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Madoff Feeder Fund’s $6 Billion Clawback Attempt Shut Down in Appeals Court
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An appeals court has blocked liquidators’ yearslong effort to recover about $6 billion from investors who cashed out of a Bernie Madoff feeder fund before the Ponzi scheme collapsed, WSJ Pro Bankruptcy reported. The U.S. Court of Appeals for the Second Circuit ruled Tuesday that the liquidators of Fairfield Sentry, a British Virgin Islands-based investment vehicle that funneled client money to Madoff Investment Securities, can’t claw back redemption payments. READ MORE
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New Insights from the Rise of Private Credit
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 | | Editor's Picks |
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Jewelry Retailer Claire's Files for Chapter 11 for the Second Time
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Fashion jewelry retailer Claire's filed for chapter protection today, its second bankruptcy filing after 2018, a court document showed, Reuters reported. The U.S.-based firm listed its estimated assets and liabilities each between $1 billion and $10 billion in a filing with the U.S. bankruptcy court in Delaware. READ MORE
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Record Surge in Past-Due Student Loans Adds to U.S. Household Debt Burden
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The share of U.S. consumer debt in serious delinquency rose in the second quarter to the highest level since early 2020, reflecting a record surge in past-due student-loan debt, Bloomberg News reported. Some 3% of debt was at least 90 days delinquent in the April-to-June period, up from 2.8% in the first three months of the year, the Federal Reserve Bank of New York said Tuesday in its Quarterly Report on Household Debt and Credit. The share of student-loan debt entering serious delinquency was 12.9%, the highest in 21 years of data. READ MORE
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Trump Administration Fires Most of Puerto Rico Oversight Board
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The Trump administration terminated most of the members of the oversight board supervising Puerto Rico’s finances, reinserting the White House into the island territory’s troubles and shaking up its lengthy bankruptcy process, WSJ Pro Bankruptcy reported. The oversight board was informed by the White House that President Trump terminated five of its seven voting members from their roles, a board representative said. READ MORE
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Midwest Regional Bankruptcy Seminar
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The Cincinnati Westin
August 12 | Cincinnati, Ohio
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Bankruptcy 2025: Views from the Bench
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National Press Club
September 26 | Washington, D.C.
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 | | Daily Roundup |
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Dr. Phil's Peteski Productions Pays $925K to Merit Street Media Workers Following Chapter 11 Filing
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Dr. Phil McGraw’s Peteski Productions says it voluntarily agreed to pay former Merit Street Media employees their pre-bankruptcy compensation as the legal process plays out, FoxNews.com reported. Merit Street Media, which was formed in 2023 and launched Merit TV in 2024, was a joint venture of McGraw’s Peteski Productions and Trinity Broadcasting that filed for chapter 11 bankruptcy in July and simultaneously filed a lawsuit against the network that specializes in Christian programming. READ MORE
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Rite Aid Hits McKesson With $90 Million Bankruptcy Clawback Suit
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Rite Aid sued McKesson Corp., the bankrupt pharmacy chain’s largest drug supplier, seeking the return of roughly $90 million in payments transferred in the run up to Rite Aid’s chapter 11 filing, Bloomberg Law reported. A trio of “preferential” transfers made to McKesson in the 90-day period before Rite Aid filed for bankruptcy in early May should be unwound, the retailer said in an Aug. 1 complaint filed in the US Bankruptcy Court for the District of New Jersey. (Subscription required.) READ MORE
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Renewable Diesel Refinery Approved to Emerge from Bankruptcy
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Owners of the renewable diesel refinery along Rosedale Highway have received federal approval to emerge from chapter 11 bankruptcy, but filings in the case suggest it may be years before the plant achieves profitability, The Bakersfield Californian reported. Bakersfield-based Global Clean Energy Holdings Inc. announced last week its plan for reorganization has been approved by the U.S. Bankruptcy Court for the Southern District of Texas. READ MORE
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Residential Solar Industry Looks to Cut Costs as End to Tax Credits Looms
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With President Trump’s tax law putting an early end to solar tax credits, the residential solar industry is now looking to lower prices, particularly by cutting sky-high sales and marketing costs, according to companies and analysts, the WSJ Pro Bankruptcy reported. “The industry must drive down customer-acquisition and selling costs to remain competitive in a maturing market,” Enphase Chief Executive Badrinarayanan Kothandaraman said on an earnings call in July. The solar manufacturer said it would double down on SolarLead Factory, a lead-generation business it bought in 2022, and Solargraf, a design platform used in solar sales it bought in 2021, to streamline customer acquisition costs. (Subscription required.) READ MORE
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Ex-Binance CEO Seeks Dismissal From $1.8 Billion FTX Trust Suit
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Co-founder Changpeng Zhao became the latest Binance Holdings Ltd.-affiliated person to ask a bankruptcy court to dismiss claims against him from an FTX trust seeking to claw back $1.76 billion that it said was improperly transferred by Sam Bankman-Fried, Bloomberg Law reported. The trust and FTX Digital Markets Ltd. can’t allege facts that Zhao was “at home” under Delaware’s jurisdiction because he’s a resident of the United Arab Emirates, Zhao said in a Monday motion to dismiss in the US Bankruptcy Court for the District of Delaware. READ MORE
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