Ships In The Night: Buyers And Sellers Of Trade Claims

Law360, New York (September 9, 2010, 10:31 AM EDT) -- Buyers and sellers of trade claims in bankruptcy cases often fundamentally disagree about if and when a trade is binding and what are its terms. The buyers are sophisticated players in this multibillion-dollar market, knowledgeable of a cadre of unwritten rules and practices they contend govern the parties’ behavior and obligations. Sellers can be first-timers, unfamiliar with those practices, who want to sell the claim for as much as possible, be paid quickly and be done. Those basic premises often conflict with what the buyers intend...
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