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The memorandum by Richards Kibbe & Orbe LLP partners Eva Marie Carney, Michael D. Mann and Scott C. Budlong entitled "Deconstructing WaMu: Managing Insider Trading Risks as an Ad Hoc Committee Member” has been selected and published as a Law360 expert analysis piece.

The recent, unexpected rejection by a U.S. Bankruptcy Court of the modified plan of reorganization of Washington Mutual, Inc. on the ground of a “colorable claim” of insider trading has raised questions about the standards of conduct for members of ad hoc creditors committees during corporate reorganizations. 

An article by Richards Kibbe & Orbe LLP partner Craig A. Newman entitled "Tribune suits put public liability on trial" was published in the Financial Times.  In the article, Mr. Newman discussed...

A number of recent and controversial decisions issued by prominent courts have changed the restructuring landscape for all constituents, most acutely for secured lenders.  Based on these decisions, we have...

In recent months, a substantial number of assignments of syndicated bank loans have been thwarted because either the borrower or agent has refused to consent to such assignment. Such refusals have occurred, for instance, where a potential lender is a hedge fund or where a potential lender refuses to commit to a proposed restructuring. 

"Court Tests a Borrower's Ability to Block Loan Transfers to Competitors," originally authored as a client alert by Richards Kibbe & Orbe LLP attorneys Jon Kibbe, Brian S. Fraser and Eric S. Rosen, was published in the Fall 2010 edition of the Conference on Consumer Finance Law Quarterly Report (Vol. 64. Nos. 2-3). In this article...

Recent commentary suggests growing unease about the possibility of default by issuers of state, municipal and instrumentality bonds.

The article, "Big Boys Don't Cry: How "Big Boy" Provisions Can Help Hedge Fund Managers Avoid Liability for Insider Trading Violations," authored by Richards Kibbe & Orbe LLP attorneys Brian S. Fraser and Tamala Newbold and previously published in The...

Jurisdiction over cross-border securities transactions and derivatives such as credit default swaps is of heightened concern as the international financial markets grow ever more connected and complex. In this article published in the February 2010 edition of Financier Worldwide, Richards...

In a case of great significance to the United States secondary loan market, on January 11, 2010, the U.S. Court of Appeals for the Second Circuit firmly established that the ancient doctrine of "champerty" – originally a prohibition on the transfer of litigation claims – has no further...

In a closely-watched case important to the debt trading market, New York’s highest court recently decided that New York’s champerty statute does not bar the assignment of litigation claims to enforce rights in related debt instruments. Partner Brian S. Fraser briefly...

New York's highest court is poised to decide whether litigation claims may be purchased and asserted by a debt holder or whether the arcane doctrine of champerty, as codified in New York by statute, may bar a debt holder from...

A third federal district court has now rejected the SEC’s contention that using securities obtained in a PIPE transaction to cover short sales in the PIPE issuer’s shares is an unlawful distribution of unregistered securities, dismissing with prejudice the SEC’s claims under...

On January 2, 2008, in SEC v. Lyon (06-Civ.-14338) (S.D.N.Y.), the district court rejected SEC claims that Gryphon Partners LP and related entities and their managing partner had engaged in several unregistered public distributions of securities in violation of...

Memorandum to Clients and Friends of the Firm Regarding Recent Decision Entering Temporary Restraining Order Barring Secondary Market Purchasers of Loan Participations from Bringing Tort Claims Against Agent Bank Download Memorandum Download Order...