Bankruptcy, Insolvency & Restructuring

Featured Publication:

Fixing Ch. 11 For Small Biz: What SBRA Means By 'Engaged'

Brian Shaw and Christina Sanfelippo discuss the Small Business Reorganization Act (SBRA) that went into effect on February 19, 2021 and is designed to improve the Chapter 11 reorganization process for small business debtors in Law360.

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Cozen O'Connor represents key parties on all sides of bankruptcy and restructuring matters, including large corporate debtors, secured and unsecured creditors, creditors’ committees, and trustees. On the debtor side, we quickly assess the client’s options and devise a workable solution, whether the client is looking to refinance or restructure debt, or to sell substantially all of its assets through an out-of-court process or a Chapter 11 proceeding. On the creditor side, we implement strategies for creditors and creditors’ committees to maximize their recoveries against debtors in an expeditious manner. We also represent trustees in administering complex Chapter 7 cases, pursuing litigation against third parties, and selling business assets under a court-sanctioned auction process. Overall, our goal in every engagement is to restructure or liquidate in a way that preserves and maximizes value. Counsel on the cutting edge is more essential now more than ever, given the upheaval that began in 2020 due to COVID-19 that caused many large and small businesses to consider filing bankruptcy.

Unlike much corporate work, bankruptcy often involves dozens or even hundreds of directly interested parties. To reach a mutually acceptable solution, counsel must accurately assess and coordinate a host of divergent interests. Striking this balance is particularly critical during a crisis such as the coronavirus pandemic. The lawyers at Cozen O’Connor have experience representing parties on all sides of bankruptcy matters, which means they are quick to anticipate the needs and priorities of divergent constituencies and devise a winning strategy for the client. They also serve as mediators in high-level disputes, so they are adept at focusing negotiations and navigating smoothly around potential roadblocks.

Bankruptcy is unique from other practice areas, because it combines transactional and litigation practice. Attorneys must design complicated contracts as readily as they make oral arguments. Cozen O’Connor’s bankruptcy attorneys’ breadth of experience in putting deals together and trying cases makes them ideally suited to operate at this legal crossroads. Our bankruptcy attorneys have extensive trial experience and move easily between the courtroom and the conference room.

Whether overseeing a Chapter 11 case on behalf of a creditors’ committee, declaring insolvency, executing an out-of-court restructuring, or lodging a cross-border complaint, bankruptcy-related matters move fast. Our practice is structured to facilitate prompt team formation, which allows us to get up and running without delay. The firm has local offices in 29 different cities in the United States, Canada, and the United Kingdom, and the important bankruptcy hubs of New York City, Wilmington, Houston, and Richmond. Accordingly, when a matter demands quick action, our attorneys are already on location. No matter how fast the pace, neither quality of work nor client communication is ever compromised.

SERVICES

  • Represent large private and publicly held businesses in Chapter 11 proceedings
  • Represent trustees in Chapter 7 liquidation and Chapter 11 reorganization cases
  • Represent foreign representatives in Chapter 15 proceedings
  • Represent creditors’ committees in Chapter 11 proceedings
  • Represent purchasers and sellers in Section 363 sales
  • Represent lenders, developers, and investors in real estate insolvencies and restructurings
  • Counsel creditors on reorganizations, foreclosures, and liquidation proceedings
  • Counsel clients on out-of-court restructurings and workouts
  • Advise clients who sell, buy, or invest in distressed and insolvent businesses
  • Advise boards of public and private companies in the midst of financial crises
  • Represent clients in all forms of litigation arising from bankruptcy and insolvency

 

CLIENTS

  • Corporate debtors
  • Secured and unsecured creditors
  • Creditors’ committees
  • Trustees
  • Foreign representatives
  • Purchasers of assets
  • Investors
  • Insurers
  • Developers
  • Landlords and equipment lessors

 

TEAM

Cozen O’Connor’s bankruptcy team is comprised of extraordinarily well-qualified attorneys. The group includes lawyers recognized by the American Board of Certification, Chambers & Partners, and Best Lawyers in America. Senior members of the team chair bar association bankruptcy sections, serve on boards of industry organizations and serve as adjunct law school faculty.

Our goal is to transcend the role of outside counsel and become a true business partner. That requires an ability to listen and understand client goals. It also requires a different approach to staffing than most large law firms. We believe that major matters are best handled by small teams of veteran attorneys. When a firm assigns twelve different lawyers to manage twelve different tasks, no one sees the whole picture and, worse yet, no one is accountable. At Cozen O’Connor, we staff in ways that both support the development of comprehensive solutions and ensure accountability and efficiency. 

Experience

Publications

Delaware Court Is Proper Forum to Address Issues Raised by Foreign Letters Rogatory

November 03, 2021

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision by Judge Paul R. Wallace of the Delaware Superior Court holding that the Delaware courts are the proper forum for resolving issues raised by a subpoena issued pursuant to foreign letters rogatory, including the propriety and scope of the subpoena and whether the expenses of complying should be shifted from the non-party target to the requesting party.

Board's Delayed Response to Misconduct in Light of Enforcement Actions Defeats 'Caremark' Claim

October 07, 2021

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, review a recent decision by Vice Chancellor Slights of the Court of Chancery dismissing a claim that defendants violated their Caremark duties because plaintiff failed to adequately plead demand futility.

