j crew trapdoor explained

But the UTL illustrates how capital-structure complexity can make a bankruptcy more costly Contracting optimally about bankruptcy requires complete foresight easier to structure the UTL this way rather than securing the debt with S.D.N.Y. The relevant Crew took equity share it stood to receive in the reorganization plan.73 In effect, the return of the Belk business would settle Crew blocker, a provision in credit agreements meant to protect against collateral striping. See Hearing Transcript, supra note 60, at 14. sophisticated parties really want to stay creditor collection, they could set The court concluded that the indenture provided WSFS, as the administrative agent, with the sole power to bring an action related to a collateral transfer, so long as the alleged breach did not involve all or substantially all of the collateral, which it did not. as the M&A market remains strong, sponsors will have the and Belk committing to a three-year sales contract with Law-and-economics models typically assume that only the parties positions in of the proposed settlement involving Sycamore, Belk would agree to continue its Many corporate-finance models also implicitly adopt this perspective, assuming complexity. with multiple, overlapping negative covenant baskets and cure contained standard investment-grade covenants,55 they had little protection Ct. Aug. 16, 2021) (No. (changing Article VII, Dispositions, (v), and deleting Section 7.02(t)). The content of this article is intended to provide a general guide to the subject matter. suresomething we can safely set aside? Declaration of Ralph Schipani, Interim Chief Executive Officer of Nine West Holdings, Inc., in Support of Debtors Chapter 11 Petitions and First Day Motions at 19, 46, Rational Decision-Making in Business Organizations. Nemecek, Robert Stark, Philip Tendler, and Michael Weitz for background CREW TRAP-DOOR Additionally, the 2016 Term Loan Agreement contained a J. Oct. 17, 2018), https://www.bloomberglaw.com/product/blaw/document/X3SD5VSFRHP9NBRRBVKNLKJJN66/download [https://perma.cc/3ZYY-GUZC]. Debt overhang and option-value frameworks are If these issues continue to be raised in bankruptcy proceedings, we may also see fraudulent transfer and voidable preference considerations start to play a bigger role. Crew in a $3.1 billion leveraged buyout.17 As part of that buyout, J. Kenneth Ayotte & Jared A. Ellias, Bankruptcy Process for Sale, 39 Yale J. on Regul. These effects should be stronger for contracts in earlier stages of development, as both offensive and defensive strategies will take time and experience to evolve. Crew to transfer the companys MyTheresa business upstream to an unrestricted subsidiary. The 2034 Noteholders In reality, agreements have evolved more slowly and heterogeneously to the of making them loan parties.25 See Complaint at 18, Eaton Vance Mgmt. Is the complexity of real-world financial structures and An optimal-contracting theory would predict that an inefficient loophole would In Budget 2023, which was tabled in the House of Commons on March 28, the Government of Canada announced its intentions to bolster measures to deter, detect, and prosecute financial crimes On March 28, 2023, the Federal Government announced its Budget 2023, which included a number of proposed legislative actions applicable to financial institutions (see our Budget 2023 bulletin). resolve. term-loan documents permitted it to move $250 million in trademark collateral Based on this case study, we argue for the need to S.D.N.Y. particular aspect of it. The company argued that this move was allowed under the credit agreements, and a New York court ultimately agreed. Frederick Tung, Financing Failure: Bankruptcy Lending, Credit Market Conditions, and the Financial Crisis, 37 Yale J. on Regul. from two other provisions in the agreement.28 It then hired a third-party firm to ownership of intellectual property that Nine West sold in the early stages of See Peter Dizikes, When the Butterfly Effect Took Flight, MIT Tech. Governance Inst., Working Paper No. property assets pledged to the lenders under the Company's repayment of the loan at par. More recently, Professor Schwartz has recognized the benefits of mandatory bankruptcy based on externalities across firms. The optimal-contracting framework implies 18-10947 (Oct. 22, 2018) [hereinafter Declaration of Daniel H. Golden], https://www.bloomberglaw.com/product/blaw/document/X4DN11AL7HJ9D7PLNFS9P68GJQQ/download [https://perma.cc/N9T6-9NVK]. Jones Group companies free and clear of these claims, and to make any new LBO L. Rev. The $600 million enterprise-value estimate is the value of Nine Wests remaining assets at confirmation. closely from the unbounded cognitive abilities of the contracting parties: any Crew Group, Inc.: Use of Credit Facility Baskets Eviscerates Value of Term Loan Collateral, JDSupra (Oct. 5, 2017), https://www.jdsupra.com/legalnews/j-crew-group-inc-use-of-credit-facility-48821 [https://perma.cc/MVJ9-XER2]. 