Large Cap

  • April 29, 2024

    Terraform Says SEC's $5.4B Sanction Bid Fails Under Morrison

    Crypto firm Terraform Labs and its founder Do Kwon struck back at the U.S. Securities and Exchange Commission's $5.4 billion sanctions request following its trial win, filing dual briefs Monday that argued the regulator has only shown that "a small number" of allegedly illegal token sales took place in the U.S. and under its jurisdiction as outlined in the U.S. Supreme Court's Morrison decision.

  • April 29, 2024

    Herbert Smith Adds Bankruptcy Pro To Thai Disputes Practice

    Herbert Smith Freehills has hired an expert in construction disputes and insolvency and bankruptcy matters as a new partner for its Bangkok office, a move the firm says will strengthen its disputes practice in Thailand's capital.

  • April 29, 2024

    Kemp Klein Adds Bankruptcy Atty In Mich.

    Detroit-area-based Kemp Klein Law Firm has announced it hired a new bankruptcy-focused corporate lawyer to bolster its corporate, litigation and bankruptcy practices.

  • April 29, 2024

    ABI's New Prez, Scammers Charged, Giuliani To Appeal

    The American Bankruptcy Institute named Polsinelli attorney Christopher A. Ward as its new president, the Office of the United States Trustee charged two with fraud for petition preparation services, and Rudy Giuliani asked a New York judge for permission to appeal his $148 million defamation verdict to the D.C. Circuit.

  • April 29, 2024

    Bankrupt Robertshaw Seeks Up To $3.9M In Exec Bonuses

    Appliance parts maker Robertshaw US Holding Corp. has asked a Texas bankruptcy court to allow it to pay as much as $3.9 million to seven executives whom it says it must "properly incentivize" during its Chapter 11 case.

  • April 29, 2024

    Catching Up With Delaware's Chancery Court

    A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.

  • April 29, 2024

    WeWork Wins Conditional OK Of Ch. 11 Plan Disclosures

    A New Jersey bankruptcy judge gave conditional approval Monday to bankrupt flexible office space company WeWork Inc.'s reorganization plan disclosure statement over the objection of WeWork's former owner Adam Neumann, finding the disclosure contained adequate information.

  • April 26, 2024

    ABI President Chris Ward Talks Fees, Purdue Pharma, Phillies

    Chris Ward of Polsinelli LLP, the new president of the American Bankruptcy Institute, expects high interest rates to continue dogging debt-laden companies this year. He's also skeptical a U.S. Supreme Court decision limiting nonconsensual releases in the bankruptcy case of Purdue Pharma LP would radically alter third parties' ability to get liability shields and thinks Chapter 11 has become too expensive, he told Law360 on Friday.

  • April 26, 2024

    Insurers Want Ch. 11 Plan Docs In Kidde-Fenwal Case

    Insurers that provide coverage to bankrupt fire suppression company Kidde-Fenwal Inc. have asked a Delaware court to access drafts of the Chapter 11 plan the company has provided to unsecured creditors in ongoing mediation, saying they need to know how the plan could affect them.

  • April 26, 2024

    Republic First Bank Fails In Biggest Bust Since 2023 Turmoil

    Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.

  • April 26, 2024

    Invitae Defends Its Ch. 11 Hire Of Kirkland Against DQ Bid

    Bankrupt genetic-testing company Invitae Corporation has told a New Jersey bankruptcy judge that attempts to disqualify Kirkland & Ellis LLP as its bankruptcy counsel are baseless and no conflicts exist for the firm due to its representation of a creditor in other legal matters.

  • April 26, 2024

    3% Stalking Horse Breakup Fee Ok'd In Eye Care Ch. 11

    A Texas bankruptcy judge has approved protections for optometry software company Eye Care Leaders Portfolio Holdings LLC's stalking horse bidder, allowing the company to pay private equity firm Create Capital a 3% breakup fee on its $11 million offer.

  • April 25, 2024

    McDermott Judge U-Turns, Says Some Investors Deserve Cert.

    A Texas federal magistrate judge reversed his recommendation that investors be denied class certification in litigation over McDermott International's $6 billion merger with Chicago Bridge & Iron, saying a former CB&I shareholder class "should be certified now" and a putative McDermott stock purchaser class be created for subsequent consideration.

