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Bankruptcy, Restructuring & Workouts

There is no substitute for experience when it comes to helping companies in financial distress. Our group has successfully handled over 150 corporate reorganizations in Minnesota and across the country, and our two senior team members have more than 70 years of combined business bankruptcy experience.

MAIN CONTACT

Ryan Murphy

Email: rmurphy@fredlaw.com
Office: 612.492.7310

FEATURES

The Restructuring Report

New FredSolve Chapter 11 evaluation, assessment and preparation program for small businesses

Attorney James Baillie Elected Vice-President of the American College of Bankruptcy

What We Do

Behind our reorganizations experience are many more out-of-court workouts and confidential advice and planning engagements. These representations include services for debtors, creditors, buyers and sellers of distressed assets, receivers and other parties that may be affected by the financial distress of a business.

Achieving our client’s goals is about more than legal expertise. It’s about taking time to understand a client’s specific financial and operating concerns, and providing real, practical business solutions and respectful – yet honest – counsel on how to address critical issues. It’s about effective negotiation and advocacy with multiple parties such as lenders and unsecured creditors, and the ability to act quickly and efficiently under challenging circumstances. Finally, it’s about having the skills to generate both primary and alternative options that can help the clients meet their objectives. At Fredrikson & Byron, these are the attributes that set us apart.

Services:

For debtor or creditor clients, we provide services in bankruptcy reorganization cases, out-of-court restructuring, workouts of commercial loans, liquidations, debtor-creditor litigation in and out of bankruptcy court, commercial and banking litigation, reclamations, and receiverships and assignments for benefit of creditors.

The Bankruptcy, Reorganization & Workouts Group represents creditors and debtors in diverse industries including:

Charitable and Religious Organizations/Nonprofit
Energy
Finance
Food/Agriculture
Healthcare
Manufacturing
Mining
Professionals/Receiverships
Real Estate/Construction
Retail
Retail/Entertainment
Services

Professional Leadership:

One of our members chaired and two others were members of the committee that drafted the recently enacted (2012) Minnesota statutes governing receiverships and assignments for the benefit of creditors. Group attorneys are active as members of and leaders in a number of professional insolvency organizations, including the Business Bankruptcy Committee of the American Bar Association Section of Business Law, the American Bankruptcy Institute, the Turnaround Management Association (Upper Midwest Chapter), the Hennepin County Bar Association Debtor/Creditor Section, and the Minnesota State Bar Association, Bankruptcy Section. In addition to holding leadership positions in these organizations, two of our attorneys are also co-instructors of the Bankruptcy Clinic at the University of Minnesota Law School; one is a nationally Certified Business Bankruptcy Specialist and two are Fellows in the American College of Bankruptcy.

Experience

The Bankruptcy, Reorganization & Workouts Group represents creditors and debtors in diverse industries. See below for a list of recent representations in various industries.

