Mid Cap
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August 07, 2024
SEC Accuses Urban Commons REIT Founders Of $70M Fraud
The U.S. Securities and Exchange Commission has accused the founders of the Urban Commons real estate investment trust of running a pair of fraud schemes involving investments in U.S.-based hotels that the regulator said collectively cost investors $70 million.
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August 07, 2024
Bid For Ex-Judge's Phone Records Halted At Texas Hearing
A Texas bankruptcy judge shut down a bid from JCPenney's bankruptcy administrator to subpoena former Judge David R. Jones' cellphone records in a partially sealed hearing Wednesday in connection with Jones' secret romance with a onetime lawyer at Jackson Walker LLP.
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August 07, 2024
Judge Hands Buca Di Beppo $11M Lifeline In Ch. 11
A Texas bankruptcy judge on Wednesday approved Italian restaurant chain Buca di Beppo to accept debtor-in-possession financing totaling $10.85 million on an interim basis, saying the combination of new money and a rollup of prepetition advances was appropriate given the restaurant's straits.
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August 07, 2024
World Of Beer Moves Forward On Speedy Ch. 11 Plan
Bar and restaurant chain World of Beer received a Florida bankruptcy judge's initial approval on a package of first-day motions Wednesday, including a request to tap up to $2 million in debtor-in-possession financing, as counsel for the craft beer-focused eatery company said it is hoping to get a Chapter 11 plan confirmed quickly and possibly beat a district record.
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August 07, 2024
Acorda Creditors' Ch. 11 Votes Count As Release Consent
A New York bankruptcy judge said Wednesday creditors' votes in favor of the Chapter 11 plan of Acorda Therapeutics constitute consent in granting third-party releases, overruling the position of the United States trustee that the Supreme Court's recent ruling in Purdue Pharma requires a separate agreement on releases.
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August 07, 2024
Behind The Ch. 15 Filing Of Immunology Co. VBI Vaccines
After accumulating more than half a billion dollars of deficits over its history, VBI Vaccines, a developer of COVID-19 and hepatitis B vaccines, was unable to avoid bankruptcy court as it sought to consummate a sale of some of its assets.
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August 07, 2024
Caribbean Resort Owner Facing $15M Claim Files Del. Ch. 11
A resort residence complex on the Caribbean island and British Overseas Territory of Anguilla, now facing a $15 million claim tied to an attack on the child of a guest family in 2015, is seeking Chapter 11 protection in Delaware, listing $500,000 or less in assets.
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August 07, 2024
'Herculean' Efforts Warrant Max Fee, Debt Firm Trustee Says
A California bankruptcy trustee overseeing the failed debt relief law firm Litigation Practice Group has told the court he deserves the maximum fee amount and possibly a bonus due to the "herculean" efforts of himself and his colleagues — a statement that comes at a time when the bankruptcy estate appears to have little money to pay more than 2,500 creditors.
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August 07, 2024
Eversheds Sutherland Adds Kilpatrick Bankruptcy Atty In Atlanta
The former team leader of Kilpatrick Townsend & Stockton LLP's bankruptcy and financial restructuring practice has departed the firm after more than three decades to move to Eversheds Sutherland in Atlanta as co-leader of its U.S. restructuring and insolvency team.
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August 07, 2024
Pool Co. Can't Get Atty Fees After Losing False Ads Trial
A pool parts supplier on the hook for a $16 million false advertising and unfair business practices judgment isn't entitled to attorney fees in the case, a North Carolina federal judge has ruled, finding there's "no question" the winning party is its opponent given the eight-figure damages award.
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August 07, 2024
Lewis Brisbois Grows In Dallas With Ex-Mackie Wolf Litigators
Lewis Brisbois Bisgaard & Smith LLP announced Wednesday that it has boosted its litigation bench in Dallas with a pair of attorneys who came aboard from Mackie Wolf Zientz & Mann PC.
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August 07, 2024
Movie, Fashion Cable Network Cinemoi Files Ch. 11
The operator of film, fashion and lifestyle cable network Cinemoi has filed for Chapter 11 protection in a California bankruptcy court with more than $10 million in debt.
