DIRS.INFO The most relevant business & tech news

☆ J&J's $8.9 billion talc settlement faces US bankruptcy test
▼ + stars: | 2023-06-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

J&J has said its talc products are safe and do not contain asbestos. Attorneys representing cancer victims, along with the U.S. Justice Department's bankruptcy watchdog, have called for LTL's second bankruptcy to be dismissed as an abuse of U.S. bankruptcy law. Cancer victims who oppose the bankruptcy settlement have said that the second bankruptcy recycles a failed legal strategy to keep their cases from being heard by juries. Circuit Court of Appeals, has said he expects to rule on whether to dismiss LTL's second bankruptcy by early August. Erik Haas, J&J's worldwide vice president for litigation, said in a statement last week that the proposed bankruptcy settlement offers a fairer and faster resolution for cancer claimants than litigation in other courts.

Persons: Johnson, LTL Management's, LTL, U.S . Justice Department's, recycles, Michael Kaplan, Kaplan, LTL's, John Kim, Jim Murdica, Mikal Watts, Erik Haas, J, Watts, Dietrich Knauth, Alexia Garamfalvi, Will Dunham Organizations: Johnson, U.S . Justice, Circuit, J, Thomson Locations: New Jersey, Trenton, Philadelphia, LTL, New York

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit

The liquidators discussed the allegations against Three Arrows co-founders Su Zhu and Kyle Davies at a Tuesday meeting with the hedge fund's creditors, the person said. Representatives for Zhu and Davies could not be reached for comment immediately. Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May. The liquidators were appointed by that court to wind down the company and pay its debt. Earlier this month, a set of non-fungible tokens previously bought by Three Arrows was sold for $10.9 million at Sotheby's in New York.

Persons: Su Zhu, Kyle Davies, Zhu, Davies, cryptocurrencies Luna, TerraUSD, Jaiveer Singh, Dietrich Knauth, Sriraj Organizations: Arrows, Reuters, Three Arrows, Virgin, Bloomberg News, British Virgin Islands, Thomson Locations: British Virgin, Manhattan, New York, Bengaluru

☆ US judge approves Overstock's $21.5 mln Bed Bath & Beyond purchase
▼ + stars: | 2023-06-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

NEW YORK, June 27 (Reuters) - A U.S. bankruptcy judge on Tuesday approved Overstock.com's $21.5 million purchase of Bed Bath & Beyond's brand name, intellectual property and ecommerce platform. Overstock emerged as the winning bidder for the company's intellectual property in a deal worth $21.5 million, court filings showed on Thursday. Bed Bath & Beyond stores and inventory are not part of the deal. Bed Bath & Beyond is hosting a separate auction starting tomorrow for its Buy Buy Baby chain, which sells products for infants and toddlers. The Buy Buy Baby assets have attracted interest from investment firms Go Global Retail and Sixth Street Partners, according to media reports.

Persons: Vincent Papalia, Emily Geier, Dietrich Knauth, Alexia Garamfalvi Organizations: YORK, Bed, Go Global, Sixth Street Partners, Thomson Locations: Newark , New Jersey

CompaniesCompanies Law Firms FTX Trading Limited FollowNEW YORK, June 23 (Reuters) - A group of media organizations on Friday appealed a court decision that allows collapsed crypto exchange FTX to keep customer names secret during its bankruptcy case. U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware, ruled earlier this month that FTX did not have to reveal its customers' names because doing so could expose them to identity theft and other scams. After the judge in the Celsius case ordered customers' names be revealed, Celsius users saw an increase in phishing attacks from scammers who posed as bankruptcy attorneys and Celsius employees, according to FTX's court filings. FTX said it had approximately 9 million users who might be targeted by scams if their names were revealed. FTX Trading and more than 100 affiliates in November filed for bankruptcy protection in Delaware to address claims that the company misused and lost billions in customers' crypto deposits.