Manufacturing
Equipment Manufacturer
Industry/business:	Equipment manufacturer
Representation/date:	Manufacturer/Lender / 2016
Transaction size:	$1M in equipment
Key outcome:	The debtor breached its payment obligations for equipment financed through the client, and filed a Chapter 11 bankruptcy case. On behalf of the client, objected to sale of assets and asserted other rights, resulting in buyer of assets paying full amount of debt.
HEI, Inc.
Industry/business:	Printed circuit board manufacturer
Representation/date:	Debtor / 2015
Transaction size:	Approximately $30M of revenue
Key outcome:	Successful auction, which increased price by 50% over stalking horse bid.
Rotonics Manufacturing, Inc.
Industry/business:	Manufacturer and marketer of plastic products
Representation/date:	Debtor / 2012
Transaction size:	Revenues of approximately $50M
Key outcome:	Successful out of court sales of manufacturing facilities with approval of constituents through assignment for the benefit of creditors.
Genmar Holdings, Inc. (and 21 subsidiaries)
Industry/business:	One of world’s largest boat manufacturers
Representation/date:	Debtor / 2009-2010
Transaction size:	Prior company revenues of over $1B
Key outcome:	Sale of business assets as going concern to several buyers. Turnaround Management Association Upper Midwest Chapter Transaction of the Year 2010
PVC Compounders, Inc.
Industry/business:	Manufacturer of flexible and rigid polyvinyl chloride components
Representation/date:	Debtor / 2009
Transaction size:	Revenues of approximately $50M
Key outcome:	Successful out of court sales of manufacturing facilities with approval of constituents.
(Precision Manufacturer for Defense Industry)
Industry/business:	Manufacturer of precision components and assemblies of metal products
Representation/date:	Debtor / 2009
Transaction size:	Revenues of approximately $15M
Key outcome:	Successful out of court sale of assets with approval of constituents.
A.P.I.
Industry/business:	Installer and distributor of fire proofing material/asbestos case
Representation/date:	Debtor / 2008 completion
Transaction size:	Revenues of approximately $62M / $250M plus in liabilities
Key outcome:	API is the only confirmed asbestos Chapter 11 case in the Eighth Circuit (and among a small number of such cases nationally). The case involved a company which sold and installed asbestos insulation products and faced massive liability from product liability claims. The company was able to confirm a Chapter 11 plan involving a contribution to a trust and assignment of its remaining insurance and go forward as a successful business after reorganization.
Victor Plastics, Inc.
Industry/business:	Custom plastic molding for household appliance, automotive and other industries
Representation/date:	Represented equity/creditor interests in sale of business assets in bankruptcy / 2008
Transaction size:	Revenues of approximately $81M / $15M in assets
Key outcome:	Assisted investors in recovery of guaranty obligations in Chapter 11 asset sale.
Hitchcock Industries
Industry/business:	Aluminum foundry defense contractor
Representation/date:	Debtor / 2006
Transaction size:	Revenues of approximately $42M / $45M in asset sale
Key outcome:	Case recognized as “Transaction of the Year” in 2006 by the Upper Midwest Chapter of the Turnaround Management Association because the successful sale paid all creditors in full and paid amounts to the equity holders far in excess of what was expected.
Dakota Arms
Industry/business:	High end specialty firearms manufacturer
Representation/date:	Debtor / 2006
Transaction size:	Revenues of approximately $4M / $4-5M in assets, with additional assumption of debt
Key outcome:	Represented Chapter 11 debtor in extensive negotiations with creditors and litigation leading up to successful sale of assets of specialty gun manufacturer.
Sheldahl
Industry/business:	Manufacturer of high tech components to the automotive and aircraft industries
Representation/date:	Debtor / 2004
Transaction size:	Revenues of $100M+ / $35M in assets
Key outcome:	Chapter 11 plan confirmed with sale to existing equity to clean-up balance sheet and allow additional investment.
BMC Industries
Industry/business:	Manufacturer of aperture masks and lenses used in eyeglasses/Vision-Ease
Representation/date:	Debtor / 2004
Transaction size:	Revenues of approximately $62M / $155M in assets
Key outcome:	Represented debtor in obtaining bankruptcy court approval of $50M sale of Vision-Ease. Assisted in confirmation of a plan of liquidation resulting in payoff owed to service lenders.
Sasol DHB Holdings, Inc.
Industry/business:	Distribution of agricultural chemicals
Representation/date:	Debtor / 2003
Transaction size:	$5M
Key outcome:	Chapter 11 plan confirmed.
BK Entertainment, Inc. and 3 Subsidiaries
Industry/business:	Manufacture and sale of bingo products
Representation/date:	Debtor / 2001-2006
Transaction size:	$100M plus
Key outcome:	Chapter 11 plan confirmed.
Other notable cases:	Munsingwear, Inc. (chapter 11 plan confirmed), Endotronics (chapter 11 plan confirmed)
Healthcare
Valley View of Jordan, LLC
Industry/business:	Assisted living facility
Representation/date:	Debtor / 2013-2014
Transaction size:	Approximately $5M of debt
Key outcome:	Confirmed Chapter 11 Plan of Reorganization.
Intrepid USA
Industry/business:	National home health care business with 200 locations in 38 states
Representation/date:	Debtor / 2004
Transaction size:	Revenues of $200M+
