Law Office of Camron Hoorfar, PC

Investors sued Boardriders Inc., the company behind the Quiksilver and Billabong brands, over a $431 million rescue financing package they said elevated the interests of a select group of lenders. Intermediate Capital Group PLC, York Capital Management and other lenders filed a lawsuit in the Supreme Court of New York, challenging an August financing deal that supplied the apparel company with $110 million in fresh capital from a group of lenders. In return for the infusion, Boardriders gave those parties top-ranking collateral rights on $321 million of loans they already held, pushing other lenders down in the payment line, according to the complaint. The lenders that filed the suit are seeking a judgment undoing the transaction.

Being sued? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

Mallinckrodt Plc became the third major opioid maker to go bankrupt after allegedly profiting by fueling the U.S. opioid epidemic. The drug company said that it filed for chapter 11 protection in Delaware after getting creditors and claimants to agree on a restructuring plan that hands ownership to bondholders, wipes out shareholders and sets aside $1.6 billion to resolve all opioid litigation. The filing also will help resolve a U.S. government probe into whether the company defrauded Medicaid by overcharging for certain drugs. The move comes as Mallinckrodt was readying for two trials over accusations it illegally marketed opioids and failed to properly oversee large shipments of the highly addictive drugs, which have been tied to an epidemic of abuse that killed thousands of Americans. A judge is likely to halt all litigation while the bankruptcy plan makes its way through the court process. The agreement includes certain debt holders, state attorneys general and lawyers for municipalities that sued to recoup billions in tax dollars spent on battling opioid addictions. Mallinckrodt will set up a trust to oversee payments from the $1.6 billion fund to claimants, and give them warrants to buy a stake in the reorganized company that could total nearly 20 percent, according to a statement.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

Home has never been more important. Our homes have always provided shelter, but in the midst of the COVID pandemic, home has become so much more. Home is where we receive our health care, educate our children, conduct business, and connect virtually for worship services, community meetings, and social gatherings. 

The economic impact of the pandemic has left many Kansans unemployed or underemployed, and uncertain how they will pay rent. While moratoriums provide temporary protection from eviction, rent continues to accrue each month, leaving tenants unsure how they will pay the past due amounts, and leaving landlords without monthly income to pay bills and manage maintenance and upkeep.  

The KEPP program is funded through the CARES Act. Program funds are limited, and applications will be processed in the order received. Tenants and landlords should apply as soon as possible to increase your likelihood of receiving assistance.  

Are you affected financially due to the coronavirus? We can assist you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

U.S. government-supported passenger railroad Amtrak said that without a new bailout it could be forced to cut more spending and train services, which could lead to the loss of another 2,400 jobs. In November, Amtrak told Congress it needs up to $4.9 billion in government funding for the current budget year. The railroad, which already cut 2,000 jobs, said that without more support from Congress, reduced spending would result in the loss of another 775 jobs, and further reductions in train service by state partners would likely result in an additional 1,625 job losses. Without the new funding, Amtrak chief executive Bill Flynn said, “We will be unable to avoid more drastic impacts that could have long lasting effects on our Northeast Corridor infrastructure and the national rail system.” 

Struggling financially? Please contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.