Large Cap

  • May 15, 2024

    Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark

    A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.

  • May 14, 2024

    5th Circ. Nixes Catholic Abuse Claimants' Ch. 11 Appeal

    Sex abuse claimants removed from a Catholic archdiocese's bankruptcy unsecured creditors committee don't have grounds for an appeal because they couldn't show the removal was a sanction on them that cost the claimants anything, the Fifth Circuit said.

  • May 14, 2024

    BlockFi Ch. 11 Judge Keeps Insurance Fight In State Court

    The judge overseeing the bankruptcy of cryptocurrency venture BlockFi Inc. ruled a fight over a $22.5 million premium for a directors and officers insurance policy should stay in New Jersey state court, saying the suit largely did not violate BlockFi's Chapter 11 plan.

  • May 14, 2024

    5 Retail Industry Questions For A Restructuring Expert

    Major headwinds have been hitting the retail industry for some time and have already blown major brand names like Express Inc., Joann Inc. and Sam Ash Music Corp. into Chapter 11.

  • May 14, 2024

    Stretto Says Data Leak Spread Beyond Celsius Case

    A New York bankruptcy judge expressed alarm Tuesday after Stretto disclosed that a data breach in the Chapter 11 of Celsius Network last month had affected creditors in additional cases, warning the claims agent he would bar it from working on cases he oversees if it fails to properly deal with the cyberattacks.

  • May 14, 2024

    FTX Wants Calif. Org To Return $5M In Donations

    FTX has filed an adversary claim in its Chapter 11 case seeking to claw back roughly $5 million in prepetition charitable donations given to a Berkeley, California, nonprofit, which the company said was supported by its founder Sam Bankman-Fried and other insiders of the onetime cryptocurrency giant.

  • May 14, 2024

    Sullivan & Cromwell Seeks To Ax Claims Of Aiding FTX Fraud

    Sullivan & Cromwell LLP wants a Florida federal court to dismiss a proposed class action alleging the firm knew about and helped facilitate the massive fraud by FTX, saying customers of the cryptocurrency exchange platform fail to claim anything beyond a "series of speculative allegations with no factual basis."

  • May 14, 2024

    Jackson Walker Wants Out Of Texas Judge Romance Suit

    Law firm Jackson Walker told a Texas federal court it wants out of a lawsuit accusing it of harming a tug boat company whose case was pending before a bankruptcy judge engaged in a romantic relationship with a firm attorney.

  • May 14, 2024

    Frost Brown Gains V&E Bankruptcy Ace In Dallas

    Frost Brown Todd LLP has fortified its bankruptcy and restructuring practice with a partner in Dallas who came aboard after more than 16 years at Vinson & Elkins LLP.

  • May 13, 2024

    Kabbage Inks 2 FCA Deals With Feds Totaling $120M

    Bankrupt online lender Kabbage Inc. has agreed to pay $120 million in two separate deals to resolve allegations it submitted thousands of false claims for loan forgiveness and operated without adequate fraud controls in place, the U.S. Department of Justice announced Monday.

  • May 13, 2024

    SVB's Bid To Recoup $1.9B Runs 'Counter To Law,' FDIC Says

    The bankrupt former parent company of Silicon Valley Bank can't sue to collect $1.9 billion in deposits held by the Federal Deposit Insurance Corp. when it took receivership over funds after the bank failed, the FDIC told a California federal judge, saying the majority of SVB's latest lawsuit over the funds should be thrown out.

  • May 13, 2024

    Giuliani Gag Suit, FTX To Pay Up, Victims Seek Sanctions

    Poll workers asked a bankruptcy court to bar Rudy Giuliani from making future defamatory statements like the ones that led to a $148 million judgment against him, while FTX said it plans to repay all customers in full in its proposed Chapter 11, and abuse claimants against the Roman Catholic Diocese of Syracuse are requesting sanctions for insurers that shared sensitive claims data.

  • May 13, 2024

    Binance Says Sullivan & Cromwell, FRA To Serve As Monitors

    Crypto exchange Binance said Monday that the federal government has selected a Sullivan & Cromwell LLP partner and a Forensic Risk Alliance founding partner to serve as independent third-party monitors overseeing its compliance with the terms of its $4.3 billion settlement and guilty plea over money laundering, bank fraud and sanctions violations.