Key outcome:	Successful restructuring of business preserving 500 jobs; negotiated and led confirmation of Chapter 11 plan that resolved numerous stakeholder issues.
Health Risk Management
Industry/business:	Healthcare
Representation/date:	Debtor / 2001
Transaction size:	Revenues of approximately $39M
Key outcome:	Successful sale in bankruptcy of two separate businesses related to third-party payor services in health care industry.
HMU
Industry/business:	Chain of nursing homes in Wisconsin
Representation/date:	Debtor / 2000
Transaction size:	Revenues of approximately $11M
Key outcome:	Chapter 11 plans confirmed.
Energy
Fibrominn LLC
Industry/business:	Electric power producer
Representation/date:	Minnesota counsel to debtor in state receivership action / 2015
Transaction size:	Total debt of over $200M
Key outcome:	Sale of 55-megawatt biomass-fired power plant.
NRG Energy
Industry/business:	Non-regulated electric power producer
Representation/date:	Local counsel for debtor / 2002
Transaction size:	Approximately $9B
Key outcome:	Successfully obtained dismissal of involuntary bankruptcy petition filed by former officers; Company subsequently re-filed in New York and successfully reorganized approximately $9B in debt.
(Minnesota Ethanol Plant)
Industry/business:	Ethanol cooperative plant
Representation/date:	Debtor / 2001
Transaction size:	$25M
Key outcome:	Led team in renegotiating terms of construction and permanent financing of about $25M.
Mining
Eveleth Mines/Thunderbird Mining Co.
Industry/business:	Taconite mine
Representation/date:	Committee (local) / 2003
Key outcome:	Negotiated treatment of unsecured claims in sale of assets of large taconite mining operation.
Real Estate/Construction
Industry/business:	Land developers, builders and lenders. We currently represent multiple distressed real estate industry clients in cases, including: developers, integrated builders, lumber yards/mill works, bank lenders and specialty construction lenders in workouts, foreclosures and bankruptcies related to the severe slump in residential real estate
Representation/date:	Workouts, foreclosures and bankruptcies / Ongoing
Transaction size:	Total of debt transactions exceeding $1B to date.
Privately Held Construction Company
Industry/business:	Construction
Representation/date:	Debtor / 2016-2017
Transaction size:	Several million dollars in debt or bond claims
Key outcome:	The debtor experienced financial difficulty due to falling oil-prices and increased competition, resulting in several millions of dollars in defaulted bank debt and bond claims. Negotiated a substantial discount on claims made by two bonding companies, allowing the debtor to restructure its bank debt and continue operations.
Lyman Lumber Company
Industry/business:	Supplier of building materials and services, lender to builders and developer
Representation/date:	Sale of assets in bankruptcy 363 sale / 2011
Transaction size:	Revenue in excess of $400M in prior years; Total debt of more than $100M
Key outcome:	Business sold as going concern with jobs saved and maximum value obtained for creditors.
Gerald Trooien
Industry/business:	Commercial Real Estate Developer
Representation/date:	Debtor / 2010-2011
Transaction size:	Over 100 separate entities; $200M in debt
Key outcome:	Confirmed Chapter 11 plan that permitted debtor to retain remaining assets and to share proceeds with creditors. One of Twin Cities Business Magazine’s Top Ten Business Litigation Cases of the Year (#3) 2011.
Fenton and Bowles (Pool D)
Industry/business:	Owners of commercial real estate
Representation/date:	Chapter 11 / 2011
Transaction size:	Approximately $13M in debt
Key outcome:	Plan confirmed over objection of secured creditors (7/17/12).
Southside Lumber Company
Industry/business:	Lumber yard and truss construction
Representation/date:	Debtor / 2009
Transaction size:	Revenues of approximately $25M
Key outcome:	Successful out of court sale of assets with over 25% distribution to unsecured creditors.
Lyman Lumber Company
Industry/business:	Largest supplier of building materials in Upper-Midwest, also in Pacific Northwest; finance to real estate industry and real estate development
Representation/date:	Complex out of court workout / 2007-2008
Transaction size:	Revenues of approximately $400M
Key outcome:	2008 TMA (National) Transaction of the Year (mid-size). 2008 TMA Upper-Midwest Transaction of the Year.
Lawrence A. Kreger
Industry/business:	Real estate developer
Representation/date:	Individual Chapter 11 case/ 2000-2003
Key outcome:	Chapter 11 plan confirmed.
Retail
Horizon Hobby
Industry/business:	Retail
Representation/date:	Buyer / 2018
Transaction size:	$22M purchase price
Key outcome:	Represented buyer Hobbico, which filed a Chapter 11 bankruptcy case in Delaware.
Gander Mountain
Industry/business:	Outdoor Retail
Representation/date:	Debtor counsel / January 2017-Feb. 2018
Transaction size:	$450M-500M
Key outcome:	Successful sale of business in two transaction: going concern sale and GOB liquidation sales of the rest.
Wagstaff Minnesota, Inc. (and related entities)
Industry/business:	Owner/operator of 77 KFC franchises
Representation/date:	Minnesota counsel / 2011-2012
Transaction size:	Revenues of approximately $75M / Total debt of more than $60M
Key outcome:	Pending Chapter 11 cases.
Duke & King Acquisition Corp.
Industry/business:	Burger King Franchisee with 92 restaurant locations
Representation/date:	Minnesota counsel / 2010-2011
