Title
Two Important December New York District Court Decisions Highlight Risks in Distressed Company Decision-Making
Client Memorandum
Created date
1/6/2021
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Judge Rakoff’s Nine West decision allowed fiduciary duty claims to proceed against LBO seller directors and officers based on anticipated subsequent transactions by purchaser
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Judge Daniels’ Transocean decision rejected a bondholder challenge to a debt-for-debt liability management transaction ruling that an internal corporate reorganization did not violate a “successor obligor” provision
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