Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Tuesday, March 17. In today's briefing, CD&R-backed Multi-Color kept its chapter 11 venue in New Jersey based on a bank account opened there just before bankruptcy. FAT Brands' founder and CEO faces another serious challenge to his control of the company. And the site of the former Philadelphia Energy Solutions refinery is finding new life in redevelopment.

Multi-Color's New Jersey bank account defeats bankruptcy venue challenge. A bankruptcy judge kept label maker Multi-Color’s chapter 11 proceedings in New Jersey, ruling Monday that a bank account opened in the state shortly before the company’s filing was enough to anchor its multibillion-dollar case there.

Multi-Color filed for chapter 11 in January after using a nonoperating Ohio subsidiary, MCC-Norwood, to open a $1 million bank account in New Jersey. Judge Michael B. Kaplan of the U.S. Bankruptcy Court in Trenton ruled Monday that despite objections from some of Multi-Color’s lenders, the bank account qualifies as MCC-Norwood’s “principal asset” and can anchor the company’s chapter 11 case in his court.

“To the extent this does not ‘sit right,’” with lenders, Kaplan “shares that sentiment,” he wrote in his Monday opinion. But he said Congress has kept the venue rules flexible and that it isn't his place to rewrite the statute.

• Read the ruling here.

Burger kingpin Wiederhorn clings to FAT Brands as lenders seek ouster. FAT Brands founder Andrew Wiederhorn has hung onto the restaurant concept he built through government investigations and investor lawsuits. Now, he is facing a new threat to his control of the company from the lenders who financed his business along the way.

Investors pumped some $1.4 billion in financing into FAT Brands despite his past run-ins with the law. But with his company now mired in chapter 11, hedge funds including Brigade Capital Management and Taconic Capital Advisors want him gone during bankruptcy, saying in court papers that he siphoned at least $200 million of company money to enrich himself and his family.

Wiederhorn has denied wrongdoing and said lenders were aware of his use of company funds when they invested in FAT Brands.

What we know about banks' ties with private credit. Bank lenders, which have been losing market share to private credit, have touted their efforts to get a slice of Wall Street’s newest action. But the details of the exposure are murky, and investors have grown skittish about banks’ connections to private credit.

A dispute between Southwest bank Western Alliance and investment bank Jefferies Financial Group gives fresh clues to how banks are tied to nonbank lending—and how messy it might be if trouble gets worse.

• Insurer Private-Credit Exposure Jumped 21% Last Year
• Inside a $42 Billion Private-Credit Black Box: More Black Boxes

Philadelphia refinery finds new life. A biotech startup backed by Bill Gates is staking its pharmaceutical future on the site of one of the worst oil refinery accidents in recent memory.

TerraPower Isotopes, which produces ingredients for advanced cancer treatments, is preparing to anchor the next phase of redevelopment on the site of the former Philadelphia Energy Solutions refinery, less than 3 miles from downtown Philadelphia.

The startup, a subsidiary of Gates-founded TerraPower, has leased roughly 250,000 square feet at the site and committed to investing about $450 million to build a manufacturing facility there, according to people familiar with the matter.

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