Transaction size:	Revenues of approximately $89M
Key outcome:	Majority of restaurants sold as going concern in three regions to three buyers, confirmed Chapter 11 liquidating plan with anticipated 18-36% distributions.
2nd Swing
Industry/business:	Retailer of new and used golf equipment
Representation/date:	Debtor / 2007
Transaction size:	Revenues of approximately $63M / $9M in assets
Key outcome:	Liquidation of national retail company in Chapter 11 case.
Seasonal Concepts
Industry/business:	Retailer of patio/garden furnishings and décor
Representation/date:	Debtor / 2007
Transaction size:	Revenues of approximately $25M
Key outcome:	Sale of assets in Chapter 11 case.
Downtown Mall, LP and Center Development Venture (Southbridge Mall)
Representation/date:	Debtor, Chapter 11 / 1997
Transaction size:	$20M
Key outcome:	Chapter 11 plan confirmed.
Retail/Entertainment
(Family Entertainment Center)
Industry/business:	Family center providing dining, event, bowling and other entertainment services
Representation/date:	Debtor / 2012
Transaction size:	Revenues of approximately $10M
Key outcome:	Successful restructuring of secured debts.
Hotel
Great American Hotel Group
Industry/business:	Hotel
Representation/date:	Receiver / 2016-2017
Transaction size:	More than $6M in bank debt and millions in additional claims
Key outcome:	Represented Receiver of hotel. The debtor filed a bankruptcy case. Bankruptcy Court ordered relief from the stay to allow the Receiver to continue to operate the hotel until sold with the approval of the Court.
Hotel/Indoor Water Park
Industry/business:	Hotel and indoor water park
Representation/date:	Debtor / 2011
Transaction size:	Revenues of approximately $15M
Key outcome:	Successful restructuring of secured debts, including reduction in principal.
Sierra Snowboards
Industry/business:	Internet sale of consumer product
Representation/date:	Represented purchaser of business engaged in internet sales of snowboards / 2010
Transaction size:	Approximately $7M
Key outcome:	Client acquired valuable internet business in 363 sale conducted in bankruptcy court in California.
Gold Rush I, LLC
Industry/business:	Hotel and casino
Representation/date:	Debtor / 2001-2002
Transaction size:	Revenues of approximately $7M
Key outcome:	Chapter 11 plan confirmed.
Underwater World
Industry/business:	Aquarium in Mall of America
Representation/date:	Debtor / 1998
Transaction size:	Revenues of $10-15M
Key outcome:	Confirmed sale in Chapter 11 plan.
Food/Agriculture
Tracy Clement
Industry/business:	Agriculture
Representation/date:	2016-2018
Transaction size:	$10M-$50M
Key outcome:	Managed liquidation of farming operation.
Greg Feland, Wade Feland and Feland Brothers Farm
Industry/business:	Agriculture
Representation/date:	2016-2017
Transaction size:	$20M-40M
Key outcome:	Restructured secured debt.
(Family Farmers)
Industry/business:	Farming operations on over 3,000 acres of land
Representation/date:	Debtors / 2011
Transaction size:	Creditors with claims of approximately $15M
Key outcome:	Chapter 11 plan confirmed.
General Mills, Inc.
Industry/business:	Food manufacturer
Representation/date:	Creditor / Reclamation, preference defense, setoff, and other claims in large Chapter 11 cases (Fleming Foods and others)
Key outcome:	Work with food manufacturer, often in conjunction with other large trade vendors, to protect and realize on multimillion dollar reclamation claims, setoffs, and unsecured claims, and to defend against preference actions by debtor or trustee.
Kemps/Marigold
Industry/business:	Dairy food manufacturer
Representation/date:	Creditor / Reclamation, preference defense, setoff, and other claims in large Chapter 11 cases (Fleming Foods and others)
Key outcome:	Work with food manufacturer, often in conjunction with other large trade vendors, to protect and realize on significant reclamation claims, setoffs, and unsecured claims, and to defend against preference actions by debtor or trustee.
M.A. Gedney Company
Industry/business:	Food manufacturer
Representation/date:	Committee / 2002-2004
Transaction size:	Revenues of approximately $24M
Key outcome:	Chapter 11 plan confirmed.
Tri-Valley Growers
Industry/business:	Large California cooperative grower of tomatoes
Representation/date:	Represented investment banker in employment and fee payment issues/ 2004
Key outcome:	Obtained approval of client employment and payment of success fee upon multimillion dollar sale of grower assets.
Charitable and Religious Organizations/Nonprofit
Christ’s Household of Faith
Industry/business:	Nonprofit
Representation/date:	Debtor / 2013-2017
Transaction size:	Annual revenue of approximately $15M with real estate valued at approximately $15M, which supported more than 500 members
Key outcome:	Christ’s Household of Faith community was threatened by foreclosure, including 30 homes, commercial property, farm and businesses. A bankruptcy case was filed to stay the foreclosure. A bankruptcy plan was confirmed with the approval of creditors taking-out the primary lender with new financing, restructuring debts, and forgiving millions of dollars of loans. By confirming the plan, the community was also saved.
Services
We have developed special knowledge and experience regarding professional fees in Chapter 11, and have represented investment banks, private equity funds, venture funds and other professionals in bankruptcy courts across the country.
Work Force Management and Temporary Staffing Agency
