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Bankruptcy
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November 20, 2024
Bankman-Fried Tech Deputy Who Parsed Code Avoids Prison
A Manhattan federal judge allowed tech expert Zixiao "Gary" Wang to avoid jail Wednesday for his role in the $11 billion FTX fraud, crediting his effort to detail programming "back doors" that enabled Sam Bankman-Fried to loot the bankrupt crypto exchange.
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November 19, 2024
AI School Tech Founder Stole $10M From Investors, DOJ Says
The founder of AllHere Education Inc., a startup venture that sold artificial intelligence-powered chatbots to schools, is charged with fleecing investors out of nearly $10 million by lying about the company's revenue and using some of the money to pay for her wedding and a house, New York federal prosecutors announced Tuesday.
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November 19, 2024
J&J Wants Beasley Allen Atty Sanctioned For Depo No-Show
Johnson & Johnson's talc unit called on a Texas bankruptcy court to sanction a Beasley Allen Law Firm attorney for "unilaterally" deciding not to attend a scheduled deposition in the company's bankruptcy case.
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November 19, 2024
Poll Workers Fight Giuliani Attys' Bid To Exit Collection Cases
Two of Rudy Giuliani's attorneys doubled down Tuesday on their attempt to withdraw as counsel in the $148 million defamation case against him, saying in a redacted letter that the two Georgia poll workers hoping to stop their withdrawal are unaware of the facts that led up to the request.
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November 19, 2024
Alex Jones Seeks To Stop The Onion From Buying Infowars
Right-wing media fabulist Alex Jones asked a Texas bankruptcy judge to stop the sale of his Infowars website to satirical news publisher The Onion, arguing that the winning bid violated the court's bidding procedures order.
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November 19, 2024
College Decor Co. Dormify Hits Ch. 11 With Up To $50M Debt
Dormify Inc., a retailer that sells college gear and decor for dorms, filed for bankruptcy in Delaware, estimating between $10 million and $50 million in debt less than a week after a Pennsylvania federal court entered a default judgment against it in a lawsuit from an affiliate marketing firm.
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November 18, 2024
Backup Bidder For Jones' Infowars Wants The Onion Bid DQ'd
The Alex Jones-affiliated backup Chapter 7 auction bidder for Jones' right-wing website Infowars asked a Texas bankruptcy judge Monday to disqualify the winning bid from The Onion, a satirical news website, arguing that the bid did not follow the auction procedures.
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November 18, 2024
Biopharm Co. Seelos Files For Ch. 11 After Nasdaq Delisting
Publicly traded biopharmaceutical company Seelos Therapeutics Inc. sought Chapter 11 protection in New York on Saturday, citing between $10 million and $50 million in estimated liabilities.
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November 18, 2024
Brazil's Unigel Seeks Ch. 15 Nod For $810M Restructuring
Several units of Brazilian petrochemical producer Unigel Group have urged a New York bankruptcy court to recognize their overseas bankruptcy plans to address roughly $810 million of debt, saying factors including the war in Ukraine and inflation have hampered the companies' liquidity.
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November 18, 2024
Proskauer Atty Is Part Of 'Rich' Harvard Football Tradition
Proskauer bankruptcy partner and longtime Harvard football public address announcer Chad Dale had no experience when he became the voice of the football program 33 years ago, but he followed in his late grandfather's footsteps and received an influential endorsement for the gig from his grieving grandmother.
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November 18, 2024
Health Care Co. CareMax Hits Ch. 11 With Plans To Sell Assets
Medical services company CareMax Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing $422.6 million of funded debt and disclosing plans to sell its assets during the case.
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November 18, 2024
Spirit Airlines Files For Ch. 11 With Equity-Swap Plan
Budget air carrier Spirit Airlines filed for Chapter 11 protection in a New York bankruptcy court Monday with $3.6 billion in funded debt and a preapproved equity swap restructuring plan.
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November 15, 2024
Giuliani Gets New Atty As Poll Workers Seek To Collect $148M
Two days after Rudy Giuliani's lawyers asked a federal judge to allow them to withdraw from representing him in a pair of cases from former Georgia poll workers seeking to collect a $148 million defamation award against him, the embattled former mayor of New York found himself new representation.
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November 15, 2024
PetroQuest Gets Interim OK To Tap $847K In Del. Ch. 11
A Delaware bankruptcy judge Friday granted interim permission for oil and gas company PetroQuest Energy Inc. to access $847,500 of new money financing from its lenders as it plans to sell its assets in East Texas.
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November 15, 2024
Colo. Judge Nixes Debtor's Transfer Try For Not Conferring
A Colorado federal judge on Friday struck a motion to transfer a putative class action suit against a bankrupt truck rental company to the Delaware court handling the business's Chapter 11 case, saying the company had failed to consult with the plaintiffs before filing the motion.
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November 15, 2024
Swedish Debt Collector Intrum Files Prepack Ch. 11 In Texas
Swedish debt collector Intrum filed its pre-announced, prepackaged Chapter 11 in a Texas bankruptcy court Friday, saying it had secured creditor approval to restructure $4.9 billion in debt.
