Law360, New York (September 18, 2014, 10:05 AM EDT) -- As we began discussing this week in Part 1 and Part 2 of this series, on Aug. 26, 2014, Judge Robert Drain of the Bankruptcy Court for the Southern District of New York issued a momentous bench ruling in connection with the confirmation hearing of Momentive Performance Materials and its affiliates. The decision grappled with a number of important topics in modern, complex Chapter 11 bankruptcies. In Parts 1 and 2 of this series, we examined Judge Drain's analysis of secured-party cramdown considerations in detail. In this article, we turn to the topic of subordination. In Part 4, we will explore both the "make-whole" aspects of Judge Drain's decision and third-party releases....