Bankruptcy Courts' Equitable Discretion May Be In Danger [Law360]

September 20, 2021

Brian Shaw and Mark Radtke co-authored an article in Law360 exploring the concerns about the bankruptcy court’s ability to make impartial decisions.

Chancery Holds Section 3104(d)(4) Provides Standalone Authority for Alternative Means for Service of Process

September 02, 2021

Barry Klayman & Mark Felger, writing in the Delaware Business Court Insider, review a recent decision by Vice Chancellor Slights of the Court of Chancery of Delaware holding that section 3104(d)(4) of the Delaware Long Arm Statute provides standalone authority for alternative means for service of process, and approving international service of a summons and complaint by email and posting at the defendants’ residences.

What is Mediation and Why Mediate? [American Bankruptcy Trustee Journal]

July 09, 2021

Bob Fishman authored an article in the American Bankruptcy Trustee Journal discussing the benefits of mediating a dispute, as an alternative to litigation, and the important factors that the parties involved should consider in determining if mediation is the best approach.

Sontchi Rejects Majority View on Test to Determine Whether a Business Trust Is an Eligible Debtor

July 01, 2021

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, review a recent decision from Chief Judge Sontchi of the Bankruptcy Court for the District of Delaware holding that the law of the jurisdiction in which a trust is organized governs whether it is a “business trust” that can be an eligible debtor under the Bankruptcy Code.

Expedited Bankruptcies Are Cause For Concern [Law 360]

June 09, 2021

Brian Shaw and David Doyle discuss the U.S. Trustee’s Offices’ position on Chapter 11 bankruptcy cases in which the debtor seeks to either confirm a plan or sell substantially all its assets in a matter of weeks or less after the petition date in Law360.

High Court Affirms Bankruptcy Ends LLC Membership but Not Member's Economic Interest

June 03, 2021

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, review a recent decision from the Supreme Court of Delaware affirming that the Bankruptcy Code does not preempt the Delaware Limited Liability Company Act to the extent that it divests members of an LLC who file for bankruptcy of the right to participate in the management of the company, but not their economic interest.

Fiduciaries Must Care - Personal Liability for PPP Loans Under Federal Priority Statute

June 01, 2021

Allen Guon authored an article published in the American Bankruptcy Institute Journal examining the personal liability of anyone in control of an insolvent debtor’s assets making distributions to unsecured creditors prior to satisfying Paycheck Protection Program (PPP) loans under the federal priority statue.

What Constitutes a Consumer Deposit for Priority Treatment Under the Bankruptcy Code

May 05, 2021

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, review a recent decision from the Bankruptcy Court for the District of Delaware discussing what is a consumer deposit for purposes of priority treatment under section 507(a)(7) of the Bankruptcy Code and holding that prepayments to a flight service company for future airplane flights were deposits within the meaning of the statute.

Don’t Give Up Your Leverage — The Interplay Between Vessel Arrest and the Automatic Stay [Alert]

April 28, 2021

Geoffrey Ferrer, Christopher Raleigh, Neil Quartaro, Eric Scherling, and Erik Schmidt discuss a recent victory for a client in connection with a debtor that was in severe financial distress.

Motions for Partial Dismissal Toll the Period for Answering the Entire Complaint for Del.'s Note Action Statute

March 31, 2021

Barry Klayman & Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision from the Superior Court of Delaware holding that partial motions to dismiss toll the period for answering the entire complaint under Delaware’s Note Action Statute moving for partial dismissal before answering is not a procedural error necessitating a default or other repercussions.

How Consumer Bankruptcy Rulings Can Aid Ch. 11 Practice

March 09, 2021

Brian Shaw discusses the importance of a recent U.S. Supreme Court decision in Chicago, Illinois v. Fulton in Law360.

The Doctrine of Unclean Hands as Guardian of Equity

March 03, 2021

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision from the Court of Chancery of Delaware that discusses the doctrine of unclean hands and explains how it serves as the guardian of equity and a vehicle for protection of the reputation of the court itself.

Congress Enacts Modification to Bankruptcy Procedures Governing Assumption and Rejection of Leases

February 12, 2021

Steve Katkov and Joel Nesset discuss provisions in the Consolidated Appropriations Act that narrowly target companies to assist those that have filed for protection under the U.S. Bankruptcy Code by temporarily modifying the rules governing a tenant’s performance under its leases.

Fixing Ch. 11 For Small Biz: What SBRA Means By 'Engaged'

February 05, 2021

Brian Shaw and Christina Sanfelippo discuss the Small Business Reorganization Act (SBRA) that went into effect on February 19, 2021 and is designed to improve the Chapter 11 reorganization process for small business debtors in Law360.

The Affiliate Privilege Doctrine Explained

February 03, 2021

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision from the Delaware Superior Court that serves as a primer on the affiliate privilege doctrine.

A Primer and a Warning for Section 220 Proceedings

January 14, 2021

Barry Klayman & Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision from the Court of Chancery in Delaware that serves as a primer on increasingly common defenses to stockholder books and records inspection demands and a cautionary tale for defendants in Section 220 proceedings who opt to pursue overly aggressive defense strategies that seek to place obstacles to the use of Section 220 as a quick and easy pre-filing discovery tool.

Chancery Holds First-Party Claims Covered by Standard Indemnity Provision in LLC Agreement Absent Express Contrary Intent

December 09, 2020

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision by the Court of Chancery in Delaware holding that first-party claims are covered by a standard indemnity provision in a limited liability company agreement absent an express intent to the contrary, rejecting application of the presumption in a line of cases involving bilateral commercial contracts against fee-shifting with respect to claims between the contracting parties absent a clear statement allowing it.

