Daniel Kamensky, founder and former manager of New York-based hedge fund Marble Ridge Capital, has been sentenced to six months in prison for bankruptcy fraud, according to a statement from the United States Attorney’s Office in the southern district of New York.
The sentence, which came on Friday in a Manhattan federal court, comes after Kamensky was charged for “engaging in fraud and extortion to pressure a rival bidder to abandon its higher bid for assets in connection with Neiman Marcus’s bankruptcy proceedings so that Marble Ridge could obtain those assets for a lower price,” according to the statement.
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Recent decisions and court commentary suggest that a creditors’ committee appointed in a Chapter 11 case should take immediate action to ensure that its rights to pursue derivative standing are preserved, particularly when the debtor is a limited liability company.
Introduction
This issue recently arose again in the Chapter 11 cases of The Collected Group, LLC and certain of its affiliates (together, Collected), filed in the United States Bankruptcy Court for the District of Delaware (the Court). During the first day hearing on Collected’s motion to approve debtor-in-possession financing, Judge Silverstein
May 5, 2021
DAK Americas, a subsidiary of Alpek, has posted a stalking horse bid to acquire the Reading, Pennsylvania recycling plant from US firm CarbonLite, which filed for Chapter 11 bankruptcy protection in March.
The $96 million bid was reported in court documents earlier this week, with the deadline for a stalking horse bidder set at 1 May, 2021, according to the United States Bankruptcy Court for the District of Delaware.
A stalking horse bid is an initial bid on the assets of a bankrupt company, which serves as the minimum bidding bar for a final purchase price. If CarbonLite fails to receive a better offer, DAK Americas could acquire the plant. Details of the bid are available online and show the signature of Jorge Young, chief executive of DAK Americas.
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By a two to one vote, in an April 29 opinion, the United States Court of Appeals for the Fourth Circuit reversed a decision of the United States Bankruptcy Court for the Eastern District of Virginia that a 2017 increase in U.S. Trustee’s fees violated the Uniformity Clause and the Bankruptcy Clause of the U.S. Constitution. In a dissenting opinion, Judge A. Marvin Quattlebaum, strongly stated his belief that the increase violated the Bankruptcy Clause, but agreed that the Uniformity Clause was not violated. All three judges on the Fourth Circuit panel agreed with the Bankruptcy Court that the increase applied to Chapter 11 cases that were already pending when the increase took effect, not only to cases filed after the increase went into effect.
Valaris Successfully Completes Restructuring
Improves Liquidity Position by Receiving $520M Capital Injection
Valaris Limited ( Valaris or the Company and together with its subsidiaries, the Valaris Group ) today announced that, on April 30, 2021, the Valaris Group has successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group s Plan of Reorganization (the Plan ) was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3, 2021. Valaris now moves forward with a strengthened capital structure, eliminating $7.1B of debt and securing a $520M capital injection by issuing $550M of new secured notes maturing in 2028. As of April 30, 2021, Valaris had $615M of available cash, $40M of restricted cash and $550M of debt.