News & Analysis as of

Bankruptcy Court Settlement

Seward & Kissel LLP

Red River Rivalry, Ethical Lapse, Containment Facility, and Affirmative Consent

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J&J talc opponents decry bankruptcy as "deja vu all over again" | Reuters - Johnson & Johnson's latest bankruptcy attempt faced immediate opposition from cancer victims' attorneys. They argued that the bankruptcy was a...more

King & Spalding

Texas Bankruptcy Court Recommends Denying Summary Judgment in Case Alleging Fraudulent Transfer of PPP Funds to Make Settlement...

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On May 16, 2024, the U.S. Bankruptcy Court for the Northern District of Texas recommended that the district court largely deny cross motions for summary judgment in an action by the liquidating trust for Fresh Acquisitions,...more

Goldberg Segalla

Third Circuit Affirms Bankruptcy Court’s Order Dismissing LTL Management/Johnson & Johnson’s Second Chapter 11 Petition

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On June 25, 2024, the Third Circuit Court of Appeals rendered an opinion affirming the New Jersey Bankruptcy Court’s decision to dismiss LTL Management/Johnson & Johnson’s second bankruptcy case for “want of good faith...more

Seward & Kissel LLP

Pur-don’t, Uptears? and Last Chapter

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Supreme Court Blocks Purdue Pharma Opioid Settlement, Threatening Billions Of Dollars For Victims | NBC News - On Thursday, the Supreme Court rejected the nonconsensual non-debtor releases in the Purdue Pharma plan,...more

Nelson Mullins Riley & Scarborough LLP

Bondholders Fail to Thwart Global Settlement Approval as Bankruptcy Estate’s Largest Creditor

As bankruptcy practitioners, we generally see proposed settlements get approved without objection. However, when objections are lodged, court involvement is necessitated. In this case, United States Bankruptcy Judge...more

Proskauer Rose LLP

Bankruptcy Court Frowns on SmileDirect’s Dismissal Request

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There is a growing trend of bankruptcy courts approving structured dismissals of chapter 11 cases following a successful sale of a debtor’s assets under section 363 of the Bankruptcy Code. A structured dismissal is a...more

Seward & Kissel LLP

Shopping Spree, My Own Prison, Aggregate Supply, and Bad Form

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Latham, Jackson Walker Avoid Sanctions Over Bankruptcy Forum Shopping Dispute | Reuters - In a court hearing on Monday, U.S. Bankruptcy Judge Christopher Lopez in Houston ruled that law firms Latham & Watkins and Jackson...more

Seward & Kissel LLP

SEC Gets in Line at the Genesis Bankruptcy

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On January 31, 2024, bankrupt Genesis Global Holdco, LLC, on behalf of its subsidiary Genesis Global Capital, LLC1 asked the United States Bankruptcy Court for the Southern District of New York to approve a settlement reached...more

Dechert LLP

Reshaping UAE's Financial Landscape: The New Bankruptcy Law Explained

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The United Arab Emirates has enacted Federal Decree – Law No. 51/2023 on Financial Restructuring and Bankruptcy (the “Bankruptcy Law”). The Bankruptcy Law aims to enhance economic activity and regional stability by...more

Seward & Kissel LLP

Luna-tic Fringe, Dry Powder, Shopping Spree and Scrubbing Down

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Terraform Labs declares bankruptcy in Delaware | CoinDesk - Terraform Labs Pte., the embattled Singapore crypto firm, has filed for a voluntary petition in Delaware for Chapter 11 bankruptcy. Terraform’s bankruptcy comes...more

Ward and Smith, P.A.

A Discharge Lesson Courtesy of the Worst Person in the World

Ward and Smith, P.A. on

Alex Jones, the despicable, chest-thumping, conspiracy-peddling radio host, for years, blabbered on his radio show that the Sandy Hook Elementary School shooting was a hoax. When the families of the murdered children sued him...more

Seward & Kissel LLP

Bad Intentions, Demanding a Refund, Leaving the Station, The Lord(stown) Giveth, and Poor Choice

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Celsius files intent to claw back certain pre-bankruptcy withdrawals| CoinTelegraph - On January 9, Celsius bankruptcy administrators notified creditors that account holders who took out more than $100,000 in the 90 days...more