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August 06, 2024
Ex-Judge Jones, Jackson Walker To Defend Meeting
Former U.S. Bankruptcy Judge David R. Jones and Jackson Walker LLP will have to explain during a hearing Wednesday why they had an "off-the-record" conversation with each other in July, as a messy court case stemming from Jones' secret romance with a onetime lawyer at the firm hits several hurdles during discovery.
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August 06, 2024
9th Circ. Kills Trustee Fee Refunds After Justices' Ruling
The Ninth Circuit on Tuesday reversed a district court decision that granted a partial refund of $600,000 in fees a tobacco distributor paid to the U.S. Trustee's Office, noting that the U.S. Supreme Court found in June that a disparity in fees paid by debtors in different jurisdictions was not to be remedied by returning overpayments.
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August 06, 2024
Motorola, Phone Biz Denied $1.5M From Defunct Co.'s Insurer
Cellphone maker Motorola and a phone and internet provider cannot get coverage for more than $1.5 million in judgments they won against a defunct marketing services company from that company's insurer, a Minnesota appeals court ruled, finding separate professional services and illegal profit exclusions apply.
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August 06, 2024
Hotel's Ch. 11 Plan Nixes San Jose Tax Claim, Judge Says
A Delaware bankruptcy judge on Tuesday ordered the city of San Jose, California, to dismiss a state court action seeking the payment of taxes and other obligations by the former operator of a luxury hotel, saying the Chapter 11 plan of SC SJ Holdings released the claims.
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August 06, 2024
New Office Is Old Hat For Raines Feldman's Pittsburgh Leader
After the launch of Raines Feldman Littrell LLP's new Pittsburgh office last month, bankruptcy attorney Michael Roeschenthaler earned the unique distinction of having managed the opening of Steel City locations for two separate firms in fewer than 10 years.
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August 06, 2024
Aztec Fund Files For Ch. 11 With $100M In Liabilities
The Aztec Fund Holding Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing at least $100 million in liabilities.
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August 06, 2024
World Of Beer Latest Dining Chain To Tap Ch. 11 Post-COVID
World of Beer Bar & Kitchen, a restaurant chain known for its craft beer selection, filed for bankruptcy in Florida citing a pandemic hangover and outlining plans to close unprofitable locations and restructure some of its $30 million in debt while in Chapter 11.
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August 05, 2024
Italian Restaurant Chain Hits Ch. 11 With At Least $10M In Debt
Buca di Beppo filed for Chapter 11 protection in Texas bankruptcy court Monday, with the Italian restaurant chain citing at least $10 million in debt just days after shuttering more than a dozen locations.
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August 05, 2024
Org. Claiming To Own Michael Jackson Art Works Hits Ch. 11
A self-described "creative partnership" between the King of Pop and an Australian artist that purports to own art Michael Jackson created has filed for Chapter 11 protections, saying it was lugging between $10 million and $50 million in liabilities before a California bankruptcy judge.
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August 05, 2024
Drug Co. Wants DMK Pharma's $414M Suit Tossed
Pharmaceutical company US WorldMeds has asked Delaware's bankruptcy court to dismiss a lawsuit accusing it of driving DMK Pharmaceuticals into bankruptcy by inadequately marketing its products, saying the suit lacks sufficient facts to support the claims and seeks exaggerated damages.
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August 05, 2024
Byju's Ex-Exec Fined, Giuliani Case Over, Ebix Gets Plan OK
A former executive of a subsidiary of Indian tech giant Byju's is facing $10,000 a day in contempt fines, ex-New York City mayor Rudy Giuliani's bankruptcy case is over, and insurance software company Ebix got approval for its Chapter 11 plan. This was the week in bankruptcy.
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August 05, 2024
Girardi's Defense May Stand On His Deteriorating Mind
Although a federal judge ruled disbarred lawyer Tom Girardi mentally competent to stand trial this month for wire fraud, the 85-year-old's defense team may use his dementia diagnosis to attack prosecutors' allegations he knowingly and intentionally stole millions of dollars from his clients, experts said.
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August 05, 2024
Jackson Walker, Ex-Judge Could Face Sanctions Over Chat
A Texas bankruptcy court is demanding answers and threatening sanctions over an "off-the-record" interview between former bankruptcy judge David R. Jones and attorneys for Jackson Walker LLP, in the midst of a federal investigation into Jones' secret romantic relationship with a onetime Jackson Walker attorney.