Mid Cap
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January 15, 2025
Meet The Attys Moving Wynne Transportation Through Ch. 11
Wynne Transportation Holdings LLC has secured the help of attorneys from Landis Rath & Cobb LLP to see it through a restructuring in the wake of an arbitrator's judgment that the company must pay a former subcontractor $32.8 million, which came after the state of Texas required the debtor to bus migrants to Democrat-controlled areas.
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January 15, 2025
AI Travel App Co. Mondee Files Ch. 11 With Sale Plans
Artificial intelligence-supported travel agency application maker Mondee Holdings Inc. filed for Chapter 11 protection in Delaware, saying it has a baseline offer for the acquisition of its assets and $49 million in financing from existing lenders.
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January 14, 2025
Strong Demand Couldn't Stave Off Ch. 11 For Wynne
Before it filed for bankruptcy Friday, Wynne Transportation appeared to be in healthy financial shape — if it weren't for project delays and litigation with a former subcontractor tied to a state government contract to bus migrants out of Texas.
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January 14, 2025
Catching Up With New Bankruptcy Case Action
California-based hospital operator Prospect Medical Holdings filed for Chapter 11 in Texas with over $1 billion in debt. Joriki USA Inc. filed for Chapter 7 with $300 million in liabilities after its Canadian parent sought creditor protection and shut down a plant due to a listeria outbreak.
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January 14, 2025
Wynne Transportation Can Tap Some Of $6M DIP In Ch. 11
A Delaware bankruptcy judge said Tuesday she will allow transportation service provider Wynne Transportation to borrow $2 million in initial debtor-in-possession financing on an interim basis, clearing the way to fund a Chapter 11 case the company launched in the wake of a nearly $33 million arbitration judgment.
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January 14, 2025
Judge Sets Sept. Deadline For Buffalo Diocese Ch. 11 Plan
A New York bankruptcy judge has told the Roman Catholic Diocese of Buffalo and its creditors they have until September to come up with a plan to settle the diocese's liability for approximately 900 claims of child sex abuse.
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January 14, 2025
Trade Secret Suit Sends New Zealand Software Co. Into Ch. 15
A New Zealand company that develops actuarial software products supported by artificial intelligence commenced a Chapter 15 bankruptcy case in Delaware Tuesday, saying ongoing trade secrets litigation had harmed its sales and operations.
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January 14, 2025
Giuliani Atty Chided For 'Higher Power' Remark Ahead Of Trial
A Manhattan federal judge pushed back Tuesday against Rudy Giuliani's lawyer ahead of a trial on whether the former New York City mayor must turn over his Florida condo and World Series rings to help cover a $148 million defamation judgment, after Giuliani's counsel said a precluded witness "answers to a higher power than this court."
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January 13, 2025
Ace Gallery Founder Gets 2 Years In Prison For Embezzlement
A California federal judge on Monday sentenced art dealer Douglas Chrismas, who founded the internationally renowned Ace Gallery, to two years in prison for embezzling hundreds of thousands of dollars from the bankruptcy estate of the shuttered Los Angeles art gallery.
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January 13, 2025
Colombian Refinery Co. Gets $1B McDermott Award OK'd
Colombia's state-owned oil company on Friday won enforcement of a $1 billion arbitral award issued against Dutch and British units of Texas-based construction firm McDermott International following a dispute over a refinery modernization project.
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January 13, 2025
Giuliani Held In Contempt Again, EPA Slams $535M Talc Deal
Former New York City Mayor Rudy Giuliani was held in contempt for a second time, Johnson & Johnson's bankrupt spinoff called Brown Rudnick's bid to represent an official committee of talc claimants "an ethical violation," and the federal government objected to a $535 million settlement that bankrupt talc supplier Whittaker Clark & Daniels reached regarding talc claims in its New Jersey Chapter 11 case.
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January 13, 2025
Crypto Miner Hits Back At Involuntary Ch. 11 Petitioners
Bankrupt cryptocurrency mining operation Mawson Infrastructure answered an involuntary Chapter 11 petition by a group of secured creditors, telling a Delaware court that the December filing is a bad faith effort by a former executive to harass the business.
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January 13, 2025
Sen. Warren To Grill Treasury Pick On Trump's Tax Agenda
Sen. Elizabeth Warren, D-Mass., plans to ask Treasury secretary nominee Scott Bessent at his confirmation hearing in front of the Senate Finance Committee on Thursday about President-elect Donald Trump's tax agenda and plans for the Internal Revenue Service, according to a letter she sent the nominee.
