The Texas discount furniture and appliance retailer filed for Chapter 11 bankruptcy protection Tuesday in the Southern District of Texas citing more than $1 billion in debts.
Narrow SCOTUS Majority Prohibits Nonconsensual Third-Party Releases in Bankruptcy
While the ultimate outcome of the Purdue Pharma bankruptcy case is likely to remain uncertain for quite some time, the failure to approve the plan may ultimately mean that no money at all will flow to these victims of the opioid crisis. However, the decision also stands to have much broader implications on the use of Chapter 11 to solve complicated problems, especially relating to mass tort cases. Given this potential to alter the landscape of Chapter 11 practice in future cases, the Court’s statutory analysis in the Purdue Pharma decision warrants close scrutiny.
Litigation Roundup: Primexx Energy Wants Suit Over $788M Sale Tossed
In this edition of Litigation Roundup, we offer an update from the most recent hearing in the lawsuit stemming from the $788 million sale of Primexx Energy, a threatened lawsuit over the death of Congresswoman Eddie Bernice Johnson yields a settlement, and six officers and directors of a Houston-based clinic see an end to a $285 million breach claim.
More Lawyers Enter SDTX Bankruptcy Scandal Fray
The bankruptcy courts in the Southern District of Texas are still a hotbed for intense litigation, attracting some of the best lawyers in the nation — just not for the reasons the bankruptcy judges ever wanted or even contemplated. Prominent Texas lawyers David Beck, Rusty Hardin, Anne Johnson, Tom Kirkendall, Mike Lynn, John Sparacino, Jeff Tillotson and scores of other highly paid lawyers have been hired by plaintiffs, defendants and third parties involved in the legal fallout from the forced resignation late last year of former SDTX Chief Bankruptcy Judge David Jones. The Texas Lawbook has the details.
Houston Restructuring Pro James Grogan Joins GT
Grogan, who moves to Greenberg Traurig from Paul Hastings, has guided several cryptocurrency firms through Chapter 11 in recent years.