Persons: John Dorsey, FTX, Dorsey's, scammers, Sam Bankman, Fried, Dietrich Knauth, Alexia Garamfalvi, Daniel Wallis Organizations: Bloomberg, Dow Jones & Company, The New York Times Company, Financial, Thomson Locations: Wilmington , Delaware, Delaware

☆ Bankrupt Vice Media plans sale to Fortress Investment-led group
▼ + stars: | 2023-06-22 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

June 22 (Reuters) - A group of buyers including Fortress Investment Group may take over Vice Media after the consortium's $225-million offer for the bankrupt company emerged as the only "qualified" bid on the table, according to a legal filing. Popular with millennial audience through its websites Vice and Motherboard, Vice Media filed for bankruptcy protection last month in a move that capped years of financial difficulties and top-executive departures. GoDigital Media told Reuters in an emailed statement that it made a higher bid for Vice but the offer was turned down by the sellers. "We think Fortress's decision is the wrong choice, and the company, employees, partners and consumers will suffer," GoDigital said. Fortress and Vice did not immediately respond to Reuters' requests for comment on the potential deal, which must be approved by the bankruptcy judge.

Persons: GoDigital, Privately, James Murdoch's, Yuvraj Malik, Jonathan Stempel, Dietrich Knauth, Shailesh Kuber, Krishna Chandra Organizations: Fortress Investment, Media, U.S, Fortress, GoDigital Media, Reuters, Systems, TPG, Technology, Ventures, Antenna Group, Big Tech, Facebook, Google, Thomson Locations: Manhattan, Bengaluru, New York

NEW YORK, June 22 (Reuters) - Bankrupt crypto exchange FTX on Thursday sued a former aide to Hilary Clinton and the former aide's investment firm, seeking to claw back $700 million in investments allegedly made with misappropriated FTX funds. Bankman-Fried authorized investments in K5 projects that enriched Kives and Baum with no payoff for FTX or its customers, who were footing the bill, FTX alleged. FTX has also filed lawsuits over its pre-bankruptcy investment in the stock platform Embed and its payments toGenesis Global Capital, the bankrupt lending arm of crypto firm Genesis. FTX on Wednesday announced a settlement with the Metropolitan Museum of Art, in which the museum agreed to return $550 million in donations that it received from FTX companies in 2022. Reporting by Dietrich Knauth in New York Editing by Alexia Garamfalvi and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Hilary Clinton, misappropriated, FTX, Sam Bankman, Fried, Michael Kives, Bryan Baum, Clinton, Arnold Schwarzenegger, Katy Perry, I've, Baum, Kendall Jenner's, SBF, Elizabeth Ashford, Kives, Dietrich Knauth, Alexia Garamfalvi, Matthew Lewis Organizations: YORK, K5 Global, Democratic, Republican, U.S . Securities, Exchange Commission, K5, Genesis Global Capital, Wednesday, Metropolitan Museum of Art, Thomson Locations: Wilmington , Delaware, Democratic U.S, New York, Republican California, FTX

Since Jones and his company are bankrupt, the trials would not normally be allowed to proceed without bankruptcy court permission. Jones has said that he can not afford to pay the Sandy Hook defamation judgments, and is attempting to resolve all legal claims against him through a settlement in bankruptcy. Leonard Pozner and Veronique De La Rosa, whose six-year-old son Noah was killed in the Sandy Hook shooting, would proceed to trial in October. Without a placeholder value, the Texas defamation claims could be given far less weight than the defamation claims that have already resulted in $1.5 billion in verdicts, according to Jones’ court filings. The case is Alex Jones, U.S. Bankruptcy Court for the Southern District of Texas, No.

