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The Challenge of Determining Enterprise Value in Volatile Markets
Arguments about value lie at the heart of many disputes in Chapter 11 cases. Yet, despite how critical it is to the outcome of these cases, bankruptcy courts often have extreme difficulty determining value. This makes valuation a fertile source of litigation.
By examining several cases in which our firm had a meaningful role over the last two years, in particular In re Premier International Holdings (Six Flags), No. 09-12019 (Bankr. D. Del. 2009), we illustrate how short term capital market trends can affect valuation, and the limitations of the two standard approaches courts use to determine value ' opinions of financial experts and actual market transactions. Where markets are illiquid, the desire to move cases through the system often is in conflict with the goals of maximizing and fairly distributing value to creditors. Where overall values are temporarily depressed, courts need to be cautious that junior creditors are not deprived of their share of the long-term “intrinsic” value a debtor would have under more steady state conditions while senior creditors may receive a windfall.
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The Article 8 Opt In
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
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Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
When Is a Repair Structural or Nonstructural Under a Commercial Lease?
A common question that commercial landlords and tenants face is which of them is responsible for a repair to the subject premises. These disputes often center on whether the repair is "structural" or "nonstructural."