Shortly after the Southern District of New York ruled on third-party releases in the Purdue Pharma case, the District Court of the Eastern District of Virginia similarly overturned a plan containing third-party releases in the Ascena Retail Group bankruptcy case. How does this decision relate to the Purdue Pharma decision and what does it mean for the future of third-party releases?
Clinton E. Cutler
“I most enjoy the deep and trusting relationship I develop with clients in guiding them through a successful turnaround of their business.”
Clint specializes in representing companies reorganizing or liquidating under the Bankruptcy Code or in or out of court workouts and liquidations. Clint is certified as a Business Bankruptcy Specialist by the American Board of Certification.
Clint is a shareholder and former Chair of Fredrikson & Byron’s Bankruptcy, Restructuring & Workouts Group, practicing in the areas of debtor/creditor law, bankruptcy and complex commercial litigation. Clint has represented clients nationwide in bankruptcy and other proceedings. Clint also represents debtors and creditors in all aspects of state law proceedings of debtor creditor law such as garnishment, attachment, receiverships, assignments for benefit of creditors, foreclosures, and claim and delivery. He works with banks and other lenders on UCC issues and lender liability matters.
- Lead counsel for debtor Gander Mountain Company, a leading outdoor retailer with 162 stores in 27 states, with sales in excess of $1.3 billion, in connection with its Chapter 11 bankruptcy case and related section 363 sale and wind down transactions. Transaction size was approximately $450 million.
- Lead bankruptcy counsel representing strategic stalking horse buyer in approximately $23 million purchase of RC-controlled hobby supply and retail business in section 363 sale transaction.
- Lead attorney representing home health care provider with annual revenues of $156 million through Chapter 11 reorganization.
- Lead counsel for debtor-owner of ethanol production facility in Chapter 11 liquidation proceedings.
- Advised owners of 25,000 acre farm operation and related businesses in workout and restructuring of $80 million secured lending facility.
- Advised business owner of 21 unit car dealership, leisure rental car company and related businesses, involving over $500 million in secured debt.
- Lead counsel in connection with wind down and liquidation of non-profit college.
- Represented third generation, family-owned $50 million business in section 363 sale.
- Represented $100 million manufacturing company in reorganization under Chapter 11.
- Represented $75 million manufacturing enterprise in section 363 sale and liquidation.
- Represented strategic or financial buyers and bidders for acquisitions of $10 million to $500 million.
- Representative industries:
- Healthcare Services
- Financial Services
- Computer software development
- Real Estate
- Senior Housing/assisted living/skilled nursing facilities
Articles & Presentations
September 24, 2021
Third-party releases headline news stories about major chapter 11 cases, including Purdue Pharma and the Boy Scouts of America. Will Congress consider a bill that would restrict the use of third-party releases?
February 25, 2021
Prior to the COVID-19 pandemic, the Bankruptcy Code generally has been interpreted to require debtors to pay rent obligations on time under unassumed real property leases as those obligations arose post-filing and pre-rejection. This result was driven by 11 U.S.C. § 365(d)(3), which requires the debtor to “timely perform” all obligations until the lease is assumed or rejected, with one narrow exception.
April 22, 2020
Professionals should consider the traditional tools for helping troubled businesses but also explore non-traditional methods of solving client problems.
March 30, 2020
Executives and their companies facing a financial storm brought on by the pandemic can find themselves in an overwhelming spot. Fredrikson attorneys provide a next-steps checklist and wealth of resources to help weather the storm.
August 28, 2019
A recent Supreme Court decision resolves an important question regarding what rights a non-debtor licensee has to continue to use a trademark under a rejected lease and may also have broader ramifications on the rights of contract parties when a contract is rejected under Section 365.
June 3, 2019
The national and local publications have been full of articles recently on the emerging agricultural crisis confronting producers. Now might be a good time for lenders to brush up on the most significant laws affecting their loan remedies in the event it becomes necessary to seek enforcement of their loans.
February 19, 2019
We are currently in or entering a new bust cycle in production agriculture. While producers have generally managed to continue operating, bankruptcy filings and farm foreclosures are on the rise and prior fixes may no longer be available. Dealing with lenders can be a challenge in these circumstances, and it is important for professionals advising producers to follow a few simple rules to effectively negotiate with their clients’ lenders.
July 26, 2018
In the 8th Circuit, income tax debt owed under late filed tax returns could, under certain circumstances, be discharged by individual debtors in their bankruptcy cases.