Yeah, About That Consignment Agreement … How You Can Lose Your Goods in a Retail Bankruptcy [Alert]

December 08, 2020

Allen Guon and Robert Fishman discuss the Uniform Commercial Code and the steps necessary to perfect your consignment under it.

Waiver of Partition Right Held Unenforceable Where Unlimited in Duration

November 04, 2020

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision by the Court of Chancery in Delaware holding that a waiver of partition rights by co-tenants of real property was unenforceable because it was unlimited in duration.

COVID Cash Crunch: Options for Reorganizing or Winding Down Your Company in Illinois

October 27, 2020

Ira Bodenstein and David R. Doyle discuss options for businesses impacted by COVID-19 that are considering winding down or reorganizing.

Anti-Assignment Clause Prohibiting Assignment by Operation of Law Applies to Subsequent Merger

October 07, 2020

Barry Klayman and Mark Felger writing in the Delaware Business Court Insider, discuss a recent decision by the Superior Court of Delaware holding that an anti-assignment clause prohibiting an assignment “by operation of law” without the other party’s consent applied to a subsequent merger in which the contracting party was not the surviving entity.

Deed in a Box: An Advantageous Loan Workout Method in the Time of the COVID-19 Pandemic [Alert]

October 07, 2020

Rebecca Eschen discusses why deed-in-a-box transactions are particularly well-suited for the COVID-era economic instability.

3 Tips For Working With Bankruptcy Fee Examiners

October 01, 2020

Bob Fishman authored an article in Law360 addressing the questions that arise when a fee examiner is appointed to a bankruptcy case and questions to consider in making the appointment.

Chapter 7 Trustee Can Abandon Looting Claims Back to Creditors Who Had Them Before the Bankruptcy

September 02, 2020

Barry Klayman and Mark Felger contributed an article to the Delaware Business Court Insider.

Options for Reorganizing or Winding Down Your Company

August 20, 2020

In light of the financial distress caused by the COVID-19 pandemic, Ira Bodenstein and David Doyle contributed a guest blog post to the Chicago Loop Alliance exploring some of the options available to companies considering their options for reorganizing their debts, winding down, or liquidating.

Seller's Privilege Claims Remain With Seller Unless Buyer Contracts for Waiver or Waiver Right

August 05, 2020

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision by the Delaware Court of Chancery holding that, unlike the rule in merger cases, the privilege for communications regarding an asset purchase agreement and associated negotiations does not pass to the purchaser by default operation of law, but remains with the seller unless the buyer contracts for something different.

Chancery Decision Seeks to Further Clarify Operation of Del. Borrowing Statute

July 01, 2020

Barry Klayman & Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision by the Delaware Court of Chancery interpreting the state’s borrowing statute, which provides that a suit to enforce a cause of action arising outside of Delaware cannot be brought in a Delaware court after the expiration of the applicable Delaware statute of limitations or the statute of limitations of the state or country where the cause of action arose, whichever is shorter.

Chancery Upholds Shareholder Representative Structure and Refuses to Treat Sellers as Real Parties in Interest

June 10, 2020

Barry Klayman and Mark Felger published an article in the Delaware Business Court Insider.

Cause of Action for Professional Negligence Accrues at the Time of Injury, Not When Damages Occur [Delaware Business Court Insider]

May 06, 2020

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider discussing a recent decision of the Delaware Supreme Court holding that for tort claims, such as legal malpractice actions, the wrongful act occurs at the time of injury.

Bankruptcy Court Lacks Jurisdiction to Decide Motion to Stay Pending Appeal [Delaware Business Court Insider]

April 01, 2020

Barry Klayman and Mark Felger discuss a recent decision of the U.S. Bankruptcy Court for the District of Delaware refusing to grant a motion to stay the bankruptcy proceedings pending an appeal to the district court.

Recommendations for Making and Responding to Requests for Credit Accommodations [Alert]

March 23, 2020

John T. Carroll and Mark E. Felger discuss how to request credit accommodations from your creditors and considerations before doing so.

Chancery Reaffirms Fiduciary Exception to Attorney-Client Privilege [Delaware Business Court Insider]

March 04, 2020

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider, discussing a recent decision of the Delaware Court of Chancery reaffirming the fiduciary exception to the attorney-client privilege in the face of a challenge based on an amendment to the Decedents’ Estates and Fiduciary Relations law.

Superior Court Holds Jurisdiction Over Enforcement of Charging Order Vests in Chancery Court [Delaware Business Court Insider]

February 05, 2020

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider explaining a recent decision in the Delaware Superior Court, which held that the Court of Chancery was the appropriate forum for enforcement of a charging order where the validity of conveyances between a limited liability company and its members was at issue.

Chancery Modifies Order After Finding Amendment, Representations Changed Litigation [Delaware Business Court Insider]

January 15, 2020

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider discussing a recent decision in the Court of Chancery of Delaware granting a corporation’s motion to modify an earlier advancement order where the corporation subsequently amended its claims against a former officer and director in order to eliminate the grounds for advancement.

Chancery Applies 'Statutory Override' to Uphold Privilege for Emails Hosted on Adversary's Server [Delaware Business Court Insider]

December 11, 2019

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider, discussing a recent decision in the Court of Chancery of Delaware concerning the applicability of the attorney-client privilege to emails between a party and his attorneys.