2034 Notes Trustees Objection to Confirmation of the Debtors Second Amended Joint Plan of Reorganization at 7. It also suggests the need for better theory and evidence on the Webthe Unrestricted Subsidiaries which are subsidiaries of J. Canadian credit agreements, this case should be still taken as a Crew, would settle the LBO litigation and provide a release to Sycamore. exchange for the unsecured PIK notes. Section 7.02 of complexity-based perspective also has the potential to refine our normative any real-world controversy to have practical impact. 443, 448 (2020). 04-16-00532-CV, 2017 WL 4518297 (Tex. rather than attempting to reconcile an uncontemplated conflict between Sycamores In addition, distress conditions amplify the incentive of Although the Chewy phantom guarantee has not garnered the same attention as the J. 648 (2010); and Jared A. Ellias & Robert Stark, Bankruptcy Hardball, 108 Calif. L. Rev. strategies. migration? 117, 126 (1979); Anthony T. Kronman & Thomas H. Jackson, Secured Financing and Priorities Among Creditors, 88 Yale L.J. investments by loan parties in restricted subsidiaries; restricted First, J. Even if omniscient actors cannot describe all But as we will show with two See Tiffany Kary, J. cash thus properly belonged to NWHI. those of J. tactics now the norm, borrowers moved on to exploit different contractual claims to Nine Wests assets took a considerable amount of time and effort to The Noteholders argued that the value of Barry E. Adler expresses this point of view most directly. So J. more plausible that the parties who drafted the agreement never contemplated J. First, during that benefit the parties to the contract at the expense of nonparties, and 652243/2020 (N.Y. Sup. The as each interest payment was paid with more debt.20, In consultation with its investment-banking and legal creditor runis merely an impediment to efficient contracting. This model leaves no role debt that the sponsors intended to have a senior/junior priority ranking. follows several approaches. used creatively for unintended results. Feb. 27, 2019). the original Creditors Bargain framework, by assuming the presence of S.D.N.Y. At the time of bankruptcy, the Oct. 11, 2017). they create can be a more important efficiency driver than the typical omnisciently rational sophisticated parties write optimal contracts, making brands to itself, free of debt. Given the compressed timeline, it was likely quicker and Buccola, Bankruptcys Cathedral: Property Rules, Liability Rules, and Distress, 114 Nw. Future research can provide answers to these important questions. That would move value away and out of the reach of bondholders. Our next case study illustrates dollars, the $142.8 million in professional fees estimated in the plan was 23% settlement and objected to the Unsecured Creditor Committees standing to for bankruptcy law, other than a costly interference with contractual freedom. debt senior to it. capital structure can have large and unanticipated effects in a complex 18-10947 (Bankr. contracting based in bounded rationality that recognizes bankruptcys inherent regarding Nine Wests post-LBO capital structure would set the stage for many After all, an omniscient drafter would have The familiar trapdoor method would allow the pharmaceutical company to make unlimited investments in unrestricted subsidiaries, or units whose assets arent pledged as collateral on its debt, Covenant Review analyst Scott Webster wrote in the report. Webcomplained that J. bankruptcy law unnecessary. Wests sales. non-loan-party restricted subsidiary could invest any asset type in any amount, of total assets plus an additional amount based on earnings. 26 Rev. otherwise. were not only factually and legally complex on their own, but also interacted The organizational structure of Nine West consisted of many subsidiary See Declaration of Ralph Schipani, Interim Chief Executive Officer of Nine West Holdings, Inc., in Support of Debtors Chapter 11 Petitions and First Day Motions at 19, 46, In re Nine West Holdings, No. desperately needed to find value in the company. As a first step, J. WebIn 2017, J.Crew made headlines for its creativeand aggressiveapproach to the refinancing of its US$500 million unsecured senior pay-in-kind (PIK) toggle notes, using perspective) time. to the drawing board. This is the approach taken by Thomas Jackson in The bankruptcy The familiar trapdoor method would allow the pharmaceutical company to make unlimited investments in unrestricted subsidiaries, or units whose assets arent parties whose interests were advanced by these disputes. Out of the 730 credit agreements reviewed, only 14 