The U.S. subsidiary of vodka producer Stoli Group and its sister company, whiskey maker Kentucky Owl, have filed for Chapter 11 bankruptcy protection in the Northern District of Texas.
Judge Isgur Tosses Insurers’ $1.3B Claims Against Zachry, Chiyoda
According to audio of the hearing available on the docket, Judge Isgur told counsel for the insurers about four minutes before he issued an oral ruling from the bench dismissing the subrogation that he wasn’t inclined to adopt his arguments. “I’m not even following a little bit of your argument, just so you know,” he said. “It seems obvious that you’re wrong.”
CareMax Hires Sidley to Lead Chapter 11 in NDTX
A Miami-headquartered and publicly traded healthcare network filed for Chapter 11 bankruptcy protection Sunday in Dallas, citing between $500 million and $1 billion in liabilities but less than $500 million in assets.
How Instant Brands Went From Victim to Accused, According to Bankruptcy Trustee
A New York firm apparently victimized by questionable bookkeeping in an M&A deal was accused by a bankruptcy trustee last week of using that same questionable bookkeeping to pay $345 million in dividends to itself and its investors from a fraudulently obtained loan.
J&J Talc Bankruptcy Judge: ‘Their Voices Must Be Heard’
U.S. Bankruptcy Judge Christopher Lopez told all sides in the Johnson & Johnson talc powder bankruptcy litigation Tuesday that he will “get a big pot of coffee” and spend the weekend in his office going through more than 11,500 disputed votes in order to get an accurate number of claimants supporting and opposing J&J’s $8.2 billion settlement plan. New Jersey-based J&J created a new Texas-headquartered subsidiary in September called Red River Talc and used a Texas law to transfer all its potential liabilities from tens of thousands of lawsuits filed against J&J by women who claim they have ovarian cancer because they used J&J’s talc powder. But there’s a dispute over 11,500 votes that were switched from voting against J&J’s forced bankruptcy plan to being in favor.
Foley Advises TGI Friday’s in Bankruptcy Filing
TGI Friday’s Inc. and 23 of its subsidiaries filed for Chapter 11 bankruptcy protection in the Northern District of Texas over the weekend. In its bankruptcy petition, TGI Friday’s claims $100 million to $500 million in debts and the same range for assets. The Dallas-based company owns 39 actual bar-and-grill restaurants across the U.S. None of the TGI Friday’s franchised operations are part of the Chapter 11.
Jackson Walker Bankruptcy Fee Trial Pushed to April
During a roughly 80-minute hearing Tuesday, Chief U.S. Bankruptcy Judge Eduardo V. Rodriguez set an April 21 trial date in the litigation that will determine whether the U.S. trustee can claw back millions in bankruptcy fees awarded to Jackson Walker in cases handled by former judge David Jones. The court has given the parties until Dec. 2 to file dispositive motions in the case.
Vertex Energy Bankruptcy Fees Hit $2,450 an Hour
The legal and financial advisors in the Vertex Energy bankruptcy and restructuring have filed their applications for official employment, and the numbers never cease to amaze. Kirkland, Bracewell, Alvarez & Marsal and Perella Weinberg Partners filed their fees to be approved by SDTX Bankruptcy Judge Christopher Lopez.
Legal Fees Hitting $2K an Hour in J&J’s Talc Powder Bankruptcy
The Johnson & Johnson talc powder bankruptcy filing in Houston is less than a month old, but new documents filed Sunday in the case show that it is going to be highly profitable for the lawyers and law firms involved. Over the past three days, lawyers for Jones Day, Porter Hedges, King & Spalding, Skadden Arps, Shook Hardy & Bacon and McCarter & English have filed their official applications to represent Red River Talc, the J&J subsidiary. Jones Day’s Dallas office is the biggest financial beneficiary.
P.S. — Bankruptcy Judge Harlin Hale, Craig Glidden, Martha Hofmeister Honored, DFW Corporate Counsel Award Nominations Open
The Association of Corporate Counsel’s DFW Chapter and The Texas Lawbook are now accepting nominations for the 2024 DFW Corporate Counsel Awards, including nominations for Achievement in Pro Bono and Public Service and Achievement in Diversity and Inclusion. In the news this week, the American Bar Association honors former LyondellBasell GC Craig Glidden, and the Federal Bar Association recognizes Dallas lawyer Martha Hardwick Hofmeister for outstanding leadership. On Thursday, the Dallas Bar Foundation presented retired NDTX Bankruptcy Judge Harlin Hale with the Justinian Award.
Plus, The Lawbook thanks Sempra Energy Chief Risk Management and Compliance Officer Carolyn Aiman and Shell USA Head of Legal Travis Torrence for donations to the Texas Lawbook Foundation to support our coverage of pro bono, public service and diversity in the legal profession.
Editor’s note: The Lawbook misspelled Judge Hale’s first name in earlier editions. We apologize for the error.
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