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ABI Journal: Opt-Outs: Dead or Alive?

The “opt-out” vehicle for achieving third-party release consent is not new, but bankruptcy courts are now laser-focused on the viability of opt-outs following Purdue Pharma, according to a recent ABI Journal article. READ MORE
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State AGs Object to Legal Shield for Carrier Global in PFAS Bankruptcy

Seven U.S. states yesterday objected to fire protection company Kidde-Fenwal's bankruptcy plan, saying that the proposed settlement improperly attempts to shield its owner Carrier Global from lawsuits related to toxic PFAS chemicals in its firefighting foam products, Reuters reported. Carrier, which is not bankrupt, is attempting to use Kidde-Fenwal’s bankruptcy to avoid its own separate responsibility for lawsuits over the so-called "forever chemicals" in a way that violates that U.S. Supreme Court precedent, the states alleged in court filings in Delaware bankruptcy court. READ MORE
OCSA Faces Restructured Bankruptcy Due to $16 Million Bill

The future of well-known Orange County School of the Arts (OCSA) is up in the air amid a long running financial dispute with the Santa Ana Unified School District. A court has ordered the charter school to pay $16 million in accumulated special education program costs from over a 20-year period. That amount is about a third of OCSA’s annual budget. Having to pay the sum may put the school into a restructured bankruptcy, said OCSA Chief Executive and President Teren Shaffer. (Subscription required.) READ MORE
Salesman Who Defrauded Women and Older Adults Denied Bankruptcy Discharge

The U.S. Trustee Program (USTP) recently obtained a judgment denying a bankruptcy discharge to a door-to-door salesman who concealed his business interests and lied in his bankruptcy case to evade his creditors, including women and older adults whom he defrauded, according to a Justice Department press release. On April 18, the Bankruptcy Court for the District of Oregon entered a default judgment denying a discharge to chapter 7 debtor Jason Gillis. Gillis — who sold vacuums, air filters, and related products — crafted fraudulent schemes generally targeting women he pursued as romantic partners and their elderly parents. READ MORE

 
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  Daily Roundup
 
Senate Advances Crypto Regulation Bill With Bipartisan Support

The Senate yesterday revived a first-of-its-kind bill to regulate parts of the cryptocurrency industry, after a small number of Democrats who had joined the rest of their party in blocking the measure joined Republicans in allowing it to advance, the New York Times reported. The vote was 66 to 32 to move forward with the legislation, which would create a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an existing asset, often the U.S. dollar. Sixteen Democrats joined the majority of Republicans in support, acting over the opposition of most others in their party, who were concerned that President Trump and his family were inappropriately profiting from crypto. READ MORE
SEC Chair Signals Investor Access to Private Markets Could Soon Broaden

The Securities and Exchange Commission’s new chairman signaled Monday that he is open to letting fund managers sell private-investment products to a broader swath of investors, the Wall Street Journal reported. SEC Chairman Paul Atkins said at an annual regulatory conference that he would direct the agency’s staff to reconsider guidance that inhibits how much closed-end funds can invest in private funds, such as hedge funds and private-equity funds. (Subscription required.) READ MORE
America’s College Towns Go From Boom to Bust

Across the U.S., colleges are faltering and so are the once booming towns around them. Enrollment is down at many of the nation’s public colleges and universities, widening the gap between high-profile campuses and struggling schools. Starting next year, there will be fewer high-school graduates for the foreseeable future. (Subscription required.) READ MORE
Global Retailers' Tariff Strategy Risks Spreading Pain Beyond U.S. Consumer

Global retailers including sandal maker Birkenstock and jeweller Pandora are looking at spreading the cost of U.S. tariffs by raising prices across markets to avoid big hikes in the United States that could hurt sales, Reuters reported. A global presence gives large retailers an advantage to minimise higher tariff costs in the U.S. But it is putting central banks on watch as the strategy could fuel inflation in other markets like the European Union and Britain, where consumer prices have finally started to stabilize. READ MORE
Shipping Rates Rise as U.S.-China Trade Truce Drives Import Surge

The cost to ship a container of Chinese-made goods to the U.S. is jumping as importers race to pull cargo across the Pacific during a three-month trade-war truce, the Wall Street Journal reported. Freight rates from China to the U.S. West Coast have risen about 8% this week as bookings have boomed, shipping executives and brokers in Singapore and London say. Ocean carriers are jacking up that rate by as much as 50% in the coming 10 days or so, they added. This means shipping a container from Shanghai to Los Angeles in the coming weeks could cost over $3,000 per twenty-foot equivalent unit, or TEU, the standard industry gauge. (Subscription required.) READ MORE
 
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