Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Wednesday, January 7. In today's briefing, unsecured creditors of First Brands went after equipment financier Onset Financial ahead of a case update today. And the new mayoral administration in New York City argued against a planned bankruptcy sale of rent-stabilized apartments.

First Brands creditors say Utah financier paid kickbacks for ‘usurious’ deals. Unsecured creditors alleged that Onset Financial worked with First Brands founder Patrick James’s brother Edward on financing deals returning 300%.

Onset used former First Brands executive Edward James for negotiations while allowing him to personally invest in the financings, the creditors alleged. Onset has previously said it was the single most significant provider of liquidity to First Brands leading up to bankruptcy and that it is owed $1.9 billion, placing it among the company's largest creditors.

• On the docket: First Brands is scheduled to appear Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas to provide a status update 

New York City moves to block bankruptcy sale of rent-regulated apartments. Newly inaugurated New York City Mayor Zohran Mamdani is challenging the proposed sale of thousands of rent-regulated apartments owned by bankrupt landlord Pinnacle Group, saying he wants to protect tenants and collect money owed to the city.

Pinnacle has named Summit Properties USA as the stalking-horse bidder, with an offer of up to $451 million for the portfolio. But the city argued that the sale wouldn’t result in a viable business. With low expected rent revenue, Summit wouldn’t have money to maintain the apartments, the city said.

• TPG boosts credit strategies with Jackson Financial. Buyout firm TPG has struck a deal with Jackson Financial to manage at least $12 billion of the annuities provider’s capital, as private-equity firms and insurers increasingly rely on each other to expand.
• Monroe Capital starts year with $6.1 billion credit haul. The private lending shop amassed the new fund for a lower middle-market strategy.

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