What the Pros Say (2/5/17)

Jones Day LLP is back at it with a barrage of summaries.

  • Default Interest. Monika Weiner from Jones Day LLP provides an assessmentof recent case law aligning the Ninth Circuit with the majority view of 1123(d).
  • EFIH/MakewholeA review of the recent decision by Jones Day LLP's Bruce Bennett, Brad Erens, and Scott Greenberg. 
  • Lender LiabilityA discussion from...wait for it...Jones Day LLP.
  • MarblegateSkadden Arps Slate Meagher & Flom LLP arrives a little late to the party (Thoughts here by Jay Goffman, Mark McDermott, Sarah Pierce and Liz Downing) with Chadbourne as its date (more thoughts here by Marian Baldwin Fuerst and Christy Rivera). 
  • Retail. Amir Agam and Christa Hart of FTI Consulting cover the current state of retail.
  • Setoff. Charles Whitmann-Todd of, gulp, Jones Day LLP summarizes an important decision relating to the setoff of admin expenses against preferential payments.

What the Pros Say (01/29/17)

What the Pros Say (Week of 01/08/17)

  • Death Traps. Katharina Earle of Cole Schotz PC discusses the risks of proposing death traps in a plan.
  • Energy. The US Energy Information Administration has released its annual energy outlook with forecasts through 2050.
  • Lease Rejections. Kenneth Rosen of Lowenstein Sandler LLP articulates that BC 365(d)(4) is causing retail liquidations.
  • Makewhole. Gregory Horowitz of Kramer Levin reviews the EFIH decision.
  • Privacy. Shmuel Vasser of Dechert LLP discusses internet privacy issues in the context of international bankruptcies.
  • Professional Fees. Michael Cook of Schulte Roth & Zabel summarizes the recent In re Relativity Fashion LLC case relating to objections to investment banking transaction fees. In this instance, attempts to revisit 328-approved fees failed. For some inexplicable reason, Cook doesn't indicate whose applications were at risk - to the point of blatantly avoiding it even though the court makes no attempt to hide it. To spare you the suspense, it was Houlihan Lokey and PJT Partners LP that were attacked. 
  • Takata. Brendan Best of Varnum LLP writes about the implications of a Takata bankruptcy for trade creditors.

What the Pros Say (Week of 12/18/16)

  • Makewhole. Geoffrey Raicht, Trevor Hoffman, Ian Peck and Stephen Pezanosky of Haynes & Boone LLP contribute to the recent onslaught of review pieces post Third Circuit opinion. 
  • Notice. Lorie Ball of Robins Kaplan LLP reviews the recent SDNY Chemtura decision relating to publication notice and due process. 
  • Trademark License Rejection. Ira Sacks and Julia Lissner of Akerman LLP write on the opinion split in the area of rejected trademark licenses

What the Pros Say (Week of 12/11/16)


  • Ignoring the podcast host's painful lack of charisma, Pachulski's Jeffrey Pomerantz provides an intriguing interview about the state of retail; he discusses macroeconomic trends, e-commerce trends, and the pros/cons of selling a retail asset pursuant to 363 or a plan (i.e., net operating loss benefits); he also draws on experience from Radio Shack, Wet Seal, Pac Sun and Delia's. Finally, he indicates that "there are rumors that Dick's Sporting Goods has hired Houlihan Lokey to pursue restructuring alternatives" and highlights Sears, Forever 21 and Claire's Stores as potential near term bankruptcy candidates. He forgot to mention J. Crew

Jones Day LLP has a lot to say...

