This was the lay of the land when Randy Mastro met Lynn Tilton.

Dubbed the Diva of Distressed, Tilton was facing what's been described as the largest administrative case in U.S. Securities and Exchange Commission history, with $200 million and a lifetime industry ban on the line.

She'd already spent years arguing that the agency's administrative forum was unconstitutional, culminating in a 2-1 loss before the U.S. Court of Appeals for the Second Circuit in June of 2016.

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