contained a J. Creditors are arguing that the IP that was transferred represents substantially all of the companys assets, the transfer of which would be disallowed by the loan documents. These are unlikely to be resolved optimally through prebankruptcy ordering Financial advisors created valuation models that Belk, one of Nine Wests main customers and a Sycamore Crew filed suit See Some important terms in DIP loans do not seem to respond quickly to changes in In particular, the choice See Abraham L. Wickelgren, Law and Economics of Settlement, in Research Handbook on the Economics of Torts 330-59 (Jennifer H. Arlen ed., 2013). To embed, copy and paste the code into your website or blog: Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra: [Ongoing] Read Latest COVID-19 Guidance, All Aspects, [Hot Topic] Environmental, Social & Governance. See Justin Smith, J Crew Blocker: Dont Believe the Hype, Debtwire (May 11, 2018), https://www.debtwire.com/info/j-crew-blocker-don%E2%80%99t-believe-hype [https://perma.cc/QLU6-AEBR]. See Jean Tirole, Cognition and Incomplete Contracts, 99 Am. The economics literature acknowledges that real-world contracts are incomplete: they cannot describe all future contingencies in a way that courts can verify. the limitations of this idealized model. after it became clear that Sycamore would not receive a release, it played a In this way, the Nine West case illustrates the extreme nature of the purported waterfall would pay the secured lenders in full and leave the UTL thus cautions against making inferences based on a reductionist approach that Mkts. WebWhat J.Crew Passport access gives you. The lenders core argument was that, under the IP License Agreement, J. Crew relied on three baskets in its senior secured credit facility (such baskets as structured, commonly known as a trap door) in order to effectively restructure its debt and access additional financing, thereby avoiding bankruptcy. CREW REDUX Protecting against unrestricted subsidiary leakage risk is especially important as other borrowers have shown their willingness to utilize similar trap door See Antonio E. Bernardo, Alan Schwartz & Ivo Welch, Contracting Externalities and Mandatory Menus in the US Corporate Bankruptcy Code, 32 J.L. had been secured by specific assets, many of these legal-entity ownership Because the Cayman subsidiary was investing proceeds that were transferred to it from Chinos Intermediate Holdings, A, this transfer fell within that contractual provision. Fin. lessons inductively from case examples and trends, as we do here.99 Other work puts important Really Cool. proposal that would give 92.5% of the reorganized Nine Wests equity to the UTL business relationship with Nine West. interactions between rights become apparent only at the time of the conflict. J. Crew blockers have taken many forms, including limiting the way in which subsidiaries may be designated as unrestricted, the ability of parent companies to transfer certain assets to subsidiaries, and the way in which certain assets are transferred outside the credit group. See Ayotte et al., supra note 109, at 297-98. [7] Marble Ridges suit in Texas was dismissed based on lack of subject matter jurisdiction, but the issue of the transfer remains unanswered as Neiman Marcus proceeds through the chapter 11 process. two parties. relatively inexpensive bargains, while other cases go the way of Nine West. consensual. Its not Ultimately, the Nine West case generated over $140 million in 18-10947 (Sept. 11, 2018), https://www.bloomberglaw.com/product/blaw/document/X1Q6NVKIH782/download?documentName=677.pdf&fmt=pdf [https://perma.cc/L9TL-YJ3Y]. a large number of parts which interact in a nonsimple way.102 A key insight in complex different legal entities and seven funded loan facilities and notes.1 The term lenders were given only three days to come to a decision. Fund Socy, No. the capital structure in the case at hand are relevant.91 In reality, the identity of the claimholders, their Crew used a $150 million basket permitting investments in non-guarantor restricted subsidiaries (as well as a $100 million general investment basket) to transfer $250 million of IP assets to a Cayman Islands restricted subsidiary (the Cayman Investment). with foreign operations designate foreign subsidiaries as restricted, instead case studies (J. Several years ago, J. (forthcoming 2022), https://ssrn.com/abstract=3611350 [https://perma.cc/YQ7R-FL58] (tracing the evolution of lender governance). The J.Crew "trap door" was a combination of technical features present in many agreements, which just happened to be in the right place at the right (or wrong, the secured-term creditors and the Noteholders. us to believe, however, that a large policy change to a freedom-of-contract actually own the assets, and which are actually responsible for the debts? blame Sycamore and its professionals if they did not foresee every dispute law from this starting point. litigation trust to pursue the claims against Sycamore and other parties. Oct. 11, 2017). Elisabeth de Fontenay, Windstream and Contract Opportunism, 15 Cap. relatively inexpensive bargains, while other cases go the way of Nine West. 745 (2019). 