Mid Cap
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October 01, 2024
High Court Urged To Let Stand IRS Win In Bankruptcy Case
The U.S. Supreme Court should let stand a decision that late-filed returns prevented a taxpayer from discharging his federal tax debt in bankruptcy, the government argued, saying the taxpayer has inaccurately claimed that issues at the heart of his case have created a significant circuit split.
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October 01, 2024
Client's Late Arrival, Bankruptcy Complicate Age Bias Suit
The co-owner for a bankrupt Pittsburgh hotel almost lost his lawyer Tuesday, arriving late and introducing himself to the attorney for the first time in person at a hearing on the attorney's motion to withdraw from defending him against an ex-employee's age bias claim.
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October 01, 2024
McElroy Deutsch Must Face 'Malicious' Claim From Fired Exec
A former business development director from McElroy Deutsch Mulvaney & Carpenter LLP has been given the go-ahead from a New Jersey state judge to bring a malicious-prosecution claim against the firm in litigation over her and her husband's alleged multimillion-dollar embezzlement from the firm.
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October 01, 2024
Florida Firm Markowitz Ringel Brings On Bankruptcy Partner
Markowitz Ringel Trusty & Hartog has bolstered its restructuring and insolvency practice group with a partner in Fort Lauderdale who came aboard from Miami-based Tabas & Silver PA.
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October 01, 2024
Edgio Gets OK For Ch. 11 Sale With $110M Opening Bid
A Delaware bankruptcy judge has given digital content delivery platform Edgio Inc. the go-ahead for a November asset auction with a $110 million stalking-horse credit bid.
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October 01, 2024
Nostrum Labs Hits Ch. 11 A Year After Medicaid Settlement
Nostrum Laboratories, a New Jersey drugmaker that paid millions to settle allegations that it underpaid Medicaid drug rebates for its bladder infection drug after it hiked the price more than 400%, filed for Chapter 11 protection with nearly $68.3 million in debt.
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September 30, 2024
Pa. Bankruptcy Court OKs $53M Sale Of Nursing Homes
A federal bankruptcy judge approved the proposed sale of nine western Pennsylvania nursing homes to affiliates of Kadima Healthcare Group for $53 million Monday, as part of Chapter 11 proceedings for more than a dozen facilities operating under the umbrella of Comprehensive Healthcare Management Systems.
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September 30, 2024
US Trustee Says Reed Smith Didn't Disclose Eletson Ties
The U.S. Trustee's Office is asking a New York bankruptcy judge to claw back the fees and expenses law firm Reed Smith LLP has earned representing shipping firm Eletson Holdings in its Chapter 11 case, saying it failed to disclose ties with Eletson directors.
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September 30, 2024
Judge Sides With Crypto Miner In Landlord Discovery Tiff
A Texas bankruptcy judge on Monday shot down a landlord's request for its expert to inspect live mining operations at a facility run by bankrupt Rhodium Encore LLC, saying historic performance data should provide enough information as the bitcoin miner and its landlord gear up for a fight over the property lease and connected agreement.
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September 30, 2024
J&J Fights For Ch. 11 Venue, NY Diocese Settles For $323M
Johnson & Johnson and the Justice Department are set to face off in a dispute over whether the consumer products giant was justified in putting a talc unit into bankruptcy in Texas this month, after the U.S. Trustee's Office accused J&J of "forum-shopping" its third Chapter 11 filing.
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September 30, 2024
Behind Plane Parts Maker Skylock's Ch. 11
California-based aircraft parts maker Skylock Industries, which filed for Chapter 11 protection on Thursday, was put on track for bankruptcy by the COVID-19 pandemic, a nearly yearlong freeze on delivering millions of dollars in inventory and a lender foreclosing on a manufacturing facility, according to its board chairman.
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September 30, 2024
Basic Fun Drops Opt-Out Releases From Ch. 11 Plan
A Delaware bankruptcy judge said Monday that he would allow toymaker Basic Fun to seek votes on its Chapter 11 restructuring plan after the debtor changed its third-party releases from opt-outs to opt-ins.
