Mid Cap
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March 03, 2025
Calif. BMO Worker Can Bank On Litigating 401(k) Suit In Ill.
A proposed class action challenging BMO Financial Corp.'s alleged misuse of forfeited retirement contributions should be litigated in Illinois, where most of the bank's evidence and witnesses are located, a California federal judge said on Friday.
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March 03, 2025
Life Science Consulting Firm Hits Ch. 11 With Sale Plans
Azzur Group, which offers services for pharmaceutical developers, filed for bankruptcy in Delaware with at least $100 million in debt and plans to hold an auction backed by a $56 million stalking horse offer.
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March 03, 2025
High Court Declines Souvenir Store's TM Fraud Case
The U.S. Supreme Court said Monday it will not consider a Florida souvenir store chain's challenge to a Second Circuit decision shutting down its case that a bankrupt beachwear company fraudulently procured a trademark registration to secure a $3.5 million settlement.
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February 28, 2025
Judge Refuses To Dismiss $500M Miss America Suit
A Florida judge has denied the bulk of real estate developer Glenn Struab and two associates' attempt to escape a fraud and racketeering lawsuit that accuses them of conspiring to assert control and ownership of the company that runs the Miss America pageant and seeks $500 million in damages.
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February 28, 2025
Real Estate Recap: Gov't Lease Limbo, AI Upset, Profiteering
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including attorney insights into federal lease upheaval, the impact of AI efficiency on data centers and price-gouging in the aftermath of the Los Angeles wildfires.
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February 28, 2025
Ex-UBS Financial Adviser Must Pay $2M Back, 11th Circ. Told
UBS urged the Eleventh Circuit on Friday to undo rulings in a bankruptcy adversary case precluding a former financial adviser from paying back the proceeds of a $2 million loan deposited in a joint account with his wife, saying the funds shouldn't be immune to creditors.
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February 28, 2025
Lawyer Felled By Litigation Funders Says He'll Practice Again
In a meeting with creditors on Friday, Texas mass tort attorney Truett Akin IV said he intends to practice law again after both he and his law firm filed for bankruptcy amid arbitration brought by a litigation funding firm, to which they potentially owe hundreds of millions of dollars.
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February 28, 2025
Under The Radar: Bankruptcy News You May Have Missed
The licensing arm of Universal Studios objected to a Party City asset sale, bondholders urged a judge to lift a stay on outside litigation in the Puerto Rico Electric Power Authority's restructuring case, and a satellite service provider asked a court to dismiss an adversary suit brought by debtor Ligado Networks. These are some of the bankruptcy stories you may have missed in the last week.
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February 28, 2025
Carbon Project Investor C-Quest Hits Ch. 7
Carbon project developer C-Quest Capital has filed for Chapter 7 liquidation in a Delaware bankruptcy court as its ex-CEO faces charges he fraudulently obtained millions of dollars worth of carbon credits.
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February 28, 2025
Nikola Ch. 11 Creditors Committee Heavy On Trade Vendors
The U.S. Trustee's Office appointed seven parties, including several trade vendors, to the official committee of unsecured creditors in the Chapter 11 case of electric and hydrogen-powered truck maker Nikola Corp., which is hoping to hold a bankruptcy auction by the end of March.
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February 28, 2025
Judge Approves Revised Blink Fitness Ch. 11 Plan
A Delaware bankruptcy judge approved Blink Fitness' Chapter 11 wind-down plan on Friday after it removed legal protections for its plan administrator.
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February 28, 2025
California Hotel Operator Checks Into Ch. 11
Hotel owner and operator MOM CA Investco LLC and two affiliates filed for Chapter 11 protection Friday in Delaware, citing $100 million to $500 million each in assets and liabilities.
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February 27, 2025
4th Circ. Says Trustees Can't Settle Co.'s Suit Against Ex-CEO
Separate bankruptcy trustees for a company and its former CEO have no right to settle the company's fraud claims against the CEO with insurance proceeds from a directors and officers policy, the Fourth Circuit ruled, agreeing with the insurer that only the former CEO himself has consent-to-settle rights.
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February 27, 2025
Judge Axes NYC Loan Row, Sanctions Firm For Depositions
A New York federal judge has dismissed a commercial real estate lender's claims against two guarantors for a 2022 loan it made, ripping the lender and its ex-counsel, Fox Rothschild LLP, for deposition no-shows.