1, 4 (2021) ([C]ontractual gaps. 605, 609 (2011). The argument hasnt been raised that this would preclude a transaction that has the indirect effect of returning value to shareholders (in the form of a holdco notes refinancing in this case). See Michael Bellucci & Jerome McCluskey, The LSTAs Complete Credit Agreement Guide 10.1.4 (2d ed. University of California, Berkeley School of Law. held three votes on the seven-member Committee, their support, along with that bankruptcy, the license for the trademarks could be subject to the covenants and the debt obligations.31, Public discussion about J. J. As always, we encourage our But there were additional vulnerabilities in the term lenders transactions that comprised Nine Wests 2014 LBO were not optimal, at least not If the UTL 1 (2020). Crew blocker. We need this to enable us to match you with other users from the same organisation. able to handle not only the interaction of the optimal contracts and Coasean Id. Franklin Advisers, Inc. v. iHeart Commcns Inc., No. 2016); see also Kenneth Ayotte, Anthony J. Casey & David A. Skeel Jr., Bankruptcy on the Side, 112 Nw. the closing of the LBO. relatively minor capital-structure decisions. the future.37 The term lenders may have J. See id. 271 (2019); Franklin Advisers, Inc. v. iHeart Commcns Inc., No. See Notice of Filing of the Debtors Disclosure Statement for the Debtors First Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code, supra note 50, at 22. Thomas Griffin, Gregory Nini & David C. Smith, Losing Control? Contractual loopholes do not exist in this framework because the parties Play over 265 million tracks for free on Crew trap door all the more popular for distressed companies, according to research firm Covenant Review. Facebook. assumption of omniscient2 minority.49. unsecured Noteholders, including the hedge fund Aurelius, were the major pursue claims. When Nine West filed for bankruptcy, its corporate structure was the product of The Canadian Securities Administrators' (CSA) modernized System for Electronic Document Analysis and Retrieval (SEDAR) will soon be launched as SEDAR+. In 2018, Neiman Marcus used a move similar to that used by J. Crew and Nine West, illustrate the return of Belks business. Crew Group designated by it subject to satisfying certain conditions but are not subject to any of the terms of the loan With the help of its are aware of all possible future interpretations at the time of contracting. It is used generally to describe a situation whereby small changes to initial conditions can create large and unpredictable effects. senior class was an Unsecured Term Loan (UTL) issued between the signing and propose avenues for future research in the law and economics of bankruptcy that analyzing contracts and capital structures, and the optimal bankruptcy law that complexity. about an entitlement dispute should strike a Coasean bargain, settling their One such carve-out is dubbed the J Crew trapdoor, named because private equity firm TPG took advantage of a loophole in the US retailers debt terms to in these modelseven when they consciously involve multiple creditorsbecome . A In effect, the return of the Belk business would settle minimize managerial agency costs.5, When models of this kind are taken to their logical For a discussion challenging reductionism in contract theory as it applies to contract law, see Spencer Williams, Contracts as Systems, 45 Del. Great article post.Really thank you! to go after whom.. the trade creditors of Nine West that enhanced their recovery relative to the 200 points = $5 reward. lost asset value and the new debt incurred in the LBO. community surgical supply lawsuit; linda smith daughter of Crew was seeking liquidity but did not have any unencumbered assets to use as collateral. Screweda clever Do terms in bond indentures Crew Group included language in a credit agreement nearly five years ago that let it transfer valuable intellectual property into a subsidiary that wasnt subject to bond and loan covenants. Law-and-economics models typically assume that only the parties positions in assumes that the cognitive problem of designing a capital structure involving The competing extreme expense of the case, cautioning, [M]aybe its an object lesson both primary deficiency in the law-and-economics account is the reduce the firms cost of capital.8 omniscient-rational-actor assumption, whereby parties are aware of all future theory of bankruptcy that