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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.

☆ Crypto exchange Bittrex files for bankruptcy after SEC complaint
▼ + stars: | 2023-05-08 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

May 8 (Reuters) - Cryptocurrency exchange Bittrex Inc filed for bankruptcy protection on Monday, three weeks after the U.S. Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange. Seattle-based Bittrex ceased operations in the United States on April 30, and it said the bankruptcy filing would not impact Bittrex Global, which serves customers outside the United States. Bittrex said that it was still holding crypto assets of U.S. customers who did not withdraw funds before April 30. Bittrex has denied the SEC's allegations, saying the crypto assets on its platform were not securities or investment contracts. Bittrex's other largest creditors were mostly customers of the crypto exchange.

Companies Genesis Global Capital, Llc FollowMay 4 (Reuters) - Bankrupt crypto exchange FTX received U.S. bankruptcy court permission on Thursday to sell its LedgerX business for $50 million, raising additional funds to repay creditors. Miami International Holdings owns the Bermuda Stock Exchange and several U.S.-registered securities exchanges, including the Miami International Securities Exchange. FTX said in a court filing that Genesis owes it that money as a result of transactions that took place shortly before FTX's bankruptcy filing. Genesis, unlike other creditors, was largely repaid before FTX went bankrupt, FTX said. FTX, a once-prominent crypto exchange, filed for Chapter 11 amid allegations that founder Sam Bankman-Fried used FTX customers' money to prop up Alameda's balance sheet.

☆ NBA's Phoenix Suns sign new TV deal after broadcaster bankruptcy
▼ + stars: | 2023-04-28 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

[1/2] Apr 18, 2023; Phoenix, Arizona, USA; Phoenix Suns forward Kevin Durant (35) with guard Devin Booker (1) against the Los Angeles Clippers during game two of the 2023 NBA playoffs at Footprint Center. Mandatory Credit: Mark J. Rebilas-USA TODAY SportsApril 28 (Reuters) - The NBA's Phoenix Suns and WNBA's Phoenix Mercury announced a new television and streaming rights deal for their basketball games on Friday, over the objection of the bankrupt U.S. sports broadcaster that currently televises Suns regular-season games. "Cord cutters, cable subscribers, fans with an antenna – everyone will be able to watch Suns and Mercury games," Ishbia said in a statement. The Phoenix Suns current television broadcast partner Diamond Sports Group said it would oppose the deal. The Suns and Mercury did not disclose financial terms of the new broadcast deal or the terms of the current Diamond Sports contract.

☆ SVB's former parent may need new funding after $2bln cash seizure
▼ + stars: | 2023-04-26 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

The FDIC has also not fully explained why the cash was seized, Bromley said. FDIC's attorney, Derek Baker, told Glenn that SVB Financial's bank accounts were properly seized as part of FDIC's takeover of the failed bank. The cash is being held as a set-off against the regulator's costs in stepping in to protect SVB customer deposits, and FDIC is working to provide more detail about its claims against SVB Financial, Baker said. Glenn said he needed more information about the FDIC's authority to seize cash and how disputes related to the seizure should be resolved. SVB Financial is also still waiting for the full return of financial records that were seized as part of the bank takeover.

☆ SVB's former parent may need new funding after $2 billion cash seizure
▼ + stars: | 2023-04-26 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Silicon Valley Bank's former owner may need to take out a bankruptcy loan amid uncertainty about the U.S. Federal Deposit Insurance Company's seizure of $2 billion in cash from the company, its attorney said Wednesday. The FDIC has also not fully explained why the cash was seized, Bromley said. FDIC's attorney, Derek Baker, told Glenn that SVB Financial's bank accounts were properly seized as part of FDIC's takeover of the failed bank. Glenn said he needed more information about the FDIC's authority to seize cash and how disputes related to the seizure should be resolved. SVB Financial is also still waiting for the full return of financial records that were seized as part of the bank takeover.

The Boy Scouts' three-year Chapter 11 bankruptcy case resulted in the largest sexual abuse settlement fund in U.S. history and resolves claims by more than 80,000 men who say they were abused as children by troop leaders, according to the organization. The Boy Scouts settlement was supported by 86% of abuse claimants and the Boy Scouts' two largest insurers, which funded a large part of the settlement. The Boy Scouts organization was able to emerge from bankruptcy after the Philadephia-based 3rd U.S. Money for the settlement comes from the Boy Scouts, local councils, insurers and organizations that have chartered Scouting units and activities, including churches. The Boy Scouts organization has contributed additional insurance rights to the settlement fund, which may be worth as much $4 billion, according to court documents.

3M and Aearo say the earplug litigation has spiraled out of control. But attorney Adam Silverstein, who represents veterans suing 3M over hearing loss, said at a court hearing in Indianapolis that filing for bankruptcy, like "pulling a fire alarm," should be reserved for urgent threats. Aearo was not in need of emergency rescue, because it had filed for bankruptcy solely as "a strategic alternative to managing 3M's litigation," Silverstein said. Aearo, which made the combat arms earplugs, filed for bankruptcy last July, with 3M pledging $1 billion to fund its liabilities stemming from the lawsuits that accuse both Aearo and 3M of misrepresenting the earplugs' effectiveness, leading to hearing damage. Aearo should be allowed to proactively resolve the growing problem of earplug lawsuits through a bankruptcy settlement, Husnick said.

