two recent decisions by the Bankruptcy Court for the Southern District of New York serve to reemphasize a maxim well known to those regularly involved in the distressed debt industry. Participants in the market for distressed claims must be aware of the inherent risks and uncertainties in dealing with post-petition debtors, and they must protect themselves accordingly.
Adam C. RogoffNoah FalkHere's the smell of the blood still: all the perfumes of Arabia will not sweeten this little hand. Oh, oh, oh!
William Shakespeare, Macbeth, Act V, Scene 1
There are those who believe that 'good faith' can cleanse all sins, even those of another. It is not unusual that, in certain areas of law, an interceding buyer in good faith can cut off legal rights by a third party.
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