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It is virtually a given in all but the smallest Chapter 11 bankruptcies that financial advisers and/or investment bankers will be retained to assist in the representation of the debtor or any official committee. Bankruptcy attorneys rely on the expertise and assistance of these other professionals in addressing virtually every issue that arises in a case, including debtor-in-possession financing, assumption and rejection of executory contracts and leases, formulation and confirmation of a plan of reorganization or liquidation, and selling some or substantially all of the debtor’s assets under section 363 of the Bankruptcy Code. Indeed, bankruptcy attorneys will provide legal advice to their clients based, at least in part, on the information and opinions obtained from other court-appointed non-attorney professionals. Consequently, a successful Chapter 11 representation requires a close working relationship between the client’s attorneys and non-attorney professionals, and the latter are generally kept fully abreast of the attorney’s strategies on behalf of their common client.
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Delaware District Court Could Guide Supreme Court Purdue Pharma Decision
By Michael L. Cook
A bankruptcy court properly held that derivative claims based on “piercing the corporate veil theory of liability [were] released under” a confirmed reorganization plan, but that direct “claims for negligent undertaking” were not released and “could be asserted” in state court against the debtors’ equity sponsors.
Court Caps Landlord's Bankruptcy Claim Against Lease Guarantor
By Andrew C. Kassner and Joseph N. Argentina Jr.
A big issue in real estate and retail bankruptcies, among others, involves the disposition of commercial real estate leases, given the potential magnitude of landlord damage claims under state law resulting from a tenant’s default under a long-term lease.
Delaware Bankruptcy Court Rejects Equity Holder's Challenge to Revoke Confirmation Order
By Lawrence J. Kotler
The equity owner asserted that the confirmation order previously entered by the court should be revoked based on the equity owner’s claim that value was lost due to improper sale and marketing efforts by the debtors and its professionals both pre- and post-bankruptcy and, as such, they should have been “in the money” and entitled to a distribution under the confirmed plan.
By George Williams
One of the major catalysts of the “Crypto Winter” that began in 2022 was the collapse of Terraform Labs’s native token LUNA in May 2022. Now two years and a dozen crypto-related bankruptcies later, Terraform Labs has filed for Chapter 11 protection.