Persons: Sandy Hook, Alex Jones, Jones, Christopher Lopez, Lopez, Sandy, Leonard Pozner, Veronique De La Rosa, Noah, De, De La Rosa, Marcel Fontaine, Fontaine, De La, Fontaine's, Jennifer Hardy, Vickie Driver, Crowe, Ray Battaglia, Pozner, Willkie Farr, Gallagher Read, Dietrich Knauth Organizations: U.S, Speech Systems, De La, CNN, Bankruptcy, Southern, Southern District of, Dunlevy, Systems, Thomson Locations: U.S, Houston, Newtown , Connecticut, Texas, Parkland , Florida, Southern District, Southern District of Texas

U.S. Bankruptcy Judge Jeffrey Graham in Indianapolis had dismissed Aearo Technologies' bankruptcy on Friday, finding that it was "fatally premature." Despite the "staggering" number of earplug lawsuits, Aearo has significant financial support from 3M and enjoys a "greater degree of financial security than warrants bankruptcy protection," Graham ruled. 3M and Aearo had argued that the earplug litigation had spiraled out of control and could be resolved only in bankruptcy. The case is Aearo Technologies LLC, U.S. Bankruptcy Court for the Southern District of Indiana, No. Read more:US judge rejects 3M effort to resolve earplug lawsuits in bankruptcy3M foes act fast to capitalize on J&J’s talc bankruptcy defeat3M earplug bankruptcy creates "corrosive" tension with other courts, attorney saysBankruptcy as MDL escape hatch?

Persons: Jeffrey Graham, Aearo, Graham, Chad Husnick, Kirkland & Ellis, Melanie Cyganowski, Bryan Aylstock, Christopher Seeger, Seeger Weiss, David Molton, Brown Rudnick, Michael Tuchin, Kevin Maclay, Read, Dietrich Knauth Organizations: Aearo Technologies, 3M, Bankruptcy, Southern, Southern District of, Kirkland &, KTBS, Caplin, Drysdale, Thomson Locations: U.S, Indianapolis, Pensacola , Florida, Southern District, Southern District of Indiana, Kirkland, Witkin

NEW YORK, June 9 (Reuters) - Bankrupt crypto exchange FTX received court permission on Friday to remove customer names from all filings in its bankruptcy case, persuading a U.S. judge that publishing the names would put people at risk of scams and identity theft. U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware, ruled that FTX can permanently redact the names of individual customers from its bankruptcy filings, after hearing testimony that publishing customers' names would place them at risk even if other identifying information like their email address was kept secret. In January, Dorsey had allowed FTX to keep secret the names of 9 million of its individual customers for three months. On Friday, Dorsey also authorized FTX to remove the names of companies and institutional investors from its customer lists on a temporary basis, saying FTX will have to make a new request in 90 days. FTX founder Sam Bankman-Fried and several company insiders have been indicted on fraud charges for their role in the company's collapse.

Persons: FTX, John Dorsey, Dorsey, liquidators, Sam Bankman, Dietrich Knauth, Alexia Garamfalvi, Rosalba O'Brien Organizations: YORK, FTX's, Bahamian, FTX, Thomson Locations: U.S, Wilmington , Delaware, Bahamas, Delaware

☆ US judge rejects 3M effort to resolve earplug lawsuits in bankruptcy
▼ + stars: | 2023-06-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

NEW YORK (Reuters) -A U.S. judge on Friday dismissed the bankruptcy of 3M subsidiary Aearo Technologies, rejecting an effort to resolve nearly 260,000 lawsuits alleging that 3M military earplugs caused hearing loss for veterans and U.S. service members. 3M and Aearo had argued that the earplug litigation had spiraled out of control and could be resolved only in bankruptcy. Graham acknowledged that the earplug litigation was “staggering,” representing 30% of all cases currently pending in the federal district courts. Those appeals could “fundamentally change the trajectory” of the earplug lawsuits, 3M said. 3M’s bankruptcy strategy mirrors a similar effort by Johnson & Johnson, which has attempted to resolve lawsuits through the bankruptcy of a newly created subsidiary, LTL Management.