  • May 13, 2024

    Kwok Trustee Seeks Expanded Role For BVI Law Firm

    The Chapter 11 trustee in Chinese exile Ho Wan Kwok's bankruptcy case has asked a Connecticut judge for permission to hire Harney Westwood and Riegels LP as Cayman Islands counsel, a move that would expand the firm's reach beyond its current status as British Virgin Islands counsel to the estate.

  • May 13, 2024

    Terraform Asks To Extend Coverage Of Worker Legal Fees

    Insolvent cryptocurrency startup Terraform Labs has urged a Delaware bankruptcy court to let it continue to cover legal bills its employees incurred while responding to a government investigation for another six months.

  • May 13, 2024

    Steward Health's Multifaceted Ride Into Bankruptcy

    By the time major U.S. hospital operator Steward Health Care fell into Chapter 11 on May 6, there were plenty of different places for critics to lay the blame: at the feet of its former private equity owners, its lender and landlord, its CEO, a stalled business deal, or the economy itself.

  • May 13, 2024

    Jackson Walker Seeks Sanctions Over Judge Romance Suit

    Jackson Walker LLP asked a Texas federal court Monday to sanction lawyers and their "disgruntled millionaire" client for leveling racketeering allegations in a lawsuit over a former bankruptcy judge's romantic relationship with a former firm lawyer, saying the claims are "frivolous" and "conclusory."

  • May 13, 2024

    Justices Won't Review Ch. 11 Stay In Asbestos Cases

    The U.S. Supreme Court won't review lower courts' decisions allowing the paper-products company Georgia-Pacific to remain shielded from mass tort litigation by way of a subsidiary's Chapter 11 case.

  • May 10, 2024

    ABI Meeting Debates Purdue, DIPs, Data Breaches And Incora

    Lawyers met in Manhattan for the American Bankruptcy Institute's daylong New York City Bankruptcy Conference on Thursday, taking in a packed day of panels on subjects ranging from Purdue Pharma to debtor-in-possession financing trends and the increasingly complicated presumption of transparency in bankruptcy.

  • May 10, 2024

    Full 4th Circ. Urged To Settle Key 'Texas Two-Step' Questions

    A Fourth Circuit panel left critical issues open when it denied permission to an appeal challenging the so-called Texas two-step Chapter 11 of industrial equipment maker Aldrich Pump, asbestos claimants in two separate bankruptcy cases said, asking the full appeals court to reconsider hearing the case and settle questions that have plagued their own bankruptcies in the Western District of North Carolina.

  • May 10, 2024

    FTX Execs Find Order Amid Chaos To Make Creditors Whole

    When cryptocurrency exchange FTX Trading Ltd. hit bankruptcy 18 months ago, its corporate records were a mess, its internal controls were non-existent and tens of billions of dollars in fiat and digital currency were scattered about the globe. Yet, efforts to straighten out the operation have led to a Chapter 11 plan where customers are slated to receive full recoveries.

  • May 10, 2024

    Baker Donelson Adds Bankruptcy Pro Amid High Demand

    Firms are still scouting bankruptcy talent throughout the U.S., with Baker Donelson Bearman Caldwell & Berkowitz PC announcing Thursday that it has added a former Lugenbuhl Wheaton Peck Rankin & Hubbard attorney focused on bankruptcy and workout law.

  • May 09, 2024

    V&E Defends Its Enviva Work From Trustee's Conflict Claim

    Vinson & Elkins LLP urged a Virginia bankruptcy court on Thursday to reject "outrageous claims" by the U.S. Trustee's Office that the law firm shouldn't be allowed to represent Enviva in the wood-pellet maker's Chapter 11 because the firm also works for one of the debtor's major equity holders, arguing that there is no conflict of interest.

  • May 09, 2024

    Bally Sports Parent Seeks OK For Renewed DirecTV Deal

    The parent company of sports network operator Bally Sports has asked a Texas bankruptcy judge to approve renewed multiyear contracts with DirecTV, saying the revenue from the deal is a "critical component" of its post-Chapter 11 business plan.

  • May 09, 2024

    Syracuse Diocese Creditors Urge Contempt On Insurer Leaks

    Unsecured creditors of the bankrupt Roman Catholic Diocese of Syracuse have asked a New York judge to hold insurers Interstate and an affiliate of Allianz in contempt for sharing confidential sex abuse survivors' claim information with third parties and failing to inform the debtor or the court.

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