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November 15, 2024
Girardi Seeks Sentencing Delay Amid Atty's Departure
Disbarred attorney Tom Girardi is asking a California federal judge for more time before his sentencing date because a key member of his legal team is leaving the Federal Public Defender's Office on Monday.
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November 15, 2024
Ex-McElroy Deutsch Exec Says Firm Has No Claim On House
The former McElroy Deutsch Mulvaney & Carpenter LLP business development director whose husband pled guilty to stealing millions from the firm has argued that the time has come for the court to toss an attempt by the firm to put her house in a constructive trust.
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November 15, 2024
Off The Bench: NCAA Eligibility Fight, Movie Script Dispute
In this week's Off The Bench, a college football star takes the NCAA to court seeking one more year to play, the plot of a recent Netflix release might have been lifted from another creator and a transgender college athlete's right to compete is challenged by other players.
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November 15, 2024
Sterilization Co. Cosmed Hits Ch. 11 Amid Cancer Claims
Sterilization company Cosmed Group Inc. filed for Chapter 11 protection in a Texas bankruptcy court Thursday with over $100 million in liabilities, much of it related to cancer claims over the gas that it uses for sterilization.
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November 15, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Ocado file an intellectual property claim against an African fruit and vegetable importer, a claim filed against a Swiss bank founded by Indian billionaire Srichand Parmanand Hinduja and 300 individuals sue travel company TUI. Here, Law360 looks at these and other new claims in the U.K.
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November 14, 2024
MDL Counsel Present Deal With FTX Estate To Fla. Court
Counsel for plaintiffs in the multidistrict litigation over the collapse of cryptocurrency trading platform FTX Trading Ltd. told a Florida federal judge Thursday that they have reached a deal with the FTX estate in bankruptcy.
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November 14, 2024
Maryland Seeks To Undo Litigation Pause In Purdue Appeal
The state of Maryland argued in New York federal court Thursday that it should be allowed to pursue claims against the Sackler family members who own bankrupt OxyContin maker Purdue Pharma LP, and that a temporary injunction currently blocking a flood of litigation should be thrown out.
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November 14, 2024
Giuliani Attys Signal Impasse In Bid To Exit Collection Cases
Attorneys representing disgraced ex-lawyer Rudy Giuliani asked a New York federal court to allow them to withdraw from representing him in a pair of cases from former Georgia poll workers seeking to collect a $148 million defamation award against him, indicating they are at odds with the onetime New York City mayor.
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November 14, 2024
Diamond Sports' Ch. 11 Plan Gets Nod With Amazon Deal
Diamond Sports Group received approval for its Chapter 11 plan Thursday from a Texas bankruptcy court, clearing the way for its continued broadcast of 27 professional sports teams and new streaming options through a deal with Amazon.
Expert Analysis
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Mitigating Risk In Net Asset Value Facility Bankruptcies
In times of economic turbulence, parties to bankruptcy proceedings that involve net asset value facilities can mitigate risk by understanding the purpose of the automatic stay, complications it can create for NAV facility lenders and options for relief, say attorneys at Mayer Brown.
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Tax Traps In Acquisitions Of Financially Distressed Targets
Excerpt from Practical Guidance
Parties to the acquisition of an insolvent or bankrupt company face myriad tax considerations, including limitations on using the distressed company's tax benefits, cancellation of indebtedness income, tax lien issues and potential tax reorganizations.
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7 Steps To Take Before Responding To Claim Objections
Excerpt from Practical Guidance
When counsel is notified of an objection to the proof of claim in a bankruptcy case, they should contact the client and begin discussing the cost and benefit of responding.
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Tips For Handling Single Asset Real Estate Bankruptcy Cases
Excerpt from Practical Guidance
Bankruptcy counsel should consider several strategies when representing either a debtor or lender in single asset real estate debtor Chapter 11 cases, which generally arise when a debtor is forced to file for relief to stop an impending foreclosure sale.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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Ch. 11 Ruling Shows Early Attempt To Tackle Purdue Fallout
A Delaware bankruptcy court’s recent ruling in Parlement Technologies’ Chapter 11 case, which denied a bid by Parler’s former owner to extend its bankruptcy stay to nondebtors, illustrates early efforts to grapple with the U.S. Supreme Court's decision in Purdue Pharma for a recurring bankruptcy issue, say Daniel Lowenthal and Jonah Wacholder at Patterson Belknap.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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How Cos. Can Leverage IP In Corporate Bankruptcy
In light of an increase in year-to-date Chapter 11 filings, businesses must understand the importance and value of intellectual property in corporate bankruptcy and restructuring, from contributing to enterprise value, to providing leverage in negotiations and facilitating recovery, says Gregory Campanella at Ocean Tomo.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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Avoiding Retail Bankruptcy As Economic Uncertainty Persists
Amid record retail bankruptcies and continued economic uncertainty in 2024, retailers can take specific steps like building stronger cash-flow models, managing inventory wisely and reassessing cost structures to avoid financial distress, say consultants at BRG.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Banking Compliance Takeaways From Joint Agency Statement
Federal bank regulatory agencies’ recent joint statement warning of risks associated with third-party fintech deposit services spotlights a fundamental problem that may arise with bank deposit products that are made through increasingly complex customer relationships, says Tom Witherspoon at Stinson.