Texas Solar Panel Maker Files for Bankruptcy
Houston-headquartered PosiGen and 10 of its affiliated companies filed for Chapter 11 bankruptcy protection Monday in the Southern District of Texas.
Houston Retirement Home Files for Bankruptcy in DFW
Buckingham Senior Living Community cited between 1,000 and 5,000 creditors who are owed between $100 million and $500 million, according to court documents. Buckingham has hired McDermott, Will & Schulte as its lead legal advisor. Partner Marcus Alan Helt of the firm’s Dallas office filed the first day documents in the case.
Judge Says Jackson Walker Has No Right to Jury Trial in Bankruptcy Fee Dispute
In the concise eight-page order, Chief U.S. District Judge for the Western District of Texas Alia Moses denied Jackson Walker’s demand for a jury trial, hit pause on several proposed settlements the firm has reached with its former bankruptcy clients, consolidated the 34 cases where the U.S. Trustee is trying to claw back millions in fees, and sent them back to the Southern District of Texas bankruptcy judge who had been overseeing the cases until April.
Renewable Energy Company Files Ch. 11 to Restructure in Houston
Pine Gate Renewables and 78 of its affiliated businesses filed for Chapter 11 bankruptcy protection Thursday in the Southern District of Texas as the North Carolina-headquartered business “continues to engage in a competitive sales process with multiple interested parties to transition ownership of its solar and energy storage project fleet while preserving jobs and maximizing value.”
Reid Collins’ Complaint in GWG Bankruptcy was Roadmap for Heppner’s Indictment
Lawyers who spoke to The Texas Lawbook this week said that the complaint filed in February by the Reid Collins & Tsai-represented bankruptcy trustee for GWG Holdings was the Department of Justice’s roadmap to bring criminal proceedings against Bradley Heppner, the former chief executive officer of Beneficient.
Freeman Resigns, Isgur Recused in GWG Holdings Bankruptcy
The flurry of activity in the GWG bankruptcy case comes just days after the former chief executive officer of the company’s subsidiary, Beneficient, Brad Heppner, was indicted by federal authorities in New York on charges of securities fraud, wire fraud, falsification of records and making false statements to auditors. The bankruptcy case will be assigned to a different judge in the Southern District of Texas, Chief Judge Alia Moses has determined.
Massachusetts REIT Files for Bankruptcy in SDTX
Citing $2.5 billion in liabilities, Office Properties Income Trust and 75 of its affiliated operations — including two in Plano — filed for Chapter 11 bankruptcy protection Oct. 30 in the Southern District of Texas. OPI, a real estate investment trust headquartered in Newton, Massachusetts, has hired Latham & Watkins and Hunton Andrews Kurth as its bankruptcy legal advisors, Alix Partners as its restructuring advisor and Moelis & Company as its investment banker.
‘There is No Hope for Rehabilitation’: Judge Converts Dr. Phil’s Media Startup Bankruptcy to Chapter 7
After a three-hour hearing, U.S. Bankruptcy Judge Scott Everett ruled to convert Dr. Phil McGraw’s Chapter 11 startup media bankruptcy case to a Chapter 7 and will have a trustee appointed. The ruling comes after a weekslong hearing in September on the motion to dismiss or to convert.
GWG Bankruptcy Litigation Trustee Strikes Proposed Deal with Beneficient
The court-appointed litigation trustee overseeing the GWG Holdings bankruptcy has asked a federal judge to approve a settlement with its subsidiary Beneficient that would clear the way for the parties to jointly go after Beneficient’s former director and chief executive officer, Brad Heppner.
Jackson Walker, GWG Bankruptcy Trustee Reach $405,000 Settlement
The litigation trustee in the GWG Holdings bankruptcy dispute has asked a federal judge to approve a $405,000 out-of-court settlement agreement with the law firm Jackson Walker related to the scandal involving former Houston Bankruptcy Judge David Jones.
The GWG litigation trustee is the seventh party to reach a proposed settlement with Jackson Walker, which is accused of knowing about and failing to disclose a secret romantic relationship between one of its former bankruptcy partners, Elizabeth Freeman, and Judge Jones.
GWG Bondholders Slam Dismissal Bids in RICO Suit
In four separate filings, GWG bondholders this week spoke out forcefully against requests from Jackson Walker, Porter Hedges, David Jones and Elizabeth Freeman to dismiss racketeering claims against them, doubling down on allegations that each party was enriched by keeping secret a “live-in, intimate relationship” between then-bankruptcy judge Jones and bankruptcy lawyer Freeman.
U.S. Trustee Again Voices Disapproval for Jackson Walker Bankruptcy Settlement
A filing this week marked the second time the U.S. Trustee’s Office, referred to as the watchdog of the bankruptcy system, has urged the presiding judge to reject proposed settlements the Dallas-based law firm has reached with its former bankruptcy clients.