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Boy Scouts Near Abuse Deal Amid Michigan Probe; Top Firm Kirkland Sheds Bankruptcy Lawyers
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Good day. The Boy Scouts of America are nearing a settlement with a group of sex-abuse survivors, while facing a probe by Michigan authorities that could last beyond the youth group's bankruptcy case.
And the leading bankruptcy practice at Kirkland & Ellis shed a handful of junior partners, tracking a broader slowdown in corporate defaults.
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The Boy Scouts of America filed for bankruptcy protection in February 2020 after a wave of civil litigation by abuse victims.
PHOTO: ERIK S. LESSER/EPA/SHUTTERSTOCK
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Boy Scouts Near Bankruptcy Deal With Largest Victims Group
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The Boy Scouts of America are nearing a settlement with lawyers for sex-abuse victims that marks a major step for the youth group’s efforts to end the largest bankruptcy case ever filed over childhood abuse, people familiar with the matter said. Read More.
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As Boy Scouts Near Civil Settlement, Criminal Probe Looms
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After sex-abuse litigation pushed the Boy Scouts of America into bankruptcy last year, Michigan’s attorney general watched as the number of victims stepping forward climbed to 84,000, dwarfing similar allegations against the Catholic Church. Read More.
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Top Bankruptcy Firm Kirkland Losing Lawyers as Economy Improves
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Kirkland & Ellis LLP and several attorneys from the law firm’s dominant bankruptcy practice have parted ways amid a dramatic slowdown in corporate defaults and chapter 11 filings, according to people familiar with the matter. Read More.
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Investor sentiment on Lordstown Motors has gone from bullish to bearish in recent months.
PHOTO: MARK HERTZBERG/ZUMA PRESS
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Lordstown Clarifies That Vehicle Purchase Agreements Aren’t Binding Orders
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The clarification on Thursday comes after the troubled electric-truck startup’s president told reporters Tuesday the company had “pretty binding” preorders and enough interest from potential buyers to sustain factory output through the end of 2022. Read More.
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"I certainly didn’t understand the scale of it"
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— Michigan Attorney General Dana Nessel, on the Boy Scouts sex-abuse claims
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Nine Point Energy Holdings’ proposed sale to its lenders has been delayed after a judge said she needs more information about the company’s dispute over contracts and liens with a former business partner. (Reuters)
Ronald Perelman’s Vericast Corp. is closing in on a new deal that would see the company exchange some borrowings and issue new debt to rework its capital structure, according to people with knowledge of the matter. (Bloomberg)
A federal bankruptcy judge is putting a lid on the dissemination of documents related to the city of Detroit’s bankruptcy mediation by Flint water crisis prosecutors. (MLive.com)
A disbarred California lawyer can’t use a bankruptcy to discharge more than $2 million in debt that is owed to a fund used to reimburse his former clients, a federal bankruptcy judge has ruled. (ABA Journal)
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