Mid Cap
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December 05, 2024
Icon Aircraft Cleared For Ch. 11 Plan With Investor Claims Deal
A Delaware bankruptcy judge said Thursday he would confirm the Chapter 11 plan from light-sport aircraft producer Icon after the debtor settled with a group of shareholders that sued the company in derivative litigation.
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December 05, 2024
Judge Tells Vintage Wine Estates, Lenders To Settle Row
A Delaware bankruptcy judge on Thursday instructed Vintage Wine Estates and its lenders to sit down with a mediator to resolve their differences over the funding for the wine producer's Chapter 11 case.
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December 05, 2024
'Texas Two-Step,' Exec Bonus Bankruptcy Bills Reintroduced
Lawmakers in the U.S. Senate this week renewed efforts to pass two bankruptcy bills that would bolster rights for employees and crack down on the controversial use of so-called Texas two-step bankruptcies.
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December 05, 2024
Ex-CEO Of Solar Biz ISun Says Ch. 11 Plan Doesn't Add Up
The former CEO of solar power company iSun is asking a Delaware bankruptcy judge to reject the company's proposed Chapter 11 plan, saying it fails to provide for payment of priority claims, including his own deferred paychecks.
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December 05, 2024
Lowenstein Sandler Suit Gets New NJ Judge After DQ Request
Lowenstein Sandler LLP has persuaded an Essex County Superior Court judge to recuse himself from the firm's $800,000 fee suit against a cannabis dispensary over social connections to the litigants and their counsel and had the case assigned to a new judge this week.
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December 05, 2024
Insurance Giant Allianz Warns Of Rising Insolvencies In 2025
Company bosses and their insurers could face increased claims next year from a predicted rise in corporate insolvencies and class actions, Allianz warned Thursday.
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December 04, 2024
Texas Oil Well Operator Moves Ahead On Speedy Ch. 11 Plan
A Texas bankruptcy judge Wednesday signed off on a timeline to confirm the prepackaged debt-for-equity Chapter 11 plan of oil and gas contractor Independence Contract Drilling, saying he'd save ruling on concerns from the Office of the U.S. Trustee releases and opt-out procedures until a January confirmation hearing.
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December 04, 2024
Alex Jones Atty Needs 30-Day Suspension, Ethics Boss Says
The lead Connecticut attorney in Infowars host Alex Jones' Sandy Hook defamation trial should be suspended for 30 days for directing a subordinate to transmit the victims' personal medical records to other Jones attorneys, the state's legal ethics watchdog said Wednesday.
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December 04, 2024
Ideanomics Among Crop Of New Ch. 11s In Delaware
Electric-vehicle technology company Ideanomics Inc. leads a new crop of Chapter 11 cases that hit the Delaware docket over several hours late Tuesday and early Wednesday, joined by debtors in the entertainment and fintech industries.
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December 03, 2024
Mich. Seat Co. On Hook For €4.1M German Lease, Suit Says
A German property owner has said in a new complaint that a Michigan-based automotive seat manufacturer is on the hook for a €4.1 million ($4.3 million at current exchange rates) lease after its European entity defaulted on payments and entered insolvency proceedings.
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December 03, 2024
New Judges Include One Who Aided Puerto Rico Bondholders
The Senate on Tuesday confirmed two federal judges for Pennsylvania and one for the District of Columbia, who came under scrutiny during her confirmation hearing for her work at Jones Day.
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December 03, 2024
Fla. Court Urged To OK 'Offensive' $645K Deal In Firm's Ch. 11
A law firm debtor urged a Florida bankruptcy court Tuesday to approve a $645,000 settlement in its Chapter 11 to resolve a proposed fraudulent misrepresentation class action in state court against a former Miami insurance attorney, who called the potential deal "offensive" and said it's possible he'll be sued again.
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December 03, 2024
Catching Up With New Bankruptcy Case Action
In a more muted holiday week for bankruptcy filings, the courts still saw several cases come in, including the U.S. arm for iconic vodka brand Stoli and the Cayman Island subsidiaries of struggling budget airline Spirit.
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December 03, 2024
Stoli USA Gets OK To Fund Ch. 11 With Fifth Third's Collateral
A Texas bankruptcy judge said Tuesday he would allow the U.S. arm of vodka giant Stoli Group to use cash collateral to fund its Chapter 11 case on an interim basis after the debtor reached an agreement on reporting requirements with its prepetition lender, Fifth Third Bank.
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December 03, 2024
Alex Jones Atty Seeks Leniency Over Sandy Hook 'Mistake'
The lead attorney in Infowars host Alex Jones' $1.44 billion Connecticut defamation trial admits he "made a mistake" when he approved sending several Sandy Hook Elementary School victims' confidential records to other Jones attorneys, saying Tuesday he should receive either no discipline or a reprimand in a pared-down case.
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December 03, 2024
Film Financing Firm Gets OK For Ch. 11 Auction In January
A Delaware bankruptcy judge gave Film Finance Inc., a company that offers financing for high-profile film projects, the go-ahead Tuesday to put itself on the auction block early next year after dropping protections for its baseline bidder that had attracted the ire of the U.S. Trustee's Office.
