First up this week are Mark Stancil and his team at Willkie Farr & Gallagher, who scored a major win at the Third Circuit for bondholders in the bankruptcy of Hertz Corp. entitling them to nearly $270 million plus interest. The Third Circuit panel majority overruled a Delaware bankruptcy court and held that Hertz, which was solvent when it emerged from bankruptcy in 2021, had to pay bondholders their full contract rate of interest—between 5.50% and 7.125%—rather than the federal judgment rate—just .15% annually in this case. The Third Circuit also found that bondholders were due certain "make-whole" payments designed to compensate lenders for lost profits when a borrower pays them back ahead of schedule. Stancil argued the appeal for the bondholders. The bondholders' team also included Willkie partners Donald Burke, John Brennan and associate John Goerlich and Delaware counsel Edmon Morton, Matthew Lunn and Joseph Mulvihill of Young Conaway Stargatt & Taylor.