Large Cap
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April 16, 2024
Genesis To Return $2B Of Crypto Under Gemini Settlement
Bankrupt crypto lender Genesis will return 97% of digital assets from a customer program with crypto platform Gemini by early May after a New York bankruptcy judge on Tuesday approved a settlement that attorneys for Genesis said closes out bitter disputes and sets it up to repay other creditors under a Chapter 11 plan.
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April 16, 2024
Cost Of Rite Aid Bankruptcy So Far: $144M And Counting
Rite Aid has been billed nearly $144 million for professional fees and expenses since going bankrupt, with turnaround experts Alvarez & Marsal seeking $66.4 million and debtors' counsel Kirkland & Ellis LLP asking for more than $29 million, according to a spate of interim fee applications filed in the case since Monday.
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April 16, 2024
Sanctions In Byju's Ch. 11 Should Be Paused, Court Hears
Camshaft Capital, a hedge fund facing an adversary action from the Chapter 11 creditors of Byju's, has asked a Delaware federal court to stay a contempt order the bankruptcy court entered against the investment firm and its principal while it appeals the sanctions and a preliminary injunction.
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April 16, 2024
Rochester, NY, Diocese's Creditors To Mull Rival Ch. 11 Plans
A New York bankruptcy judge sent a pair of competing Chapter 11 plans for the Roman Catholic Diocese of Rochester out Tuesday morning for creditor votes, after rejecting previous explanations of the proposals for being unclear about payouts to childhood sexual abuse survivors.
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April 15, 2024
FTX Liquidators Describe Operating Blindly In Initial Days
The U.S. liquidator for collapsed cryptocurrency exchange FTX told attendees at the OffshoreAlert Conference in Miami Beach, Florida, the case was unlike any other he'd handled as the company had "no set of books," forcing both onshore and offshore liquidators to scramble to track down assets.
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April 15, 2024
Coal Exec's Widow Seeks Atty Fees After Toss Of $6.5B Suit
The widow of a bankrupt coal company's former president requested $525,000 in attorney fees and costs Monday after a D.C. federal judge tossed a suit alleging her husband's estate and another business owed a union pension plan $6.5 billion, saying the plan's trustees can afford to pay.
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April 15, 2024
Carey Remembered As Practical Judge With Great Demeanor
Former Delaware bankruptcy Judge Kevin J. Carey, who died Thursday at the age of 69, is remembered by colleagues as a respectful, practical judge who lawyers looked forward to appearing in front of in court.
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April 15, 2024
Aircraft Parts Co. Incora Gets More Time For Ch. 11 Plan Vote
A Texas bankruptcy judge on Monday pushed back the Chapter 11 plan voting deadline by two weeks in the bankruptcy of aircraft parts supplier Incora, after the company said it wanted to send out newly updated financial projections to creditors.
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April 15, 2024
Diocese Says Insurer Must Refund Sex Abuse Claims Defense
Certain underwriters at Lloyd's of London must pay defense expenses related to sexual abuse claims against the Roman Catholic Diocese of Rockville Centre, the diocese has told a New York court, maintaining that its bankruptcy proceedings do not relieve the insurer of reimbursement requirements.
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April 15, 2024
NY Diocese Moves To End Ch. 11 Amid Plan Opposition
A Catholic diocese on New York's Long Island has asked a bankruptcy judge to dismiss its Chapter 11 case, noting the debtor's latest reorganization proposal was voted down by a "supermajority" of its creditors.
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April 15, 2024
Loeb & Loeb Bankruptcy Leader Joins Lowenstein Sandler
Lowenstein Sandler LLP announced Monday that the deputy chair of Loeb & Loeb LLP's bankruptcy and restructuring practice has joined its New York office as a partner.
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April 12, 2024
Anthem Wants Kwok Ch. 11 Trustee To Foot Mediation Bill
Anthem has objected to plans from the Chapter 11 trustee overseeing Chinese exile Ho Wan Kwok's estate to force it and hundreds of other avoidance action defendants into mediation, questioning the merits of the case against it and arguing the insurer should not be forced to cover half of the costs of the efforts.
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April 12, 2024
Judge Rejects Tehum's $54M Bid To Resolve Injury Suits
A Texas bankruptcy judge has rejected prison healthcare company Tehum Care Services Inc.'s $54 million settlement to resolve hundreds of personal injury suits while declining the claimant committee's request to dismiss the Chapter 11 case.