Seward & Kissel LLP

Supreme Question, Truck Pickup, and Core Workout

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US Supreme Court torn over Purdue bankruptcy suit| Reuters - On Monday, U.S. Supreme Court justices grappled with whether to affirm OxyContin producer Purdue Pharma’s bankruptcy plan. S&K Take: Really couldn’t lead...more

Sheppard Mullin Richter & Hampton LLP

CFPB Settles Claims Against Operator of Training Program for Activities Arising out of Income Share Agreements

On November 20, the CFPB, along with 11 state attorneys general and state regulators, entered into a stipulated final judgement and order with a Delaware-based company and two affiliated companies (“defendants”) in the...more

Dorsey & Whitney LLP

Ninth Circuit Holds that Selling Peace Does Not Require Business Judgment

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In Spark Factor Design, Inc., et al. v. Hjelmeset (In re Open Medicine Institute, Inc.), No. 22-60017 (9th Cir. Oct. 30, 2023), the Ninth Circuit Court of Appeals recently found that a bankruptcy court has discretion of...more

Seward & Kissel LLP

Gateway Drug? Catch 22, No & Arrow, Genesis Reaches the End, and Monster Win?

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Bankruptcy court refuses to dismiss marijuana industry debtor Chapter 11 case| Reuters - The U.S. Bankruptcy Court for the Central District of California has refused a motion to dismiss the Chapter 11 Bankruptcy case for...more

Morgan Lewis

Delaware Bankruptcy Court Ruling on $7.2B Claim Affects Fraudulent Transfer Defense, Valuation Litigation

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In a decision likely to have a knock-on effect for future fraudulent transfer defense and valuation litigation, the Delaware bankruptcy court recently ruled that the price agreed in the sale of an oil and gas company closed...more

Tucker Arensberg, P.C.

LTL, Part Deux (now with even more fraudulent transfers!)

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Here we go again. Precisely one hour and thirty-nine minutes after the dismissal of the bankruptcy filing of LTL, Johnson & Johnson’s artificially created talc-liability subsidiary, the company was right back at it again with...more

Pillsbury Winthrop Shaw Pittman LLP

Denial of Assumption of Pre-Bankruptcy Workout Agreement Demonstrates How Settlement Value Can Change with Time and Circumstances

The bankruptcy court’s decision in Svenhard’s provides a path forward for potentially increased creditor recoveries. To assume an agreement under section 365, the agreement must be an “executory contract,” which generally...more

King & Spalding

Southern District of Ohio Finds Bank’s Settlement of Fraudulent Transfer Claim Uninsurable

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On December 16, 2022, the U.S. District Court for the Southern District of Ohio held that a settlement of a fraudulent transfer suit was not covered under the settling defendant’s insurance policies. Huntington National Bank...more

Bracewell LLP

Parting Advice: Judge Drain Rules That Dividends Paid From the Proceeds of Safe-Harbored Transactions Are Not Safe-Harbored in In...

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In his final opinion, Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York held that dividends paid from proceeds of safe-harbored transactions under section 546(e) of the...more

Robins Kaplan LLP

Robins Kaplan Justice Report Spring 2021 | VOL. 15 NO. 2

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DUTY TO THIRD PARTIES: FOCUS ON FORESEEABILITY - Foreseeability is the foundation of duty in many states, and Minnesota is no different. With a series of cases starting in 2017, the Minnesota Supreme Court has made a...more

Kerr Russell

Preparing For Mediation In Bankruptcy

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In a facilitative mediation, a neutral party serves as a mediator and works with the litigants to reach a settlement. The mediator has no power to rule or bind the parties to a judgment or decision, but rather facilitates a...more

Freeman Law

[Webinar] Freeman Law Legal and Tax Update - October 27th, 3:00 pm CT

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As businesses face unprecedented challenges, our legal team is here with insights and guidance. Join us as we discuss important developments during these unique times, and bring you up to speed on current initiatives. During...more

Kramer Levin Naftalis & Frankel LLP

Delaware Bankruptcy Court Finds that Section 546(e) Does Not Protect Fraudulent Transfers Following Supreme Court’s Ruling in...

In one of the first applications of the Supreme Court’s ruling on the scope of section 546(e) in Merit Management, Delaware Bankruptcy Court Judge Carey found that section 546(e)’s safe harbor did not apply to fraudulent...more

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