October 2018
Feature Article
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True-Sales: Quest Continues to Create a Doctrine to Guide Investors, Creditors, Courts
Ever since the securitization market began its exponential growth three decades ago, scholars and lawyers involved in structured finance have searched for a secular “holy grail”—a clear legal definition of a true-sale.1 The quest is an important one. Despite its implosion in the aftermath of the financial crisis a decade ago, the securitization market in […]
More from this Issue
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Meeting the Challenges of Disruption, Change at TMA
As turnaround professionals, we deal with crisis or near crisis situations almost every day. The world of turnaround is not for the weak. The pace can be unrelenting and the stakes extremely high: businesses can shut down, equity holders can lose their capital, creditors can be left unpaid, entire workforces can be laid off, supply […] -
Newcomers: October 2018
Alabama Timothy George Holland, Holland Turnaround & Restructuring Consulting LLC Arizona Shannon Gallop, First Western Trust Bank Eric Lee, Keegan, Linscott & Kenon P.C. Joseph Yockey, Leading Edge Manufacturing LLC Atlanta Richard Baxter, FTI Consulting William J. Boehman, Yamaha Motor Corporation USA Michael Kodinsky, Change Capital LLC Bradley Leuchtman, Prudential Capital Group Leigh Lones, Equiniti Riskfactor Thomas […] -
Sean Clancy: In a Groove
Sean Clancy is a manager in the Forensic Services Division of Marcum LLP. He provides litigation services in the areas of bankruptcy and reorganization, fraud and misappropriation, computer forensics, and partner and shareholder disputes, specializing in asset tracing and recovery. He also performs economic damage calculations for personal injury and wrongful death claims related to […] -
Appellate Court Casts Doubt on Finality of Asset Sales in Canadian Insolvency Proceedings
There are many similarities between the sale of assets through a bankruptcy sale in the United States under Section 363 of the U.S. Bankruptcy Code and the sale of assets under Canada’s Companies’ Creditors Arrangement Act or Bankruptcy and Insolvency Act. Although the two countries’ legislation is different, many of the underlying principles are the […] -
Fostering Competitive 363 Sales Is Not Always ‘Cause’ to Limit Right to Credit Bid
Asset sales pursuant to Section 363(b) of the U.S. Bankruptcy Code have become a common staple of complex Chapter 11 bankruptcies. Major companies such as The Rockport Co. LLC, Nine West Holdings Inc., and the Weinstein Company have all used 363 sales, as they are known in bankruptcy parlance, to sell substantially all of their […] -
Turning Intangible Assets into Tangible Value in Bankruptcy Sales
The stand-alone sale in bankruptcy of certain forms of intellectual property, namely trademarks, is now well-established. Since the dot-com bust, when website companies had few, if any, tangible assets to sell, restructuring professionals have grown accustomed to disposing of intangible assets in bankruptcy. Debtors may sell intangible assets for any number of reasons, including, most obviously, […] -
A ‘Free and Clear’ Sale Order Is Only as Good as the Notice It Is Predicated Upon
Section 363(f) of the U.S. Bankruptcy Code enables a trustee or Chapter 11 debtor to sell its assets “free and clear of any interest in such property of an entity other than the estate,” provided it meets certain conditions. 11 U.S.C. Section 363(f). As courts have explained, “allowing sales of debtor assets free and clear […] -
True-Sales: Quest Continues to Create a Doctrine to Guide Investors, Creditors, Courts
Ever since the securitization market began its exponential growth three decades ago, scholars and lawyers involved in structured finance have searched for a secular “holy grail”—a clear legal definition of a true-sale.1 The quest is an important one. Despite its implosion in the aftermath of the financial crisis a decade ago, the securitization market in […] -
Milestones: New TMA CEO Scott Stuart Brings Diverse Background
Scott Stuart began losing his fear of failure at an unlikely time: in the middle of a streak of courtroom wins as a young lawyer in 1989 at the Finkel Goldstein law firm in New York. An older attorney who noticed his success pulled him aside and told him not to keep count, warning that […] -
Maximizing the Value of Assets—It’s the Details that Count
As we reflect on the 10th anniversary of the bankruptcy filing of Lehman Brothers Inc., it’s not difficult to notice that the restructuring industry has changed dramatically over the past decade. Bankruptcy filings are down. Chapter 11 cases that are filed are of shorter duration, and sales under Section 363 of the U.S. Bankruptcy Code […]