Industry/business:	Work Force Management and Temporary Staffing
Representation/date:	Creditor / 2016-2017
Transaction size:	More than 100 employees and millions of dollars in potential damages
Key outcome:	The client provided workforce management and temporary staffing solutions to Fortune 100 corporations. Synico provided temporary workers for client’s primary customer. Synico filed a Chapter 11 bankruptcy case threatening the services to client’s primary customer. On behalf of the client, negotiated a resolution where temporary staff was paid and transitioned to new employer without disruption to client’s primary customer.
SCICOM Data Services, Ltd.
Industry/business:	Data management
Representation/date:	Debtor / 2013-2014
Transaction size:	Approximately $15M of revenue
Key outcome:	Sale of operating assets to industry competitor.
Great Lakes Quick Lube
Industry/business:	Auto service/franchisee/operator of 100+ rapid oil change facilities throughout the Midwest
Representation/date:	Debtors / 2012
Transaction size:	Revenues of approximately $30M
Key outcome:	Sale of 30+ facilities to fund successful Chapter 11 reorganization.
Fire Suppression Services
Industry/business:	Designer and installer of fire suppression services, focusing on large new-construction commercial projects
Representation/date:	Debtor / 2010
Transaction size:	Revenues of approximately $25M
Key outcome:	Successful out of court restructuring of secured debt.
PGI Companies and PGI Fulfillment, Inc.
Industry/business:	Printing, personalization, and distribution of direct mail
Representation/date:	Debtor / 2009-2010
Transaction size:	Revenues of approximately $15M
Key outcome:	Chapter 11 plan confirmed.
Ciprico, Inc.
Industry/business:	Software and hardware computer storage business
Representation/date:	Debtor / 2008-2009
Transaction size:	Revenues of approximately $9M / $5-10M
Key outcome:	Sales in Chapter 11 case.
Rider Bennett, LLP
Industry/business:	Leading Minnesota law firm
Representation/date:	Chapter 11 case / 2007-2008
Key outcome:	Chapter 11 liquidating plan confirmed.
ACRO Business Finance Corp.
Industry/business:	Asset based lender
Representation/date:	Chapter 11 case / 2006-2007
Transaction size:	$22M loan portfolios
Key outcome:	Chapter 11 liquidating plan confirmed.
Mesaba Airlines
Industry/business:	Minnesota airline, affiliated with Northwest Airlines
Representation/date:	Represented airline industry specialist consultants in employment and fee payment issues / 2005-2008
Key outcome:	Obtained approval of client employment terms and payment of consulting fee upon debtor’s reorganization.
Professionals/Receiverships
First United Funding, LLC
Industry/business:	Financial institution
Representation/date:	Receiver / 2009-2017
Transaction size:	Ponzi scheme involving more than $700M in loan participations and billion in cash transactions
Key outcome:	Identified victims of the fraud and obtained Court approval of the method to allow and pay victim claims totaling more than $91M. Recovered tens of millions of dollars in loans made by First United, and recovered more than $25M in fraudulent transfer and similar claims, resulting in paying 99% of the victim claims.
Meer, LLC and Osseo-Brooklyn School Bus Company
Industry/business:	Real estate and transportation
Representation/date:	Receiver / 2016-2017
Transaction size:	More than $25M in assets and millions of dollars of loans in default with negative cash flow
Key outcome:	Realized market value for several properties, settled debts at discount, restructured remaining debts resulting in positive annual cash flow for properties, and resolved dispute among ownership.
Chapter 7 Trustee, Genmar Holdings, Inc. (and subsidiaries)
Industry/business:	Completion of liquidation of boat manufacturer
Representation/date:	Represent Chapter 7 trustee in more than 400 preference cases/ 2011-2012
Key outcome:	Collection of funds for estate (amount not yet determined).
Minnesota Print Services, Inc.
Industry/business:	(Fictitious) print broker business
Representation/date:	Receiver / 2009 - 2011
Transaction size:	Creditors with outstanding claims of $50M
Key outcome:	Recovered assets, instituted distribution plan, and made distributions to unsecured creditors of over 25% Awarded Transaction of Year by Turnaround Management Association Upper Midwest Chapter in 2011.
Turnaround Professionals/Investment Bankers
Industry/business:	Frequently represent receivers, assignees for benefit of creditors, investment bankers, and turnaround professionals
Transaction size:	Ranging from $1M in assets to $100M in assets
Finance
Regional Bank
Industry/business:	Financial institution
Representation/date:	Bank / 2017
Transaction size:	$7.5M of loans
Key outcome:	Borrower defaulted on $7.5M in loans and commenced a Chapter 11 bankruptcy case. Negotiated immediate payments on bank debt, and obtained Bankruptcy Court order that bank was fully secured on all assets, including collateral allegedly not properly perfected. Restructured loans providing for payoff within agreed maturity date and additional guarantees.
(International Financial Institution)
Industry/business:	Financial institution that provided wholesale credit facility to retail lender in construction industry
Representation/date:	Secured creditor / 2009-2012
Transaction size:	$400M+ credit facility
Key outcome:	Had receiver appointed to liquidate collateral and recover fraudulent transfers.

