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Subordination and Recharacterization of Claims in Bankruptcy
Business Law Section
Credit(s):
1 Legal Specialization in Bankruptcy Law
1 Participatory MCLE Credits
This panel, comprised of an esteemed Bankruptcy Judge and two bankruptcy attorneys with extensive experience in such matters will discuss developments in the case law of particular interest to California practitioners, as well as some "best practices."
The panel will discuss:
Junior secured or unsecured creditors often assert subordination or recharacterization claims against more senior creditors to enhance recovery from a debtor that is unable to fully satisfy its debts.
The Bankruptcy Code allows the court to apply equitable reasons to alter the general distribution scheme provided under the Bankruptcy Code, resulting in inferior treatment for a creditor that engages in misconduct which harms other creditors.
The Bankruptcy Code also provides for subordination of claims based on the purchase or sale of securities of a debtor or its affiliate, so that such claims are treated as having equal or lesser priority of claims based on the relevant securities.
Recharacterization is a judicially created doctrine allowing an obligation that facially involves a debt to be treated as an equity interest based on a multi-factor test.
The subordination and recharacterization doctrines are heavily litigated, with courts in various jurisdictions using different standards and reaching disparate conclusions.
1 Legal Specialization in Bankruptcy Law
1 Participatory MCLE Credits
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