Michael Friedman

Publications

• Co-Author, "Strictly Speaking: What Lenders Need to Know about Strict Foreclosure and Restructurings," Chapman and Cutler LLP, September 2020
• Co-Author, "Strictly Speaking, Part III: How Can a Lender Incentivize Management in a Strict Foreclosure?," Client Alert, July 31, 2020
• Co-Author, "Strictly Speaking, Part II: How Can a Lender Effect a Strict Foreclosure?," Client Alert, July 23, 2020
• Co-Author, "Strictly Speaking: Strict Foreclosure Can Provide an Efficient Smooth Exit for Lenders in the Right Circumstances," Client Alert, July 16, 2020
• Co-Author, "For Lenders – Navigating Main Street Loan Considerations," Client Alert, July 7, 2020
• Co-Author, "Preferred Shareholder Denied Right to Block Bankruptcy Filing by Delaware Bankruptcy Court," Client Alert, May 11, 2020
• Co-Author, "Delaware District Court Supports Secured Creditor Gift Plans," The Banking Law Journal, February 2019
• Co-Author, "Designated Survivor: Ninth Circuit Rejects Designation of Secured Creditor’s Unsecured Claim under Section 1126(e) of the Bankruptcy Code," Client Alert, June 20, 2018
• Co-Author, "Non-Consensual Third-Party Releases Held Enforceable in Chapter 15 Proceeding," Client Alert, April 17, 2018
• Co-Author, "First Circuit’s Old Cold Decision Cools Fears of Expanded Scope of Jevic’s Reach; Declines to Apply Jevic to Disturb Assumption of Liabilities in 363 Sale that may have Violated Absolute Priority Rule," Client Alert, February 7, 2018
• Co-Author, "Second Circuit Reverses MPM Silicones’ “Prime Plus” Formula for Cramdown Interest Rates, Delivering Secured Creditors a Welcome Victory and Resetting Market Expectations," Client Alert, October 30, 2017
• Co-Author, "Momentive vs EFIH: Second Circuit Splits with Third Circuit on Make-Whole; Keeps Pressure on Lenders to Negotiate Express Make-Whole Provisions," Client Alert, October 30, 2017
• Co-Author, "On Second Thought: Delaware Bankruptcy Court Denies $275 Million Breakup Fee Despite Earlier Approval," Client Alert, October 19, 2017
• Co-Author, "Make-Whole Update: Texas Bankruptcy Court Awards Unsecured Bondholders’ ‘Enormous’ Make-Whole Claim, with Interest, Over Solvent Debtors’ Objection," Westlaw Journal Bankruptcy, October 19, 2017
• Co-Author, "Puerto Rico Court Recognizes Limit to Bankruptcy Code's Statutory Lien Definition," Westlaw Journal Bankruptcy. October 5, 2017
• Co-Author, "In Delaware, the Gift Plan Is Not Dead Yet," Law360, August 25, 2017
• Co-Author, "Companies Are Using Covenants to Restructure Their Capital Structure and Prime Existing Debt — What Lenders and Debt Investors Need to Know," Harvard Law School Bankruptcy Roundtable, March 14, 2017
• Co-Author, "Companies Are Using Covenants to Restructure Their Capital Structure and Prime Existing Debt — What Lenders and Debt Investors Need to Know," ACIC Private Notes, March 2017
• Co-Author, "What You Need to Know about 'Unrestricted Subsidiaries'," Law360, February 14, 2017
• Co-Author, "The Subordination of Equity-Related Claims in Bankruptcy," Law360, February 8, 2017
• Co-Author, "Second Circuit Rolls Back Expansive Trust Indenture Act Interpretation," Client Alert, January 25, 2017
• Co-Author, "Distressed Investing: New York's Highest Court Holds — a Trade is a Trade," Client Alert, December 29, 2016
• Co-Author, "Is Momentive Losing Momentum?," Law360, November 22, 2016
• Co-Author, "Credit Bidding: Has the 'Fisker' Threat Subsided?," Pratt's Journal of Bankruptcy Law, November/December 2016
• Co-Author, "Make-Whole Update: Delaware Bankruptcy Court Rules Intercreditor Agreement Does Not Permit First Lien Noteholders to Demand Payment of Previously Disallowed Make‑Whole from Junior Noteholders," Client Alert, June 27, 2016
• Co-Author, "Are You an Over-Secured Lender in Your Borrower's Bankruptcy? Beware: You May Still Not Be Entitled to Receive Post-Petition Interest," Client Alert, May 26, 2016
• Co-Author, "The Aftermath of EMC and Caesars: Trust Indenture Act Claims Brought by Objecting Bondholders," Client Alert, March 24, 2016
• Co-Author, "Make-Whole Update: Delaware District Court Follows New York's Lead in Disallowing Make-Whole Premium in Bankruptcy — Dispute Moves to Third Circuit," Client Alert, February 29, 2016
• Co-Author, "LSTA Publishes Detailed Response to ABI Commission's Proposed Bankruptcy Reforms," Pratt's Journal of Bankruptcy Law, February/March 2016
• Co-Author, "So Long as It's Your Own Money — Third Circuit Allows Secured Creditors to Gift Value to Junior Creditors to Resolve Sale Objection Even When More Senior Creditors Receive Nothing," Client Alert, September 24, 2015
• Co-Author, "Unitranche Facilities and the Jurisdiction of Bankruptcy Courts: RadioShack's Chapter 11 Leaves Questions Unanswered," Client Alert, August 13, 2015
