Former debtor Paragon Offshore PLC told a Delaware bankruptcy judge Wednesday that a $90 million settlement between its former parent company and a Chapter 11 litigation trust shouldn't trigger an obligation for Paragon to pay fees to the U.S. Trustee's Office.
N.R.A. Leadership and Bankruptcy Assailed by U.S. Trustee
In a rare move, the trustee, part of the Justice Department, called for the dismissal of the N.R.A.’s bankruptcy filing or the appointment of an outside monitor.
The National Rifle Association, facing legal challenges in New York, declared bankruptcy in January and is seeking to reincorporate in Texas.Credit.Jim Lo Scalzo/EPA, via Shutterstock
May 3, 2021
The National Rifle Association’s hopes of end-running a legal challenge in New York were dealt a serious blow on Monday when a Justice Department official rebuked its leadership and called for the dismissal of its bankruptcy filing or the appointment of an outside monitor to oversee its finances.
The U.S. Trustee's Office's $1 million settlement with Skadden, WilmerHale and Dechert for failing to disclose connections with the Sackler family and Purdue Pharma in its Chapter 11 case was a shot across the bow of large bankruptcy firms, and BigLaw would be wise to take notice, experts told Law360.
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Mallinckrodt Gets OK For Up To $35M In Exec Bonuses
Law360 (April 5, 2021, 6:57 PM EDT) A Delaware bankruptcy judge on Monday gave drugmaker Mallinckrodt PLC permission to give its top executives up to $35 million in performance-based bonuses, rejecting creditor arguments that the executives could be responsible for the company s legal troubles.
In a bench ruling, U.S. Bankruptcy Judge John Dorsey overrode objections from the unsecured creditors committee and the U.S. Trustee s Office to find that the proposed bonuses were a reasonable incentive for the executives to see the company through its Chapter 11 and that so far, no court has found them liable in the litigation that sent the company into bankruptcy.
Mallinckrodt Gets OK For Up To $35M In Exec Bonuses law360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from law360.com Daily Mail and Mail on Sunday newspapers.