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April 12, 2024
Meet The Team In 99 Cents Only's Speedy Ch. 11 Wind-Down
Newly bankrupt discount retailer 99 Cents Only has an ambitious plan to liquidate all of its inventory and close down 371 stores in less than two months. Guiding 99 Cents Only in its Chapter 11 wind-down plans are a team of attorneys, liquidators and bankers who have helped other major retail companies navigate bankruptcy in recent years.
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April 12, 2024
Bankruptcy Courts Beat Back Fakers Looking To Steal Funds
Fake IDs. Dead "debtors." Doctored notary seals and incorporation documents. America's bankruptcy clerks have seen it all as they spend more time and resources fighting a rise in unclaimed-funds fraud.
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April 12, 2024
Kevin Carey, Bankruptcy Bench 'Legend,' Dies At 69
Former U.S. Bankruptcy Judge Kevin Carey, who served on the Delaware bench for 14 years and was hailed as a "legend in the bankruptcy world," died Thursday at the age of 69.
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April 12, 2024
Hornblower Gets OK For Creditor Vote On Ch. 11 Plan
A Texas bankruptcy judge on Friday sent Hornblower Holdings' Chapter 11 plan out for a creditor vote after hearing the cruise and tour operator had resolved creditor objections to its plan disclosure statement.
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April 11, 2024
Chubb-Archdiocese Suit Raises Coverage Burden Issue
A Chubb lawsuit against the Archdiocese of New York over indemnity for sexual abuse claims is implicating questions over which party has the burden to show if a liability might be covered or not, a dispute inextricably tied to justice for the church's many alleged victims.
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April 11, 2024
NJ Diocese Says Don't Stop Ch. 11 Plan For Insurers' Appeal
The Roman Catholic Diocese of Camden, New Jersey, and a committee representing sexual abuse claimants have urged a bankruptcy judge to deny insurers' bid for a long-term stay on implementation of the diocese's reorganization plan while the carriers appeal its confirmation, asserting the appeal repeats arguments the court repeatedly rejected.
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April 11, 2024
Pro Sports Leagues Balk At Bally Parent's Ch. 11 Plan
Three major U.S. professional sports leagues, whose games are broadcast by Bally Sports Network parent company Diamond Sports Group, criticized the company's Chapter 11 restructuring plan, saying it fails to provide information about the debtor's go-forward operating business plan and any ongoing business agreements with distributors.
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April 11, 2024
Syracuse Diocese Told Its Ch. 11 Plan Needs More Work
A New York bankruptcy judge Thursday told the Roman Catholic Diocese of Syracuse that its Chapter 11 plan disclosure statement needs another round of revisions to address objections by insurance carriers claiming the plan impairs their contractual rights.
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April 11, 2024
Fired Yellow Corp. Workers Can Proceed With Class Action
A Delaware bankruptcy judge on Thursday lent support to a group of laid off Yellow Corp. workers in their bid to bring a class action against the insolvent trucking company, saying he would recognize claims tied to the terminations brought by both union members and others.
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April 11, 2024
Haynes Boone Bankruptcy Atty Looks Back On 40-Year Career
Born and raised in Texas, Charlie Beckham Jr. of Haynes and Boone LLP planned on becoming a trial lawyer when he started his career in El Paso in the early 1980s, but an oil industry bust that triggered a wave of bankruptcies in the Lone Star State and the newly enacted Bankruptcy Code set him on a different course. Beckham sat down with Law360 to discuss his career, his involvement in community professional organizations and more.
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April 11, 2024
FTX Brass, Investors Can't Move Bankruptcy Suit To MDL
The Judicial Panel on Multidistrict Litigation on Thursday denied a bid to move a Delaware bankruptcy proceeding regarding the collapse of cryptocurrency exchange FTX Trading Ltd. to an ongoing multidistrict litigation brought by the company's investors seeking to recoup their losses.
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April 10, 2024
FTX Strikes Deal With Voyager Over $445M Claim
FTX Trading Ltd. has asked a Delaware bankruptcy court to approve a deal between it and crypto brokerage Voyager Digital Holdings to resolve its $445 million claim against Voyager and Voyager's $130 million claim against FTX.