Houston-based Ascend Performance Material and eight of its affiliated businesses filed for Chapter 11 bankruptcy protection Monday citing $1 billion to $10 billion in liabilities, according to its filing in the Southern District of Texas.
Mikal Watts to J&J Bankruptcy Judge: Give Us a ‘Do Over’
Some plaintiffs’ lawyers representing tens of thousands of women claiming that Johnson & Johnson talc powder caused their ovarian cancer have asked a Houston judge to give them a second chance. Attorneys representing different groups of women asked U.S. Bankruptcy Judge Christopher Lopez to reverse his March 31 decision to dismiss the Chapter 11 bankruptcy petition filed by Red River Talc, a subsidiary of J&J, but to allow the parties to either fix the flaws in the previous petition or to send the entire case to mediation. But an opposing group of lawyers who also represent more than 20,000 women, including 465 women in the Dallas area, told The Texas Lawbook Wednesday that this new effort to reopen the bankruptcy is just another attempt by J&J “to force unreasonably low settlements on women already suffering from life-threatening illness and financial hardship.”
Kirkland, Norton Rose Fulbright to Advise Clean Energy Business in Billion-dollar Bankruptcy
California-based Global Clean Energy Holdings, a renewable fuels company, filed for Chapter 11 bankruptcy protection in the Southern District of Texas early Wednesday. Citing between $1 billion and $10 billion in liabilities and assets in its original petition, Global Clean Energy and 15 of its affiliated companies hired Kirkland & Ellis as its lead legal advisor and Norton Rose Fulbright Houston partner Jason Boland as its local legal bankruptcy counsel.
Bankruptcy Judge Isgur Rips GWG Holdings Trustee’s Lawyers on Lack of Due Process Notice to Investors
U.S. Bankruptcy Judge Marvin Isgur ended a hearing Friday morning in the GWG Holdings case after finding lawyers for the trustee had failed to meet their due process obligations under the constitution to provide bondholders with notice of how a proposed settlement would impact them. “I find there is not due process notice and this is not a close call,” he said, adding the effort of the lawyers to inform bondholders, some of whom put their life savings in the company, that they could expect to get back only about 3 percent of what they invested was “completely deficient” and “an embarrassment.”