Mid Cap

  • June 06, 2024

    Insurance Litigation Week In Review

    The U.S. Supreme Court allowed an insurer to intervene in policyholder bankruptcy proceedings, Liberty Mutual requested that a policyholder-judge be removed from a construction accident coverage dispute, and a Markel unit is attempting to skirt a $77.7 million auto accident judgment. Here, Law360 takes a look at the past week's top insurance news.

  • June 06, 2024

    Meet The Attys In Cloud Tech Co. CalAmp's Prepack Ch. 11

    A team of attorneys from Potter Anderson & Corroon LLP is representing California-based cloud technology developer CalAmp Corp. as it moves towards a prepackaged Chapter 11 reorganization through a debt-equity swap.

  • June 06, 2024

    In Reversal, Justices Say Insurer Has Standing In Ch. 11 Case

    Truck Insurance Exchange can intervene in Chapter 11 bankruptcy proceedings of two manufacturing companies facing numerous asbestos injury claims, the U.S. Supreme Court ruled unanimously Thursday in a reversal of the Fourth Circuit, finding Truck qualifies as a "party in interest" under the Bankruptcy Code.

  • June 05, 2024

    Solar Energy Co. iSun Gets Green Light For $4M DIP Package

    A Delaware bankruptcy judge on Wednesday approved solar energy firm iSun's $4 million debtor-in-possession funding package on an interim basis over an objection from the U.S. trustee, saying the company's precarious situation when it began negotiating its bankruptcy arrangement made an unusual roll-up provision palatable.

  • June 05, 2024

    Sam Ash Approved For Ch. 11 Sale Process With Baseline Bid

    Bankrupt music store chain Sam Ash Music Corp. received approval Wednesday from a New Jersey bankruptcy judge for procedures governing its Chapter 11 asset sale process after negotiating concessions with its lenders, the official committee of unsecured creditors and the U.S. Trustee's Office.

  • June 05, 2024

    Messy Breakup Left Romance Writers Group Bankrupt

    The Romance Writers of America's messy breakup with its membership — which began with an explosive fight over social media posts about racism — came to an unhappy end in a Texas bankruptcy court last week as the group sought to deal with hotel bills it can no longer pay.

  • June 05, 2024

    Ex-Sacks Weston Atty Blames 'Toxic' Firm For His Theft

    A Philadelphia attorney convicted of defrauding his former law firm told a state ethics panel Wednesday that he was remorseful for his deeds, but he noted he was driven to his crime by being owed money by his firm for too long.

  • June 05, 2024

    'Creditor-On-Creditor Violence' Gets Big Test In ConvergeOne

    Creditor infighting made famous by the bankruptcy case of Serta Simmons Bedding and a "drop down" deal by J. Crew is facing another legal test, as spurned ConvergeOne lenders battle breakaway members of their creditor class at a moment when bankruptcy judges appear split on questions of "creditor-on-creditor violence."

  • June 05, 2024

    'Le Penthouse' Owner Files For Ch. 11 With $66M In Debt

    The owner of "Le Penthouse," known as one of the most expensive New York City condominiums, filed for Chapter 11 protection in Manhattan bankruptcy court with $66.5 million in debt and a plan to sell off its properties including the penthouse.

  • June 05, 2024

    Fish Taco Chain Rubio's Files 2nd Bankruptcy In 4 Years

    The California-based fish taco-focused chain Rubio's Coastal Grill filed its second Chapter 11 bankruptcy in four years on Wednesday in Delaware, saying it had between $100 million and $500 million of liabilities and plans for an asset sale.

  • June 04, 2024

    Regions Bank Escapes Ex-Ruby Tuesday Execs' Benefits Suit

    A Tennessee federal judge threw out a lawsuit lodged by former Ruby Tuesday managers alleging Regions Bank caused them to lose out on more than $35 million by inadequately protecting their pensions and breaching its duties as trustee, saying the retirement plans in question are exempt from federal benefits law.

  • June 04, 2024

    Cloud Tech Co. CalAmp Eyes July Approval For Prepack Plan

    California-based cloud technology developer CalAmp Corp. hopes to confirm its prepackaged Chapter 11 plan by the middle of July, its attorneys told a Delaware bankruptcy judge Tuesday.