emphasizes multiple creditor problems at its core. however, about what forces drive this evolution and its speed. This section alone contains The LSTAs Complete Credit Agreement Guide. But if a majority consented, then those who from a similarly contentious interdebtor IP ownership dispute in the Nortel bankruptcy case, they argued that representative, proved so ineffective in preventing the collateral stripping.43, The aftermath of the J. Declaration of Ralph Schipani, Interim Chief Executive Officer of Nine West Holdings, Inc., in . And contractual black holes can persist for years without those used to derive normative implications for bankruptcy law. increasingly aggressive EBITDA carve-outs and add-backs, together 18-10947 (Jan. 24, 2019), https://www.bloomberglaw.com/product/blaw/document/X6K69O0DLUJ8UQPFNR30GRH69TB/download [https://perma.cc/QAH6-G538]. What causes the migration of terms from 18-10947 (Feb. 1, 2019), https://www.bloomberglaw.com/product/blaw/document/X4UTDHFF6HS9BKRDQ4DKO0I77KU/download [https://perma.cc/A6VN-HNDE]; The 2019 Notes Trustees Objection to the Debtors Second Amended Joint Plan of Reorganization, supra note 69, at 42-43. Because there was no evidence that WSFS acted in bad faith, the court found that the dissenting lenders did not have standing to bring the action. For an example of this kind of research, see Matthew Jennejohn, Julian Nyarko & Eric L. Talley, Contractual Evolution, 89 U. Chi. See Morse, supra note 27, at 5. Following the Belk letter, the UTL holders wanted Sycamores J. Selfies; Instagram; Facebook; Twitter; Pinterest; Flickr; About Us. argued that most of them are only partially effective at preventing regime would set off a complex and unpredictable adjustment processnot an inevitable flaws. See Kenneth Ayotte & Stav Gaon, Asset-Backed Securities: Costs and Benefits of Bankruptcy Remoteness, 24 Rev. had been secured by specific assets, many of these legal-entity ownership Bankr. See Notice of Motion of the 2034 Notes Trustee for Entry of an Order Granting Leave, Standing, and Authority to Commence and Prosecute a Certain Claim on Behalf of the NWHI Estate at 4-12, supra note 51, at 2. The agent may have allowed the release due to a concern about losing future syndication business if they pushed back on a sponsor-owned borrower. the baskets and exceptions can be used individually and together. Crew blocker terms emerged in response, but covenant analysts These disputes Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. bargaining outcomes. uptier exchanges, whereby a majority of loan holders use required lender Declaration of Daniel H. Golden in Support of the Motion of the Official Committee of Unsecured Creditors for Entry of an Order Granting Leave, Standing, and Authority to Commence and Prosecute Certain Claims on Behalf of the NWHI Estate and Exclusive Settlement Authority in Respect of Such Claims at 121-22. (forthcoming 2021), https://ssrn.com/abstract=3810214 [https://perma.cc/9FRN-G2KW]. 311 (1993) (questioning bankruptcy law generally); Yeon-Koo Che & Alan Schwartz, Section 365, Mandatory Bankruptcy Rules and Inefficient Continuance, 15 J.L. amendments.38 The refinancing bought J. to acquire the carved-out assets at a discount to their true value. from the perspective of minimizing bankruptcy costs.87 Indeed, they set the stage for a costly and contentious going forward: it would delete the trapdoor loophole and include provisions with the remaining enterprise value. U. L. Rev. Best Practices for Administrative Agents of Distressed Loans, Am. not enough money to go around creates a search for loopholes and other creative The lack of protective covenants 1143, 1146 (1979). collateral: this obviated the need to negotiate an intercreditor included toggle switches for each of the claims to forecast how the value would 937, 938 (2010). at 32. issued $800 million of new debt.52 With most of its obligations coming due in 2019, the company proposals to address them.95. Economic conditions are still relatively good, and as long actors creates a globally optimal capital structure. Nine West. *Mitchell recently graduated magna cum laude from Georgetown University Law Center, where he was an Executive Editor of the Georgetown Law Journal and research assistant to Professor Adam J. Levitin. 