Mid Cap
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August 15, 2024
DermTech Gets $1.6M Bid For Assets At Ch. 11 Auction
Skin cancer test maker DermTech Inc. told a Delaware bankruptcy judge on Thursday that after a two-day auction it had a winning bid of $1.575 million for substantially all of its assets, including intellectual property.
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August 15, 2024
Del. Chancery OKs $175M Judgment Against Insys Founder
The convicted founder of drugmaker Insys has told Delaware's Chancery Court he agreed to accept a $175 million judgment as part of a settlement with the company's liquidation trust over his role in an opioid kickback scheme that drove the firm into bankruptcy.
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August 15, 2024
Fake Prescription Caper Yields $10.2M Fine For Bankrupt Co.
A Manhattan federal judge hit a defunct unit of bankrupt biotechnology concern DMK Pharmaceuticals Corp. with a $10.2 million fine Thursday, after the subsidiary admitted to criminally faking horse-drug prescriptions in a scheme that generated $4.2 million.
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August 15, 2024
A&O Shearman Promotes 3 Attys As Latin America Co-Heads
Three Allen Overy Shearman Sterling partners have been elevated as co-heads of the firm's Latin America practice, the firm has announced.
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August 15, 2024
Pa. Atty And Wife Apologize To Lawyer For Theft Allegations
A Pennsylvania attorney and his wife have apologized for accusing another attorney of stealing money from a business venture, saying in a court settlement record that they have no evidence that the lawyer committed the theft and that they retract their earlier statements.
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August 15, 2024
UAE Defense Manufacturer Paramount Group Hits Ch. 11
Abu Dhabi-based defense company Paramount Group Ltd., which manufactures military aircraft, armored vehicles, maritime systems and equipment, filed for Chapter 11 protection Thursday in the Delaware bankruptcy court, listing liabilities between $100 million to $500 million.
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August 14, 2024
Girardi Kept 'Opening A Wound,' Tearful Ex-Client Tells Jury
A woman whose son was seriously injured in a car accident shed tears Wednesday while testifying in Tom Girardi's criminal trial, recalling her increasingly desperate attempts to get a final $1 million owed to her from a lawsuit settlement as the embattled attorney gave her varying excuses for why she wasn't getting the funds.
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August 14, 2024
AmeriFirst Creditors Cleared To Pursue $10M Clawback Suit
AmeriFirst's unsecured creditors can seek repayment of $10.3 million they alleged were fraudulently transferred, a Delaware bankruptcy judge ruled Wednesday, saying there are open questions about a secured lender's influence over the defunct mortgage services provider leading up to its Chapter 11 bankruptcy.
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August 14, 2024
Schools Chatbot Co. Seeks Liquidation Amid Data Concerns
AllHere Education Inc., the Boston-based Harvard Innovation Labs venture that sold AI-powered chatbots to schools, filed for Chapter 7 liquidation in Delaware on Tuesday amid concerns about the privacy of students' data.
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August 14, 2024
Philly Art School Hit With Students' Suit Over Abrupt Closure
Two former students at the University of the Arts claimed the school's sudden shutdown in June was without proper heads-up or guidance, according to a potential class action in Pennsylvania federal court.
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August 14, 2024
Meet The Attys Running Gym Chain Blink's Ch. 11
A team of attorneys from Young Conaway Stargatt & Taylor LLP is handling the bankruptcy case of Blink Fitness, a budget gym chain owned by higher-end gym company Equinox Fitness.
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August 13, 2024
Judge To Give Gym Chain OK To Tap $28M Of Ch. 11 Funding
A Delaware bankruptcy judge on Tuesday agreed to grant bankrupt gym chain Blink Fitness interim approval to access $28 million of its $73 million proposed debtor-in-possession loan, along with a host of customary motions.
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August 13, 2024
Meet The Attorneys In LL Flooring's Ch. 11
A team of attorneys from Skadden Arps Slate Meagher & Flom LLP is representing national home improvement store LL Flooring in its $109.6 million bankruptcy.