In Pari Delicto: Neither Fish Nor Fowl [Delaware Business Court Insider]

November 06, 2019

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider, discussing a recent decision of the Court of Chancery of Delaware holding that the defense of in pari delicto is not limited either to actions in equity or at law, and may be asserted as a defense by the Receiver of an insurance company to a legal claim brought in a statutory liquidation proceeding pending in the Court of Chancery.

After Reargument, Chancery Affirms There Is No Bar to an Advance Waiver of Appraisal Rights [Delaware Business Court Insider]

October 09, 2019

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider, discussing a recent decision of the Court of Chancery of Delaware holding that the Delaware General Corporation Law does not prohibit sophisticated owners of a corporation from including provisions in a merger agreement that bind them to a future sale of the resulting entity and the waiver in advance of their statutory appraisal rights.

Court: Liability Limitation Is Ambiguous Where Its Application Would Lead to Absurd Results [Delaware Business Court Insider]

September 04, 2019

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider discussing a recent decision in the Delaware Superior Court, holding that a liability limitation in an agreement is ambiguous where its application would result in an absurd result.

Liquidating Trustee Succeeds to Privileges of Former Audit Committee [Delaware Business Court Insider]

August 07, 2019

Barry Klayman and Mark Felger discuss a recent decision of the Delaware Bankruptcy Court holding that a liquidating trustee succeeds to the privileges held by the debtor’s former audit committee.

Chancery Enforces Contractual Protections for Privileged Pre-Merger Communications [Delaware Business Court Insider]

July 03, 2019

Barry Klayman and Mark Felger discuss a recent case from the Delaware Court of Chancery upholding the use by the seller of a business of contractual provisions in a merger agreement to protect pre-merger, privileged communications between the seller and its counsel in negotiating the merger and prevent their use by the buyer in subsequent litigation with the seller.

Payment of Discretionary Bonus Not a Per Se Fraudulent Conveyance [Delaware Business Court Insider]

June 05, 2019

Barry Klayman and Mark Felger discuss a recent case from the Delaware Bankruptcy Court holding that the payments by debtors of discretionary bonuses, not tied to previously enunciated metrics and while the debtors were insolvent, were not per se fraudulent conveyances under the Bankruptcy Code in an article in the Delaware Business Court Insider.

Superior Court Holds Chancery Jurisdiction Does Not Extend to All Contracts Involving LLCs [Delaware Business Court Insider]

May 08, 2019

Barry Klayman and Mark Felger discuss a recent case from the Delaware Superior Court holding that the Delaware Limited Liability Company Act does not confer jurisdiction on the Court of Chancery over all contracts involving LLCs.

Serving Process on a Dissolved LLC [Delaware Business Court Insider]

April 03, 2019

Barry Klayman and Mark Felger discuss a recent case from the Delaware Court of Chancery explaining the requirements for serving process on a dissolved limited liability company, in order for the plaintiff creditors to recover funds allegedly owed them by the defunct company.

Real Estate Tax Sales and Bankruptcy

April 03, 2019

David Doyle authored an article titled "Real Estate Tax Sales and Bankruptcy" for the Bankruptcy Court Liaison Committee Spring 2019 Newsletter.

Chancery Applies Flexible Approach to 'Line of Business' Test in Corporate Opportunities [Delaware Business Court Insider]

March 13, 2019

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider, discussing a recent case from the Delaware Court of Chancery explaining the contours of the “line of business” test for purposes of the corporate opportunities doctrine.

Master in Chancery Finds an Enforceable Equitable Mortgage Despite Defects in Execution

February 20, 2019

Barry Klayman and Mark Felger authored an article in the Delaware Business Court Insider discussing a recent final report submitted by a Master in Chancery in Delaware, finding that an equitable mortgage was enforceable despite defects in the execution of the mortgage.

Chancery Finds 'Mutual General Release' to Be Not All Encompassing

January 17, 2019

Barry Klayman and Mark Felger co-authored an article in the Delaware Business Court Insider discussing a recent decision by the Delaware Court of Chancery regarding a mutual general release.

Whose Lien Is It, Anyway? Decisions Regarding Maritime Liens Against Vessels

January 14, 2019

John T. Carroll, III and Simon E. Fraser authored an article titled “Whose Lien Is It, Anyway? Decisions Regarding Maritime Liens Against Vessels” which appears in the latest edition of the American Bankruptcy Institute Journal.

Chancery Refuses TRO That Would Act as Prior Restraint on Speech

December 19, 2018

Barry Klayman and Mark Felger co-authored an article in the Delaware Business Court Insider discussing a recent decision by the Delaware Court of Chancery refusing to grant a TRO in a business dispute.

Adviser-Consultants Held Not 'Other Professionals' for Purposes of Section 327(a) of the Bankruptcy Code

November 07, 2018

Barry Klayman and Mark Felger co-authored an article in the Delaware Business Court Insider discussing a pair of decisions from the Delaware Bankruptcy Court that address whether persons providing services to debtors relating to the disposition and monetization of real estate, intellectual property, and other estate assets are “professionals.”

Decisions to Clarify Time to Seek Attorney Fees for Frivolous Appeal

October 10, 2018

Barry Klayman and Mark Felger co-authored an article in the Delaware Business Court Insider discussing a pair of decisions from the Court of Chancery and the Delaware Supreme Court.