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December 03, 2024
Nostrum Says Nearly 30 Potential Buyers Have Signed NDAs
Drugmaker Nostrum Laboratories told a New Jersey bankruptcy judge Tuesday that close to 30 parties are weighing bids for the company's assets, with the debtor planning to choose a stalking horse bidder in the coming weeks.
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December 03, 2024
Texas Oil Driller Hits Ch. 11 With $207M Debt-Swap Plan
Oil and gas drilling services provider Independence Contract Drilling has filed for Chapter 11 protection in a Texas bankruptcy court with more than $230 million in debt and a prepackaged debt-swap restructuring plan.
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December 02, 2024
Girardi Won't Get New Fraud Trial Despite Memory Claims
A California federal judge on Monday denied Tom Girardi's bid for a new trial after a jury found he misappropriated $15 million worth of client settlement funds, standing by a prior assessment that the disbarred attorney was "exaggerating" symptoms of mild cognitive impairment.
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December 02, 2024
Deal Struck In Discount Chain Plan, No Sanctions In J&J Case
Holders of notes issued by 99 Cents Only will take a $297 million haircut, Beasley Allen dodged discovery sanctions in Johnson & Johnson's latest spinoff bankruptcy and a Mexican industrial equipment leasing group sought U.S. recognition for its reorganization. This is the week in bankruptcy.
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December 02, 2024
Lowenstein Sandler Seeks Judge DQ In Pot Dispensary Suit
Lowenstein Sandler LLP has asked an Essex County Superior Court judge to recuse himself over his social connections with the parties and counsel on the firm's $800,000 fee suit against a New Jersey cannabis dispensary
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December 02, 2024
Justices On Fence In Tax Clawback Case For Defunct Utah Co.
U.S. Supreme Court justices seemed divided during oral arguments Monday over whether the Tenth Circuit was correct to allow the bankruptcy trustee of a defunct Utah company to use state law to claw back $145,000 in federal taxes after the two-year deadline, a ruling that has created a 3-1 circuit split.
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December 02, 2024
Miss America CEO Files $500M Suit Alleging Bankruptcy Fraud
The producer of the Miss America pageant and its related entities have filed a $500 million racketeering suit in Florida accusing developer Glenn Straub of fraudulently pushing the organization into bankruptcy in an effort to take over its assets.
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December 02, 2024
Jackson Walker 'Extinguished' Privilege Over Judge Romance
An Oregon federal judge has said Holland & Knight LLP lawyers must turn over documents regarding their advice to Jackson Walker LLP on how to handle the "debacle" of a former firm partner's intimate relationship with a former bankruptcy judge, finding Jackson Walker has "utterly extinguished" any claim to attorney-client privilege.
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December 02, 2024
Stoli USA Says Putin Opposition Landed It In Bankruptcy
Vodka giant Stoli Group's U.S. arm has filed for Chapter 11 in Texas after having its last assets in Russia, amounting to $100 million, seized by Vladimir Putin's government, with its operations also being disrupted by a data breach and ransomware attack this summer.
Meet The Attorneys Directing Film Finances' Ch. 11 Case
Global movie production services company Film Finances Inc. is using lawyers from boutique insolvency firm Levene Neale Bender Yoo & Golubchik LLP and Wilmington-based Bayard PA to direct its course through bankruptcy in Delaware.
Meet The Attorneys Directing The US Arm Of Stoli's Ch. 11
A group of Foley & Lardner LLP attorneys is leading the Chapter 11 case for the U.S. arm of vodka giant Stoli Group, which filed for bankruptcy citing liabilities of $50 million to $100 million after the company faced asset seizure by the Russian government and cyberattacks during the summer.
A Zoom In On Film Finances Inc.'s Ch. 11
If the credits roll on film production services company Film Finances Inc., which filed for bankruptcy in November, the company says the chief culprit is not COVID-19 or a protracted strike by Hollywood actors and writers, but rather its owner that withheld the cash it needed to stay afloat.
Expert Analysis
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Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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The Challenges Of Abandoned Retirement Plans In Ch. 7
The Department of Labor's rule for unwinding retirement accounts when plan sponsors file for Chapter 7 bankruptcy was intended to alleviate trustees' administration issues, but practical challenges, like unresolved fee and identification matters, could hinder its implementation, say David Goodrich at Golden Goodrich and Nancy Simons at Stretto.
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Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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When Investigating An Adversary, Be Wary Of Forged Records
Warnings against the use of investigators who tout their ability to find an adversary’s private documents generally emphasize the risk of illegal activity and attorney discipline, but a string of recent cases shows an additional danger — investigators might be fabricating records altogether, says Brian Asher at Asher Research.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.
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So You Want To Move Your Law Practice To Canada, Eh?
Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.
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A Strategic Checklist For Bankruptcy Motion Objections
Excerpt from Practical Guidance
Hewing to a set of best practices for objecting to a motion in bankruptcy cases can help creditors’ counsel stay on track as they juggle deadlines and jurisdictions, determine whether filing will help or harm the client, and negotiate with the debtor.
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The 3rd-Party Bankruptcy Release Landscape After Purdue
In its Purdue Pharma ruling prohibiting nonconsensual third-party releases, the U.S. Supreme Court did not comment on criteria to render a third-party release consensual, opening a debate in the bankruptcy courts on the permissibility of opt-out versus opt-in releases, say attorneys at Morgan Lewis.
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.