News & Articles

Minnesota Enacted a New Health Savings Account Exemption and Increased Exemptions Including for the Homestead

July 26, 2018

By Ryan T. Murphy

Minnesota has expanded the types and value of assets that individuals may protect from creditors.

May a Debtor Discharge Tax Debt for Late Filed Tax Returns?

July 26, 2018

By Clinton E. Cutler

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.

More Tools in the Preference Defense Toolbox for Statutory Lien Holders

July 26, 2018

By Steven R. Kinsella

Payments made to creditors in the 90-days before a bankruptcy filing can be subject to recovery as “preference claims.”

Section 365(n) of the Code: The Intersection of Bankruptcy and Intellectual Property

April 17, 2018

By Cynthia A. Moyer

Are trademarks “intellectual property” under the Bankruptcy Code? According to a recent decision from the First Circuit Court of Appeals, the answer is “no,” and Section 365(n) of the Code does not offer protection to trademark licensees when the licensor files for chapter 11.

Would you (Still) Qualify for this Narrowed Safe Harbor from Clawback Claims?

April 17, 2018

By Sarah M. Olson

In its recent Merit Management decision, the Supreme Court narrowed the “securities” safe harbor for fraudulent transfer and other avoidance actions. Read about that case, and the impact it may have on how transactions are structured or on litigation strategy when a clawback action is commenced.

Navigating Disputed Chapter 11 Trustee Elections

April 17, 2018

By James C. Brand

The choice of a chapter 11 operating trustee can provoke a fight. Follow this guide for a smooth path through the process of displacing an interim chapter 11 trustee or challenging an election.

Attorney James Baillie Elected Vice President of the American College of Bankruptcy

March 26, 2018

Attorney James L. Baillie has been elected to serve a two-year term as vice president of the American College of Bankruptcy.

Have You Evaluated Your Corporate Indemnification Obligations Lately?

January 10, 2018

By Sarah M. Olson

State statutes and corporate organizational documents can impose substantial obligations on companies to indemnify their officers and directors in certain situations.

Safe Harbor for Forward Contract Merchants Creates Stormy Waters for Energy and Farmer Debtors

January 10, 2018

By Steven R. Kinsella

In addition to the normal hurdles debtors face in chapter 11 cases, many energy and farmer debtors must address the safe harbor provisions of 11 U.S.C. § 556, which permit forward contract counterparties to terminate forward contracts immediately after a bankruptcy filing.

Mission vs. Creditor Interests: Nonprofit Directors’ Fiduciary Duties

December 1, 2017

Many people act on their desire to make the world a better place by serving on boards of directors of nonprofits. Like their counterparts at for-profit institutions, nonprofit directors’ service comes with responsibilities—fiduciary duties.

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