Hess Corp. subsidiary Honx Inc. filed for Chapter 11 reorganization Thursday in Houston federal court, citing asbestos claims brought by contractors and employees at a former oil refinery in the U.S. Virgin Islands.
InfoWars and Sub V: Can Alex Jones’ Media Companies Use Small Business Reorganization to Curb Sandy Hook Defamation Liability?
Can Alex Jones and his InfoWars media companies successfully utilize the increasingly popular “Small Business Reorganization” scheme found in Subchapter V of Chapter 11 of the Bankruptcy Code? This case may be the first prominent example of bad faith or inappropriate use of a newly enacted reorganization regime finding widespread use among debtors in all types of industries.
Jackson Walker Adds Bankruptcy Depth from Kirkland
The two firms have developed a close working relationship through the U.S. Bankruptcy Court in Houston over the past several years.
Judge Tells Former PUC Chair: ‘I Am Disappointed at Your Lack of Candor’
The chief federal bankruptcy judge in Houston publicly questioned the truthfulness of the former chair of the Public Utility Commission who testified Thursday under oath about her role in the Winter Storm Uri power-grid fiasco.
Brazos Bankruptcy Trial: Ex-ERCOT CEO Knew ‘Financial Storm Was Brewing’ After Winter Storm Uri
The former CEO of the ERCOT told U.S. Chief Bankruptcy Judge David Jones on Wednesday that he would not do anything differently in how the state agency handled the power grid during Winter Storm Uri a year ago and said that setting power prices at $9,000 per megawatt hour was not an error but a decision to “protect the reliability of the system.” Bill Magness is testifying in day two of the bankruptcy trial of Brazos Electric Coop, which is asking Judge Jones to significantly reduce the $1.9 billion ERCOT charged to the Waco-based power supplier during the four days last February when temperatures plummeted to record lows.
Legal, Financial Advisor Fees in Brazos Electric Ch. 11 Hit $33.6M
As the first Chapter 11 filing by a utility co-op in the wake of Winter Storm Uri rolls on, the billable hours by lawyers for both sides are piling up – with no end in immediate sight. More than 30 lawyers in the bankruptcy case are billing at more than $1,000 an hour.
Bankruptcy Judge to Hear Brazos Electric’s Arguments to Dismiss ERCOT’s $1.9B Claim
The dispute, which stems from emergency pricing for electricity imposed during February’s devastating Winter Storm Uri, could have far-ranging implications for other electric providers who were forced to pay up to $9,000 per megawatt hour – 300 times the normal rate – during the winter storm.