Large Cap

  • July 24, 2024

    Retailer Conn's Hits Ch. 11 With Plans To Close All Stores

    Conn's, a home appliance retailer whose first storefront dates to the early 1900s, filed for Chapter 11 bankruptcy protection in Texas with more than $500 million in funded debt, citing shifting consumer behavior, higher interest rates and increased costs from a recent merger.

  • July 23, 2024

    Rudy Giuliani Says MyPillow CEO Covered His RNC Travel

    Rudy Giuliani clarified Tuesday that his travel to and from the Republican National Convention was covered by MyPillow CEO Mike Lindell's conservative media outlet FrankSpeech, according to a filing in New York federal bankruptcy court.

  • July 23, 2024

    Cannabis Industry Stakeholders Weigh In On Rescheduling

    As the period for public comment on the Biden administration's proposal to reclassify marijuana came to a close Monday, anti-legalization activists, marijuana industry advocates and state cannabis regulators each submitted their thoughts on the potential policy shift.

  • July 23, 2024

    Invitae's Ch. 11 Plan Needs Tweaking, Judge Says

    A New Jersey bankruptcy judge said he would confirm the Chapter 11 liquidation plan for genetic testing company Invitae, if it made changes to how it handled distributions to certain creditors.

  • July 23, 2024

    FTX Reaches Deal On $4M Phala Token Claims In Ch. 11

    Bankrupt cryptocurrency platform FTX Trading Ltd. asked a Delaware bankruptcy judge to let it pay $960,000 to crypto issuer Phala Ltd. to settle that company's $4 million claim against FTX and its affiliates.

  • July 23, 2024

    US Trustee Opposes Nevada Copper's $5.3M Bonus Plan

    The Office of the U.S. Trustee objected late Monday to proposed bonus plans for employees of bankrupt mining company Nevada Copper Inc., saying the plans don't include enough information to determine if the bonuses are proper.

  • July 23, 2024

    Americanas Gets US Nod For Reorganization In Brazil

    A New York bankruptcy judge said his trepidation around how Brazilian department store chain Americanas' bankruptcy plan treats creditors that don't give legal releases to nondebtor third parties was quelled, and granted his Chapter 15 sign-off for a plan that was already approved by a court in Rio de Janeiro.

  • July 23, 2024

    18 Whiteford Attys Launch Raines Feldman's Pittsburgh Office

    More than a dozen attorneys specializing in bankruptcy, and securities and commercial litigation, have left Whiteford Taylor & Preston to help Raines Feldman Littrell launch its new office in Pittsburgh this week.

  • July 23, 2024

    Tech Firm Mobileum Enters Ch. 11 To Trim Over $500M Debt

    Global telecom analytics group Mobileum Inc. sought Chapter 11 protection in Texas on Tuesday, with plans to trim $529 million from its books through a debt-for-equity swap after falsified time records uncovered last year backlogged operations and spurred litigation.

  • July 22, 2024

    Price-Fixing Claims Against Par Pharma On Chopping Block

    A Connecticut federal judge has asked a coalition of states to explain why he shouldn't toss two price-fixing lawsuits against Par Pharmaceutical Companies Inc., noting that the defendant and its parent, Endo International PLC, recently filed Chapter 11 reorganization plans shielding them from the cases.

  • July 22, 2024

    Invitae Awaits Ch. 11 Plan Decision After Testy Hearing

    Following a lengthy and contentious hearing Monday, a New Jersey bankruptcy judge said he would rule Tuesday on a motion seeking confirmation of genetic testing business Invitae's Chapter 11 plan, which would repay creditors using proceeds from a sale of the company's assets to Labcorp.

  • July 22, 2024

    Steward Health Care Finds Buyers For 2 Hospitals

    Steward Health Care has told a Delaware bankruptcy judge it has found buyers for two of the facilities in its first round of hospital sales in its Chapter 11 case, but three others had attracted no qualified bids.

  • July 22, 2024

    WOM Asks To Pay Ex-Execs Severance Under Chilean Law

    Chilean telecommunications company WOM requested a Delaware bankruptcy court's permission to pay nearly $500,000 in compensation to two former executives who were terminated before the company filed for bankruptcy in the U.S., explaining that the payments are mandated by laws in Chile.

  • July 22, 2024

    99 Cents Only Pivots To New Buyers After $8M Bid Rescinded

    Discount retail chain 99 Cents Only asked a Delaware bankruptcy court to approve alternative sales for two California real estate parcels after the winning bidder who submitted a $8 million offer failed to close the deal over the last two months.

  • July 22, 2024

    Giuliani In Limbo, Guo Faces Ch. 11 Trustee Suit

    The court-appointed watchdog for Miles Guo's bankruptcy has unpaused a civil racketeering conspiracy case against the Chinese billionaire after his criminal RICO case resulted in a conviction, ex-New York City mayor Rudy Giuliani's Chapter 11 case has still yet to be dissolved, and a new bankruptcy judge has ascended to the bench in New York.

  • July 22, 2024

    Lack Of 'Smoking Gun' Sinks J&J's Bid To DQ Beasley Allen

    The Beasley Allen Law Firm may represent plaintiffs in multicounty talc injury litigation in New Jersey state court, after a judge found Johnson & Johnson failed to show a former Faegre Drinker outside counsel shared information he learned representing the company in earlier talc litigation.

