SFGH assists client in closing bankruptcy transaction monetizing $213 million judgment
Last week several media outlets (including The American Lawyer, Law360, and Crain’s) covered a transaction by which Gerchen Keller Capital, the largest litigation funder in the world with more than $1.4 billion in assets, closed a $26.2 million investment.
Sugar Felsenthal Grais & Hammer LLP is pleased to congratulate its partners Jonathan Friedland and Elizabeth Vandesteeg in their representation of Gerchen Keller in this deal.
Gerchen Keller purchased, in a Section 363 sale, a $50 million participation in a $213 million judgment the that the Lee Buchwald as Chapter 7 Trustee of Magnesium Corporation of America and Renco Metals had obtained against The Renco Group, Inc. and Ira L. Rennert.
Gerchen Keller was the successful bidder at auction, and the bankruptcy court approved its bid by order dated August 24, 2016. In obtaining such approval, Buchwald and Gerchen Keller overcame objections to both the bidding procedures and the sale itself that were filed by the defendants and certain of the Debtors’ noteholders. Thereafter, Buchwald and Gerchen Keller successfully opposed the noteholders’ motion for a stay pending their appeal of the sale order.
About SFGH
With office in New York City and Chicago, Sugar Felsenthal Grais & Hammer LLP still represents nearly all of the clients it represented the day it opened its doors in 1981.
SFGH’s practice areas include: Bankruptcy, Reorganization & Creditors' Rights; Business Transactions & Corporate Securities; Commercial Litigation; Labor & Employment; Estate Planning, Administration & Litigation; Federal Income Tax Planning & Litigation; and Real Estate & Community Development.