The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.
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TOP NEWS

1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens

By Vince Sullivan

The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.

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Terraform To Settle With SEC For $4.5B After Fraud Trial

By Aislinn Keely

Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.

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Money Fight Between Trustee, Law Firm Goes To Mediation

By Daniel Connolly

A money conflict between a Chapter 11 bankruptcy trustee and an outside law firm is going to mediation, the parties announced in a court filing this week. It's the latest move in the saga of Litigation Practice Group, the failed California debt relief law firm that was secretly run by a disbarred lawyer.

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CHAPTER 11

Pool Co. Hits Ch. 11 After 'Crippling' $16M False Ads Verdict

By Hayley Fowler

The American arm of a Chinese swimming pool products manufacturer has declared bankruptcy after it was slapped with a $16 million false advertising and unfair business practices judgment in North Carolina that the company previously warned would put it out of business.

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CHAPTER 7

2nd Circ. Backs Brokerage In Suit Over Biotech's Failed IPO

By Yun Park

The Second Circuit on Wednesday declined to reinstate a Texas company's suit against an investment brokerage that advised biotech Inpellis on an initial public offering that failed and sent the company to file Chapter 7, ruling a lower court rightly found a global settlement eclipsed the need for a jury trial.

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RESTRUCTURING

Directors Of Defunct Med Tech SPAC Seek Toss Of Del. Suit

By Leslie A. Pappas

Directors of a special purpose acquisition company that merged with now-defunct medical technology company Better Therapeutics Inc. urged Delaware's Court of Chancery on Wednesday to toss a shareholder's suit about the $15 million de-SPAC merger, saying it wasn't like other problematic SPAC deals.

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DEALS

SPAC Dealmakers Expect Modest Pickup After Market Bottom

By Tom Zanki

Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.

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PEOPLE

Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY

By Tracey Read

Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.

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EXPERT ANALYSIS

9th Circ. Clarifies ERISA Preemption For Healthcare Industry

The Ninth Circuit's recent ruling in Bristol SL Holdings v. Cigna notably clarifies the broad scope of the Employee Retirement Income Security Act's preemption of certain state law causes of action, standing to benefit payors and health plan administrators, say attorneys at Troutman Pepper.

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Litigation Inspiration: Attys Can Be Heroic Like Olympians

Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.

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LEGAL INDUSTRY

Series

Playing Chess Makes Me A Better Lawyer

There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.

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LAW FIRMS IN TODAY'S NEWS

Antonetti Montalvo

Cadwalader Wickersham

Casellas Alcover

Casillas Santiago

Cooch & Taylor

Dailey LLP

Dechert LLP

Dentons

Dinsmore & Shohl

Ellenoff Grossman

Fox Rothschild

Gibson Dunn

Hilgers Graben

Holcomb & Ward

Kaplan Hecker

Law Office of Steven J. Fink PLLC

Litigation Practice Group

Loeb & Loeb

Marshack Hays

Maslon LLP

McCarter & English

McConnell Valdes

Monserrate Simonet

Newman Ferrara

Paul Hastings

Pillsbury Winthrop

Proskauer Rose

Quinn Emanuel

Rayburn Cooper

Saul Ewing

Shumaker Loop

Sidley Austin

Simpson Thacher & Bartlett LLP

Troutman Pepper

Wachtell Lipton

White & Case

Womble Bond

COMPANIES IN TODAY'S NEWS

Alexander Capital LP

Amazon.com Inc.

Brooklyn Law School

Citigroup Inc.

Cortland Capital Market Services LLC

GoldenTree Asset Management LP

Jefferies Financial Group Inc.

LinkedIn Corp.

Mountain Crest Acquisition Corp.

NASDAQ Inc.

Perceptive Advisors LLC

Playboy Enterprises Inc.

The Cigna Group

Therapeutics Inc.

Total Quality Logistics Inc.

U.S. Bancorp

GOVERNMENT AGENCIES IN TODAY'S NEWS

Delaware Court of Chancery

U.S. Bankruptcy Court for the District of Massachusetts

U.S. Bankruptcy Court for the District of Puerto Rico

U.S. Court of Appeals for the First Circuit

U.S. Court of Appeals for the Ninth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. District Court for the District of Puerto Rico

U.S. District Court for the Eastern District of New York

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Southern District of New York

U.S. Securities and Exchange Commission

United States Bankruptcy Court for the Western District of North Carolina

United States District Court for the Southern District of Ohio