Joseph N Argentina Jr

February 20, 2015 | The Legal Intelligencer

Long after the bankruptcy is filed and the debtor's business is sold or reorganized, stakeholders investigate the causes of the failure and whether transactions that caused the bankruptcy or took place after the company was insolvent should be avoided for the benefit of the estate and creditors.

By Andrew C. Kassner and Joseph N. Argentina Jr.

7 minute read

February 19, 2015 | The Legal Intelligencer

Long after the bankruptcy is filed and the debtor's business is sold or reorganized, stakeholders investigate the causes of the failure and whether transactions that caused the bankruptcy or took place after the company was insolvent should be avoided for the benefit of the estate and creditors.

By Andrew C. Kassner and Joseph N. Argentina Jr.

7 minute read

November 24, 2014 | The Legal Intelligencer

As we have reported previously, the trading of debt of distressed companies, often with the objective of gaining control through loan-to-own strategies, is big business. The post-Lehman era has generated significant court decisions involving situations where a change of control occurs of insolvent companies outside of bankruptcy by distressed debt and equity players who then control the board. In many cases, the question is not if the company will be liquidated or sold, but when and how, and how it will be managed in the meantime.

By Andrew C. Kassner and Joseph N. Argentina Jr.

7 minute read

October 03, 2014 | The Legal Intelligencer

Like all legal matters, it appears that the speed of restructurings and bankruptcy administration is accelerating. The case is filed, the business and assets are promptly sold, and then lawsuits are brought by allegedly aggrieved parties against insiders, professionals and others asserting claims for damages resulting from the failure of the business and resulting bankruptcy.

By Andrew C. Kassner and Joseph N. Argentina Jr.

10 minute read

August 15, 2014 | The Legal Intelligencer

There are times when an unusual factual setting provides for a difficult legal analysis and even a surprising result. An example of such a case occurred recently in Bank of New York Mellon Trust. v. Miller (In re Franklin Bank), Case No. 13-1713-RGA, in which the U.S. District Court for the District of Delaware reversed the decision of the U.S. Bankruptcy Court for the District of Delaware and held that a creditor's failure to file a proof of claim for years following the bar date did not constitute a waiver of the creditor's contractual subordination rights or warrant equitable subordination of the creditor's claim.

By Andrew C. Kassner and Joseph N. Argentina Jr.

8 minute read

July 18, 2014 | The Legal Intelligencer

Given the improving economy, bankruptcy filings are at the lowest levels since before the Great Recession. Instead, many companies are implementing out of court by balance sheet debt restructurings or sales. Often the senior secured lenders pressure the company to commence a sale process and the company's board must grapple with the alternatives of pursuing an expedited sale process or pursuing alternative restructurings that could result in a better recovery for shareholders. The board engages a financial adviser as an expert to evaluate strategic alternatives, one of which is fashioning and implementing a sales process.

By Andrew C. Kassner and Joseph N. Argentina Jr.

9 minute read

February 07, 2014 | The Legal Intelligencer

As reported previously, the majority of Chapter 11 cases filed today do not result in a reorganization of the debtor but rather a sale of the business. For this reason, the rights of a secured creditor to "credit bid" at the sale up to the amount of the debt—which usually far exceeds the value of the assets—presents a critical gating issue.

By Andrew C. Kassner and Joseph N. Argentina Jr.

9 minute read

January 03, 2014 | The Legal Intelligencer

Governance structures utilized by private equity funds continue to be examined by the courts when the investment fails and the acquired company files for bankruptcy.

By Andrew C. Kassner and Joseph N. Argentina Jr.

9 minute read

November 15, 2013 | The Legal Intelligencer

The amount of attention devoted to the health care system seems to be increasing every day as affordable care legislation implementation and its attendant costs continue to attract attention both in Washington and on Main Street.

By Andrew C. Kassner and Joseph N. Argentina Jr.

7 minute read

February 15, 2013 | The Legal Intelligencer

Substantial increases in the cost of administering Chapter 11 cases over the years resulted in new strategies to advance more efficient restructurings. The negotiation of pre-packaged and pre-negotiated reorganization plans as part of pre-bankruptcy discussions among the various stakeholders is now commonplace.

By Andrew C. Kassner and Joseph N. Argentina Jr.

8 minute read