The Default Notice — Texas hold ‘em

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The Default Notice — Texas hold ‘em

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  1. 9fin team
14 min read

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For better or worse, lender on lender violence — especially the sponsor-orchestrated variety — is here to stay, and Texas is still where bloodied lenders will wind up if they choose to challenge any pre-petition liability management exercises.

Judge Christopher Lopez handed down a verdict in Robertshaw this week and, as we wrote today, opined that bankruptcy is a decision for a company to make, not for creditors — even ones that have positioned themselves to steer a filing — and that a company has wide latitude to pursue any transaction it thinks is best.

Thus the US Bankruptcy Court for the Southern District of Texas remains the premier venue for landmark litigation related to LMEs, at least until the next decision. Last June was the Serta Simmons ruling, which is currently under appeal. And closing arguments in the Incora adversary proceeding are scheduled to begin next week.

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