  • June 04, 2024

    Rounding Up This Week's 4 New Midcap Bankruptcies, So Far

    Delaware's bankruptcy court has fielded a quartet of new midcap bankruptcy cases this week across a diverse range of industries from cloud technology company CalAmp Corp. to a solar energy provider and an agricultural services firm aimed at extending the shelf life of fresh produce.

  • June 04, 2024

    DMK Pharma Sues Drug Co. It Claims Helped Drive It To Ch. 11

    Drug developer DMK Pharmaceuticals has asked a Delaware bankruptcy judge to award it $328.7 million from pharmaceutical company US WorldMeds LLC, saying USWM didn't properly market an opioid-overdose intervention product, resulting in slow sales and driving DMK to Chapter 11.

  • June 04, 2024

    Casa Systems Gets OK On $45.1M Cable Sale, Ch. 11 Plan

    A Delaware bankruptcy judge on Tuesday approved communications equipment company Casa Systems Inc.'s $45.1 million sale of its cable assets and Chapter 11 plan, enabling the debtor to complete a wind-down process and end its bankruptcy case.

  • June 04, 2024

    Anderson Kill Adds Leaders For Financial Litigation Team

    Anderson Kill PC has found the leaders of its financial litigation and complex disputes practice group in two attorneys from BraunHagey & Borden LLP.

  • June 04, 2024

    Icon Aircraft Gets OK For Creditor Vote On Ch. 11 Plan

    A Delaware bankruptcy judge has given Icon Aircraft permission to send its Chapter 11 plan out for a creditor vote after the light-aircraft maker said objecting shareholders have agreed to save their arguments against the plan until after the vote.

  • June 03, 2024

    Solar Energy Co. Files Ch. 11 After Executive Shuffle

    Vermont-based solar energy firm iSun Inc. filed for Chapter 11 bankruptcy on Monday in Delaware bankruptcy court weeks after announcing the replacement of its chief executive officer and chief financial officer.

  • June 03, 2024

    Hello Judges, Goodbye Refs: 1970s Changes To Bankruptcies

    Imagine taking your client's insolvent company to a referee instead of a judge, or not having creditors grill you in a 341 meeting — or not having a creditors committee at all. That was the case before the 1970s ushered in the most sweeping changes to U.S. bankruptcy law and practice in 80 years.

  • June 03, 2024

    4 Mass. Rulings You Might Have Missed In May

    Massachusetts state court judges rejected a law firm's effort to fight malpractice claims by pointing the finger at a Rhode Island judge, and ruled that an online booking platform can boot the owner of Bali vacation villas from its site, among other under-the-radar decisions handed down in May.

  • June 03, 2024

    WeWork Plan Approval, Crypto Update, Giuliani Creditor Fight

    Office space provider WeWork's plan to wipe out $4 billion in debt and end its Chapter 11 case was approved, defunct crypto lending platform Genesis Global Holdco LLC expects to exit bankruptcy in July and the official committee of unsecured creditors in Rudy Giuliani's Chapter 11 has asked a New York bankruptcy judge to hand control of the Republican firebrand's estate to a trustee.

  • June 03, 2024

    Herrick Feinstein Guides Hotel From Lease Suit To $177M Sale

    What began as a simple commercial lease action tied to a swanky hotel in New York City morphed into a complex adversary proceeding, which a Herrick Feinstein LLP team recently brought to a close, paving the way for the property's $177 million sale to EOS Hospitality.

  • June 03, 2024

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.

  • June 03, 2024

    Common Co-Living Company Files For Ch. 7 Liquidation

    The co-living company Common, which aimed to modernize apartment rentals and merged with Germany's venture backed Habyt in January 2023, filed for Chapter 7 liquidation in Delaware, listing between $10 million and $50 million of liabilities.

  • June 03, 2024

    Cloud Tech Co. CalAmp Hits Ch. 11 For Debt Equity Swap

    California-based cloud technology developer CalAmp Corp. filed for Chapter 11 bankruptcy on Monday in Delaware bankruptcy court, saying it entered a restructuring deal with lender Lynrock Lake Master Fund LP that would swap approximately $229 million of secured notes into equity interests in the reorganized business.

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