Publication
11.22.24
Lender Liability Management: DIP Financings and the Non-Ratable Roll-Up
Experience
- Representation of Agent for senior secured lenders in connection with the American Commercial Lines chapter 11 case.
- Representation of Agent for senior secured lenders in connection with the out-of-court restructuring of loans to Corner Bakery.
- Representation of Agent for senior secured lenders in connection with the chapter 11 case of Rubio’s Restaurants.
- Representation of Fun Eats & Drinks in connection with successful non-cash credit bid and litigation against minority lenders.
- Representation of LBC Credit Partners in connection with successful litigation against majority lender regarding a non-consensual “uptiering” transaction.
Credentials
Education
- Northwestern University Pritzker School of Law, J.D., 1990
– cum laude
- University of Illinois at Urbana-Champaign, B.A., 1987
Admissions
- Illinois (1990)
Professional Activities
- Fellow of the American College of Bankruptcy
- ABA Model Intercreditor Agreement Task Force, Vice Chair
- American Bankruptcy Institute, Member
- Turnaround Management Association, Member
- American Bar Association, Member
Publications
- “Lender Liability Management: DIP Financings and the Non-Ratable Roll-Up,” a Goldberg Kohn Alert, Nov. 22, 2024.
- “Enforcement of the Board Flip – Delaware Bankruptcy Court Confirms Validity of Secured Lender’s Proxy Exercise,” a Goldberg Kohn Alert, April 18, 2023.
- “Lender Liability Management: Contractual Traps for Minority Lenders or Fraudulent Transfer Risk for the Majority?,” a Goldberg Kohn Alert, Nov. 14, 2022.
- “Lender Liability Management: Restoration of the Duty of Good Faith,” a Goldberg Kohn Alert, April 22, 2022.
- “Opposition to PEB Commentary No. [ ], Injunction Against a Noncomplying Disposition Under Section 9-610 of the Uniform Commercial Code,” The Secured Lender, Nov. 2021.
- “How the New UST Fee Schedule Is a Ticking Tax-Bomb for Middle Market Debtors,” The Bankruptcy Strategist, May 4, 2018.
- “ABI Bankruptcy Reform: Will It Destroy Cash Flow Lending,” The Bankruptcy Strategist, April 2015.
- “Majority Rules: Non-Cash Bids and the Reorganization Sale,” American Bankruptcy Law Journal, September 2010. (The article resulted from Randy’s novel structuring and implementation of the acquisition of Ames Taping & Tooling by a subset of junior secured lenders for non-cash consideration, including debt and equity securities issued by the acquisition entity.)
- “The Pre-Petition Right to Post-Petition Income Streams and the Misinterpretation of Section 552,” American Bankruptcy Institute Journal, December 2010.
Presentations
- “An Analysis of the Final Report of the ABI Commission to Study the Reform of Chapter 11,” a joint webinar for The Loan Syndications and Trading Association and the Secured Finance Network, Dec. 11, 2014.
- “Discussion of the Bankruptcy Reform Commission’s Recommendations to Reform Chapter 11,” at the Secured Finance Network’s Annual Convention, 2014.
- “The New ABA Model Intercreditor Agreement,” an American Bar Association’s Section of Business Law’s Commercial Finance Committee teleconference, March 25, 2010.
- “Dealing with Intercreditor Issues in Today’s Loan Markets – The Role of the ABA Model Intercreditor Agreement,” at the Secured Finance Network’s 65th Annual Convention, Nov. 6, 2009.