FICC Focus Paul Hastings' Hansen on Crypto, Mass Tort, & 'Creditor-on-Creditor Violence'; Latest on Yellow, 3M, and Diamond Sports: State of Distressed
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Sep 19, 2023 Kris Hansen, co-chair of the financial restructuring group at Paul Hastings, discusses the intersection of crypto and bankruptcy, Chapter 11 as a forum for resolving mass tort, and the misconception of 'creditor-on-creditor violence'. The podcast also covers the impact of retail-driven supplier bankruptcies, challenges and benefits of tort cases in bankruptcy, dismissal of 3M's bankruptcy case, and the status of AMC and Cinemark appeal.
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From Litigation to Restructuring
- Kris Hansen and Sushil Kripalani, office mates at Struck, transitioned from litigation to restructuring.
- They found the inefficiency of litigation frustrating and restructuring a perfect blend of business and law.
Creditor Dynamics
- Creditor-on-creditor violence is driven by ROI, not personal vendettas.
- It's a strategic move for investors and sponsors.
Boardriders' Success Story
- Boardriders' up-tiering transaction, despite litigation, ultimately succeeded.
- The company avoided bankruptcy and was later sold, demonstrating the potential upside of these deals.