• Co-Author, "S.D.N.Y. Affirms MPM Silicones' 'Prime Plus' Formula for Cramdown Interest Rates, Likely Harming Creditor Recoveries," Pratt's Journal of Bankruptcy Law, July/August 2015
• Co-Author, "Vote More Than Once? Numerosity and Possible Reform," Law360, July 24, 2015
• Co-Author, "Another One Bites the Dust — Energy Future Decision Likely Precludes Future Arguments to Lift the Automatic Stay in the Make-Whole Context," Client Alert, July 23, 2015
• Co-Author, "Marblegate II and the 'Tyranny of the Minority' — Another Weapon is Added to Bondholders' Arsenal to Disrupt Exchange Offers and Restructurings," Client Alert, July 8, 2015
• Co-Author, "Challenges Ahead for Chapter 11 Retained Professionals: The Implications of Baker Botts v. Asarco," Client Alert, July 2, 2015
• Co-Author, "The ABI Commission on Reform of Chapter 11 Final Report: What Secured Creditors Need to Understand," White Paper, June 2015
• Co-Author, "Does Your Intercreditor Agreement Properly Protect You? Common Mistakes and How to Fix Them — Lessons Learned From the MPM Silicones and RadioShack Cases," Client Alert, May 5, 2015
• Quoted, "Caesars Letting Apollo, TPG Keep Stake Fuels Creditor Anger," Bloomberg, January 15, 2015
• Co-Author, "I'm a Secured Creditor so I'm Entitled to Default Interest, Right?," Pratt's Journal of Bankruptcy Law, January 2015
• Co-Author, "The ABI Commission on Reform of Chapter 11 Issues Final Report: What Secured Creditors Need to Understand," Client Alert, December 17, 2014
• Quoted, "Altegrity Bond Rise Boosts Case for Make Whole," Bloomberg Brief, October 6, 2014
• Co-Author, "MPM Silicones Latest Court to Whittle Away at Secured Creditor Protections: Plan Confirmed Providing Secured Creditors with Below Market Replacement Notes," Client Alert, September 29, 2014
• Quoted, "Momentive Bankruptcy Plan to Be Approved with Changes," Bloomberg, August 27, 2014
• Co-Author, "Recent Challenges to Credit Bidding - A New Trend?," Pratt's Journal of Bankruptcy Law, July/August 2014
• Co-Author, "Make-Whole Provisions Continue to Cause Controversy: What You Can Do to Avoid Litigation," Chapman Sidebar, July 18, 2014
• Co-Author, "Recent Challenges to Credit Bidding - A New Trend?," Client Alert, May 13, 2014
• Co-Author, "New Challenge to Credit Bidding - Distressed Debt Purchasers Beware," Client Alert, February 12, 2014
• Co-Author, "Strategies and Limitations of Sponsor Buybacks, January 2014," American Bankruptcy Institute Journal, January 2014
• Author, "Israel: The Next Big Distressed M&A Opportunity?," Chapman Insights, September 18, 2013
• Co-Author, "What About Make-Whole Premiums?" 
• Co-Author, “The Restructuring of Danfurn LLC,” Darden School of Business Publishing
• Co-Author, “3 Critical Elements for Turning Around a Distressed Company,” Corporate Counsel
• Co-Author, “The Unitranche Facility: Implications,” American Bankruptcy Institute Journal
• Co-Author, "A Loan Trader's Guide to Commercial Real Estate Loans" 
• Co-Author, "DBSD: Has Confirming a Plan Become More Difficult?" GC New York
• Co-Author, "Supreme Court Approves Amendments to Bankruptcy Rule 2019: Amendments Likely to Take Effect on December 1, 2011" 
• Co-Author, "Passive Investors Only -- Strategic Investors Need Not Apply: Dish Network Corp. v. DBSD N. AM., Inc." 
• Co-Author, "The Continuing Evolution of Bankruptcy Rule 2019" 
• Co-Author, "Lehman Files A Proposed Plan Of Reorganization" 
• Co-Author, "Distressed Investor Alert: Revisions to Bankruptcy Rule 2019 Will Discourage Active Involvement in U.S. Bankruptcy Cases"
• Co-Author, "Erosion of Secured Creditors' Rights: Has the Pendulum Swung in Favor of Unsecured Creditors"
• Co-Author, "Acquiring Companies in Bankruptcy," Executive Counsel Magazine
• Lending, Investing and Trading After the Market Break
• Co-Author, "Equity and Debt Decoupling: Derivative Instruments Challenge Fundamental Assumptions of Corporate and Bankruptcy Law" 
• Co-Author, "Effectiveness of Power of Attorney Provision in Claim Purchase Agreements in Bankruptcy - Delphi Bankruptcy Case Raises Issue" 
• Co-Author, "The 'Second Risk' that Keeps Loan Participants Up at Night" 
• Co-Author, "Cure Claims in Bankruptcy - Delphi Bankruptcy Case Raises Issues" 
• Co-Author, "Enron Update: District Court Reverses Bankruptcy Court Decision -- Equitable Subordination Risk Does Not Travel with the 'Sale' of a Claim But Does Travel with an 'Assignment' of a Claim" 
• Co-Author, "Enron Update: District Court Holds Hearing in Appeal of Bankruptcy Court Decision that Equitable Subordination Risk Travels with the Claim" 
• Co-Author, "Enron Update: District Court Affirms In Part and Reverses In Part Earlier Ruling Granting Appeal of Bankruptcy Court Decision that Equitable Subordination Risk Travels with the Claim" 
• Co-Author, "Secondary Loan Purchasers Challenge Enron and Win an Extraordinary Appeal: Does Equitable Subordination Risk Travel with the Loan?"

