Election of Joe Graham to Partner
Joe Graham was elected partner in the New York office. This year, Joe played a leading role in the chapter 11 cases of Avaya, Benefytt and Diamond Sports. He regularly advises on out-of-court restructurings, bankruptcy litigation and distressed investments. Joe earned his J.D., magna cum laude, and his B.A. from the University of Notre Dame.
Kelley Cornish Inducted into “M&A Advisor Hall of Fame”
Whilst AI is leading the agenda when it comes to the future of technology, fintech still remains the ace in the pack for investors. In fact, fintech businesses contribute more than £10 billion to the UK economy every year – supporting 76,000 jobs.
Fintechs also tend to outperform firms in other sectors too, with an annualised growth rate of 16% over the past decade, against 1.3% for the average SME.
On April 19, 2023, the U.S. Supreme Court unanimously held in MOAC Mall Holdings LLC v. Transform Holdco LLC that Section 363(m) of the Bankruptcy Code is not jurisdictional. The decision requires parties timely to invoke that provision, or else risk forfeiting its protections. The decision also continues the Supreme Court’s trend of interpreting statutes to be non-jurisdictional (and thus waivable or forfeitable) in the absence of a clear congressional statement to the contrary.
Background
Fifth Circuit Remands Bankruptcy Court’s Refusal to Abstain from Adjudicating Uri Storm-Related Pricing Claims |
On December 5, 2022, in In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022) (“Global Cord”), the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) denied recognition of a proceeding pending in the Grand Court of the Cayman Islands (the “Cayman Proceeding” and the court, the “Cayman Court”) because it was more like a corporate governance and fraud remediation effort than a collective proceeding for the purpose of dealing with reorganization or liquidation, as Chapter 15 of the Bankruptcy Code requires.
The thing that strikes you the most about Paul, Weiss is the depth of the practice. They just have a large number of senior partners, all of whom are of an outstanding quality.
- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019
Paul, Weiss Helps NYC Taxi Drivers Restructure Debt to Keep Their Medallion
The Ninth Circuit Court of Appeals held that in a solvent debtor case, unsecured creditors have an equitable right to postpetition interest at the applicable contractual or state law rate in order to be deemed unimpaired.
There has been much commentary recently on the treatment by lenders of individuals and small and medium sized enterprises (SMEs). Indeed, the FCA has made its expectations very clear – that lenders should fully support those experiencing financial difficulty.
As a restructuring professional and insolvency practitioner, and a former regulator, I have some competing views and thoughts on what this means and whether it is the optimum approach in the longer term.
In 1907, Robert Baden-Powell, an English soldier, devised the Scout motto: Be Prepared. Upon hearing the Scout motto, someone asked Baden-Powell the inevitable follow-up question.
“Prepared for what?”
“Why, for any old thing,” he replied.
In Scouting for Boys (published in 1908), Baden-Powell wrote that to ‘Be Prepared’ means “you are always in a state of readiness in mind and body to do your duty.” More than a century later, preparedness is still a cornerstone of Scouting.