By: Howard R. Elisofon, Stephen B. Selbst, Frederick E. Schmidt, Paul A. Rubin
Herrick, Feinstein LLP, New York, New York, USA

Hope for Madoff Investors Hit With Clawback Lawsuits

A recent decision may provide important ammunition to Madoff investors against "clawback" actions brought by the SIPC Trustee overseeing the Madoff bankruptcy estate (the "Madoff Trustee"). The Madoff Trustee

Read more: Lending & Restructuring Alert


Authors: Paul A. Rubin, Frederick E. Schmidt
Herrick, Feinstein LLP, New York, New York, USA

Earlier this year, the Third Circuit Court of Appeals' decision in In re Philadelphia Newspapers, LLC sent shockwaves through the secured lending community. In a 2-1 decision, the court held that a debtor

Read more: Secured Lenders Win Latest Round in Credit Bidding Wars


By: Paul A. Rubin and Frederick E. Schmidt
Herrick, Feinstein LLP, New York, New York, USA

A company facing a rash of tort lawsuits may try to use a dormant subsidiary's bankruptcy as a tool to limit its exposure. That's what Pfizer tried to do, and a New York bankruptcy judge sent them packing.  This case is a

Read more: Bad Medicine: Court Prevents Pfizer from Manipulating Subsidiary’s Bankruptcy to Serve its Own...


By: Ilmar-Erik Aavakiv and Kairi Tuulmägi
Advokaadibüroo Aivar Pilv, Estonia

It is usual that the obligations of a company are secured by a guarantor, often times a member of the management board. Signing a surety contract gives the creditor more security – if the debtor is unable to fulfill his obligations

Read more: Suretyship and Bankruptcy


By: Paul A. Rubin, Frederick E. Schmidt
Herrick, Feinstein LLP, New York, NY

A groundbreaking decision in a high profile case opens the door for confirmation of chapter 11 plans that distribute value to junior creditors over the objection of first lienholders, despite the parties' subordination

Read more: Cram Down Plan “Trumps” Subordination Provision in Intercreditor Agreement