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Purdue Lawyers Forgo $1 Million in Fees; NRA's LaPierre Questioned on Botched Elephant Hunt; Sears Bankruptcy $80 Million in the Red
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Good day. Three law firms representing Purdue Pharma agreed to forgo $1 million in fees to settle a dispute with the U.S. Trustee over their nondisclosure of a joint defense agreement with members of the Sacklers who own the drugmaker. NRA CEO Wayne LaPierre, meanwhile, was back on the witness stand Thursday and questioned about leaked footage of a botched elephant hunt. And finally, top Sears creditors are still waiting to be repaid more than $80 million before the 2018 bankruptcy can finally close.
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Purdue Pharma’s headquarters in Stamford, Conn.
Photo: John Moore/Getty Images
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Purdue Law Firms to Waive $1 Million in Fees Over Sackler Defense Disclosures
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Law firms representing Purdue Pharma LP in litigation and investigations around its OxyContin painkiller have agreed with the Justice Department to forgo a combined $1 million in fees over their failure to disclose a deal their attorneys signed between the drugmaker and its Sackler family owners. Read More.
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NRA Says Elephant Hunt Video Was Leaked to Embarrass LaPierre
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National Rifle Association Chief Executive Wayne LaPierre said Thursday he has avoided news reports of a video showing him struggling to hunt an African elephant, which the NRA claimed was leaked to embarrass the CEO before he testified at a trial scrutinizing his decision to put the gun rights group into bankruptcy. Read More.
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Sears Bankruptcy Has $80 Million in Unpaid Essential Bills
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Top ranking creditors of Sears Holdings Corp. , including vendors who supplied the retailer during its bankruptcy, are still waiting for more than $80 million to cover bills that need to be cleared before the chapter 11 case can wind down. Read More.
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A view of a person with a mask on, walking past the U.S. Bankruptcy Court in Manhattan. The owner of restaraunt chains including Daily Grill Restaurant & Bar filed chapter 11 on Wednesday.
John Nacion/Zuma Press
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Daily Grill Restaurant & Bar Parent Files for Bankruptcy
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The owner of Daily Grill Restaurant & Bar and other chains has filed for bankruptcy protection, blaming its financial devastation on the Covid-19 pandemic and governmental restrictions on indoor dining after being unable to generate sufficient cash flows to cover operating expenses.
Los Angeles-based PS On Tap LLC, doing business as Grilled Concepts, and several of its affiliates, filed for chapter 11 bankruptcy protection on Wednesday in U.S. Bankruptcy Court in San Fernando, Calif., in order to restructure liabilities and shed unprofitable locations.
The company owned and operated a total of 25 locations primarily in Southern California and throughout other major U.S. cities, including luxury steakhouse The Grill on the Alley and school-themed gastropub Public School on Tap. Currently, it operates eight restaurants, manages three locations and closed 14 of them
—Aisha Al-Muslim
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Bankrupt Texas Power Co-Op Brazos Lines Up $500 Million J.P. Morgan Loan
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Brazos Electric Power Cooperative Inc., the Texas utility which filed for bankruptcy in March, has lined up a $350 million loan from J.P. Morgan Chase & Co, the company's lawyer said at a court hearing on Thursday.
The power provider expects to file papers in court detailing terms of the new loan next week, Louis Strubeck, lawyer for Brazos, said at the hearing in the U.S. Bankruptcy Court in Houston.
—Soma Biswas
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Property Manager and Bankrupt Hotel Should Consider Mediator, Judge Says
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A judge recommended that Accor Management US Inc. and the bankrupt Fairmont San Jose consider using a mediator to settle a dispute about how to estimate damages that Accor will suffer due to the property terminating its hotel management agreement.
Accor favors arbitration; the hotel said the bankruptcy court could decide the matter more quickly. At a hearing Thursday, Judge John Dorsey told Accor it could pursue a 60-day arbitration timeline. He also said he would hold a mid-June hearing to determine his own estimate.
Estimated claims range from $2 million to $30 million or more.
—Becky Yerak
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The Louisiana State University campus in Baton Rouge.
Kathleen Flynn/Reuters
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Is the U.S. Student Loan Program Facing a $500 Billion Hole? One Banker Thinks So.
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A former JPMorgan Chase & Co. executive found that, over three decades, Congress, various administrations and federal watchdogs had systematically made the student loan program look profitable when in fact defaults were becoming more likely. Read More.
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Lockdowns and a price war between Saudi Arabia and Russia flooded the world with oil last year, briefly pushing benchmark U.S. crude prices below zero for the first time ever.
Photo: nick oxford/Reuters
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Energy-Focused Hedge Fund Luminus Liquidates Some Assets
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Luminus Management LLC, a hedge fund that invests in the energy and power sectors, has sold almost all the assets in its largest fund to return money to investors. Read More.
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"I have not seen the video but I did see the headlines."
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— Judge Harlin Hale on footage of Wayne LaPierre's botched elephant hunt.
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More than 20 states attorneys general are arguing that Purdue Pharma LP's proposed chapter 11 plan cannot be confirmed by the bankruptcy court. (Bloomberg)
German officials are warning that Covid-19 lockdowns are creating a build-up of "zombie" businesses and tens of thousands of companies are teetering on the edge of bankruptcy. (NPR)
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