• December 06, 2023

    E-Commerce Co. Nogin Hits Ch. 11 With $142.8M In Debt

    Online retail company Nogin Inc. filed for Chapter 11 protection in Delaware bankruptcy court, citing growing competition and difficulty moving inventory as factors that led to steep losses in 2023 and contributed to its $142.8 million in debt.

  • December 05, 2023

    Ex-CEOs Must Face Claims They Pilfered Bioscience Co.'s IP

    Two former CEOs of Global Discovery Biosciences Corp. can't dodge claims that they cost the company an opportunity to develop new medical tests by siphoning the resources to another company, a Delaware Chancery Court judge has said.

  • December 05, 2023

    ​​​​​​​Chevron-Backed Renewable Oil JV Secures $16M DIP Loan

    Novvi LLC, a renewable oil joint venture that's majority-owned by a Chevron subsidiary, can use $16 million in debtor-in-possession funding, a Texas bankruptcy judge ruled Tuesday, overriding objections from an investor that said the agreement will water down its ownership stake.

  • December 05, 2023

    Solar Tech Lender Gets OK For Quick Ch. 11 Exit

    A Delaware bankruptcy judge Tuesday said she will approve Sunlight Financial Holding's prepackaged Chapter 11 sale plan just over a month after the solar power financing company filed for bankruptcy.

  • December 05, 2023

    1st Circ. Revives Fight Over Liberace's Rhinestone Piano

    Liberace's rhinestone-encrusted concert piano once again found itself in the limelight when the First Circuit held that a district court wrongly tossed the Gibson Foundation's suit accusing a piano store of refusing to return the piano after Gibson entrusted it with warehousing the instrument.

  • December 05, 2023

    Girardi Keese Trustee's $3M Fees OK'd Over Feds' Objection

    A U.S. bankruptcy judge on Tuesday approved the Girardi Keese bankruptcy trustee's bid to pay more than $3 million in fees to herself and other firms over the U.S. Trustee's Office's objection, pushing back on the notion that the interim request is "unprecedented" in a Chapter 7 case.

  • December 05, 2023

    Brazilian Bank Seeks To Halt Americanas Bankruptcy Plan

    Brazilian bank Banco Safra objected to Brazilian retail chain Americanas most recent restructuring plan that the company and shareholders proposed, saying the plan is "deficient" because it seeks to prevent creditors from continuing to investigate alleged fraud by the company.

  • December 05, 2023

    Ex-Hospital CFO, 3 Doctors Settle Kickback Case For $880K

    A former hospital finance chief and three doctors in Texas will pay a total of more than $880,000 to the government to settle its allegations that they were involved in a kickback scheme to steer patients to specific laboratories for testing, the U.S. Department of Justice revealed this week.

  • December 05, 2023

    Brewery Says Co-Owner Swiped $1M, Forcing Bankruptcy

    A Colorado brewery has sued one of its co-owners, alleging that he misappropriated more than $1 million of the company's money for personal use and his other businesses, claiming in a state court complaint that his misconduct forced the company to file for bankruptcy.

  • December 05, 2023

    Judge Drops EY's German Unit From Wirecard Investor Suit

    A Pennsylvania federal judge dropped the German unit of Ernst & Young for a second time from a proposed class action accusing it and failed online payments company Wirecard AG of misleading investors about Wirecard's financial viability, ruling that the investors have not established the court has jurisdiction over the German entity.

  • December 05, 2023

    NC Court Thaws Spending Freeze For Beset Insurance Mogul

    The North Carolina Court of Appeals shredded orders Tuesday that kept an embattled insurance mogul from receiving and spending companies' money, reasoning an insurer didn't take the required step to collect on a more than $524 million judgment before asking a court to stop his cash flow.

  • December 05, 2023

    Drug Co. Aceragen OK'd For Chancery-Overseen Liquidation

    Biopharmaceutical company Aceragen Inc. secured a Delaware Court of Chancery go-ahead for its bankruptcy-alternative liquidation under a court-supervised assignment for the benefit of creditors in favor of a NovaQuest Capital Management affiliate.

  • December 05, 2023

    Recycling Co. Strategic Materials Hits Ch. 11 With $433M Debt

    Glass recycling company Strategic Materials Inc. filed for Chapter 11 protection in a Texas bankruptcy court with about $433 million in debt and a plan to hand lenders its business, after struggling to meet payments on floating-rate debt that's become "significantly more expensive" as interest rates have risen.

  • December 05, 2023

    Yellow Corp. Accepts $1.9B In Bids For Trucking Terminals

    Bankrupt trucking firm Yellow Corp. has told a Delaware bankruptcy judge that it plans to sell 128 trucking terminals nationwide to 21 different buyers for over $1.88 billion.

  • December 04, 2023

    GenesisCare Lender Objects To DIP Refinancing Move

    One of the exit lenders to GenesisCare — a KKR-backed healthcare company whose Chapter 11 plan was confirmed last month — objected on Monday to the company's emergency motion for post-petition financing, saying the proposed financing "materially alters" the outcome of a group of creditors who voted on the plan.

