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.
Judge Lopez: No Do-Overs for Lawyers in J&J Talc Powder Bankruptcy Dispute
Less than 48 hours after lawyers representing some of the thousands of women claiming that Johnson & Johnson talc powder caused their ovarian cancer asked a Houston judge for “a do-over” and to reconsider his ruling dismissing their efforts to reach a settlement agreement through the bankruptcy court, the judge issued his answer Thursday: No can do.
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.”
WDTX Chief Judge Removes Jackson Walker Bankruptcy Fee Cases from SDTX Chief Bankruptcy Judge
Chief U.S. District Judge for the Western District of Texas, Alia Moses, has taken control of the 34 bankruptcy cases where the U.S. Trustee is seeking to clawback millions in fees awarded to Dallas-based
Jackson Walker. “This unique case nevertheless requires stiff measures. The need to reestablish public trust and
confidence in the court system alone impels withdrawal in this highly unusual case,” she wrote.
Judge Moses to Decide Standing Issue in Ex-Judge Jones Related RICO Case
Roughly one month after deciding a bankruptcy judge should determine whether a former CEO can proceed with his lawsuit alleging he was the victim of a conspiracy carried out in proceedings before former bankruptcy judge David Jones, a federal judge changed her mind this week.
Jackson Walker Reaches Another Bankruptcy Fee Settlement
In paperwork filed with the court Monday, the chief restructuring officer for 4E Brands North America told U.S. Bankruptcy Judge Christopher M. Lopez that the Dallas-based law firm has agreed to pay back $617,000 of what it was awarded for work on the bankruptcy case.
Houston Judge Rejects $9B Bankruptcy Effort By J&J
Houston Bankruptcy Judge Christopher Lopez ruled late Monday that multiple flaws require him to dismiss Johnson & Johnson’s third attempt to use the federal bankruptcy courts to rid itself of 90,000 cases filed across the country by women suing pharmaceutical giant for making and selling baby powder that they claim caused their ovarian and other gynecological cancers. In a 57-page opinion, Judge Lopez said his ruling to reject J&J’s efforts to create a separate subsidiary in Texas called Red River Talc for the sole purpose of funding a $9 billion resolution of its talc powder cancer litigation through the bankruptcy process was “not an easy one, [but] it is the right one.”
Vertical Farming Company Hires Sidley, Jefferies to Advise on Bankruptcy
Plenty Unlimited Incorporated, a Wyoming-based vertical farming company, and six of its affiliated entities, announced Sunday that it had voluntarily filed for Chapter 11 protection in the Southern District of Texas.
GWG Trustee Sues Holland & Knight for $148M Over Alleged Beneficient Fraud
The bankruptcy trustee appointed to recover funds for creditors in the GWG Holdings bankruptcy case has sued Holland & Knight for nearly $150 million for “knowing participation in a fraudulent looting scheme and associated criminal enterprise” that included Dallas-based financial services firm Beneficient and its founder and CEO Bradley Heppner. In a 156-page complaint filed Friday in the U.S. Bankruptcy Court in Houston, the court-appointed trustee accuses longtime outside counsel Holland & Knight and one of its Dallas law partners of colluding with Heppner to “fraudulently induce” GWG to invest the $148.4 million to help BEN “stave off collapse” by repaying a senior lender.
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