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February 27, 2025
AI Crypto Company Joins Call For New Infowars Auction
An artificial-intelligence cryptocurrency business has joined the backup bidder for Alex Jones' Infowars platform in asking a Texas bankruptcy judge to restart an asset auction, saying it would like its bid to be considered.
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February 27, 2025
Judge Urges $15.5M Tax Judgment Against Ex-NFL Champ
A federal magistrate judge recommended a default judgment against four-time Super Bowl champion Bill Romanowski and his wife for $15.5 million in taxes, saying in a report Thursday that the couple failed to respond to the underlying government complaint against them.
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February 27, 2025
Aerospace Supplier Gets OK To Tap 'Rich' $4M Ch. 11 Loan
Aerospace parts supplier Dynamic Aerostructures received a Delaware bankruptcy judge's approval Thursday to borrow a slice of $12.5 million in Chapter 11 financing that the judge said was clearly needed, albeit "expensive."
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February 27, 2025
Selendy Gay Names New Managing Partner, COO
Litigation boutique Selendy Gay PLLC announced Thursday that it has appointed bankruptcy and insolvency lawyer Kelley Cornish as managing partner and landed the top legal head of Cinch Home Services as its new chief operating officer.
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February 27, 2025
How TreeSap Farms Got Stuck In Ch. 11
Landscaping plants grower TreeSap Farms LLC was pushed toward filing a Chapter 11 petition by Southern California drought conditions that were followed by an unusually heavy wet season, a climbing debt burden and prepetition lenders that insisted emergency funding be tied to a bankruptcy.
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February 27, 2025
Housing Project To Drop Receiver After US Trustee Concern
New York City affordable housing complex Valdesia Gardens is transferring control of the property from a receiver back to the debtor after the U.S. Trustee's Office objected to the receiver's involvement and sought instead to appoint a Chapter 11 trustee.
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February 26, 2025
For Large Firms, A Day In Ch. 11 Can Be Costlier Than Ever
Large companies are paying more to restructure debt both during bankruptcy and in the months leading up to a Chapter 11 filing, with the typical cost of a day in court ballooning in recent years, according to a new paper by Harvard Law School Professor Jared A. Ellias.
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February 26, 2025
Fuel Co. Trustee Accuses Ex-Owners Of $100M Buyout Fraud
The founders and former majority owners of the bankrupt fuel distributor Mountain Express Oil Co. were hit with a lawsuit by the company's trustee Monday alleging that they took nearly $100 million out of the business through a bogus stock buyout that pushed it to the brink of insolvency.
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February 26, 2025
Investor Says Lowenstein Sandler Violated Dispensary Deal
An investment group involved in a complex dispute between Lowenstein Sandler LLP and a cannabis dispensary has asked a New Jersey state judge to enforce a settlement order and sale order, alleging the firm has violated previous legal rulings while pursuing its claim for purportedly unpaid legal fees.
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February 26, 2025
Celsius Can Continue Arbitration Against Crypto Miner
The litigation administrator for former cryptocurrency platform Celsius Network LLC can continue its arbitration with cryptocurrency mining operation Mawson Infrastructure that was pushed into Chapter 11 in December, a Delaware bankruptcy judge said Wednesday.
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February 26, 2025
Meet The Attys Helping TreeSap In Ch. 11's Sticky Situation
Landscaping plants grower TreeSap Farms LLC has assembled attorneys from the firms McKool Smith and Hunton Andrews Kurth LLP to help it through a Chapter 11 aimed at fortifying its business and enabling a sale of its assets.
Expert Analysis
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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.
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Bankruptcy Decision Exemplifies Venue Issue For Franchisees
A California bankruptcy court's decision earlier this month in Pinnacle Foods and a lingering circuit split on assumption of executory franchise contracts highlights the issue of whether franchisee debtors can qualify for case venue in friendlier circuits, says David Gamble at Parkins Rubio.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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What Being An 'Insider' Means In Ch. 11, And Why It Matters
As borrowers grapple with approaching near-term maturities on corporate debt, lenders should be proactive in mitigating the risks of being classified as an insider in potential bankruptcies, including heightened scrutiny, preference risk, plan voting and more, say David Hillman and Steve Ma at Proskauer.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.