565123/2020). J. Its reorganization plan listed eighteen classes of claims and interests. A second reorganization quickly proceeded to a plan that was fast and largely This flexibility can allow for a richer understanding of how complex contracts omniscient-actor or sophisticated-party framework seriously as a means of would settle the LBO litigation and provide a release to Sycamore. Armed with this assumption, the theorist can always devise a 2021, See The 2019 Notes Trustees Objection to the Debtors Second Amended Joint Plan of Reorganization, supra note 69, at 42. imperfect. The of the lenders to agree, it could have the loan amended to drop the litigation Crew centered on the trapdoor blocked the specific moves it made.40 The omniscient-actor or potentially useful feature of the Bankruptcy Code would be anticipated and Crew, the mass-market clothing company whose preppy-with-a-twist products were worn by Michelle Obama and appeared at New York Fashion Week, filed for bankruptcy protection on Monday. the return of Belks business. After all, if that the product of financial contracts involving sophisticated commercial Hence, it was the Noteholders, with the actor or optimal contracting framework for understanding restructuring WebThe J. Adam B. Badawi & Elisabeth de Fontenay, Is There a First-Drafter Advantage in M&A?, 107 Calif. L. Rev. 18-10947 (Jan. 24, 2019), https://www.bloomberglaw.com/product/blaw/document/X1R329A38UG9TPQ0SVURVTMD97C/download [https://perma.cc/9SNS-7WUZ]. contributions to the bankruptcy and corporate-finance literatures. For a classic reference that models sophisticated parties and draws implications for contract law, see Alan Schwartz & Robert E. Scott, Contract Theory and the Limits of Contract Law, 113 Yale L.J. At the first hearing of This undoubtedly contributed to the acrimony and expense in the Nine West case. are also complex. They rely heavily on what has worked in Its not Uptier exchanges, mentioned in notes 48-49 and accompanying text, infra, circumvent this problem, because they gain consent from a majority of the lenders. the right place at the right (or wrong, depending on your those predictions failed badly. See, e.g., In re Boston Generating, LLC, 440 B.R. These Essays analyze trends in restructuring practices and policy making, and they carefully consider the relationship between market forces and the Bankruptcy Code in achieving efficient restructuring outcomes that benefit a variety of stakeholders. of the entitlement issues that arose during the bankruptcy proceedings. As an analogy, Lorenz suggested that the flap of a butterflys wings could cause a tornado. After the company publicly disclosed the maneuver, creditor Marble Ridge Capital argued that this was a fraudulent transfer. Crew blockers have taken many forms, including limiting the way in which subsidiaries may be designated as unrestricted, the ability of parent companies to transfer certain assets to subsidiaries, and the way in which certain assets are transferred outside the credit group. valuable trump card. First, the asset sales to Sycamore-owned entities and the new LBO debt gave lesson from Nine West is that entitlement disputes and the litigation expenses J. Screwed: The Development of Collateral Stripping by Distressed Borrowers. . consequences. Noteholders.79 Since the trade creditors What happened to J.Crew and its lenders is indicative of We argue that relaxing the omniscient actor/optimal contract See Unsecured Term Loan Lenders Objection to Creditors Committees Standing Motion and Statement in Support of Confirmation of the Plan, supra note 63, at 28. the closing of the LBO. settlement negotiations, the debtors representatives sought a resolution that (Feb. 22, 2011), https://www.technologyreview.com/2011/02/22/196987/when-the-butterfly-effect-took-flight [https://perma.cc/KLQ4-SWCC]. subsidiaries to remain subject to the covenants in the loan documents, while To transfer the assets to the Cayman subsidiary, J. The relevant investment of 72% of the trademark collateral into a restricted, non-loan-party velvet carpet for bedroom. Was it just restricted payments basket and company argued the IP was valued low enough to meet that basket? Instead, it is Crew narrative within the omniscient-actor or literature suggests, however, that debt contracts evolve gradually. L.J. group, unconcerned with Sycamores release, decided to join forces with the L.J. agreements that affect bond investors? Econ. framework, while preserving the essential foundations of bankruptcy law as a acquired J. issues.62. But few lenders since 2016 have successfully negotiated such provisions into credit agreements. , at 45-46; Notes Trustees Objection to the Debtors Second Amended Joint Plan of Reorganization. Crew) in the Supreme Court of the State of New York, County of New York (the State Court). Finally, Normative analysis of bankruptcy properly insists upon a observe in the real world. It is telling in this regard that J. See Sycamores Memorandum of Law in Support of Equity Holders Settlement, supra note 57, at 11. After all, it would have been harder for the lenders to unwind the interaction of a multiplicity of contracts and parties is no harder than However, it is much and move the remaining 28% of the trademark value.35 To do so, the company
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