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August 13, 2024
The Solar Energy Bankruptcies That Flared Up In 2024
Residential solar technology provider SunPower and Vermont-based iSun are among the solar firms seeking protection under the Bankruptcy Code this year, joining Vision Solar, which filed for Chapter 7 late last year.
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August 13, 2024
Gene Tech Co. Execs Pilfered Biz Amid Collapse, Suit Says
The senior lender to Sequencing Health Inc. has sued former officers and directors of the now-defunct genomic science company, alleging they squandered the company's assets, awarded themselves big bonuses and shut down the business, costing Oxford tens of millions of dollars in losses.
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August 13, 2024
4th Circ. Won't Tie Debtor To Default Bankruptcy Plan
The Fourth Circuit said Tuesday that Chapter 13 debtors aren't bound to default provisions in the form used in their local jurisdiction when creating a plan to exit bankruptcy, finding the debtor should be the "principal architect" of their own plan and the bankruptcy court's ability to reject that plan is limited.
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August 13, 2024
Pioneer Health Ch. 11 Plan With Future Sale Gets OK
Bankrupt clinic operator Pioneer Health Inc. received approval Tuesday from a Delaware court of its Chapter 11 plan with a post-confirmation sale set to be completed before the plan's effective date.
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August 13, 2024
Riders Renew Bid To Sue Segway Over Pa. Scooter Injuries
Two riders who were injured and the estate of a rider who was killed while using the now-defunct Spin electric scooter service in Pittsburgh have renewed their request to split their lawsuit against the city and Spin's bankrupt parent company so they can move ahead with claims against scooter maker Segway and the service's nonprofit partners.
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August 13, 2024
LL Flooring Gets Initial OK On $130M Ch. 11 Loan
Home renovation retailer LL Flooring got a Delaware bankruptcy judge's interim nod for an up to $130 million debtor-in-possession package as attorneys said at a hearing Tuesday that they need to nail down a stalking horse offer for the business by the end of the month or pivot to a Chapter 11 liquidation.
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August 13, 2024
Solar Co. ISun Gets Initial OK On $10M Sale In Ch. 11
A Delaware bankruptcy judge indicated Tuesday he would approve solar energy company iSun's plan to sell itself once the firm works through a few remaining objections to the $10 million deal.
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August 13, 2024
Jackson Walker Slams 'Draconian' Judge Romance Fees Bid
Jackson Walker LLP is pushing back on a U.S. Trustee Office's attempt to roll back at least $13 million in fees and reimbursements awards, saying the firm is just the latest bystander to become "collateral damage" from a concealed romance between an ex-firm partner and a former federal bankruptcy judge.
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August 13, 2024
Spector Gadon's $200K Fee Pursuit Against Client Paused
Philadelphia-based Spector Gadon Rosen Vinci PC has to pause its pursuit of more than $200,000 in fees from a client it represented in Chapter 7 bankruptcy proceedings, while the debtor appeals a ruling that the firm has a right to a jury trial on the matter.
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August 13, 2024
Coach USA Gets Nod On Sales Of Bus Lines In Ch. 11
Bus company Coach USA won a Delaware bankruptcy judge's approval Tuesday on four sales of bus routes and property after defeating an objection brought by the U.S. Trustee's Office, allowing the debtor to complete a deal that it said will preserve more than 2,000 jobs.
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August 13, 2024
Green Generator Startup Moxion Files Ch. 7 After Layoffs
Amazon-backed electric generator startup Moxion Power Co. filed for Chapter 7 liquidation in Delaware with between $100 million and $500 million of total estimated liabilities, not long after the San Francisco Bay Area company announced scores of layoffs.
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August 12, 2024
Texas Wants Debt Relief Review In Wake Of 8th Circ. Ruling
Texas' solicitor general on Saturday pressed the U.S. Supreme Court to shut down the Biden administration's student debt relief plan, arguing that a recent Eighth Circuit decision granting an injunction against the plan in a similar case "underscores" why the high court should grant its petition for certiorari.