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April 19, 2024
Bankruptcy Bill Seeks To Aid Sex Abuse Victims
A bill introduced in the U.S. House of Representatives would help sexual abuse victims by limiting the ability of their abusers to shield themselves by filing for bankruptcy, according to the bipartisan pair backing the proposed legislation.
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April 19, 2024
9 Ex-Ingram LLP Attorneys Join Tarter Krinsky In New York
Tarter Krinsky & Drogin LLP announced that nine attorneys from the now-defunct firm Ingram LLP joined its New York office, expanding the firm's litigation, real estate, and landlord and tenant practice groups.
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April 19, 2024
Curo Group Gets Final OK For $70M In Ch. 11 Financing
A Texas bankruptcy judge on Friday gave consumer lender Curo Group Holdings Corp. final permission to draw on $70 million in financing to pay its way through its Chapter 11 case.
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April 18, 2024
Judicial Ethics, Subchapter V Recs On Tap For ABI Meeting
Restructuring professionals are gathering this week in Washington, D.C., for the annual spring meeting of the American Bankruptcy Institute, where they will hear about issues ranging from trends in debtor-in-possession financing to the impact of artificial intelligence on bankruptcy proceedings.
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April 18, 2024
4th Circ. Vacates Enviro Win In Mining Co. Permit Ruling
The special receiver for a defunct mining company can transfer mining permits for a site formerly owned by Patriot Coal Corp., the Fourth Circuit ruled, finding that a West Virginia federal judge interpreted a consent decree providing for mine shutdown and cleanup too broadly.
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April 18, 2024
Yellow Corp. Likely Able To Keep Some Leases For Later Sales
A Delaware bankruptcy judge said Thursday he would probably approve troubled trucking company Yellow Corp.'s bid to assume more than 70 leases, but told the debtor and its landlords he needed until Friday to make a final decision.
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April 18, 2024
J. Singer Law Group Adds New Bankruptcy Of Counsel
J. Singer Law Group PLLC has announced it hired bankruptcy attorney Ira Reid as the firm's new of counsel who will focus on its Chapter 11 bankruptcy practice.
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April 18, 2024
Amazon Reseller's Ch. 11 Plan Heading For Creditor Vote
A New Jersey bankruptcy judge on Thursday sent the Chapter 11 plan of Amazon reseller Thrasio Holdings out for a creditor vote, with the ballots due a week after a report on potential claims against company insiders is filed.
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April 17, 2024
2nd Circ. Won't Revive Investor Fight Over Honeywell Spinoff
The Second Circuit affirmed Wednesday the dismissal of a proposed securities class action accusing a bankrupt Honeywell transportation business spinoff of misleading investors about significant risks it faced under its asbestos-liability indemnity deal with Honeywell, finding that the spinoff was frank about the uncertainty of its financial future.
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April 17, 2024
4 Shocking Moments In Bankruptcy History
History is replete with bankruptcy filings that shocked the world due to their size, unexpectedness, criminal complications or final-nail-in-the-coffin quality — Lehman Brothers, FTX, Enron or even long-lost department store B. Altman & Co., for example. But what bankruptcy moments have most surprised practitioners? Below we recount four times when bankruptcy lawyers were taken aback by what they were witnessing.
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April 17, 2024
Doom For Dollar Stores, Or A 99 Cents Only Problem?
The Chapter 11 filing of discount retailer 99 Cents Only isn't expected to be a bellwether bankruptcy in the dollar store sector, but rather a one-off example of a chain that has struggled to keep pace with competitors and was doomed by a failed expansion into Texas, retail experts told Law360.
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April 17, 2024
NY Court OKs Purdue Pharma's 5th KEIP For $7.2M
A New York bankruptcy judge on Wednesday approved bankrupt drug manufacturer Purdue Pharma LP's plan to pay out $7.2 million to three executives and agreed to seal some of the specifics of how the executives' performance would be measured.
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April 17, 2024
Missouri Moves To Block Biden's Student Loan Relief Plan
A Missouri-led state alliance wants a federal court to block further student loan relief planned by the Biden administration, claiming the president's lending forgiveness scheme will cost them hundreds of millions of dollars and is doomed to fail under U.S. Supreme Court precedent.
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April 17, 2024
99 Cents Seeks Quick Ch. 11 Auction For IP, Real Estate
Bankrupt discount retail chain 99 Cents Only hopes to sell its real estate, store leases and intellectual property by May 21 as part of its speedy Chapter 11 winding down, according to an auction procedures motion filed with the Delaware bankruptcy court.
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April 17, 2024
Diamond Sports' $8B Ch. 11 Plan Cleared For Creditor Vote
A Texas bankruptcy judge on Wednesday signed off on the latest Chapter 11 disclosure statement of Bally Sports Network parent Diamond Sports after the debtor brought it forward without objection, making way for the sports broadcaster to solicit its creditors' approval of a plan to slash $8 billion in debt.
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April 17, 2024
Bankman-Fried Appeal May Cite Unusual Preview Testimony
Sam Bankman-Fried's appeal of his conviction and 25-year prison sentence may cite a "rather unprecedented" trial procedure in which the FTX founder gave provisional testimony before officially taking the witness stand last year, one of his attorneys said Wednesday.
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April 17, 2024
Akerman Taps Longtime Fla. Partner As Bankruptcy Co-Chair
Akerman LLP has named a Fort Lauderdale, Florida, partner with nearly three decades and a long history of leadership at the firm to co-chair its bankruptcy and reorganization group.
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April 16, 2024
Retired Judge Carey Dies, Fraudster Charged, Diocese Bails
The bankruptcy bench in Delaware lost a well-respected colleague, retired Judge Kevin J. Carey, while federal court officials made good on efforts to root out fraud in the nation's bankruptcy courts, and a New York Catholic diocese moved to end its Chapter 11 case without a reorganization plan after abuse claimants roundly rejected its proposal.
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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.