Bankruptcy & Restructuring News Headlines for Monday Jun 17, 2024

Here's what we are reading this morning:

Gemini to Settle NY Crypto Fraud Claims With $50 Million Payout - Bloomberg: Attorney General Letitia James sued Gemini in October, accusing the platform of lying to more than 230,000 investors about the risks associated with its investment program, Gemini Earn

San Diego Roman Catholic Diocese to file for bankruptcy – NBC 7 San Diego: The diocese, which will be filing for Chapter 11 bankruptcy on Monday, said its parishes, charities and schools would continue normal operations

Atalaya Capital Raises $1 Billion for Asset-Based Financing Fund - WSJ: Alternative investment firm Atalaya Capital Management has raised roughly $1 billion so far for its latest fund focused on investments in opportunistic asset-based deals, according to people with knowledge of the matter

Red Lobster Looks to New Wall Street Savior After Prior Woes - Bloomberg: The company faces choices that aren’t easy and may not turn its fortunes around.

Alex Jones' bankruptcy liquidation approved in court | Reuters: A U.S. bankruptcy judge on Friday allowed conspiracy theorist Alex Jones to convert his bankruptcy case into a straightforward liquidation, saying he would quickly appoint an independent trustee to oversee the sale of Jones' remaining assets

No Retroactive Fix For US Trustee Fee Dispute, Justices Say - Law360: The U.S. Supreme Court sided with the U.S. Trustee's Office on Friday in finding that an amended fee structure implemented before a 2022 ruling that struck down a nonuniform system of payments was all that was needed to resolve the disparate treatment of debtors under the unconstitutional law.

Sidley Secures Confirmation of Chapter 11 Plan for Casa Systems | News | Sidley Austin LLP: Casa Systems’ Chapter 11 cases were completed in 65 days and resulted in going-concern sales of the company’s 5G mobile core/RAN and cable businesses across multiple jurisdictions, a global settlement providing for recoveries to the company’s unsecured creditors, and the preservation of hundreds of jobs

Alex Jones Loses Financial Control as Trustee Takes Over: Later in the hearing, Lopez threw out the separate bankruptcy proceeding of Infowars’ parent, Free Speech Systems LLC, entirely. The families can now pursue their judgments against Free Speech in state court

Judge Orders Sale of Alex Jones’s Personal Assets but Keeps Infowars in Business - The New York Times: The outcome sharply divided the Sandy Hook families. Families who sued Mr. Jones in Texas favored Friday’s decision, which will keep Mr. Jones on the air but allow them to potentially receive more in damages from the Infowars income. Families who sued Mr. Jones in Connecticut favored settling for less money and shutting Mr. Jones down, although they acknowledged he would not be silenced entirely.

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