On August 24, 2023, the U.S. Court of Appeals for the Second Circuit in Kirschner unanimously held that notes evidencing syndicated loans do not plausibly qualify as “securities” covered by state and federal securities laws...more
9/11/2023
/ Borrowers ,
Breach of Duty ,
Chapter 11 ,
Commercial Loans ,
Covenant of Good Faith and Fair Dealing ,
Debt Securities ,
Ernst & Young ,
Fiduciary Duty ,
Financial Institutions ,
Lenders ,
Multi-Factor Test ,
Rebuttable Presumptions ,
Reves v Ernst & Young ,
SCOTUS ,
Securities Regulation ,
State Law Claims ,
Syndicated Loans ,
Trustees
In a recent case — In re Optim Energy, LLC — the Delaware Bankruptcy Court denied an individual creditor’s request to pursue the subordination or recharacterization of the claims of secured lenders who were also the debtors’...more