allegedly stole from, while prosecutors want to introduce evidence that he allegedly spent $25 million to fund the lavish lifestyle of his celebrity ex-wife.
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June 21, 2024
Paul Hastings Bankruptcy Ace Joins Greenberg Traurig
Greenberg Traurig LLP added a Houston-based veteran bankruptcy attorney from Paul Hastings as a new shareholder.
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June 20, 2024
FDIC Expands Requirements For Big-Bank Resolution Plans
The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.
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June 20, 2024
Robertshaw Broke Invesco Loan, But Deal Lives, Judge Says
A Texas bankruptcy judge ruled Thursday that transactions executed in December by Robertshaw breached its existing loan from an Invesco subsidiary, but otherwise sided with the appliance parts maker on the remainder of its hard-fought litigation that spotlights so-called lender-on-lender violence in private credit agreements.
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June 20, 2024
Chancery Preserves Most Of Hertz Shareholder Buyback Suit
Several Hertz directors who authorized $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position will have to face claims in Delaware's Court of Chancery that they breached their fiduciary duties to the company.