Brian L. Davidoff

Chair, Bankruptcy, Reorganization & Capital Recovery
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Bankruptcy & Insolvency Blog

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Wisdom and Wit About the World of Bankruptcy & Insolvency

The Effective Use of Section 363 Sales

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...
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Bankruptcy Round-Up: In The News

Members of the Bankruptcy, Reorganization and Capital Recovery Group at Greenberg Glusker have been turned to for their thought leadership by several news outlets this year. Here is a round-up of our activity thus far: Brian Davidoff was quoted in Law360 in the article " Bankruptcy Cases And Trends...
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Crypto Contagion

Cryptocurrency had a market cap of $10 million in early 2011; it rocketed to nearly $3 trillion in February 2022 and is now down to about $1.1 trillion today. Some of this year's more notable gyrations in crypto's fall from grace include the following:  In May there was a decline of...
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Announcements from Our Group

Firm News & Upcoming Events
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...
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Bankruptcy Venue Reform and Upcoming Conference Call to Discuss Proposed Bill

What do the Dodgers, American Apparel, Rubio’s Fish Tacos, California Pizza Kitchen, MGM Studios, and Pacific Sunwear have in common? Each is an iconic Southern California brand. But that’s not all they have in common. According to statistics, over the last 20 years 143 California based companies having over $32 billion in...
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Purdue portends a change of bankruptcy venue laws

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...
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Why Bankruptcy Venue Reform Matters

Current U.S. bankruptcy law gives companies wide discretion to file a bankruptcy in the venue of their choice. A company can file for bankruptcy in any federal district where it has its “domicile, residence, principal place of business in the United States, or principal assets in the United States&rdquo...
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Bankruptcy Venue Reform

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...
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SAREs Revisited

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...
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Webinar Replay: Distressed Transactions

A Panel Discussion at ACG Los Angeles Virtual Conference
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...
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When to Consider Acquiring a Distressed Company

Lessons for Health, Beauty & Wellness Companies [Part 3]
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 three looks at when to consider acquiring a distressed company, including the options on the table, the risks...
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What Options Exist for a Vendor During Bankruptcy

Lessons for Health, Beauty & Wellness Companies [Part 2]
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...
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What Steps to Take When Your Buyer is Financially Distressed

Lessons for Health, Beauty & Wellness Companies [Part 1]
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 one looks at what steps a company can take when their buyer is financially distressed, including warning signs...
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COVID-19 Uncovered

Last week I posted an article about the difficulty for restructuring professionals to predict the environment into which they are trying to "right size" the companies they are working with. What will the industry look like in 2, 3 and 4 months? How much overhead do you need to...
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Will Hollywood find a special place in a government coronavirus bailout?

Variety asked my views on that recently. I don't think so. While the crisis is evolving on a day-by-day and hour-by-hour basis, I think that any financial relief to Hollywood will be more generic. Every industry that has been hard hit by the virus has its hands out to...
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Nunc Pro Tunc Anyone?

On February 24, 2020, the United States Supreme Court ruled in a case Roman Catholic Archdiocese of San Juan v. Feliciano in connection with removal of a state court matter to Federal court, something that may have a significant effect on bankruptcy practice. The Court stated: "Federal courts may...
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Producers Beware: What happens when your movie distributor files bankruptcy?

The Issue There has been written a plethora of articles about Bankruptcy Code §365(n) regarding the rights of parties to license agreements when the licensor files bankruptcy and rejects a license agreement. Generally, Code Section 365(n) allows the licensee to “accept” a rejection of a license agreement by the...
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Litigation Funders Find Opportunity in Bankruptcy

Published in the Daily Journal on January 27, 2016 Greenberg Glusker partner Brian Davidoff, was quoted in a January 27, 2016, article by Daily Journal reporter Steve Creighton on the opportunities for litigation funding of adversary cases in bankruptcy.  The article discusses the current bankruptcy climate, the looming increase of bankruptcies and how...
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Greenberg Glusker Guides Imaging3, Inc. Through Multiple Bankruptcy Appeals

Published in the Los Angeles Business Journal on January 18, 2015 Imaging3, Inc., a Burbank-based medical technology developer, emerged from Chapter 11 bankruptcy in 2013 after the reorganization plan that would convert the company’s debt to equity was approved by the court. The company faced several setbacks when a...
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Experts: Drought Could Reverse Downturn in Bankruptcies

Greenberg Glusker Fields Claman & Machtinger LLP partner Brian Davidoff was quoted in an article that ran in the Los Angeles Daily Journal on July 31 st  about current predictions that the bankruptcy industry will soon see a spike in bankruptcy cases as a result of the state’s ongoing...
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“Wellness” Has Made Us Better

On Thursday I published a blog article entitled Will “Wellness Make Us Better?, in which I posed the question of whether or not the U.S. Supreme Court would finally rule on whether or not bankruptcy courts can, in  Stern  type cases, enter a final judgment with the consent of the...
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Will “Wellness” Make Us Better?

The United States Supreme Court will hand down its decision in the next few weeks in the case of  Wellness Int’l Network, Ltd. v. Sharif (“Wellness”) , 727 F.3d 751 (7th Cir. 2013) regarding bankruptcy courts’ jurisdiction.  The jurisdictional quagmire is a major and growing virus in the bankruptcy...
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Law Firm “Clawback” Suit Goes to Ninth Circuit

Bankruptcy Judge Dennis Montali in San Francisco said last week that he will allow a direct appeal to the Ninth Circuit from one of his rulings in the bankruptcy of Howrey LLP, skipping an intermediate appeal to the U.S. District Court.  The judge relied on  Jewel v. Boxer  — a...
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Mind the Statutory Gap (aka A Jurisdictional Mess)

As we all know, on June 9 of this year, the Supreme Court issued its long-awaited decision in  Executive Benefits Ins. Agency vs. Arkison , 134 S. Ct. 2165, 189 L. Ed. 2d 83 (2014), which we had hoped would resolve the open questions arising from  Stern v. Marshall...
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What’s Up for Restructuring Professionals in 2014?

Filings are Down Commercial bankruptcy filings were down by 28% in 2013 over the prior period in 2012, and overall bankruptcy filings dropped 15%, putting the country on the lowest level of petitions since 2007 according to figures released by the American Bankruptcy Institute.  The data, compiled by Epiq Systems...
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