  • December 04, 2023

    Justice Jackson Skeptical Of Sacklers' Ch. 11 Liability Shield

    As Purdue Pharma LP and its creditors pushed the U.S. Supreme Court on Monday to bless liability releases granted to members of the Sackler family who own it, a skeptical Justice Ketanji Brown Jackson said it was the owners themselves who created the necessity in the first place by withdrawing billions of dollars from the business before its bankruptcy.

  • December 04, 2023

    Justices Take Cautious Look At Sacklers' Purdue Immunity

    U.S. Supreme Court justices on Monday challenged a bankruptcy watchdog's position that members of the Sackler family shouldn't get a liability shield in Purdue's Chapter 11 plan, focusing discussion on why such immunity might never be appropriate in the most foundational bankruptcy dispute to make it to the high court in several years.

  • December 04, 2023

    Execs Siphoned $4M From Failing Hospital, Trustee Says

    The liquidation trustee for a California hospital accused former executives of fraudulently transferring nearly $4 million from the hospital's coffers to themselves, their families and friends in the years preceding Watsonville Community Hospital's Chapter 11 bankruptcy.

  • December 04, 2023

    Chevron-Backed Joint Venture Hits Ch. 11 With $29.7M In Debt

    Renewable oil producer Novvi LLC told a Texas bankruptcy court its two largest creditors signed off on Chapter 11 plans to shift its sales strategy and streamline operations to come out from under $29.7 million in debt within the next three years.

  • December 04, 2023

    Pear Therapeutics Seeks WARN Act Class Suit Settlement

    Software-based medicine venture Pear Therapeutics asked a Delaware bankruptcy court to approve a $990,000 settlement agreement with its ex-employee who filed a class action against the company under the Worker Adjustment and Retraining Notification Act.

  • December 04, 2023

    Kristen Bell's Baby Co. Eyes $65M Early-Bidder Ch. 11 Sale

    Hello Bello, a baby product brand started by actress Kristen Bell, has informed a Delaware bankruptcy judge it intends to accept a nearly $65 million stalking horse bid for its assets from private equity fund Hildred Capital Management, after canceling its Chapter 11 auction for lack of other bidders.

  • December 04, 2023

    SmileDirect Competitor Align Blasts Ch. 11 Plan Disclosures

    Invisalign maker Align Technology is asking a Texas bankruptcy judge to reject SmileDirectClub's disclosure of its Chapter 11 plan, saying the plan is unfair and unworkable and that the mail-order dental service provider isn't fully disclosing its legal issues.

  • December 04, 2023

    Core Scientific Seeks Court Nod On $77M Bitcoin Mine Buy

    Crypto mining company Core Scientific has asked a Texas bankruptcy court to approve a planned $77.1 million purchase of equipment from bitcoin firm Bitmain Technologies, saying the deal will augment its mining rate and help it exploit an auspicious market environment for the digital currency.

  • December 04, 2023

    Girardi Courtroom Profanity Is Proof Of Competency, Feds Say

    Prosecutors have asked a California federal judge to find disbarred attorney Tom Girardi, 84, competent to stand trial following a dementia diagnosis, citing a moment during a September cross-examination in which the attorney lashed out against the prosecution as proof of "his appreciation of this case and the allegations lodged against him."

  • December 04, 2023

    Paramedics, EMTs And Fla. Ambulance Co. Settle OT Suit

    On the eve of a trial, a group of emergency medical technicians and paramedics told a Florida federal court that they reached a settlement with an ambulance service that they accused of not providing overtime.

Expert Analysis

  • How Purdue High Court Case Will Shape Ch. 11 Mass Injury

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    The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.

  • Opinion

    Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • How Cannabis Cos. Are Adapting In Shifting Bankruptcy Arena

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    Recent bankruptcy cases show that federal courts have begun to demonstrate more openness to downstream businesses in the cannabis industry, and that even though receivership can be a viable option for those denied access to the bankruptcy system, it is not without its own risks and complexities, say attorneys at Troutman Pepper.

  • Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns

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    A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • Pa. Ruling Shows Why Term Sheet Can Be Worth The Wait

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    A Pennsylvania bankruptcy court’s recent In re: Legarde ruling, holding that a settlement term sheet was enforceable, reminds litigants that it’s crucial to draft a written agreement before leaving mediation in order to resolve potential evidentiary issues and protect against buyer’s remorse, says Brian Shaw at Cozen O'Connor.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • 5 Key Tips For Attorneys In The Subchapter V Arena

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    Subchapter V cases present unique challenges for the nondebtor parties-in-interest, and habits developed by attorneys in typical Chapter 11 cases do not necessarily translate, meaning creditors and their counsel should quickly take a proactive role in their cases to protect their interests, which can be done by attending the 341 meeting, analyzing the plan, and more, says Kelly Singer at Squire Patton.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • Why The Debt Maturity Wall Is Still A Figment, For Now

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    While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.

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