  • 2017. Deloitte CRG's Kirk Blair predicts restructuring activity in...wait for it...energy, shipping and retail. Really going out on a limb.
  • Aeropostale. Jones Day LLP's Brad Erens summarizes the stinging defeat the company took in its efforts to equitably subordinate and/or recharacterize Sycamore Partners' claims (and limit credit bidding rights).
  • Avoidance Actions. A limited expansion of the lookback period as noted by Jones Day LLP's Amanda Parra Criste.
  • Chapter 15. Verle Roovers of Jones Day LLP provides an analysis of recent Chapter 15 precedent (Sanjel).
  • Consumer Privacy. John Drennan of Baker Donelson discusses a critical issue.
  • Equitable Mootness. G. Christopher Meyer of Squire Patton Boggs (US) LLP discusses the doctrine in the context of Detroit's Chapter 9 appeal (spoiler alert: still equitably moot).
  • Indenture Trustee Standing. Andrew Silfen, Leah Eisenberg, Jeffrey Rothleder and Jordana Renert of Arent Fox LLP collaborated on a summary of a recent NY Supreme Court decision.
  • Jevic - Structured Dismissals. Mark Salzberg from Squire Pattong Boggs LLP discusses the SCOTUS deliberations.
  • Makewhole. Simpson Thatcher is a little late to the EFIH-summary party but this is a solid memorandum by John Lobrano, Sandy Qusba, Elisha Graff and Morris Massel discussing the recent 3rd Circuit decision. As is Arent Fox LLP's summary by Andrew Silfen, Jeffrey Rothleder and Beth Brownstein here.
  • Midstream Contracts. Kathryn Coleman and Anson Frelinghuysen of Hughes Hubbard & Reed LLP provide a summary of the March SDNY decision in Sabine that still rankles Judge Jones in Texas to this day.
  • Restaurants. Edward Neiger of ASK LLP summarizes a few of the recent casual restaurant filings. We have also covered this space in here.

What the Pros Say (Week of 11/27/16)

  • Default Rate of Interest Upon 1123(d) Cure: Jones Day LLP's Bruce Bennett and Monika Wiener report on the 9th Circuit finally falling in line.
  • Hanjin Shipping. Baker McKenzie LLP's Peter Goodman discusses the impact of the global shipper's bankruptcy.
  • Indenture Trustee Fees. Karol Denniston of Squire Patton Boggs discusses a Caesars bankruptcy court decision regarding an indenture trustee's ability to recover fees and costs in connection with a settlement.
  • Make-Whole. Shearman & Sterling's Fredric Sosnick, Douglas Bartner, Joel Moss, Solomon Noh and Ned Schodek opine on the recent EFIH decision. King & Spalding LLP's Sarah Borders, Ye Cecilia Hong, Jeffrey Dutson and Elizabeth Dechant also chime in on the decision. As do Michael Goldstein, William Weintraub, Gregory Fox, Kizzy Jarashow and David Koch from Goodwin Proctor. AND so do Bruce Bennett, Brad Erens and Sidney Levinson of Jones Day LLP. ANND so does Cozen O'Connor's Eric Scherling.  ANNND so does Jacqueline Luther of Shepard Mullin LLP. ANNNND also Alston & Bird LLP's Grant Stein, David Wender, Dennis Connolly, and Anthony Greene. ANNNNND Shiff Hardin LLP's J. Mark Fisher and Michael Ott.

What the Pros Say (Week of 11/20/16)

Things must have slowed down as a lot of professionals are putting pen to paper...

  • Dead Malls. FTI Consulting provides an analysis.  
  • Deathtraps. Proskauer LLP's Daniel Desatnik discusses "death traps" as a tool in restructurings.
  • Default Interest. Troutman Sanders LLP's Penelope Parmes, Matthew Brooks and Meghan Wells discuss a recent Ninth Circuit decision.
  • Distressed Oil & Gas. Haynes & Boone LLP's Charles Beckham and Opportune LLP's Ryan Bouley discuss distressed debt and oil and gas bankruptcy
  • Election. Oaktree Capital Management's Howard Marks follows up on his pre-election letter with these insights.
  • Jevic. Rebecca Hollander of Cole Schotz LLP discusses the upcoming Supreme Court hearing.
  • LLC Blockers. Nancy Peterman of Greenberg Traurig LLP discusses blocking rights in LLC operating agreements
  • Make-Whole Analysis. Bracewell's Evan Flashen, David Lawton and Mark Dendinger review the Third Circuit's reversing opinion. As do Schulte Roth & Zabel LLP's Adam Harris, Lawrence Gelber, Michael Cook, and Lucy Kweskin here.
  • Retail and Consumer Products. FTI Consulting released its 2016 Holiday Retail Report.
  • Shipping. Bracewell's Evan Flaschen and Mark Dendinger are prolific this week, also addressing the increasingly distressed shipping space. Seward & Kissel LLP's John Ashmead, Michael Timpone, and Robert Gayda also address the distressed shipping space - highly relevant in light of this week's crazy drybulk shipper movements (see Dryships).