Bankruptcy : Law360 : Legal News & Analysis (2024)

  • April 17, 2024

    4th Circ. Affirms No Shield From IRS For Home In Bankruptcy

    A North Carolina man who filed for bankruptcy protection and owes federal tax debt cannot shield the house he owns with his wife from the Internal Revenue Service, which is pursuing the asset as a creditor in the proceedings, the Fourth Circuit affirmed Wednesday.

  • April 16, 2024

    Genesis To Return $2B Of Crypto Under Gemini Settlement

    Bankrupt crypto lender Genesis will return 97% of digital assets from a customer program with crypto platform Gemini by early May after a New York bankruptcy judge on Tuesday approved a settlement that attorneys for Genesis said closes out bitter disputes and sets it up to repay other creditors under a Chapter 11 plan.

  • April 16, 2024

    Terraform Creditors Say All Clear To Hire Crypto Tracing Firm

    The creditors committee for bankrupt cryptocurrency startup Terraform Labs Pte. Ltd. said on Tuesday it had resolved the only issues the U.S. Trustee's Office had with the committee's request to hire an investment bank to advise it on tracing cryptocurrency in Terraform's Chapter 11 case.

  • April 16, 2024

    Companies Wrongly Found Insolvent, Texas Court Rules

    A Texas appeals court on Tuesday reversed a decision by a lower court that named two companies partially owned by a real estate developer that filed for bankruptcy as insolvent as well, saying a state court "abused its discretion" by putting the two entities in receivership.

  • April 16, 2024

    Sanctions In Byju's Ch. 11 Should Be Paused, Court Hears

    Camshaft Capital, a hedge fund facing an adversary action from the Chapter 11 creditors of Byju's, has asked a Delaware federal court to stay a contempt order the bankruptcy court entered against the investment firm and its principal while it appeals the sanctions and a preliminary injunction.

  • April 16, 2024

    Rochester, NY, Diocese's Creditors To Mull Rival Ch. 11 Plans

    A New York bankruptcy judge sent a pair of competing Chapter 11 plans for the Roman Catholic Diocese of Rochester out Tuesday morning for creditor votes, after rejecting previous explanations of the proposals for being unclear about payouts to childhood sexual abuse survivors.

  • April 15, 2024

    FTX Liquidators Describe Operating Blindly In Initial Days

    The U.S. liquidator for collapsed cryptocurrency exchange FTX told attendees at the OffshoreAlert Conference in Miami Beach, Florida, the case was unlike any other he'd handled as the company had "no set of books," forcing both onshore and offshore liquidators to scramble to track down assets.

  • April 15, 2024

    Coal Exec's Widow Seeks Atty Fees After Toss Of $6.5B Suit

    The widow of a bankrupt coal company's former president requested $525,000 in attorney fees and costs Monday after a D.C. federal judge tossed a suit alleging her husband's estate and another business owed a union pension plan $6.5 billion, saying the plan's trustees can afford to pay.

  • April 15, 2024

    Canadian Supplement Co.'s Sale Hits Ch. 15 Snag In Del.

    A Delaware bankruptcy judge appeared skeptical Monday that an American judge can weigh in on a dispute over rights to Canadian assets, as counsel for a troubled nutritional supplement supplier based in Canada argued for U.S. recognition of a sale order from an insolvency court in its home country.

  • April 15, 2024

    NH Power Plant Co. Can Send Dual-Path Ch. 11 Plan To A Vote

    The operator of a New Hampshire power plant fueled by scrap wood can seek creditors' approval of its Chapter 11 proposal, through which the debtor would either sell its assets or hand ownership of the reorganized business to lenders, a Delaware bankruptcy judge ruled Monday.

  • April 15, 2024

    Diocese Says Insurer Must Refund Sex Abuse Claims Defense

    Certain underwriters at Lloyd's of London must pay defense expenses related to sexual abuse claims against the Roman Catholic Diocese of Rockville Centre, the diocese has told a New York court, maintaining that its bankruptcy proceedings do not relieve the insurer of reimbursem*nt requirements.

  • April 15, 2024

    BowFlex's $37.5M Ch. 11 Asset Sale Gets Green Light

    A New Jersey bankruptcy judge on Monday approved fitness equipment maker BowFlex Inc.'s sale of assets to its stalking-horse bidder after canceling an auction, saying the company was accepting a fair offer.

