Billionaire auto dealership mogul Herb Chambers agreed to purchase the Lady May, a luxury yacht upon which Trump adviser Steve Bannon was arrested in 2020, from the bankruptcy estate of federally-indicted Chinese exile Guo Wengui.
Virgin Orbit Holdings Inc.'s junior creditors have objected to sending to a vote a proposed bankruptcy plan they say pays them only $200,000 against the $106 million they’re owed, but grants Richard Branson-affiliated businesses valuable legal protections.
New York’s Metropolitan Museum of Art plans to return a $550,000 donation it received from FTX Trading Ltd. before the bankrupt crypto exchange’s collapse.
Credit repair business Progrexion was hit with a proposed class action just one day into the company’s Chapter 11 bankruptcy case, facing allegations it abruptly terminated about 900 employees without advance notice in early April.
A cancer victim group seeking compensation from Johnson & Johnson has asked to file its own version of a reorganization plan for J&J’s bankrupt spinoff LTL Management that would allow the possibility of pursuing claims in non-bankruptcy courts.
White & Case LLP is seeking court clearance to charge the Boy Scouts of America $70.4 million for representing the organization in its bankruptcy over two and a half years, court records show.
Over 10 turbulent weeks earlier this year, a string of US banks with combined assets of more than $500 billion collapsed. What remained were thorny questions about what had gone wrong, what damage the episode might do to the banking system and the broader economy, and whether the swift government response had been a model of damage control or the cause of more trouble down the road.
Attorneys and legal scholars say it’s understandable why Judge Mark Walker erred on the side of caution and stepped down from litigation between Walt Disney Parks and Resorts US Inc. and Florida Gov. Ron DeSantis. Some say his order could even be read as a direct response to ethical issues dogging the US Supreme Court.
Data-center operator
Fixed income rates are likely to remain higher for longer with investors on the short end of the yield curve at an advantage according to
Welcome to The Brink. This is Anto Antony and Divya Patil in Mumbai, where we’ve been reporting on the fight between one of India’s most successful startups and its international lenders. We also have news on creditor brawls and Swedish real estate company SBB. Follow this link to subscribe. Send us feedback and tips at aantony1@bloomberg.net or Tweet/DM to @LCasiraghi.
US insolvency courts recorded five new, large filings while the pile of distressed debt grew for the first time in three weeks, according to data compiled by Bloomberg.
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