Insolvency and Creditors' Rights
The Insolvency and Creditors’ Rights Practice Group has extensive experience in:
- Representing parties in Chapter 11 cases and in other bankruptcy and workout-related matters, including state court receivership proceedings
- Advising clients on secured transactions and default and bankruptcy risks in commercial transactions
- Defending and prosecuting litigation arising out of bankruptcy cases, loan defaults and all types of secured transactions, in both bankruptcy and non-bankruptcy courts
- Representing companies seeking to purchase assets in a sale under Section 363 of the Bankruptcy Code
- Attaching and foreclosing upon collateral, as well as conducting public and private sales of pledged assets
- Representing foreign liquidators when the assets of a foreign bankruptcy are located in the United States and advising foreign creditors in U.S. reorganization and liquidation proceedings
We have frequently represented secured and unsecured creditors, debtors and asset acquirors in bankruptcy cases and non-bankruptcy workouts, and have advised banks, mortgagees, lessors of real and personal property and other creditors in enforcing their rights. We have also represented indenture trustees and creditors’ committees, as well as institutional and individual creditors’ committee members.
Our practice group often draws upon the resources of other groups in the firm, including the Real Estate, Corporate, Tax, Environmental, Maritime and Litigation Practice Groups.
We are representing indenture trustees in the recent chapter 11 cases for Sears Holdings and Sungard Availability Services in the Southern District of New York, and RAIT Funding and MTE Holdings in the District of Delaware. We are also representing an investor who sought to purchase the assets of uBiome, Inc., a manufacturer of home medical testing kits.
We are acting as local bankruptcy counsel for the State of West Virginia in the Purdue Pharma bankruptcy and are representing or have recently represented corporate clients dealing with a variety of issues, including claims litigation and avoidance actions, in such Chapter 11 cases as Westinghouse, The Weinstein Companies, Sears Holdings, Republic Metals, Gordmans Stores, Central Grocers, and Rochester Drug Co-operative, and continue to represent creditors sued in preference actions brought in bankruptcy cases in New York, Omaha, Chicago, and Delaware.
We represented parties who had open transactions with Lehman Brothers Holdings, Inc. and its affiliates in closing out and asserting claims arising out of those transactions.
We are advising parties who invested directly or indirectly in Bernard Madoff’s Ponzi scheme on their rights and liabilities in connection with those investments.
In 2003, we won a landmark victory for the Official Committee of Unsecured Creditors of Cybergenics Corporation in the Court of Appeals for the Third Circuit. After an extremely rare hearing en banc, the Court of Appeals reversed its prior panel decision by holding that a bankruptcy court may authorize an unsecured creditors’ committee to prosecute avoidance claims where the debtor in possession fails to do so.
Our clients have included The Bank of New York Mellon and the Attorney General of the State of West Virginia.
James Gadsden is a former Chair of the Committee on Trust Indentures and Indenture Trustees of the American Bar Association’s Section on Business Law. He has been a speaker at programs sponsored by the Business Bankruptcy Committee and Working Group on Legal Opinions of the Section of Business Law, the New York University School of Continuing Legal Education, the American Bankers Association and the Banking Law Institute and has published numerous articles in the bankruptcy field.
Aaron R. Cahn is a member of the American Bar Association’s Section on Business Law, the American Bankruptcy Institute, and the Turnaround Management Association. He has been a speaker at programs sponsored by the Section on Business Law and the Association of Insolvency and Restructuring Advisors and has published various articles dealing with bankruptcy issues.
Leonardo Trivigno is a member of the New York City Bar Association. He has represented both individual and institutional creditors in bankruptcy court. He has given presentations and has published various articles concerning bankruptcy issues.