Persons: Brendan McDermid, Jeffrey Graham, Aearo, Graham, Bryan Aylstock, Chris Seeger, ” “, ” Aylstock, Seeger, Johnson, J, LTL Organizations: YORK, Aearo Technologies, New York Stock Exchange, REUTERS, 3M, Aearo, U.S, Circuit, Johnson, LTL Management Locations: U.S, New York City, Indianapolis, Pensacola , Florida, Florida

☆ Georgia slot machine company enters bankruptcy to cut $500 million debt
▼ + stars: | 2023-06-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Georgia law places strict limits on slot machines, prohibiting cash winnings, and preventing locations like gas stations and convenience stores from having more than nine slot machines or deriving more than 50% of their revenue from slot machines, according to the company. Headquartered in Norcross, Georgia, Lucky Bucks operates in 345 locations throughout Georgia with approximately 2,300 slot machines. Before filing for bankruptcy, Lucky Bucks had lobbied for a Georgia law that would have protected slot machine operators from “predatory” competition. The proposed bill, which was not passed by Georgia’s legislature, would have prevented a new slot machine from being installed in the nine months following the removal of a different company's slot machine. The case is Lucky Bucks Inc, U.S. Bankruptcy Court for the District of Delaware, No.

Persons: Bucks, Georgia Lucky, Lucky Bucks, James Boyden, Lucky, Dennis Dunne, Tyson Lomazow, Russell Silberglied, Richards, Layton, Dietrich Knauth Organizations: Company, Georgia Lucky Bucks, YORK, Lucky, Bucks, Lucky Bucks, Trive, Seven Aces, Lucky Bucks Inc, Bankruptcy, District of, Milbank LLP, Diebold, Atlantic City, Thomson, & $ Locations: Georgia, Wilmington , Delaware, Norcross , Georgia, Georgia’s, District of Delaware

Dorsey questioned the value of a Bahamian court ruling during a Thursday court hearing in Wilmington, Delaware, saying that he would retain authority over the $7 billion in assets recovered by the U.S. debtors no matter what the Bahamian court rules. "It doesn't go to FTX Digital until I say it goes to FTX Digital," Dorsey said. The sides offered very different descriptions of how important FTX Digital was to the crypto exchange's operations. A court ruling in their favor could place the Bahamian company, and not the U.S. debtors, in charge of collecting assets and deciding how to distribute them to FTX customers. The case is FTX Trading, U.S. Bankruptcy Court for the District of Delaware, No.

Persons: John Dorsey, Dorsey, Chris Shore, Sam Bankman, Bankman, Fried's, Andy Dietderich, Brian Glueckstein, James Bromley of Sullivan, Cromwell, Chris Shore of, FTX, Dietrich Knauth Organizations: U.S, FTX's U.S, FTX Digital, FTX, Bahamian, Bankruptcy, District of, Chris Shore of White, Thomson, & & $ Locations: Delaware, Bahamas, Wilmington , Delaware, U.S, Hong Kong, District of Delaware

Companies Diebold Nixdorf Inc FollowNEW YORK, June 1 (Reuters) - ATM maker Diebold Nixdorf filed for bankruptcy in Texas on Thursday, saying it had reached an agreement to reduce the company's overall debt by $2.1 billion. Diebold Nixdorf said it urgently needs the new loans. Diebold has struggled with debt since it acquired Germany-based Wincor Nixdorf AG for $1.8 billion in 2016. Before filing for bankruptcy, Diebold engaged in cost-cutting efforts like reducing its real estate footprint, streamlining its ATM product range, and renegotiating its debt in March 2022. Diebold Nixdorf sells ATMs and point-of-sale systems in more than 100 countries.

