Credit: Lane V. Erickson/Adobe Stock Skeptical of Sacks Weston's Survival, Judge Dismisses Firm's Chapter 11 Petition
"The debtor is not a going concern, and its proposed plan will not maximize the value of the estate," U.S. Bankruptcy Judge Patricia Mayer said in an opinion.
April 25, 2024 at 03:53 PM
4 minute read
What You Need to Know
- Sacks Weston's bankruptcy case has officially been dismissed, with U.S. Bankruptcy Judge Patricia Mayer expressing skepticism on the firm's long-term survival.
- The opinion finds the firm filed for bankruptcy in good faith, but further found that it would be unable to successfully reorganize or confirm a bankruptcy plan.
- Mayer also found that prolonging the bankruptcy would only detract from the value of the business, impacting returns to creditors.
Placing the final nail in the coffin for Sacks Weston's bid to ward off creditors via bankruptcy, U.S. Bankruptcy Judge Patricia Mayer of the Eastern District of Pennsylvania agreed to dismiss the firm's Chapter 11 petition Thursday.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Related Stories
View AllYou Might Like
View All
Schnader Harrison Can't Escape Suit Over Allegedly Misappropriated Comp, Judge Finds
3 minute read
Convicted Phila. Attorney Explains Misappropriation From Firm in Fight Against Disbarment
4 minute read
Under Pressure From Lit Funding Creditor, Sacks Weston Agrees to Drop Chapter 11 Bid
3 minute read
Trending Stories
- 1Paul Weiss’ Shanmugam Joins 11th Circuit Fight Over False Claims Act’s Constitutionality
- 2Eckert Seamans Snags Reed Smith Global Financial Intelligence Director
- 3GC With Deep GM Experience Takes Legal Reins of Power Management Giant
- 4Atlanta Attorneys Rely on Google Earth, YouTube for Evidence in $6M Faulty Guardrail Settlement
- 5Feds Chide Defense Attorney Alex Spiro for Extrajudicial Comments in NYC's Adams Case
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