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January 13, 2025
Infowars Bidder Raises Offer As Attys Consider Auction
A failed bidder for conspiracy-monger Alex Jones' Infowars has more than doubled the amount it would pay to acquire the website, and the parent company of satirical news site The Onion is preparing to submit its own revised bid, counsel for the trustee in Jones' Chapter 7 case said at a hearing in Texas bankruptcy court Monday.
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January 13, 2025
Canadian Packing Co. Files Ch. 7 For US Plant
A Pennsylvania food and beverage packaging facility has filed for Chapter 7 liquidation with over $300 million in debt on the heels of its Canadian parent company petitioning for creditor protection after one of its plants was shut down over a listeria outbreak.
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January 13, 2025
Alex Jones Switches Conn. Attys In $1B Sandy Hook Appeal
A Randazza Legal Group attorney will represent Alex Jones in a Connecticut Supreme Court bid to erase the remainder of a $1.44 billion defamation judgment for Sandy Hook shooting victims after the Infowars host's now-former lawyer raised unspecified conflict concerns about a third attorney representing Jones in the Connecticut appeal.
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January 13, 2025
Ex-Sacks Weston Atty's Theft Supports Suspension, Court Told
The severity of a suspended Philadelphia attorney's actions when he defrauded his former firm, Sacks Weston LLC, of almost $320,000 supports the Pennsylvania Disciplinary Board's recommendation of a five-year suspension of his law license, the state's Office of Disciplinary Counsel has argued.
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January 13, 2025
Smith Gambrell Faces DQ Bid In Major Lindsey Suit
A former Major Lindsey & Africa employee with a lengthy legal history with the recruiter is seeking to disqualify Smith Gambrell from representing Major Lindsey in her $75 million federal defamation suit, arguing three attorneys are key witnesses to help determine liability.
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January 13, 2025
Texas Construction Group Hits Ch. 11 With Up To $50M Debt
Timeline Construction LLC, a Houston-based commercial and residential design and construction firm, filed for Chapter 11 in Texas listing an estimated $10 million to $50 million in liabilities.
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January 13, 2025
Wynne Transportation Files Ch. 11 After $32M Arbitration Loss
Transportation services company Wynne Transportation Holdings LLC filed for Chapter 11 protection in Delaware after an arbitrator said it must pay a former subcontractor $32.8 million because it severed their partnership after the state of Texas required it to bus migrants to Democratic-controlled areas.
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January 10, 2025
Technical, Logistical Issues Landed Silver Airways In Ch. 11
Dragged down by technical and logistical snafus with its aircraft, Silver Airways spiraled into insolvency and filed for Chapter 11 protection in the final days of 2024 in hopes of closing a going-concern sale, but without any illusions of clearing the $457 million in debt on its balance sheet.
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January 10, 2025
Under The Radar: Bankruptcy News You May Have Missed
Solar power company iSun asked to switch its bankruptcy proceedings to a Chapter 7, after finding that it couldn't afford its Chapter 11 plan. Nash Engineering Co.'s Chapter 7 trustee asked a bankruptcy judge to sign off on a $9 million settlement with two insurers that had bought back their policies in 2020. And the Second Circuit put out the call for would-be bankruptcy judges to submit their applications to sit on the bench in Manhattan.
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January 10, 2025
AmeriFirst's Committee Will Have To Wait For Ch. 11 Fees
The official committee of unsecured creditors in the Chapter 11 case of mortgage services company AmeriFirst Financial Inc. had their incurred professional fees allowed by a Delaware bankruptcy judge Friday, but the creditor body will have to wait for payment until questions about the debtor's budget are resolved.
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January 10, 2025
US Trustee Balks At Ch. 11 Bid Protections In First Mode Case
A package of bid protections for the stalking horse of bankrupt electric-engine developer First Mode needs to be reined in, the Office of the U.S. Trustee has said, urging a Delaware bankruptcy judge to reject the debtor's request that expenses and fees tied to the $15 million bid be paid as priority claims.
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January 10, 2025
SafeMoon CEO Wants 'Misleading' Reddit Post Explained
The CEO of bankrupt cryptocurrency asset company SafeMoon LLC asked a Brooklyn federal judge Friday to order the government to explain whether it had a role in a social media user's "misleading" post that promised to connect SafeMoon investors with the U.S. government.