Persons: Diebold Nixdorf, Diebold, Dietrich Knauth, Alexia Garamfalvi, Nick Zieminski Organizations: Diebold, Nixdorf, Diebold Nixdorf, New York Stock Exchange, Thomson Locations: Texas, Ohio, Houston, Germany

CompaniesCompanies Law Firms Purdue Pharma LP FollowNEW YORK, May 30 (Reuters) - Bankrupt OxyContin maker Purdue Pharma can shield its owners, members of the wealthy Sackler family, from opioid lawsuits in exchange for a $6 billion contribution to the company's broader bankruptcy settlement, a U.S. appeals court ruled on Tuesday. Circuit Court of Appeals said that U.S. bankruptcy law allows legal protections for non-bankrupt parties, like the Sacklers, in extraordinary circumstances. Purdue has pleaded guilty to charges related to its opioid marketing, while its owners have expressed regret but denied wrongdoing. The Sackler contribution accounts for most of the cash payment in a broader bankruptcy settlement that Purdue values at more than $10 billion. Similar lawsuits related to the U.S. opioid crisis have resulted in more than $50 billion in settlements with opioid manufacturers, drug distributors and pharmacy chains.

Persons: Sackler, Eunice Lee, Richard Wesley, Wesley, OxyContin, Mortimer Sackler, Raymond Sackler, Dietrich Knauth, Bill Berkrot, Alexia Garamfalvi Organizations: Law, Purdue, Purdue Pharma, The, Circuit, Appeals, U.S, Supreme, U.S . Centers for Disease Control, Thomson Locations: U.S, The New York

NEW YORK, May 19 (Reuters) - The families of Sandy Hook victims are preparing to sue Alex Jones' wife and other family members to help satisfy $1.5 billion in judgments they won from lawsuits against the bankrupt right wing conspiracy theorist over his lies about the deadly 2012 U.S. school massacre. The families have a "very strong case" to claw back certain payments to Jones' family, including a $1 million payment from Jones to his wife, Zensky said. "You can imagine that if someone was to sue their wife over transfers, that's a little hard in the home," Driver said. The families have accused Jones and FSS of profiting off lies about the shooting for years and sued him for defamation. U.S. Bankruptcy Judge Christopher Lopez, who is overseeing the bankruptcies, said Jones and the Sandy Hook families should make one last effort to reach a settlement.

FollowNEW YORK, May 18 (Reuters) - Bankrupt crypto exchange FTX is seeking to claw back more than $240 million it paid for stock trading platform Embed, saying former FTX insiders did no investigation before buying the essentially worthless bug-ridden software platform. FTX filed three lawsuits late Wednesday in U.S. Bankruptcy Court in Delaware targeting former FTX insiders including indicted founder Sam Bankman-Fried, Embed executives including founder Michael Giles, and Embed shareholders. FTX alleged that Bankman-Fried and other FTX insiders misappropriated company funds to acquire stakes in Embed as part of the transaction. As part of the purchase, FTX also paid Embed employees $70 million in retention bonuses. FTX is seeking to recover $236.8 million from Giles and Embed insiders, and $6.9 million from Embed minority shareholders.

☆ SVB Financial defeats FDIC effort to seize incoming tax refunds
▼ + stars: | 2023-05-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Judge Martin Glenn in Manhattan handed a victory to SVB Financial in broader dispute over FDIC's efforts to recoup its costs in rescuing the failed Silicon Valley Bank, preventing the regulator from claiming future tax refunds that SVB Financial valued at $300 million. FDIC sought to escrow those funds while the regulator determines whether they properly belong to the seized bank or the bankrupt parent company. Glenn ruled that FDIC had no authority to intercept checks that were clearly written out to "SVB Financial." He ordered FDIC to return the intercepted checks by Friday, and to send any future tax refunds checks to SVB Financial. FDIC argued that the tax refunds may be owed to the seized bank, which is now run by First Citizens BancShares, under a tax agreement between the bank and its former parent company.

☆ Bankrupt crypto lender Voyager Digital predicts 35% customer payout
▼ + stars: | 2023-05-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

NEW YORK, May 17 (Reuters) - Crypto lender Voyager Digital said Wednesday that customers will recover about 35% of their cryptocurrency deposits as the company winds down its operations after a failed buyout attempt by crypto exchange Binance.US. It initially sought to sell its assets for $1.42 billion to FTX, a deal that failed when FTX imploded in November. If Voyager fully prevails in the FTX litigation, customers' expected recovery would be 63.74%, according to Voyager's court filings. Voyager intends to repay customers with the same type of cryptocurrency that they had in their accounts. Voyager was one of several crypto lenders to file for bankruptcy in 2022 after a boom in the COVID-19 pandemic.