PUBLICATIONS & PRESENTATIONS
- Co-Presenter, “Current Issues in Distressed M&A,” Fredrikson & Byron Webinar, June 17, 2020
- Co-Presenter, “PPP Forgiveness and Distressed M&A Primer,” ACG MN Lunch & Learn, April 28, 2020
- “Five Lessons from 35 Years of Representing Debtors,” presenter, 2019 TMA Midwest Regional Conference, April 29-30, 2019
- “What Advisors to Agricultural Producers Need to Know About Loan Workouts,” author, Journal of Corporate Renewal, Turnaround Management Association, April 2019
- “How to Fix a Troubled Farm Loan,” featured in article, Successful Farming, February 20, 2019
- “Time to consider other options for farm bankruptcies,” author, Star Tribune, December 24, 2018
- “Retail Restructuring and Liquidation,” co-presenter, American Bankruptcy Institute’s 25th Annual Central States Workshop
- “Anatomy of a Retail Bankruptcy,” co-presenter, Hennepin County Debtor Creditor Committee and Minnesota Chapter of the Turnaround Management Association
- “Selected Consumer Topics,” moderator with panelists Henry Sommer and Hon. Dennis R. Dow, The 2018 Nancy C. Dreher Lecture on Bankruptcy Law and Practice, sponsored by the American College of Bankruptcy and the Corporate Institute at the University of Minnesota Law School
- “Chapter 11—Reorganization,” co-author, Bankruptcy Practice In Minnesota Deskbook, a Continuing Legal Education publication
- “Foreclosure and Repossession in Minnesota,” co-author, a Continuing Legal Education publication
- “Loan Workout and Collateral Liquidation in Minnesota,” co-author, a Continuing Legal Education publication
- “Selected Topics on Lender Liability for Mortgage Lenders,” co-author, a Minnesota Institute of Legal Education Publication
- Frequent lecturer on debtor/creditor issues to trade groups, attorneys and other insolvency professionals
Honors & Education
- Syracuse University College of Law, J.D., 1984, magna cum laude
- Iowa State University, B.S., 1981, summa cum laude
- Minnesota, 1984
- U.S. District and Bankruptcy Court for the District of Minnesota, 1984
- U.S. Court of Appeals, Eighth Circuit, 1985
- Minnesota State Bar Association, Pro Bono All Star, 2020
- Transaction of the Year, 2018, Turnaround Management Association – Minnesota Chapter
- Best Lawyers’ “Lawyer of the Year” in Minneapolis Litigation – Bankruptcy, 2015, 2019, 2021
- Best Lawyers’ “Lawyer of the Year” in Minneapolis Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, 2013, 2018
- The Best Lawyers in America, Litigation-Bankruptcy; Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, 2013-present
- Fellow, American College of Bankruptcy
- Certified Business Bankruptcy Specialist, American Bankruptcy Board of Certification
- Minnesota Super Lawyers, Super Lawyer-Bankruptcy: Business
- Minnesota Super Lawyers, “Top 10 Super Lawyer”
- Minnesota State Bar Association, North Star Lawyer, 2012-2021
- Judge Nancy C. Dreher Pro Bono Distinguished Service Award, 2013
- Raeder Larson Public Service Award, 2010
- Distinguished Service Award, Hennepin County Bar Association, 2000
- Syracuse Law Review, Executive Editor, 1983-84
- Order of the Coif
- American Bar Association
- Former Board member, Turnaround Management Association, Upper Midwest Chapter
- Member, American Bankruptcy Institute
- Past Chair, Minnesota State Bar Association, Bankruptcy Section
- Hennepin County Bar Association, Debtor/Creditor Committee
- Volunteer Attorney for Hennepin County Legal Advice Clinics, Inc., 1984-present
- Volunteer Attorney, Stand Down project for veterans, VA Medical Clinic
- Associate Adjunct Professor of Law, Bankruptcy Clinic, University of Minnesota Law School, 2005- present
- Co-Instructor, International Bankruptcy, University of Minnesota Law School, Spring Term 2017
- Fredrikson & Byron, P.A., Board of Directors, Executive Vice President, member of the firm Executive Committee
- Member, American College of Bankruptcy Foundation Pro Bono Committee
- Certified Business Bankruptcy Specialist, American Bankruptcy Board of Certification