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Articles by Robert Lemons
Outnumbered, Not Outplayed: Minority Lenders Successfully Challenge Exclusive Backstop Agreement on Equal Treatment Grounds in ConvergeOne | JD Supra
The District Court for the Southern District of Texas (the “District Court”) recently issued a ruling1 in the chapter 11 cases of ConvergeOne Holdings, Inc. and its affiliated debtors (together, the “Debtors”) prohibiting the offer of the exclusive opportunity to backstop a plan’s equity rights offering to select creditors while excluding creditors in the same plan class.
Outnumbered, Not Outplayed: Minority Lenders Successfully Challenge Exclusive Backstop Agreement On Equal Treatment Grounds In ConvergeOne
Goodwin Procter LLP are most popular: within Transport topic(s) The District Court for the Southern District of Texas (the "District Court") recently issued a ruling1 in the chapter 11 cases of ConvergeOne Holdings, Inc. and its affiliated debtors (together, the "Debtors") prohibiting the offer of the exclusive opportunity to backstop a plan's equity rights offering to select creditors while excluding creditors in the same plan class.
Incentivizing Executives To Stay Through A Chapter 11 Asset Sale (Part I): Key Employee Retention Programs For Insiders
The best — and sometimes only — option for a financially troubled company to avoid a piecemeal liquidation may be to seek an acquirer for itself or its assets. While a distressed company may prefer an out-of-court sale transaction, the risks inherent in buying distressed company assets sometimes foreclose that possibility.
Stalking Horse Bidders: What Bid Protections Can You Expect In A Section 363 Sale?
Conducting an asset sale through a bankruptcy auction — a Section 363 sale — is an effective and common M&A tool for a distressed company. In anticipation of a 363 sale, a Chapter 11 debtor typically tries before its Chapter 11 filing to negotiate a binding "stalking horse bid" for its assets. The stalking horse bid ensures that the debtor will have a purchaser willing to pay an acceptable price and serves as a starting point against which other potential purchasers must initially bid.
Stalking Horse Bidders: What Bid Protections Can You Expect in a Section 363 Sale? | JD Supra
Conducting an asset sale through a bankruptcy auction — a Section 363 sale — is an effective and common M&A tool for a distressed company. In anticipation of a 363 sale, a Chapter 11 debtor typically tries before its Chapter 11 filing to negotiate a binding “stalking horse bid” for its assets. The stalking horse bid ensures that the debtor will have a purchaser willing to pay an acceptable price and serves as a starting point against which other potential purchasers must initially bid.
Top 10 Questions About Bankruptcy Sales - A Primer On Sales Under Section 363 Of The Bankruptcy Code
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
Top 10 Questions About Bankruptcy Sales – A Primer on Sales Under Section 363 of the Bankruptcy Code | Insights & Resources | Goodwin
A bankruptcy sale is an opportunity to potentially acquire assets at distressed pricing. A bankruptcy sale also presents prospective bidders with a level playing field to conduct due diligence, submit a bid, and compete directly against all other bidders at an auction. Bankruptcy sales have other positive attributes, including the ability to purchase assets free and clear of liens and finality through court approval of the transaction. There are, however, certain limitations.
No Time Runs against the King (IRS): The Golden Creditor Rule and its Discontents | JD Supra
[co-authors: Emma Wheeler, and Alex Xiao] Executive Summary A bankruptcy court in North Carolina recently joined a growing number of courts allowing debtors and trustees to avoid prepetition transactions using the IRS’s lookback period of ten years, rather than the applicable state statute of limitations period.1 In In re Zagaroli, the Western District of North Carolina bankruptcy court found that a trustee could step into the shoes of the IRS for the purposes of avoiding a transfer under...
What’s Done is Done: Third Circuit Upholds Equitable Mootness and Rules Out Possibility of Individualized Relief for Timely Objecting Party | JD Supra
Bankruptcy courts often dismiss appeals of chapter 11 plans when granting the relief requested in the appeal would undermine the finality and reliability of the corresponding plans, a doctrine known as Equitable Mootness.
Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay | JD Supra
In January 2020, we analyzed a split among the Circuit Courts regarding whether a non-debtor holding a debtor’s property on the petition date has an affirmative obligation under section 362(a)(3) of the Bankruptcy Code to return that property to the debtor immediately following the filing of the bankruptcy petition.
Law of the Case Doctrine in Bankruptcy | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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