  • April 25, 2024

    Joann Fabric Wins Confirmation Of Prepackaged Ch. 11 Plan

    Joann Inc., parent company of retailer Joann Fabric and Crafts, received a Delaware judge's approval of its prepackaged Chapter 11 plan Thursday that will lighten its debt load by $505 million.

  • April 25, 2024

    3rd Circ. Lets Mallinckrodt Off Sanofi's Royalty Hook

    A Third Circuit panel said Thursday that Mallinckrodt PLC's Chapter 11 bankruptcy could sever its obligation to pay Sanofi-Aventis US LLC royalties on sales of an autoimmune disease drug, finding that Sanofi's contract to sell Mallinckrodt the rights to the drug created a claim ripe to be extinguished.

  • April 25, 2024

    DOJ Still Owes Victims After $139M Nassar Settlement

    The federal government's $139 million settlement for victims of convicted sexual abuser Larry Nassar goes a long way toward holding the FBI responsible for its egregious mishandling of the victims' allegations, but gives no assurance that such complaints in the future will be handled properly, legal experts say.

  • April 25, 2024

    Express Inc. Bankruptcy Tests Once And Future Mall 'Darling'

    Just before the COVID-19 pandemic, Express Inc. made a fateful decision to invest more in its retail clothing stores despite dwindling profits as consumers increasingly embraced online shopping. That left the company ill-prepared for the e-commerce boom to come in 2020 — and set it on a path that culminated in its bankruptcy filing this week.

  • April 25, 2024

    Labcorp Makes $239M Bid In Invitae's Ch. 11 Auction

    SoftBank-backed genetic testing company Invitae has informed a New Jersey bankruptcy judge that its asset sale auction resulted in a successful $239 million cash bid, along with other noncash considerations, from laboratory services giant Labcorp.

  • April 24, 2024

    Jury Must Decide Law Firms' Fee Dispute Over Nassar Suits

    A jury will need to decipher the terms of an agreement in a fee dispute between Andrus Wagstaff PC and Lipton Law Center PC for joint representation of the survivors of former USA Gymnastics doctor Larry Nassar, a Michigan federal judge ruled Wednesday, partially rejecting Andrus Wagstaff's summary judgment bid.

  • April 24, 2024

    Kwok Jurors To Be Anonymous Amid Harassment Concerns

    Jurors who will decide the criminal fraud and racketeering case against exiled Chinese billionaire Ho Wan Kwok will be anonymous and partially sequestered, a New York federal judge said on Wednesday, ruing that if their identities are revealed they could face the same harassment that befell Kwok's bankruptcy trustee.

  • April 24, 2024

    Nuclear Fuel Co. Investor Sues Over Hair-Trigger 'Poison Pill'

    A Centrus Energy Corp. stockholder on Wednesday hit the company, as well as current and former directors, with a proposed class action in Delaware Chancery Court, challenging allegedly hair-trigger shareholder rights "poison pill" restrictions that activate anti-takeover measures based on a relatively low share ownership percentage.

  • April 24, 2024

    Meet The Team Guiding Retailer Express Inc. Through Ch. 11

    Fashion retailer Express Inc. filed for Chapter 11 protection Monday in Delaware with more than $1 billion in debt, saying it has an offer from a group of buyers for the majority of its assets, including its stores.

  • April 24, 2024

    Noteholders Say Chilean Telecom Lacks US Ties For Ch. 11

    A group of WOM SA noteholders asked a Delaware bankruptcy judge to dismiss the Chilean cellphone network operator's Chapter 11 case, saying the company has no connections with the United States and courts here don't have jurisdiction over the company's assets.

  • April 24, 2024

    Oligarch's Family Can't Nix €1.5B Bankruptcy Bid

    The widow and a daughter of the late Russian cement oligarch Oleg Bourlakov stumbled in their global legal battle with relatives over his fortune after a London judge declined to stop €1.48 billion ($1.59 billion) bankruptcy proceedings in St. Petersburg.

  • April 24, 2024

    7th Circ. Revives Suit Over Paper Co.'s ESOP Valuation

    The Seventh Circuit reopened a suit claiming executives at a defunct paper company and financial advisers overvalued the business to persuade workers to put retirement savings into an employee stock ownership plan, saying a lower court viewed the allegations too narrowly when it tossed the case.

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