Bankruptcy Court Enforces Anti-Assignment Clause and Rejects Assignee’s Proof of Claim

September 05, 2018

Barry Klayman and Mark Felger co-authored an article in the Delaware Business Court Insider discussing a recent case from the Delaware Bankruptcy Court holding that an anti-assignment clause in a promissory note was enforceable under Delaware law.

The Domesticity Barrier to Recognition of a Foreign Proceeding Under Chapter 15

August 31, 2018

Brian Shaw and Christina Sanfelippo go in-depth about Judge Sean Lane's reiterated statement regarding the low domestic presence threshold (Domesticity) that a foreign representative must meet when it is petitioning for recognition of a foreign proceeding under Chapter 15 in Law.com.

Court Denies Public Access to Unfiled Discovery Materials

August 06, 2018

Barry Klayman and Mark Felger co-authored an article in the Delaware Business Court Insider, discussing a recent case from the Delaware Court of Chancery holding that materials developed during the pretrial discovery process and not filed with the court are not part of the public record.

Creditors Committee Dissolves Upon Conversion of Chapter 11 Cases [Delaware Business Court Insider]

June 27, 2018

Barry Klayman, a member of Cozen O’Connor’s Commercial Litigation and Bankruptcy, Insolvency & Restructuring Practice Groups, and Mark Felger, co-chair of the Bankruptcy, Insolvency & Restructuring Practice Group, co-authored an article in the Delaware Business Court Insider discussing a recent case from the District of Delaware holding that a creditors committee automatically dissolved when a Chapter 11 case was converted to Chapter 7.

Former Client Entitled to Attorney’s Entire Litigation File Including Internal Work Product [Delaware Business Court Insider]

June 07, 2018

Barry Klayman and Mark Felger co-authored an article in the Delaware Business Court Insider, discussing a recent Delaware Court of Chancery case.

Bankruptcy Court Enjoins Creditor From Pursuing Claims in Chancery in Chapter 11 Trust Liquidation [Delaware Business Court Insider]

May 09, 2018

Barry Klayman, a member of Cozen O’Connor’s Commercial Litigation and Bankruptcy, Insolvency & Restructuring Practice Groups, and Mark Felger, co-chair of the Bankruptcy, Insolvency & Restructuring Practice Group, co-authored an article in the Delaware Business Court Insider, discuss a recent Delaware Bankruptcy Court case enjoining a creditor from pursuing breach of fiduciary duty claims and other claims against a debtor’s former officers and early round investors in the Court of Chancery based on provisions of the debtor’s Chapter 11 plan of liquidation.

Chancery Addresses Subrogation Rights in the Context of Claims for Indemnification [Delaware Business Court Insider]

April 04, 2018

Barry Klayman, a member of Cozen O’Connor’s Commercial Litigation and Bankruptcy, Insolvency & Restructuring Practice Groups, and Mark Felger, co-chair of the Bankruptcy, Insolvency & Restructuring Practice Group, co-authored an article in Delaware Business Court Insider on a recent Court of Chancery case dealing with the rights of a putative subrogee in the context of a claim for indemnification of defense costs.

Latest Decision on Intersection of Reclamation Rights and DIP Liens

March 19, 2018

Simon Fraser, a member of Cozen O'Connor's Bankruptcy, Insolvency & Restructuring Department, wrote an article for the American Bankruptcy Institute Journal focusing on reclamation rights and DIP liens.

Financial Distress Is a Prerequisite to Good-Faith Bankruptcy Filing [Delaware Business Court Insider]

March 07, 2018

Mark Felger, co-chair, and Barry Klayman, a member of Cozen O'Connor's Bankruptcy, Insolvency & Restructuring Practice Group, co-wrote an article in Delaware Business Court Insider about the In re Rent-A-Wreck of America, Case that was dismissed by the district of Delaware.

Stockholders Agreement Interpreted to Not Run Afoul of DGCL [Delaware Business Court Insider]

February 14, 2018

Barry Klayman and Mark Felger, members of Cozen O'Connor's Commercial Litigation and Bankruptcy, Insolvency & Restructuring Practice Groups, discuss a recent Delaware Court of Chancery case, Schroeder v.Buhannic in the Delaware Business Court Insider.

Bankruptcy Judge Applies Anti-Forfeiture Statute to Save Debtor's Exercise of Option to Renew Lease [Delaware Business Court Insider]

January 17, 2018

Barry Klayman and Mark Felger, members of Cozen O'Connor's Commercial Litigation and Bankruptcy, Insolvency & Restructuring Practice Groups, discuss a recent Delaware bankruptcy case, In re Fresh-G Restaurant Intermediate Holding, in Delaware Business Court Insider.

Receiver's Disallowance of Creditor's Claim Subject to De Novo Review [Business Court Insider]

December 06, 2017

Barry Klayman and Mark Felger, members of Cozen O’Connor’s Bankruptcy, Insolvency & Restructuring Practice Group, discuss case B.E. Capital Management Fund v. Fund.com in Delaware Business Court Insider.

Bankruptcy Court Affirms Authority to Approve Nonconsensual Third-Party Releases [Delaware Business Court Insider]

November 08, 2017

Barry Klayman and Mark Felger, members of Cozen O’Connor’s Bankruptcy, Insolvency & Restructuring Practice Group, discuss the significant decision reached in In re Millennium Lab Holdings II, in Delaware Business Court Insider.