Companies Johnson & Johnson FollowNEW YORK, May 16 (Reuters) - Johnson & Johnson (JNJ.N) has set aside $400 million to resolve U.S. state consumer protection actions as part of its broader $8.9 billion effort to settle claims that its Baby Powder and other talc products cause cancer. LTL's bankruptcy plan would pay $400 million into a separate trust for claims filed by state attorneys general alleging that J&J violated state unfair business practices and consumer protection laws by misleading consumers about the safety of its talc products. Several states had begun consumer protection actions against J&J before LTL's first bankruptcy filing stopped those investigations from moving forward in 2021. New Mexico and Mississippi said in their motion to dismiss that LTL's renewed bankruptcy violates state law enforcement powers by attempting unilaterally to cap the company's liability for state consumer protection actions. From there, the proposed settlement applies discounts depending on the type and severity of cancer, the individual's age, history of talc use and other factors.

Kidde-Fenwal filed for Chapter 11 protection in Delaware bankruptcy court. Kidde-Fenwal sold AFFF foam products from 2007 to 2013, according to court documents. Kidde-Fenwal does not make AFFF products, but it previously sold AFFF products through a subsidiary called National Foam. 3M, a central defendant in the AFFF lawsuits, has said it would stop producing PFAS by 2025. The case is In re Kidde-Fenwal Inc, U.S. Bankruptcy Court for the District of Delaware, No.

☆ Martin Shkreli-founded drug company files for bankruptcy
▼ + stars: | 2023-05-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Vyera said its bankruptcy was the result of declining profits, increased competition for generic drugs, and litigation alleging that Vyera suppressed competition for its most valuable drug, Daraprim. Daraprim is a life-saving anti-parasitic medicine that Shkreli infamously raised the price on by more than 4000% and worked to choke off generic competition for after the company acquired the drug in 2015. Vyera filed a Chapter 11 plan in court on Wednesday, laying out it its intent to repay creditors through asset sales. Vyera said that recently-sold vouchers have fetched prices between $95 million and $120 million in sales that have occurred since 2020. Vyera listed Duane Morris as its largest unsecured creditor in its bankruptcy filing, with a $2.1 million asserted debt.

☆ US bankruptcy judge blocks NBA team Phoenix Suns' new TV deal
▼ + stars: | 2023-05-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

NEW YORK, May 10 (Reuters) - A U.S. bankruptcy judge on Wednesday blocked the NBA's Phoenix Suns from moving ahead with a television and streaming rights deal for its basketball games, saying the team violated the rights of its current broadcast partner, the bankrupt Diamond Sports Group. The Phoenix Suns last month announced they would broadcast future games to television and online streaming through a partnership with Gray Television Inc (GTN.N) and video technology startup Kiswe. The Suns' attorneys argued that its TV deal with Diamond expired with the end of the 2022-2023 regular season, and that the new deal would not interfere with Diamond's rights under its existing contract. "The Suns are saying one thing outside the court and another thing inside it," Lopez said. Financial terms of the Phoenix Suns' contracts with Diamond Sports and with Gray TV were kept sealed in bankruptcy court.

☆ Bittrex approved to borrow $7 mln bankruptcy loan in bitcoin
▼ + stars: | 2023-05-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Shannon approved the loan on an interim basis, allowing Bittrex to borrow 250 bitcoin from its parent company Aquila Holdings, which is not filing for bankruptcy. Bittrex will seek permission to borrow an additional 450 bitcoin at a hearing in June, and the total value of its proposed loan is $19.7 million, based on bitcoin prices when it filed for bankruptcy. The case is Bittrex Inc, U.S. Bankruptcy Court for the District of Delaware, No.

Search resuls for: "Dietrich Knauth"

25 mentions found