 | | Featured Premium Content | | | | | Bloomberg Law: AIG Beats Mallinckrodt Trust in Twist on Opioid Insurance Clash
American International Group Inc.'s successful bid to avoid covering litigation against opioid manufacturing giant Mallinckrodt offers guidance on a novel issue: the scope of an insurance policy exclusion for claims stemming from opioid products and efforts to market them, according to a Bloomberg Law analysis. Opioid insurance fights typically hinge on what constitutes a covered “occurrence” in liability policies and whether the underlying suits seek damages “because of bodily injury.” READ MORE | | | | | SPONSORED CONTENTPrivate Credit and BSLs: Friends or Foes?With private credit and broadly syndicated loans (BSLs) competing for dominance, the lending landscape is in flux. But can these markets ultimately work hand in hand? SRS Acquiom, in partnership with Debtwire, surveyed 200 senior executives from alternative asset management firms across Europe and the U.S. to uncover the true dynamics of these two critical markets. Download the Report | | |  | | Editor's Picks | | | | | Benson Hill Files for Bankruptcy
Benson Hill, a seed innovation company based in St. Louis, announced March 20 that it filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, Progressive Farmer reported. The move comes come just days after the company posted a notice of late filing with the U.S. Securities and Exchange Commission informing the federal agency that it was unable to make a "reasonable estimate" of the company's results of operations for a 2024 annual report. Last month, Benson Hill reported to the SEC that it had furloughed more than one-third of its employees and relocated its headquarters office. READ MORE | | Purdue Pharma Fees Surpass $250 Million for Davis Polk Amid New Bankruptcy Plan
Purdue's journey through the courts has generated sprawling fees for the army of attorneys and other professionals in the case, Reuters reported. Davis Polk & Wardwell alone has received or requested more than a quarter of a billion dollars in fees since the bankruptcy began in 2019, a review of court filings shows. A U.S. bankruptcy judge in White Plains, New York has approved $246 million so far for the Davis Polk team, led by the firm's restructuring practice co-head Marshall Huebner. The firm has requested another $12.2 million for its work from September 2024 through January. READ MORE | | Judge Issues Protective Order in Bankruptcy Case of Deion Sanders' Son Shilo
A federal bankruptcy judge on Wednesday issued a limited protective order in the bankruptcy case of Colorado football player Shilo Sanders after questioning why certain aspects of Sanders’ financial activities should be given such privacy protections, including his business deals and bank statements, USA Today reported. In a hearing in Denver on Tuesday, Judge Michael E. Romero also reminded Sanders' attorney that Sanders voluntarily chose to file for bankruptcy in a public court in 2023 as part of his effort to free himself of more than $11 million in debt. Romero therefore questioned Sanders’ attorney why Sanders' previous bank statements should be shielded from public view by a protective order. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | ABI Annual Spring Meeting Marriott Marquis
April 24-26 | Washington, D.C. | | VALCON 2025 Four Seasons Las Vegas
May 14-15 | Las Vegas, Nevada | | | | |  | | Daily Roundup | | | | | Court Strips Control of Big Storm Brewing Away from Govoni
A federal bankruptcy court has ordered Big Storm Brewing owner Leo Govoni to give over control of the craft brewery after he failed to comply with a court order to halt spending, the Tampa Bay Times reported. Bankruptcy Judge Roberta Colton on Wednesday issued an order that will give The Rising Group Consulting control of the Clearwater brewery’s accounting books, finances and payroll records. (Subscription required.) READ MORE | | U.S. Home Sales Rose in February as Mortgage Rates Eased and More Homes Put Up for Sale
Sales of previously occupied U.S. homes rose in February as easing mortgage rates and more properties on the market encouraged home shoppers, the Associated Press reported. Existing home sales rose 4.2% last month from January to a seasonally adjusted annual rate of 4.26 million units, the National Association of Realtors said Thursday. READ MORE | | Container Store CEO Resigns After Company Emerges from Bankruptcy
The Container Store Group CEO has stepped down after the company emerged from bankruptcy, the Dallas Morning News reported. Satish Malhotra has resigned from the Coppell-based company “to pursue other opportunities,” a move effective immediately, according to an internal memo this week. Malhotra held the position since the beginning of 2021. READ MORE | | Commentary: What Happens to Student Loans if the Education Dept. Closes?*
President Trump signed an executive order on Thursday in an attempt to shut down the Education Department. “We are sending education back to the states, where it so rightly belongs,” Secretary of Education Linda McMahon said in a statement after Mr. Trump signed the order. But they are not about to let debtors off the hook. Those states, after all, are not banks, and the Education Department is a big bank in all but name, according to a New York Times reported. It lends tens of billions of dollars to students and parents each year and oversees the collection of roughly $1.6 trillion in outstanding loans for over 40 million borrowers. The debt-ridden federal government isn’t going to give up that money. So if the Education Department closed, another federal entity would take the loan system over. In the short term, any agency inheriting the loan portfolio would need to keep the servicers that collect and track payments. READ MORE*The views expressed in this commentary are from the author/publication cited, are meant for informative purposes only, and are not an official position of ABI. | | | | |
