Restland Memorial Parks Inc of Monroeville files Chapter 11 in U S Bankruptcy Court for the Western District of Pennsylvania bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
With $2,300 Phone Calls, Purdue Runs Up Huge Bankruptcy Tab By Jeremy Hill and Dawn McCarty | May 12, 2021
One phone call with the Department of Justice: $2,300. Two days at the Ritz-Carlton: $830. Oh, and a lengthy cab ride to and from the court in White Plains, New York that’ll be $1,000.
Those are just some of the almost $400 million of fees and expenses racked up by professionals working the bankruptcy of Stamford, Connecticut-based Purdue Pharma LP. The bills add up tomore than half the amount that all individuals harmed by OxyContin would share under the drugmaker’s proposed settlement of personal injury claims.
The Wall Street Journal, which first reported the auction results, said the winning bid will pay current shareholders close to $8 a share, an unusual payout in any kind of corporate bankruptcy. Some of that would be paid in cash with warrants and reorganized equity also accounting for part of the value.
Apollo Global Management and a group of existing shareholders will join Knighthead and Cetares in taking control of Hertz, which filed for bankruptcy last May.
Under the proposal, which must be approved by the U.S. Bankruptcy Court, Hertz s Chapter 11 plan will be funded through direct common stock investments from investors and others aggregating $2.78 billion, the issuance of $1.5 billion of new preferred stock to Apollo and a fully backstopped rights offering to the company s existing shareholders to purchase about $1.64 billion of additional common stock.
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A Texas judge on Tuesday tossed the National Rifle Association s bankruptcy filing, calling into question the beleaguered advocacy group s attempt to move to the state.
Judge Harlin Hale of the U.S. Bankruptcy Court in Dallas dismissed the group s Chapter 11 filing, writing that CEO Wayne LaPierre was using the filing to gain an unfair litigation advantage and to avoid a state regulatory scheme.
Hale wrote in his opinion that the organization has strayed from its original intended purpose, which was to advocate for a broad reading of the Second Amendment. The mission and function of the NRA is focused on gun safety, and the NRA asserts it is ‘the nation’s foremost defender’ of the Second Amendment of the United States Constitution, he wrote. In recent years, however, it has become apparent that the NRA was suffering from inadequate governance and internal controls.