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Wilmington Trust Wins Appeal of Sabine Standing Decision
- Client News
- June 24, 2016
Practices
Paul, Weiss client Wilmington Trust, N.A, agent for second lien lenders, obtained a significant appellate victory when Judge John Koeltl of the Southern District of New York issued an opinion affirming in full the bankruptcy court's decision to deny standing to the official committee of unsecured creditors in the chapter 11 cases of Sabine Oil & Gas Corporation to pursue a wide range of claims and causes of action. The creditors' committee sought standing to pursue claims of constructive fraudulent transfer, actual fraudulent transfer, equitable subordination, recharacterization and aiding and abetting breaches of fiduciary duty against our client as well as claims against other parties. In his 46-page opinion, issued two weeks after oral argument, Judge Koeltl found that the bankruptcy court was correct in holding that the creditors' committee failed to show that it had plausible claims or claims worth bringing.
The Paul, Weiss team included, among others, litigation partner Moses Silverman, who argued the appeal; bankruptcy partner Brian Hermann; and litigation counsel Karen King.