August 2022

Owner of Regal Cinemas Says Bankruptcy Filing Is Possible

Cineworld, the owner of major movie theater chain Regal Cinemas, is on the cusp of bankruptcy, according to multiple reports.

The London-based parent company confirmed to BBC News that it is considering bankruptcy and is asking attorneys from Kirkland & Ellis LLP and consultants from AlixPartners, for guidance on next steps, according to regal-cinemas-owner-cineworld-prepares-for-bankruptcy-filing-11660910944″ data-component=”link” data-source=”inlineLink” data-type=”externalLink” data-ordinal=”2″The Wall Street Journal.

Cineworld has amassed $4.8 billion in debt, according to WSJ, and it operates more than 751 locations around the world. Its U.S. subsidiary, Regal, currently has 505 theaters in 42 states, along with American Samoa, the District of Columbia, Guam and Saipan as of April, according to the company’s website.

The news comes nearly two years after Regal and other cinemas were forced to temporarily shut down its theaters in October 2020 amid the COVID-19 pandemic.

Cineworld claimed ticket sales have been lower than anticipated and a short supply of blockbuster films this fall is also prompting the move, according to CNN Business, which got a statement from the company that operations would still be “business as usual” for its Regal locations.

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Celsius Depositors Fracture Again on Legal Strategy as ‘Withhold’ Group Lawyers Up

Failed cryptocurrency lender Celsius Network has seen yet another set of claimants band together and hire a lawyer, as the firm’s bankruptcy becomes an evermore messy and fractious affair.

The so-called “Withhold Accounts” group is composed of customers in U.S. states where Celsius became unable to offer them serviceable custody accounts thanks to celsius-violated-securities-laws/” data-ylk=”slk:cease and desist orders from regulators” class=”link “cease and desist orders from regulators. These people were given the option to move their funds to withhold accounts, where it remains frozen.

The withhold group, which accounts for just $14.5 million of the roughly $12 billion marooned on Celsius when it stopped withdrawals back in June, has hired the legal representation of Deborah Kovsky-Apap, a partner at Troutman Pepper.

“We believe that the coins held in Withhold are not property of the estate,” said Kovsky-Apap in an email. “They’re simply not part of the Celsius ecosystem – it’s more like the depositors left their wallet at the bar and the bartender is just holding onto it until they come back to get it. We believe the Withhold accounts should be unfrozen as soon as possible so that depositors can retrieve their property.”

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Revlon tells bankruptcy judge its shares may be worthless

The committee representing unsecured creditors also asked Jones to reject a shareholder committee.

“Revlon stock trading has all the outward appearances of a so-called ‘meme’ stock,” the committee said in its objection, referring to shares that rise in value only because of Internet chatter, not economic reason.

Revlon shares tumbled as much as 34% to as low as $5.62 Monday before rebounding to around $8.22, leaving them down some 3% on the day. That price is up from as little as $1.17 in June.

Nearly all official committee are appointed by the Office of the U.S. Trustee, an arm of the U.S. Justice Department that acts as a watchdog in corporate bankruptcies. In the Revlon case, the office appointed the unsecured creditor committee, but last month rebuffed the shareholders.

The shareholder group, which says it owns 4.7% of Revlon’s common stock not held by insiders, asked Jones on Aug. 9 to order the U.S.Trustee to appoint a panel. On that day, the shares closed at about $8.

Forcing Revlon to fund lawyers and other advisers for a minority group of shareholders would be a waste of money, the company said in court papers. Official committees have the fees of

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3M awaits bankruptcy ruling that could sink litigation tactic

3M’s attempt to block jury trials of more than 230,000 lawsuits accusing it of harming U.S. soldiers faces a key test this week in front of a federal judge in Indianapolis.

U.S. Bankruptcy Judge Jeffrey Graham is set to consider a temporary halt to the lawsuits so that 3M and its bankrupt subsidiary, Aearo Technologies, can try to settle the claims, most of which have been filed by veterans who say the combat arms earplugs left them with hearing damage.

Graham’s decision will echo across the offices of other firms facing massive numbers of product liability lawsuits, Harvard Law School professor Jared Ellias said in an interview.

“To the extent 3M suffers a setback here it’s likely to set off alarm bells in other corporate boardrooms of companies that want to take advantage of the bankruptcy system,” Ellias said.

The Aearo case uses an increasingly popular strategy in which profitable companies use insolvency proceedings to force settlement talks with victims of allegedly harmful products.

Johnson & Johnson and lumber giant Georgia-Pacific have also put units into bankruptcy with the same goal of ending their litigation woes in one place instead of fighting thousands of trials around the country.

Fighting each

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Owner of Glasser Images files for bankruptcy – InForum

FARGO – The owner of the now defunct Glasser Images has filed for Chapter 7 Bankruptcy protection.

North Dakota Attorney General Drew Wrigley said Jack Glasser scammed more than 500 brides and grooms to live a lifestyle of luxury.

Glasser’s attorney says that’s the furthest from the truth, that Covid just simply ruined the business.

Marissa Tyre is still getting used to wearing that big rock on her finger. She got married just two weeks ago.

She said it was the perfect wedding day.

“It was such a great experience and great day that I wish would have lasted longer,” said Tyre.

Getting to wedding day though was anything but picture perfect.

Tyre originally hired Glasser Images for pictures and videos.

However, she’s now out $4,200 after Glasser closed its doors last Fall.

“I knew it was coming, I surprised it took this long,” she said.

“For the people who are still owed money, is there any chance they may get any money back?” WDAY Reporter Matt Henson asked Tim O’Keeffe, the lawyer who is defending Glasser in a civil suit filed by North Dakota Attorney General Drew Wrigley.

“Unfortunately, I don’t see that happening,” O’Keefe replied.

Jack Glasser started

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