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Champerty clarified: a victory for activist distressed debt and claims investors

Schulte Roth & Zabel LLP
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USA
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November 3 2009

In a decision to be hailed by buyers of distressed debt and bankruptcy claims on the secondary loan market, on Oct. 15, 2009, the New York Court of Appeals (the “Court”), in a fact-specific ruling, held that an assignment of claim does not violate New York’s champerty statute (forbidding trading in litigation claims) if the purpose of the assignment is to collect damages by means of a lawsuit for losses on a debt instrument in which the assignee holds a pre-existing proprietary interest

Pushing unresponsive counterparties to settle: LSTA to introduce “buy insell out” for distressed trades

Schulte Roth & Zabel LLP
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USA
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August 11 2011

The Loan Syndications and Trading Association (“LSTA”) is preparing to implement a trade termination mechanism for distressed trades, called “buy-insell-out” or “Distressed BISO,” designed to give a performing party leverage over a nonperforming party to move a stalled trade toward settlement

Key changes to secondary trading documentation

Schulte Roth & Zabel LLP
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USA
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August 11 2011

The LMA has introduced a new definition of “Claim”; such definition to be included under the existing definition of “Purchased Assets.”

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Champerty clarified: a victory for activist distressed debt and claims investors

Pushing unresponsive counterparties to settle: LSTA to introduce “buy insell out” for distressed trades

Key changes to secondary trading documentation

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