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The Legal Intelligencer

Second Circuit Finds Syndicated Loan Notes Are Not Securities

The court affirmed the U.S. District Court for the Southern District of New York's decision that notes issued from the syndicated loan transaction were not securities under the application of the test set forth in the U.S. Supreme Court's decision in Reves v. Ernst & Young.
8 minute read

The Legal Intelligencer

Bankruptcy Court Concludes Agreement to Produce Documentary Series Was Not a Personal Services Contract

The court found that a contract to produce a documentary television series by a media company was not a personal services contract under applicable nonbankruptcy law and approved assignment of the contract to the company's secured lenders in connection with the lenders' purchase of the debtors' business.
7 minute read

Delaware Business Court Insider

SCOTUS' Purdue Pharma Position Could Shake Up Boy Scout Settlement, Objectors Say

Both Purdue Pharma and the Boy Scouts of America have approved plans that release the claims of third parties without requiring those parties' consent. In both cases, objectors say bankruptcy courts don't have the authority to approve plans that include that type of release.
5 minute read

New York Law Journal

Closing the Door on Open Markets? Serta Confirmation Opinion Defines an 'Open Market Purchase' and Finds Transacting Lenders Acted in 'Good Faith'

Lenders holding a majority of loans in a syndicated debt instrument notched another win in the non-pro rata refinancing wars when the U.S. Bankruptcy Court for the Southern District of Texas issued an opinion approving confirmation of the Chapter 11 plan of Serta Simmons Bedding and its affiliated debtors.
9 minute read

The Legal Intelligencer

Sacks Weston Files for Bankruptcy, a Year After Ex-Partner Copped to Stealing From Firm

The largest of the firm's liabilities is attributed to Virage SPV, which sued Sacks Weston earlier this year for allegedly breaching a nearly $6 million loan agreement and defaulting on the loan.
2 minute read

Law.com

3M to Pay $6B to Resolve Thousands of Combat Earplug Lawsuits

The settlement, announced on Tuesday, resolves 240,000 lawsuits in multidistrict litigation in the Southern District of Florida and thousands more cases in Minnesota state courts.
3 minute read

The American Lawyer

After Ripping 'Unseemly' Deal Between LeClairRyan Founder and Trustee, Judge OKs Updated Settlement

"While the meteoric rise and fall of LeClairRyan PLLC may have been extraordinary, LeClair's personal avarice does not translate into a circumstance worthy of vacating this court's opinion," the judge wrote.
3 minute read

The American Lawyer

Mayer Brown Looks to Reignite Debtor's Practice After Largest Company-Side Restructuring in Firm History

Lawyers representing GWG Holdings contended with a board that quit mid-bankruptcy and 27,000 secured creditors, including many who alleged fraud or sued the company.
6 minute read

Delaware Business Court Insider

Agreeing to Wider Customer Notice, FTX to Settle Claims Out of Delaware Court

Sullivan & Cromwell partner Brian Glueckstein said the sheer volume of claims involved in the case—around nine million in total—makes it a candidate for keeping smaller settlements moving without court oversight as a way of avoiding spending more time and money than necessary.
4 minute read

New York Law Journal

PETs, Winner Take All and New Protections for Independent Directors/Serta Confirms Plan

In her Distressed Mergers and Acquisitions column, Corinne Ball discusses 'In re Serta Simmons Bedding,' where, "ruling on the validity of the PET, the court addressed the role of equity, as well as the covenant of good faith and fair dealing, emphasizing that lender versus lender warfare is a "winner-take-all battle."
15 minute read

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