Presentations

• Panelist, "Emerging Leader Program," ABI's Northeast Virtual Bankruptcy Workshop, July 29–30, 2020
• Panelist, "Interactive Case Study," TMA of Florida's 10th Annual Winter Conference, March 4–6, 2020
• Panelist, "The Challenges in Valuing and Restructuring Distressed Continuing Care Retirement Facilities (CCRCs)," VALCON 2020, February 26–28, 2020
• Panelist, "Creative Real Estate Development Strategies," 2019 Higher Education Real Estate Lawyers Annual Conference, October 17–18, 2019
• Moderator, "Valuing and Restructuring Distressed Companies in the Face of Financial and Operational Headwinds," VALCON 2018, February 27–March 1, 2019
• Moderator, "Valuing and Restructuring Distressed Companies in the Face of Financial and Operational Headwinds," VALCON 2018, May 16–18, 2018
• Moderator, "The US Institutional Corporate Loan Market: What It Is, Current Trends and Why It Is an Attractive Investment," 2018 Tel Aviv Institutional Investment Conference, March 12, 2018
• Panelist, "Valuing and Restructuring Distressed Companies in the Face of Operational Headwinds," TMA Chicago/Midwest Chapter Event, October 27, 2017
• Panelist, "Fiduciary Duty," 2017 TMA Western Regional Conference, July 26–28, 2017
• Guest Lecturer, Yeshiva University's Sy Syms School of Business, April 24, 2017
• Panelist, "Investing in US Institutional Corporate Loans," 2017 Tel Aviv Institutional Investment Conference, March 8, 2017
• Moderator, "Valuation Case Study," VALCON 2017, March 1–3, 2017
• Panelist, "An Interactive Negotiation of a Distressed Company Restructuring," 6th Annual Bank & Financial Institutions Special Assets Forum on Real Estate, C&I and SBA Loans, September 15–16, 2016
• Moderator, "An Interactive Negotiation of a Distressed Company Restructuring," American Bankruptcy Institute's VALCON 2016, March 14–16, 2016
• Panelist, "An Interactive Negotiation of a Distressed Company Restructuring," American Bankruptcy Institute's VALCON 2015, February 25–27, 2015
• Panel Co-Moderator, "Can We Work This Out?," ACIC Spring Conference, April 25, 2014
• Guest Lecturer, University of Virginia McIntire School of Commerce
• Guest Lecturer, Duke University, the Fuqua School of Business
• "Distressed Lending and Strategic Investment—A Cautionary Tale" seminar
• "From Creditor to Equity Holder: How to Make Your Post-Reorganization Equity Work Harder for You"
• “Analysis of Claims against BP arising from Gulf of Mexico Disaster" hosted by the Susquehanna Financial Group
• “Bankruptcy’s Next Wave: A Look at the Financial Crisis One Year Later” presented at the American Bankruptcy Institute Annual Winter Leadership Conference
• "Bankruptcy’s New Wave – Preparing for the Perfect Storm: Which Sectors Will Take a Direct Hit?" presented at the American Bankruptcy Institute Annual Winter Leadership Conference
• "The Impact of an Abundance of Capital and Alternative Equity Sources on the Disappearance of the Borrower Default: Will the Party Last Forever?" 

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