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NRA Boss Takes Center Stage; KKR's Fashion Company Files; Moelis Sues Ferrellgas Over Fees
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Good day. National Rifle Association leader Wayne LaPierre has taken center-stage at the gun rights organization's bankruptcy trial amid dueling portrayals of his influence and motivation over the decision to file for chapter 11. Fashion company Collected Group filed for bankruptcy with a turnaround plan backed by its private-equity backer, KKR. And investment bank Moelis & Co. has filed a lawsuit against its restructuring client Ferrellgas LP, saying it failed to pay $20 million in fees.
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NRA Chief Executive Wayne LaPierre in 2019. PHOTO: LUCAS JACKSON/REUTERS
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NRA Trial Starts With Dueling Portrayals of CEO LaPierre’s Influence
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National Rifle Association leader Wayne LaPierre put the gun-rights group into chapter 11 to try to evade accountability for spending abuses, a New York attorney general’s office lawyer told a judge on Monday, an allegation the NRA denied and said won’t be supported by evidence presented at a bankruptcy trial. Read More.
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Collected Group Files for Bankruptcy With Deal That Would Salvage KKR’s Stake
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Collected Group, the fashion company behind the Joie, Current/Elliott and Equipment labels, filed for bankruptcy protection Monday to cement a rescue plan backed by the private-equity firm that controls it, KKR & Co. The Chino, Calif.-based company was looking for a buyer when the pandemic hit. Read More.
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Moelis Sues Restructuring Client Over Fees
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Moelis & Co. LLC has filed a lawsuit against restructuring client Ferrellgas Partners LP, claiming the second-biggest marketer of propane in the U.S. has refused to pay fees owed to the firm for work on its bankruptcy. Ferrellgas exited bankruptcy last month. Read More.
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Hertz Plans Nine-Member Board in Proposed Bankruptcy Restructuring
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Hertz Global Holdings Inc. plans to have a nine-person board of directors under the proposed bankruptcy reorganization offered by existing bondholders and by private equity investors Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC.
If the reorganization is approved by the court, directors will include Dundon Capital’s Tom Dundon, as well as three board members named by Centerbridge and Warburg Pincus. Bondholders slated to get equity in the reorganized business will get to pick five board members, a court filing shows.
Bondholders backing the restructuring include Canso Investment Counsel Ltd., Fidelity Management & Research Co. and JPMorgan.
—Becky Yerak
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BILLY CALZADA/SAN ANTONIO EXPRESS-NEWS/ZUMA PRESS
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As Texas Freeze Gas Bills Come Due, Cue Up the Lawsuits
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The massive natural-gas bills incurred during the Texas freeze have kicked off a spate of lawsuits around the country as companies argue over who is responsible for the tab.
At least 30 lawsuits related to natural-gas contracts have been filed in four states since the February storm that knocked out power for millions of Texans and sent gas prices soaring to their highest levels in years. Billions of dollars are collectively on the line. Read More.
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“Those who do not go along with the ‘Wayne says’ policies of the NRA face retribution."
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—New York Assistant Attorney General Monica Connell
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Knotel's ousted founder slammed executives hired by its new owners as "WeWork bros" (Axios)
Howard Marks, co-founder of Oaktree Capital Management, says it’s a “challenging” time for traditional distressed investing as the wave of trouble stemming from the pandemic came and went. (Bloomberg)
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