District Court Overturns Bankruptcy Court in Lyondell Fraudulent Transfer Litigation, Rules CEO's Fraudulent Intent May Be Imputed to Corporation (PDF)

Overturning a bankruptcy court's decision, the U.S. District Court for the Southern District of New York recently held that the fraudulent intent of a company's CEO may be imputed to the corporation under Delaware law.
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Overturning a bankruptcy court's decision, the U.S. District Court for the Southern District of New York recently held that the fraudulent intent of a company's CEO may be imputed to the corporation under Delaware law. The authors of this article discuss the ruling and its implication.

Matthew A. Feldman is co-chairman of Willkie Farr & Gallagher LLP, a member of the firm’s Executive Committee, and a partner in and co-chair of the Business Reorganization and Restructuring Department. His clients include debtors, creditors, investors, lenders, governmental agencies, and committees. In recognition of his efforts and sacrifices in connection with his service to the Obama administration’s Task Force on the Auto Industry, Matt received the "Secretary’s Honor Award," presented to him by Treasury Secretary Timothy Geithner for his "distinguished service to the American people as the Chief Legal Advisor to the Department of Treasury Auto Team." Mr. Feldman received his J.D. from the New York University School of Law and his B.A. from Tufts University. He may be contacted at mfeldman@willkie.com.

Rachel C. Strickland is a partner in the Business Reorganization and Restructuring Department at Willkie Farr & Gallagher LLP, advising distressed companies in complex Chapter 11 cases and out-of-court restructurings. Rachel also advises financial and strategic investors looking to maximize recoveries or acquire a distressed target. She regularly represents hedge funds and private equity firms in their capacities as investors, lenders, and creditors of distressed entities. Rachel received her J.D. from New York University School of Law and her B.A. from Michigan State University. She may be contacted at rstrickland@willkie.com.

Joseph G. Minias is a partner in the Business Reorganization and Restructuring Department at Willkie Farr & Gallagher LLP, representing hedge funds, commercial banks, and other sophisticated investors. He has broad experience in all types of restructurings, both in and out-of-court, as well as transactions involving the purchase and sale of securities and claims of entities involved in financial restructurings, chapter 11 cases, SIPA proceedings, and receiverships. Joseph also represents ad hoc groups, official creditors’ committees, litigation trusts, and serves as special litigation counsel for companies in financial distress. He received his J.D. from the Emory University School of Law and his B.A. from SUNY at Albany. He may be contacted at jminias@willkie.com.

Debra C. McElligott is an associate in the Business Reorganization and Restructuring practice at Willkie Farr & Gallagher LLP. Debra received her J.D. from New York University School of Law and her B.S. from Cornell University. She may be contacted at dmcelligott@willkie.com.

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