  • July 22, 2024

    SVB Postpones Ch. 11 Plan Hearing To Wednesday

    The former parent of the failed Silicon Valley Bank has postponed the start of the New York bankruptcy court hearing on its Chapter 11 plan until Wednesday morning.

  • July 19, 2024

    Judge Dubious Of NY Diocese's Ch. 11 Plan Post-Purdue

    A New York bankruptcy judge said Friday he was skeptical of a creditor noticing procedure meant to head off confirmation issues for the already voted on Chapter 11 plan of the Roman Catholic Diocese of Rochester, New York, noting he thinks affirmative creditor consent to third-party liability releases is needed following the U.S. Supreme Court's landmark Purdue Pharma ruling last month.

  • July 19, 2024

    Guo Trustee Reboots Civil RICO Case After NY Conviction

    The Chapter 11 trustee overseeing the Connecticut bankruptcy of Chinese exile Miles Guo has filed a notice that lifts a March stay on civil RICO and alter ego claims after the debtor's criminal conviction this week on racketeering conspiracy, wire fraud, securities fraud and money laundering charges in the Southern District of New York.

  • July 19, 2024

    Dentons Hires Foley & Lardner Bankruptcy Partner

    Dentons said Friday it has hired a bankruptcy partner in Chicago who spent the past 25 years at Foley & Lardner LLP.

  • July 18, 2024

    8th Circ. Blocks Another Biden Student Debt Relief Plan

    The Eighth Circuit has blocked the Biden administration from implementing another plan for student loan forgiveness while the appellate court considers a Missouri-led state alliance's injunction request, according to an order entered Thursday.

  • July 18, 2024

    5th Circ. Lifts Civil Rights Suit Stay In La. Diocese Case

    The Fifth Circuit Court of Appeals reversed a Louisiana bankruptcy court's decision applying the automatic stay of litigation to a group of children suing the bankrupt Archdiocese of New Orleans, saying the lawsuit arises from purely post-petition conduct and seeks only prospective injunctive relief.

  • July 18, 2024

    Judge 'Disappointed' By Atty Prep In SVB Financial Ch. 11 Tiff

    A New York bankruptcy judge said he wasn't prepared to decide if joint liquidators of Silicon Valley Bank's Cayman Islands arm have standing to bring a $476 million claim in the Chapter 11 of the bank's former parent company, rebuking lawyers for not adequately briefing key questions ahead of a hearing on Thursday.

  • July 18, 2024

    Prison Health Co. Strikes $75M Deal With Tehum Creditors

    Prison health provider YesCare Corp. says it has reached a $75 million settlement of claims against bankrupt spin-off Tehum Care Services, replacing a $54 million deal rejected by a Texas bankruptcy judge in April.

  • July 18, 2024

    6 Firms Steer Latin American Airline Giant's $533M IPO Plans

    Latam Airlines Group SA on Thursday outlined plans for an estimated $533 million U.S. initial public offering, guided by six law firms, marking a return to U.S. markets two years after the South American airline giant exited bankruptcy.

Expert Analysis

  • SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early

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    After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.

  • High Court Made Profound Mistake In Tossing Purdue Deal

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    The U.S. Supreme Court's recent decision to throw out Purdue Pharma's Chapter 11 plan jeopardizes a multistate agreement that would provide approximately $7 billion in much-needed relief to help fight the opioid epidemic, with states now likely doomed to spend years chasing individual defendants across the globe, says Swain Wood at Morningstar.

  • What FTX Case Taught Us About Digital Asset Recoverability

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    FTX's Chapter 11 plan has drawn lots of attention, but the focus should be on the anticipated outcome for investors, which counters several myths about digital currencies, innovation and recoverability, says Kyla Curley at StoneTurn.

  • A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates

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    Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.

  • Synapse Bankruptcy Has Ripple Effects For Fintech Industry

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    Synapse Financial Technologies’ recent bankruptcy filing marks a significant moment in the fintech industry's evolution, highlighting that stringent compliance and risk management in fintech partnerships are essential to mitigate risk and protect consumers, say Joann Needleman and Ryan Blumberg at Clark Hill.

  • Discount Window Reform Needed To Curb Modern Bank Runs

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    We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.

  • 2 Options For Sackler Family After High Court Purdue Ruling

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    After the U.S. Supreme Court recently blocked Purdue Pharma's plan to shield the family that owns the company from bankruptcy lawsuits, the Sacklers face the choice to either continue litigation, or return to the bargaining table for a settlement that doesn't eliminate creditor claims, says Gregory Germain at Syracuse University.

  • Revisiting Scalia's 'What's It To You?' After Kaiser Ruling

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    While the U.S. Supreme Court's recent decision in Truck Insurance Exchange v. Kaiser allows insurers to be considered "parties in interest" in Chapter 11 cases, they still need to show they would face an injury in fact, answering the late Justice Antonin Scalia's "what's it to you?" question, say Brent Weisenberg and Jeff Prol at Lowenstein Sandler.

  • Florida Banking Brief: All The Notable Legal Updates In Q2

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    The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.

  • How To Clean Up Your Generative AI-Produced Legal Drafts

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    As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.

  • Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage

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    The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.

  • Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan

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    The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.