Corporation Is Not Precluded From Contradicting Its Own 30(b)(6) Witness [Delaware Business Court Insider]

October 11, 2017

Barry Klayman and Mark Felger, members of Cozen O’Connor’s Bankruptcy, Insolvency, & Restructuring Practice Group, discuss, in the Delaware Business Court Insider, a recent case in which the Delaware Court of Chancery refused to preclude a defendant corporation from offering evidence at trial that contradicted or was otherwise inconsistent with the deposition testimony of its Rule 30(b)(6) witness, although the plaintiffs would be able to rely on the earlier 30(b)(6) testimony and use it for impeachment.

Commodity Broker Liquidations: What Qualifies as a “Commodity Contract”?

September 22, 2017

Christina Sanfelippo discusses what qualifies as a Commodity Contract in the American Bar Association's Young & New Members Committee Newsletter.

Bankruptcy Court Predicts Del. Will Recognize Existence of De Facto LLCs [Delaware Business Court Insider]

September 06, 2017

Barry Klayman and Mark Felger, members of Cozen O’Connor’s Bankruptcy, Insolvency & Restructuring Practice, discuss a recent case in which the Bankruptcy Court for the District of Delaware predicted that the state’s courts would recognize the existence of de facto limited liability companies, just as they recognize de facto corporations, in Delaware Business Court Insider.

Drop Shipped Goods Failed to Qualify for Administrative Expense Priority in Bankruptcy [Delaware Business Court Insider]

August 09, 2017

Barry Klayman and Mark Felger, members of the Cozen O’Connor Bankruptcy, Insolvency & Restructuring Practice Group, discuss in the Delaware Business Court Insider a recent case in which the Bankruptcy Court for the District of Delaware held that goods delivered directly to the debtor's customers within 20 days prior to the bankruptcy petition, even though at the debtor's direction and utilizing the debtor's account with the shipper, will not qualify for administrative priority treatment under section 503(b)(9) of the Bankruptcy Code because the debtor never had physical possession of the goods.

Courts Split Over Interpretation of CIMLA Provisions Regarding Suppliers’ Maritime Liens Against Vessels

July 12, 2017

John T. Carroll, III and Simon E. Fraser, both members of Cozen O’Connor’s Bankruptcy, Insolvency & Restructuring Practice, discuss in an article with the American Bankruptcy Institute, Secured Credit Committee the interpretation of the Commercial Instruments and Maritime Lien Act (CIMLA), which protects suppliers of goods by granting a maritime lien against any vessel to which the supplier provides “necessaries.”

Standing in Foreclosure Actions Requires Holding Both Mortgage and Note [Delaware Business Court Insider]

July 05, 2017

Barry Klayman and Mark Felger, members of Cozen O'Connor's Bankruptcy, Insolvency & Restructuring Practice, discuss in the Delaware Business Court Insider a recent case in which a divided Delaware Supreme Court held that a mortgage assignee must be entitled to enforce the underlying obligation that the mortgage secures in order to foreclose.

The Puerto Rico “Bankruptcy”: a Cheat Sheet

July 03, 2017

David Doyle authored an article published by The American Bankruptcy Institute that examines the launch of an unprecedented restructuring proceeding under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act.

Court Lacks Personal Jurisdiction Over Nonresident Blogger, Website Host [Delaware Business Court Insider]

June 07, 2017

Barry Klayman and Mark Felger discuss a case from the Delaware Superior Court dealing with the issue of an allegedly defamatory article that caused injury to a Delaware corporation hosted on a website outside of Delaware.

Tribal Sovereign Immunity of Casinos in Preference Actions [Delaware Business Court Insider]

May 10, 2017

Mark Felger and Barry Klayman discuss a recent case from the Delaware Bankruptcy Court in The Delaware Business Court Insider.

Delaware Bankruptcy Court Issues Latest Decision Approving Plan with “Death Trap” [American Bankruptcy Institute Unsecured Trade Creditors Committee Newsletter]

May 01, 2017

Simon Fraser discusses a recent court decision in the American Bankruptcy Institute’s Unsecured Trade Creditors Committee Newsletter.

Delaware’s Anti-SLAPP Statute Limited to Land Use Disputes [Delaware Business Court Insider]

April 05, 2017

Mark Felger and Barry Klayman discuss a recent case from the Delaware Court of Chancery in The Delaware Business Court Insider.

U.S. Supreme Court Significantly Limits Structured Dismissals [Bankruptcy, Insolvency & Restructuring Alert]

March 27, 2017

Mark E. Felger and Gregory F. Fischer discuss the U.S. Supreme Court’s recent decision in Czyzewski v. Jevic Holding Corp., that structured dismissals must now either comply with the Bankruptcy Code’s basic priority scheme or have the consent of creditors that the structured dismissal seeks to avoid.

Dollar Cap on Committee Professional Fees Under Confirmed Plan [Delaware Business Court Insider]

March 08, 2017

Mark Felger and Barry Klayman discuss a case involving the effect of a DIP financing order cap on professional fees after a Chapter 11 plan is confirmed in the Delaware Business Court Insider. .

Directors Are Public Figures for Election-Related Communications Among Investors [Delaware Business Court Insider]

February 08, 2017

Mark Felger and Barry Klayman discuss a case of first impression from the Court of Chancery in The Delaware Business Court Insider.

Post-Confirmation Examinations Pursuant to Bankruptcy Rule 2004 [Delaware Business Court Insider]

January 18, 2017

Mark Felger and Barry Klayman discuss a recent bankruptcy court decision in The Delaware Business Court Insider.

