Large Cap
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November 12, 2024
Judge Will OK Final True Value Ch. 11 Sale
A Delaware bankruptcy judge on Tuesday said she would approve bankrupt hardware store supplier True Value's asset sale to its stalking horse bidder, member-owned hardware brand Do It Best Corp., once the final version was on the docket.
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November 12, 2024
FTX Sues Binance, Former CEO Zhao Seeking $1.8B Clawback
The estate of fallen cryptocurrency exchange FTX has sued Binance and its former CEO Changpeng Zhao to recover $1.76 billion it says the defunct company illegally transferred prior to its collapse two years ago, alleging FTX used customer money to complete a share repurchase that it couldn't otherwise afford.
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November 12, 2024
Prison Healthcare Co. Wellpath Hits Ch. 11 With Sale Plans
Prison healthcare provider Wellpath has filed for Chapter 11 protection in a Texas bankruptcy court, saying it has an agreement with the majority of its secured lenders for a sale plan that will trim $500 million of its more than $644 million in funded debt.
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November 12, 2024
DLA Piper Bolsters Restructuring Practice With Dechert Pro
DLA Piper has hired an experienced restructuring expert from Dechert LLP to its practice in London, as the firm braces for continued global financial distress driven by geopolitical turmoil and macroeconomic headwinds.
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November 18, 2024
Davis Polk Hires Sidley Restructuring Heads In London
Davis Polk & Wardwell LLP has hired two restructuring experts as partners in its London office, where they will advise a wide range of clients on financially troubled companies.
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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
J&J Talc Unit Must Revise Ch. 11 Plan, Insurers Say
A group of Johnson & Johnson insurance carriers urged a Texas judge to reject the Chapter 11 plan disclosure statement for the company's Red River Talc unit as unconfirmable, saying J&J "made it clear that it intends to saddle its insurers with responsibility to pay" for the bankruptcy-related claims.
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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
Genesis Forging Different Path In Crypto Ch. 11 Recoveries
Cryptocurrency lender Genesis Global has knocked another few hundred million dollars off the obligation it took on when it set off down the unusual track in the crypto bankruptcy sphere of returning every digital coin to its creditors, one for one, no matter how pricey its value.
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November 08, 2024
Sullivan & Cromwell Fees Questioned In Kidde-Fenwal Ch. 11
Sullivan & Cromwell LLP and the attorney general of California clashed in Delaware bankruptcy court over the firm's interim fee requests for its representation of debtor chemical company Kidde-Fenwal Inc., with the state alleging overbilling and Sullivan & Cromwell claiming California is seeking "payback" for the results of a recent mediation.
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November 08, 2024
FTX Investment Firm Seeks Return Of $11M In Crypto Assets
Alameda Research, an investment arm of the now-bankrupt FTX digital asset empire, has filed a lawsuit against cryptocurrency exchange Crypto.com in Delaware bankruptcy court, seeking the return of $11.4 million in assets still held on the platform despite multiple requests from the debtor.
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November 07, 2024
Ex-Celsius CEO OK'd To Seek Testimony From Abroad
A New York federal judge Thursday gave former Celsius Network CEO Alex Mashinsky the green light to seek deposition testimony from witnesses reading abroad that he claims is crucial to his defense, but declined to narrow the case against the founder of the now-bankrupt cryptocurrency-lending platform.
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November 07, 2024
Teamsters Tell 10th Circ. To Nix Yellow's Contract Claims
The Tenth Circuit must uphold a district court's decision to dismiss Yellow Corp.'s $137 million lawsuit against the Teamsters, the union said, arguing the business didn't exhaust the grievance process under a contract and can't claim that making such an effort would have been pointless.
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November 07, 2024
Meet The Attys Guiding Vitamin Shoppe Owner Through Ch. 11
A team of attorneys from Young Conaway Stargatt & Taylor LLP and Willkie Farr & Gallagher LLP are representing Franchise Group Inc., the owner of Vitamin Shoppe and other franchise brands, in Chapter 11 as it seeks to restructure its nearly $2 billion of debt.
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November 07, 2024
Boy Scouts Judge OKs Incarcerated Survivor's Late Claim
A Delaware bankruptcy judge said Thursday she will allow a Boy Scouts sexual abuse survivor, who missed a claims bar cutoff and a deadline to apply to a trust set up for abuse claimants, to file a late claim in the Boy Scouts' Chapter 11 case because he had limited access to information at the prison where he's serving an 18-year sentence.
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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
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
FTX Exec Looks To Avoid Prison For 'Smallest Share' Of Crime
Former FTX technology chief Zixiao "Gary" Wang on Wednesday asked a Manhattan federal judge not to give him prison time for his part in the $11.2 billion fraud case, calling himself "the one who stands convicted of the smallest share of misconduct" among former CEO Sam Bankman-Fried's lieutenants.
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November 06, 2024
Vitamin Shoppe Owner Gets OK For Trimmed Ch. 11 Loan
The owner of the Vitamin Shoppe retail chain and other businesses received interim approval Wednesday from a Delaware bankruptcy judge for a slimmed-down Chapter 11 loan after the lenders agreed to more favorable financing terms.
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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
3rd Circ. Mulls Mootness In Boy Scouts Ch. 11 Plan Appeals
Questions over whether equitable and statutory mootness foreclose challenges to the Boy Scouts of America's bankruptcy took center stage Wednesday during arguments before the Third Circuit, with the judges and parties involved noting the impact that changing the Chapter 11 plan that's already in effect could have on thousands of sexual abuse survivors.
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November 06, 2024
Conn's Gets OK For $360M Asset Sale To Debt Collector
A Texas bankruptcy judge Wednesday approved the sale of most of retail chain Conn's assets to debt collector Jefferson Capital Systems for $360 million after hearing all objections had been resolved.
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November 06, 2024
The Story Behind Franchise Group's Ch. 11 Case
Franchise Group Inc., the owner of Vitamin Shoppe and other franchise brands, filed for Chapter 11 bankruptcy amid challenging macroeconomic conditions and headwinds in the retail industry, coupled with the high costs of investigating its founder's involvement in a hedge fund collapse, according to court filings.
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November 05, 2024
What Trump's Return Means For Bank Regulation: 5 Questions
With former President Donald Trump now projected to return to the White House, financial services attorneys are predicting the banking industry will see a sharp rightward turn at the Consumer Financial Protection Bureau and a much softer touch elsewhere in the federal regulatory arena.
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November 05, 2024
Trump's Win Expected To Pare Back Gensler's SEC Agenda
The reelection of President Donald Trump will bring with it many big changes to the U.S. Securities and Exchange Commission, including a new chair who could set a more crypto- and business-friendly policy that would translate into a downtick in rulemaking and enforcement cases in comparison to outgoing President Joe Biden.