☆ The Kylix Marvel: Why Experts Distrust the Story of an Ancient Cup’s Rebirth
▼ + stars: | 2023-04-19 | by ( Graham Bowley | Tom Mashberg | ) www.nytimes.com time to read: +1 min

“Dietrich turned what was a bunch of fragments into something that was beautiful,” said Hemingway, the Met curator. It is not clear how the dozens of fragments that were used to reconstruct the kylix came to be so widely dispersed. And all of them had some kind of relationship with von Bothmer. Fritz Bürki, who sold the Met the first fragments in 1978, was an expert in the reassembly of fractured artifacts. He had rebuilt the infamous Euphronios krater for Hecht, the dealer who sold it to von Bothmer and the Met.

In a 9-0 ruling written by Justice Ketanji Brown Jackson, the Supreme Court overturned a lower court's decision against MOAC Mall Holdings LLC, the parent company of the mega-mall located in Bloomington, Minnesota. The lease provided Sears with a three-story, 120,000-square foot (11,000 square meters) location at the mall for a rent of just $10 a year. Mall of America went to court to try to stop the lease transfer during the Sears bankruptcy process. Circuit Court of Appeals found in 2021 that bankruptcy law does not allow for appeals of court-approved bankruptcy sales. While bankruptcy law limits the ability of courts to unwind a sale after appeal, it does not prevent appeals entirely, the Supreme Court ruled.

LTL has said litigation against J&J would imperil its effort to negotiate a comprehensive settlement of all current and future talc claims in its bankruptcy. Before the talc lawsuits could resume, LTL filed for bankruptcy a second time, re-opening the legal battle over the bankruptcy's legitimacy. It has said its second bankruptcy is different because it has less funding available and more plaintiff support for a settlement. U.S. Bankruptcy Judge Michael Kaplan agreed to protect J&J from lawsuits during LTL's first bankruptcy, saying at the time it offered the best way to fairly resolve all of the talc lawsuits together. Kaplan, who is also presiding over the second bankruptcy, will now decide whether to stop the lawsuits again to give LTL a second shot at a bankruptcy settlement.

These kind of megadeals are at the vanguard of billions of dollars of annual spending on classic cars globally in a wave of investment in this alternative asset. "The track record of the past 30 years tells us classic cars have become a financial asset class we want our clients to have in their portfolios." [1/5] A general view of the classic car collection of Florian Zimmermann, owner of over 300 classic cars, in a warehouse in Lindau, Germany, April 5, 2023. "Electrification will favour classic cars," said Cristiano Bolzoni, head of Maserati's vintage car unit Maserati Classiche. "The classic car community has changed tremendously over the past five to 10 years," Zimmermann said.

☆ Bankrupt crypto exchange FTX has recovered $7.3 bln in assets
▼ + stars: | 2023-04-12 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

April 12 (Reuters) - Bankrupt crypto exchange FTX has recovered over $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company's attorney said on Wednesday at a U.S. bankruptcy court hearing in Delaware. FTX's new CEO John Ray has detailed improper fund transfers and poor accounting at the collapsed crypto exchange, describing it as a "complete failure" of controls. He offered few details on what a reboot might mean for FTX customers whose crypto deposits have been locked up during the bankruptcy case. FTX would need significant capital to restart its crypto exchange, because the existing customer interface had little connection to the movement of money behind the scenes, the lawyer said. It is not clear whether FTX should use its own funds to re-start the exchange, rather than using the money to repay customers, Dietderich said.

Kaplan said he shared Richenderfer's concerns, but would not take any action to stop LTL's second bankruptcy filing until he gets more information. J&J faces more than 38,000 lawsuits that have been consolidated in federal court in New Jersey alleging that its talc products sometimes contained carcinogenic asbestos, and those cases have been on hold while LTL pursues a bankruptcy settlement. J&J has said its baby powder and other talc products are safe, do not cause cancer or contain asbestos. LTL attorney Greg Gordon said at Tuesday's court hearing that the second bankruptcy is different because the company has fewer assets available and more support for a bankruptcy settlement. Gordon called that an "over the top accusation," saying plaintiffs' support for the settlement is real and substantial.

Companies Johnson & Johnson FollowApril 10 (Reuters) - Johnson & Johnson's renewed effort to resolve talc lawsuits through an $8.9 billion bankruptcy settlement must be dismissed as a "fraudulent scheme" that defies a court order rejecting the company's previous attempt to settle the litigation, according to a court filing from lawyers representing cancer victims. Circuit Court of Appeals that it was not in sufficient "financial distress" to qualify for bankruptcy. J&J maintains that its talc products are safe and do not cause cancer. J&J did not provide an estimate of the total number of talc claims it faces when asked. That's especially true for J&J talc cases, because LTL's first bankruptcy stopped new lawsuits from being filed after October 2021, he said.

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