Ninth Circuit Clarifies Which Landlord Claims are Subject to Section 502(b)(6) Cap [Bankruptcy, Insolvency & Restructuring Alert]

January 12, 2017

Mark E. Felger and Simon E. Fraser discuss a recent opinion from the Ninth Circuit that sets out a clear and seemingly easy to follow test to determine whether a given claim held by a landlord is subject to the cap section 502(b)(6) of the Bankruptcy Code imposes.

Turnover Order Cannot Trump Prohibition on Disclosure of ESI by Email Service Provider [Delaware Business Court Insider]

December 21, 2016

Mark Felger and Barry Klayman discuss a recent Delaware bankruptcy court decision regarding the federal Stored Communications Act.

Events & Seminars

Upcoming Events

Match Wits with the Experts! An Ethics Game Show Featuring the Audience

December 11, 2021 - Rancho Palos Verdes, California

Thomas Horan will be a part of a panel of ethics experts to see who knows up-to-the-minute ethical issues best at the American Bankruptcy Institute’s Winter Leadership Conference.

Past Events

Bankruptcy from a Governmental Perspective

November 03, 2021 - Webinar

Bankruptcy Trends in Sales and Restructuring

August 02, 2019 - Hershey, PA

In The News

Debtors Eye Refund as They Look to Advance Bankruptcy Fee Feud

October 15, 2021

Robert Fishman discusses the ongoing dispute over a temporary increase in government fees required in Chapter 11 cases in Bloomberg Law.

Cozen O’Connor’s Corporate Practice and Multiple Attorneys Recognized by IFLR 1000

September 16, 2021

Cozen O’Connor is pleased to announce that the firm’s Corporate Practice and multiple attorneys in the firm’s Corporate and Bankruptcy, Insolvency & Restructuring practices have been recognized by IFLR 1000.

More Than 205 Cozen O’Connor Attorneys Named Best Lawyers and Ones to Watch By The Best Lawyers In America

August 19, 2021

Best Lawyers selected 210 Cozen O’Connor lawyers from 23 of the firm’s nationwide offices for inclusion in the 2022 edition of The Best Lawyers in America.

47 Cozen O'Connor Attorneys Named Pennsylvania Super Lawyers and Rising Stars

May 28, 2021

Super Lawyers has selected 47 Cozen O'Connor attorneys to the 2021 Pennsylvania Super Lawyers and Rising Stars lists.

Mark Felger Named a 2021 Delaware Super Lawyer

May 26, 2021

Cozen O’Connor is pleased to announce that Mark Felger, co-chair of the firm’s Bankruptcy, Insolvency & Restructuring Group, has been named to Super Lawyers 2021 list of top practitioners in Delaware.

82 Cozen O’Connor Lawyers, 19 Practices Earn Top Recognition in Chambers USA 2021 Guide

May 26, 2021

Chambers USA, the leading annual guide to the top lawyers and law firms in the United States, has ranked 82 Cozen O’Connor lawyers as leaders in their respective fields in the guide’s 2021 edition; of those, 15 lawyers have been recognized nationally.

Bankruptcy Practice's Human Element Also Fell To COVID-19

March 11, 2021

Mark Felger discusses the impact the COVID-19 pandemic has had on the practice of bankruptcy law in Law360.

Render Unto Caesar…

February 01, 2021

Thomas Horan, a member of Cozen O’Connor’s Bankruptcy, Insolvency & Restructuring Practice, joined “Business/Disrupted" on The VoiceAmerica Talk Radio Network to discuss the sovereign citizen movement.

Eleven Cozen O’Connor Attorneys Named 2021 Illinois Super Lawyers

January 29, 2021

Super Lawyers has named eleven attorneys at Cozen O’Connor to its 2021 lists of top practitioners in Illinois.

Leading Lawyers Network Recognizes 26 Cozen O’Connor Lawyers as Top Illinois Practitioners

January 26, 2021

The Leading Lawyers Network has named 24 Cozen O’Connor lawyers to its annual list of Illinois’ top practitioners and named two others as Emerging Lawyers in its 2021 survey results.

Robert Fishman Named Among National Association of Legal Fee Analysis Top Attorney Fee Experts of 2020

November 02, 2020

Chicago – November 2, 2020 – Robert Fishman, a member of Cozen O'Connor’s Bankruptcy, Insolvency & Restructuring Practice, has been named a Top Attorney Fee Expert by The National Association of Legal Fee Analysis.

PPP loans kept many small businesses afloat this summer. Without more funds, experts say a wave of bankruptcies is coming.

September 10, 2020

Brian Shaw was quoted in a Chicago Tribune article discussing an anticipated wave of bankruptcies among small businesses when Paycheck Protection Program (PPP) loans run out, absent additional funding.

With Global Bankruptcy Filings Increasing, Cozen O’Connor Adds Eight Veteran Attorneys to its Bankruptcy, Insolvency & Restructuring Practice

September 01, 2020

Hires Expand Offerings in Chicago and Add Depth to the firm’s Corporate Bankruptcy Practice

More Than 200 Cozen O’Connor Attorneys Named Best Lawyers and Ones to Watch By The Best Lawyers In America

August 20, 2020

Best Lawyers selected 201 Cozen O’Connor lawyers from 23 of the firm’s nationwide offices for inclusion in the 2021 edition of The Best Lawyers in America© (Copyright 2020 by Woodward/White, Inc., of Aiken, SC).

