Bankruptcy, Reorganization & Capital Recovery

When a company is not likely to survive a restructuring, its assets may have value to a third-party buyer. Absent legal protection, a buyer of a financially distressed business will usually be concerned that the company’s creditors could pursue the acquired business on various legal theories, including “successor liability,&rdquo...

The recent decision of the Ninth Circuit in In re Hawkeye Entertainment, LLC contains a few important takeaways with respect to the treatment of executory contracts and unexpired leases under section 365 of the Bankruptcy Code. First, for purposes of section 365(b)(1), the Ninth Circuit has established that a default...

The major cryptocurrencies have experienced significant declines in 2022; with the crypto market shedding $2 trillion of its peak $3 trillion market capitalization in November 2021. Amid this “crypto winter,” Terra Luna and its algorithmic stablecoin collapsed, triggering a domino effect of losses and illiquidity throughout the crypto industry...

Greenberg Glusker’s Bankruptcy, Reorganization & Capital Recovery Group is excited to share some announcements with our clients and colleagues. Firm News: We’re pleased to announce that Keith Patrick Banner was elevated to partner effective January 1, 2022. Keith focuses on business insolvency and distressed transactions with experience in a...

I recently had the pleasure of working with my colleagues Benny Roshan and Jillian Berk on an appeal before the Ninth Circuit Bankruptcy Appellate Panel (B.A.P), which tested the ever-evolving intersection between bankruptcy law and probate and trust law.  In re Rens, __ B.R. __ , No. AP 19-90067-LA...

After agreeing to settle some 2,600 separate lawsuits over the company's involvement in fostering the nation's opioid crisis, Stamford-based Purdue Pharma, the maker of OxyContin, filed for bankruptcy protection in September 2019 — in White Plains, New York, of all places. After an intensely litigated bankruptcy case over a two-year...

Due in large part to the challenges brought on by the pandemic, Chapter 11 bankruptcy filings last year hit the highest level since 2010—a trend expected to continue throughout this year. Bankruptcy and restructuring is complex, full of twists and turns. Yet for all the expense, blame, negotiation, compromise...

Late last year, I co-authored an article in the Los Angeles Daily Journal with fellow bankruptcy attorneys Elissa Miller and Zev Schectman on the need for bankruptcy venue reform. Even though we have not seen the onslaught of bankruptcy filings as a result of the COVID-19 pandemic, the essence...

Clothing stores, restaurants, gyms and other businesses find themselves in a $52 billion and growing hole of unpaid retail rent that’s been missed since April 2020. According to CoStar Group Inc. TIAA Real Estate Account – run by the giant Teachers Insurance and Annuity Association of America – noted...

Brian Davidoff, Chair of the firm's Bankruptcy Group, moderated the panel "Distressed Transactions" during the Association for Corporate Growth (ACG) - Los Angeles' Annual Business Conference. In addition to Brian, the panel featured: Paul L. Kessler, who is the Principal at Bristol Capital Advisors and Cynthia Nelson, who is a Senior...

In this short, three-part video series, Greenberg Glusker Partners Andrew Apfelberg and Brian Davidoff discuss important financial considerations for health, beauty and wellness companies in the wake of a pandemic. Part two looks at what options exist for a vendor during bankruptcy, including what a preference is, how to...

COVID-19 has impacted an already shaky retail industry and pushed some of its participants into a rapid-fire series of bankruptcy filings. Although there was already a long list of prominent retail bankruptcies over the past several years prior to “shelter at home” orders – e.g. Toys “R” Us, Gymboree, Payless (twice), Forever 21, Barneys, Brookstone, Sears, Pier 1 (the list goes on) – it is unlikely that we have...

Recent COVID-19-related orders from state and local authorities which restrict evictions raise important questions for commercial landlords and tenants. The relationship of these orders to a subsequent tenant bankruptcy is discussed here. The answer may very well depend on the precise language of the orders issued by the particular...

The abrupt mandatory closures of bars, coffee shops, restaurants, fitness centers and essentially any commercial location where people socially congregate has invoked surprise and unease in consumers throughout the country. For business owners, however, such news rises beyond mere concern or nuisance, as it may immediately create a cash...