October 2016
Feature Article
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Craig T. Lutterbein: Lucky Dog
Craig T. Lutterbein is a senior associate with Hodgson Russ in Buffalo, New York, and focuses his practice on bankruptcy, creditors’ rights, and commercial litigation. He has represented debtors, secured and unsecured creditors, and other parties in U.S. Bankruptcy Courts, including the Southern and Western Districts of New York, and in New York state courts. […]
More from this Issue
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Building a Brand
As we celebrate TMA’s 28th anniversary at The Annual in Orlando, we should proudly reflect on the global brand that TMA has become. TMA serves approximately 8,300 members in 55 chapters around the globe, including 23 outside of North America. TMA’s premier certification program includes nearly 800 CTPs and CTAs throughout Australia, Europe, Japan, and […] -
Newcomers: October 2016
Arizona James R. Chaffin, Dental Recovery Solutions 360 LLC Anthony J. Piccirillo, Hover Brian Shiau, American Industrial Acquisition Corporation Atlanta Rob Adams, Bluejay Advisors LLC Stephen J. Burke, PricewaterhouseCoopers LLP Clayton J. Huffman, Frazier & Deeter LLC Luke A. Joyner, CIT Trade Finance Emmet B. Lucas, Alvarez & Marsal North America LLC Connor J. Quirk, FTI Consulting Craig […] -
Milestones
Michael M. Beal has founded Beal LLC in Columbia, South Carolina, to represent middle market businesses in financial distress in litigation, out-of-court restructurings, and Chapter 11 bankruptcy cases. In addition to corporate clients, Beal LLC represents creditors’ committees, bankruptcy trustees, secured lenders, landlords, and asset purchasers in bankruptcy cases, as well as federal and state court […] -
Thank You, Peter
One of the things that made Peter L. Tourtellot, CTP, so special was that he made time for everybody, no matter how busy he was. His passing on July 16 came as a shock to a lot of us. His contributions and impact on TMA are so far-reaching, it is hard to quantify them all. In sports, a […] -
Craig T. Lutterbein: Lucky Dog
Craig T. Lutterbein is a senior associate with Hodgson Russ in Buffalo, New York, and focuses his practice on bankruptcy, creditors’ rights, and commercial litigation. He has represented debtors, secured and unsecured creditors, and other parties in U.S. Bankruptcy Courts, including the Southern and Western Districts of New York, and in New York state courts. […] -
State Law Alternatives May Achieve Results Similar to Chapter 11
Troubled companies often perceive bankruptcy as the only way to address their problems. However, savvy insolvency professionals know that alternatives, such as Uniform Commercial Code (UCC) Article 9 sales, assignments for the benefit of creditors (ABCs), compositions, and statutory dissolutions, are also tools that can be used to turn around or liquidate a business. These […] -
Illinois Bankruptcy Court Sets Low Bar for Equitable Subordination of Insider Loan
For a distressed company running low on capital, an investment from insiders may represent a last best hope for survival. Insiders may be willing to risk throwing good money after bad for a chance to save the company even when any third party would stay safely away. Insiders of a failing company may also have […] -
Australian Proposal Seeks Safe Harbour for Insolvent Companies’ Directors
Directors of Australian companies face some of the world’s harshest penalties for continuing to trade a company while that company is insolvent.1 These penalties include civil liability of up to AU$200,000 (more than US$150,000), unlimited compensation penalties, and even criminal charges carrying penalties of up to five years’ imprisonment. Currently, under section 588G of the […] -
Two 3rd Circuit Courts Weigh In on Third-Party Releases
In most Chapter 11 cases, the debtor’s ultimate goal is to propose and confirm a Chapter 11 plan. While this is easier said than done, many Chapter 11 plans are typically the product of protracted negotiations among the debtor, its lender(s), trade creditors, and other interested parties. The purpose of a Chapter 11 plan is for […] -
Recent Court Decisions Add Potential Risks in Workout Transactions
The last several years have yielded some interesting, and not always pleasant, surprises for private equity sponsors and restructuring professionals looking to pursue out-of-court restructurings in the face of significant financial constraints. Challenges to asset transfers, debt exchanges, and other types of workouts intended (at least on their face) to maximize a borrower’s value have […] -
Retail Rivalry: Consignment Vendors, Secured Lenders Spar over Priority
A dispute arising from the bankruptcy cases of Sports Authority Holdings Inc. highlights an issue that could be at the forefront of upcoming retail bankruptcies and should always be considered by parties with credit exposure to distressed retailers. The dispute centered on the competing claims of Sports Authority’s consignment vendors and its secured lenders in […] -
Q2 High-Yield Bond Default Rate Highest Since 2009
Defaults in the second quarter of 2016 were $35.51 billion, resulting in a quarterly dollar-denominated high-yield bond default rate of 2.14 percent, the highest quarterly default rate since the fourth quarter of 2009 (2.57 percent). For the fourth quarter in a row, the quarterly default rate was above 0.5 percent, ending a trend of low […] -
Bankruptcy Ruling Sets Off Cascade of Litigation over Oil & Gas Gathering Contracts
U.S. Bankruptcy Judge Shelley Chapman of the Southern District of New York issued a bench decision on March 8, 2016, in the Chapter 11 cases of Sabine Oil & Gas Corporation (Case No. 15-11835), authorizing the debtors to reject certain executory contracts between (i) Sabine and Nordheim Eagle Ford Gathering LLC and (ii) Sabine and […]