Felger Named President of the Philadelphia/Wilmington Chapter of the Turnaround Management Association

January 01, 2020

Mark Felger has been elected president of the Philadelphia/Wilmington chapter of the Turnaround Management Association (TMA). Mark, who is the office managing partner of the Wilmington office and co-chair of the firm's Bankruptcy, Insolvency & Restructuring Practice, will serve a one-year term as president.

Cozen O’Connor Recognized As a Best Law Firm in 24 Practice Areas Nationwide, 106 Practice Areas Regionally

November 05, 2019

The U.S. News – Best Lawyers “Best Law Firms” rankings are based on a rigorous evaluation process that includes the collection of client and lawyer evaluations and peer review from leading attorneys in their field.

17 Cozen O’Connor Attorneys Recognized as New York Super Lawyers and Rising Stars

September 27, 2019

Super Lawyers has named 17 Cozen O'Connor attorneys to its 2019 New York Super Lawyers and Rising Stars list.

138 Cozen O’Connor Attorneys Named to the Best Lawyers in America

August 28, 2019

Best Lawyers selected 138 Cozen O’Connor lawyers from 21 of the firm’s national offices for inclusion in the 2020 edition of The Best Lawyers in America.

57 Cozen O’Connor Lawyers, 16 Practices Earn Top Recognition in Chambers USA 2019 Guide

April 25, 2019

Chambers USA, the leading annual guide to the top lawyers and law firms in the USA, has ranked 57 Cozen O’Connor lawyers as leaders in their respective fields in the Guide’s 2019 edition.

Cozen O’Connor Appointed to Oversee Creditors’ Committee for Warrior Golf Reorganization

April 03, 2019

Warrior filed voluntary petitions for Chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of Texas Laredo Division to facilitate its reorganization. During this time, its custom golf business and nationwide portfolio of public courses remain open for business.

Cozen O’Connor Oversees Bankruptcy Acquisition of New York-based Luxury Coffee Chain FIKA

January 22, 2019

Attorney Frederick E. Schmidt, Jr. Guides Senior Secured Lender Through a Complex Chapter 11 Section 363 Sale

126 Cozen O’Connor Attorneys Named to the Best Lawyers in America

August 22, 2018

One hundred twenty-six Cozen O’Connor lawyers from 20 of the firm’s national offices have been selected for inclusion in the 2018 edition of The Best Lawyers in America.

Former Deputy Attorney General and Bankruptcy Litigator Thomas J. Francella Jr. Joins Cozen O’Connor’s Wilmington, Delaware Office

July 10, 2018

Highly Regarded Throughout the Legal Community, Francella Brings Substantial Federal- and State-Level Bankruptcy Litigation Experience

Fifty Cozen O’Connor Attorneys Ranked by Chambers USA 2018

May 21, 2018

Cozen O’Connor is pleased to announce that Chambers USA has recognized 50 Cozen O’Connor attorneys for 2018 as leaders in their respective fields; 12 attorneys were recognized nationally and 14 were ranked in the top band either nationally or at the state level.

Cozen O’Connor Elects 19 Associates to Membership

April 09, 2018

Cozen O’Connor has elected 19 associates to membership in the firm. The management committee appointed this qualified group of attorneys to membership based on demonstrated professionalism, leadership, dedication, and loyalty to Cozen O’Connor.

2018 U.S. News & World Report – Best Lawyers "Best Law Firms" Ranks Cozen O’Connor

February 01, 2018

In the 2018 U.S. News - Best Lawyers® "Best Law Firms, Cozen O’Connor is ranked nationally in 17 practice areas and regionally in 64 practice areas.

100 Cozen O’Connor Lawyers Named to the Best Lawyers in America

August 23, 2017

Lawyers were selected for inclusion in the 2018 edition based on a rigorous peer-review that has been developed and defined for more than 30 years.

Cozen O'Connor Bankruptcy Attorneys Receive Court Approval for Sale of Unilife

July 19, 2017

Mark Felger, in conjunction with Erik Schmidt and Keith Kleinman, received court approval for three sale transactions for Unilife Corp., a company which makes wearable medication devices.

Contacts

Mark E. Felger

Co-Chair, Bankruptcy, Insolvency & Restructuring

mfelger@cozen.com

(302) 295-2087

John T. Carroll, III

Co-Chair, Bankruptcy, Insolvency & Restructuring

jcarroll@cozen.com

(302) 295-2028

People

Awards

47 Cozen O'Connor Attorneys Named Pennsylvania Super Lawyers and Rising Stars

May 28, 2021

Super Lawyers has selected 47 Cozen O'Connor attorneys to the 2021 Pennsylvania Super Lawyers and Rising Stars lists.

Mark Felger Named a 2021 Delaware Super Lawyer

May 26, 2021

Cozen O’Connor is pleased to announce that Mark Felger, co-chair of the firm’s Bankruptcy, Insolvency & Restructuring Group, has been named to Super Lawyers 2021 list of top practitioners in Delaware.

Related Practice Areas

Upcoming Event:

Match Wits with the Experts! An Ethics Game Show Featuring the Audience

Rancho Palos Verdes, California 12/11/2021

Thomas Horan will be a part of a panel of ethics experts to see who knows up-to-the-minute ethical issues best at the American Bankruptcy Institute’s Winter Leadership Conference.

Event Details

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