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September 30, 2024
Smart Home Co. Trustee Gets OK For $1M Ch. 11 Loan
A Delaware bankruptcy judge on Monday gave the trustee overseeing the Chapter 11 case of SmartHome Ventures permission to take out a $1 million loan and tap into its remaining cash as the company heads for an auction in two weeks.
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September 30, 2024
Climate Analytics Co. Seeks Ch. 11 With Up To $50M In Debt
BAWT Enterprises LLC, the New Hampshire-based parent company of climate data analytics firm Athenium Analytics, filed for Chapter 11 protection in Delaware in hopes of quickly confirming its prepackaged plan to hand ownership of the reorganized company to its creditors.
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September 27, 2024
Giuliani Keeps Condo If He's In Fla. 'State Of Mind,' Judge Told
Rudy Giuliani's lawyer told a New York federal judge Friday that whether the ex-New York City mayor's Florida condo can be taken to help satisfy a $148 million defamation trial bill hinges not on whether he spends any time in Florida but on his residency "state of mind."
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September 27, 2024
NYC Affiliates Of Troubled Miami Office Owner File Ch. 11
Two entities related to The Gateway at Wynwood, an office building in a hip Miami neighborhood whose owner went bankrupt in July, are now themselves seeking Chapter 11 protection in New York, each claiming a bit over $52 million in liabilities.
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September 27, 2024
Bankruptcy Firm Calls Rival's Ch. 11 A Bad Faith Case
Consumer bankruptcy firm Hoglund & Mrozik PLLC has asked a Minnesota bankruptcy judge to reject the proposed Chapter 11 plan of rival LifeBack Law Firm, calling the case a bad-faith attempt to dodge an arbitration judgment for online fraud.
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September 27, 2024
LA Plane Parts Maker Hits Ch. 11 With At Least $10M In Debt
A California-based aircraft parts maker, Skylock Industries, filed for bankruptcy reporting between $10 million to $50 million in both assets and liability as it faces litigation alleging that it owes half a million dollars in past-due rent, as well as a lawsuit seeking to collect a finder's fee on a $9 million loan.
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September 27, 2024
Rate Cuts Offer Balm For Companies Teetering On Bankruptcy
The Federal Reserve's jumbo interest rate cut last week has lifted hopes that cheaper debt and a potential soft landing will let companies on the brink of bankruptcy avoid insolvency, a welcome reprieve for distressed borrowers at a moment when Chapter 11 filings are at the highest levels in years.
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September 26, 2024
WR Grace Asbestos Ch. 11 Spanned Legal Generation
Chemical manufacturer W.R. Grace is seeking to put an end to its 2001 asbestos-driven bankruptcy case in a legal landscape that may mean courts will never see an asbestos bankruptcy of this length and complexity again.
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September 26, 2024
Del. Bankruptcy Judge Says Purdue Limits Opt-Out Releases
A Delaware bankruptcy judge says the U.S. Supreme Court's decision in Purdue Pharma LP barring nonconsensual third-party releases does not allow a kind of oft-used opt-out waiver for voters who don't return ballots.
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September 26, 2024
Atty Can't Shield Bank Records In Judge Romance Probe
A former Jackson Walker LLP lawyer on Thursday lost her bid to torpedo a subpoena from the U.S. Trustee's Office seeking her bank records in connection with an inquiry into her secret relationship with a former Texas federal bankruptcy judge, court records show.
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September 26, 2024
Stinson Adds Restructuring, Sports Atty From GrayRobinson
Stinson LLP has picked up an experienced of counsel from GrayRobinson PA, who joins its bankruptcy and creditors' rights practice and sports and recreation practice in both Tampa and Wilmington, Delaware.
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September 26, 2024
Y Combinator-Backed Firstbase.io Files Ch. 11 In New York
Firstbase.io Inc. has filed for Chapter 11 protection in New York bankruptcy court with up to $50 million of debt, more than three years after the business services company nabbed an investment from startup accelerator Y Combinator.
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September 25, 2024
8th Circ. Told Student Debt Relief Should Remain Blocked
Seven Republican-led states are asking the Eighth Circuit to finalize its court order blocking the Biden administration from implementing its second attempt at student loan forgiveness, accusing the White House of "hiding the ball" on the true cost of the plan.