  • April 15, 2024

    Dairy Co. Oberweis Hits Ch. 11 With Up To $50M In Debt

    Oberweis, a popular Illinois-based ice cream and dairy producer run by a former Republican state senator, has hit Chapter 11, disclosing it has as much as $50 million in liabilities.

  • April 15, 2024

    Justices Won't Review Ex-NYC Union Head's Bribery Rap

    The U.S. Supreme Court on Monday declined to take up the appeal of a former New York City union president who was convicted of taking bribes from now-defunct hedge fund Platinum Partners, rejecting a petition that argued his attorney failed to tell him about the trial judge's conflicts of interest.

  • April 12, 2024

    GPS Legal Co-Founder In HK Launches New Law Firm

    An international arbitration lawyer and litigator who co-founded Hong Kong law firm Georgiou Payne Stewien has said he has left it to launch his own firm.

  • April 12, 2024

    Anthem Wants Kwok Ch. 11 Trustee To Foot Mediation Bill

    Anthem has objected to plans from the Chapter 11 trustee overseeing Chinese exile Ho Wan Kwok's estate to force it and hundreds of other avoidance action defendants into mediation, questioning the merits of the case against it and arguing the insurer should not be forced to cover half of the costs of the efforts.

  • April 12, 2024

    Judge Rejects Tehum's $54M Bid To Resolve Injury Suits

    A Texas bankruptcy judge has rejected prison healthcare company Tehum Care Services Inc.'s $54 million settlement to resolve hundreds of personal injury suits while declining the claimant committee's request to dismiss the Chapter 11 case.

  • April 12, 2024

    Bridal Designer Seeks Conversion Of JLM Couture To Ch. 7

    A bridal dress designer engaged in litigation with bankrupt dressmaker JLM Couture asked a Delaware court Friday to convert the company's insolvency case to a Chapter 7 liquidation, saying the costs of that ongoing litigation will drain estate resources to the point it won't be able to pay for the bankruptcy case.

  • April 12, 2024

    Creditors To Depose Giuliani In Ch. 11 Quest For Assets

    Rudy Giuliani will be deposed by his Chapter 11 creditors beginning on Monday, according to a filing in a New York bankruptcy court.

  • April 12, 2024

    Kevin Carey, Bankruptcy Bench 'Legend,' Dies At 69

    Former U.S. Bankruptcy Judge Kevin Carey, who served on the Delaware bench for 14 years and was hailed as a "legend in the bankruptcy world," died Thursday at the age of 69.

  • April 12, 2024

    Hornblower Gets OK For Creditor Vote On Ch. 11 Plan

    A Texas bankruptcy judge on Friday sent Hornblower Holdings' Chapter 11 plan out for a creditor vote after hearing the cruise and tour operator had resolved creditor objections to its plan disclosure statement.

  • April 11, 2024

    Canadian Trucking Co. Needs More Time For US DIP Approval

    At a hearing Thursday in Delaware bankruptcy court, Canadian trucking company Pride Group was unable to reach an agreement on provisional approval of its debtor-in-possession facility that received the go-ahead in Canadian court, as the U.S. Trustee warned of the expanding scope of Chapter 15 provisional relief hearings.

  • April 11, 2024

    Pro Sports Leagues Balk At Bally Parent's Ch. 11 Plan

    Three major U.S. professional sports leagues, whose games are broadcast by Bally Sports Network parent company Diamond Sports Group, criticizedthe company's Chapter 11 restructuring plan, saying it fails to provide information about the debtor's go-forward operating business plan and any ongoing business agreements with distributors.

  • April 11, 2024

    Dallas Developers Must Each Pay Bond In $400M Foreclosure

    A Texas appeals court on Thursday ordered developers to cough up more money as they appeal a ruling in a roughly $400 million foreclosure case involving an upscale residential tower in Dallas, saying that each of the debtors needed to file a bond as the case works its way through appeals.

  • April 11, 2024

    Nogin Can Get Another $3M In Ch. 11 Cash To Get Plan Done

    E-commerce company Nogin Inc. received permission Thursday from a Delaware bankruptcy court to draw another $3 million in Chapter 11 financing as it continues working toward implementing its court-approved restructuring plan.

Bankruptcy : Law360 : Legal News & Analysis (2024)
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