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Expert Analysis

Claims Trading Lessons From Delaware Bankruptcy Court

By Michael Rupe, Arthur Steinberg, Bradley Giordano and Elizabeth Dechant (July 13, 2018, 1:57 PM EDT) -- On June 20, 2018, the U.S. Bankruptcy Court for the District of Delaware issued an opinion in the bankruptcy cases of Woodbridge Group of Companies (collectively, the debtors), sustaining the debtors' objection to a proof of claim filed by Contrarian Funds LLC, who had acquired the claim through a trade. The court determined that an anti-assignment clause in the underlying debt instrument on which Contrarian's claim was based nullified Contrarian's right to assert that claim in the bankruptcy cases.[1]...

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