Legal Lens

On this legal-focused episode of Debtwired, Andy Serbe sits down with Stephen Silverman of Gibson Dunn to talk about ad hoc group formation trends in Chapter 11, the role they play in a plan and negotiation-focused environment, and more.

To kick off 2026, three Sullivan & Cromwell partners join Legal Lens to discuss untangling one of the biggest cases in recent memory in FTX, reaching 100%+ recoveries for creditors, inside jokes at the collapsed firm, and more.

On-site at Debtwire's Restructuring Forum 2025, Legal Lens host and Deputy Courts Editor Andy Serbe interviews a series of restructuring experts on what their takeaways for this year were, and predictions for '26, from Altice lawsuits to key court rulings and sectoral challenges.

Serta's advisors, including guest Jason Goldstein's firm Gibson Dunn, thought it could be the model for LME bankruptcies. Years later, appellate outcomes and shifting results from spiritually similar cases leave the market with just as many questions as answers about the hottest transaction type in recent memory. To wrap up 2025, Jason and Legal Lens host Andy Serbe discuss what that means for the market entering the new year.

This month's Legal Lens discussion with Katie Coleman of Hughes Hubbard & Reed centers on the growing use of appeals in bankruptcy contexts, and what challenges that presents. As litigation situations like mass torts and LME fights import into bankruptcy more frequently, could the importation of a backward-looking appeal process disable a reorganization system once sought for advantages of speed and cost?

On this episode of Legal Lens, host Andy Serbe sits down with Judge Philip Shefferly, formerly of the Eastern Michigan Bankruptcy bench, to discuss ADR in restructuring. As some say, consensus is king in Chapter 11 and in cases rife with conflict how valuable is an outside perspective in building a deal everyone can live with?

With healthcare debtors facing old challenges such as reimbursement issues, as well as new ones such as potentially reduced funding, what options do they have? In this episode, host Andy Serbe discusses the sector in 2025, and how to balance bankruptcy law with a very human industry with Robert Miller of Hooper Lundy & Bookman.

On this month's Legal Lens, the discussion takes a fresh look at retail bankruptcies as they face a new wave of challenges, and some of them face new bankruptcy filings.

On this month's Legal Lens, host Andy Serbe is joined by White & Case's David Turetsky to discuss the history and development of prepackaged bankruptcies, best practices now, and what to expect in the future.

On this month's episode, host Andy Serbe sits down with Greg Jones of Stradling to discuss the history and recent posture of asbestos cases, one of the biggest categories of mass tort cases, using recent appellate arguments in the Bestwall Chapter 11 as a focal point.

This month on Legal Lens, host Andy Serbe is joined by Judge Bruce Harwood (Ret.), to discuss running the New Hampshire bankruptcy court, becoming president of the American Bankruptcy Institute, and life after the bench.

On this month's episode, host Andy Serbe sits down with a panel of partners from Clifford Chance to talk about UK Schemes, the Dutch WHOA, and other Chapter 11 alternatives available to companies looking globally at restructuring options.

In this month's Legal Lens, host Andy Serbe sits down with William Hotze of Dykema to revisit Serta and LMT bankruptcies, following a key appellate decision in that case as well as developments in Robertshaw and Wesco in the past year.

In this month's episode, host Andy Serbe discusses the potential effects of tariffs and uncertain trade policy under the Trump administration with Mariaelena Gayo-Guitian of Venable LLP.

On this month's Legal Lens, host Andy Serbe sits down with Joel Cohen of Stout to discuss the outlook for restructuring abroad, with all its challenges and opportunities, as we enter 2025.

Closing out 2024, on this Legal Lens host Andy Serbe discusses Ukraine, public policy advisory work, and the greater effects of the conflict with Russia on distressed markets domestically and abroad.

This month, host Andy Serbe sits down with Andrew Gallo of Morgan Lewis to discuss the recent Hertz make-whole decision, prior solvent debtor cases, and how the caselaw will develop looking forward in the wake of the decision in the car rental giant's bankruptcy.

On this episode of Legal Lens, host Andy Serbe discusses crypto, its handling by the SEC, and the agency's broader regulatory approach with Ryan Adams, a former attorney at the regulatory agency. Adams, speaking in a personal capacity on this episode, is currently a partner at Morrison Foerster.

On this month's Legal Lens, host Andy Serbe sits down with CohnReznick's Kevin Clancy to discuss the issues facing restaurants in need of restructuring, and how the industry can right the ship moving forward.

On this month's Legal Lens, host Andy Serbe sits down with Eric Wise of Alston & Bird to talk about venue issues in bankruptcy, ranging from how debtors can lay the foundation for a filing, to the potential development of insolvency abroad as competition for Chapter 11.

This month on Legal Lens, host Andy Serbe brings in Professors Bob Rasmussen and Adam Zimmerman from USC's Gould School of Law to analyze the Supreme Court's recent Purdue Pharma ruling.

On the latest Legal Lens, host Andy Serbe sits down with Alvarez & Marsal's Scott Moresco to talk about tax implications of key transaction types, including debt exchanges, intercompany deals, and subsidiary acquisitions.

On this month's Legal Lens, host Andy Serbe sits down with Nardello's Howard Master, to talk about investigations, forensics, and more, drawing on his experience heading up such efforts in bankruptcy cases like FTX Trading and Alex Jones.

This month on Legal Lens, host Andy Serbe sits down with Deloitte's Lauren Reichenau-Guidry to discuss the various tax implications of key transactions in restructuring, cancellation of debt income, and more.

On this month's Legal Lens, host Andy Serbe sits down with Mayer Brown's Sean Scott, to discuss the hot topic of liability management transactions, covering the lender-side response to the popular tactics ranging from so-called Serta defenses to cooperation agreements.

In this episode, Legal Lens host Andy Serbe talks with Nate Catez of Moelis & Company about litigation finance, the growing market, and its applications both in and out of restructuring situations.

This month, Legal Lens host Andy Serbe kicks off 2024 with Justin Alberto, a partner at Cole Schotz, to talk about his work representing committees in cases like Purdue, mass torts in bankruptcy, special/local counsel engagements, and much more.

Host Andy Serbe sits down with megacase connoisseur Ira Dizengoff of Akin Gump to talk about dealmaking, his restructuring takeaways from 2023, and big issues for 2024 in our final episode of the year.

Host Andy Serbe sits down this month with Brian Cumberland, the head of Alvarez & Marsal's restructuring compensation practice, to talk about bonus plans, incentives, retention, and other comp issues facing companies going through restructuring.

Host Andy Serbe sits down with Judge Shelley Chapman, who retired from the Southern New York #bankruptcy bench in 2022, for a conversation about megacases including #Purdue Pharma and #Lehman Brothers, her time on the court, and her return to private practice with Willkie Farr & Gallagher.

In a far-ranging conversion, host Andy Serbe sits down with Joel Cohen, managing partner of Stout's NYC office, to talk asset tracing, cross-border issues, bankruptcy alternatives, and other key elements of advising distressed situations.

This month, ADR specialist Ken Feinberg joins host Andy Serbe to talk about managing major settlement funds, mediation, and the shift of mass tort cases into Chapter 11 as their venue of choice in recent years as seen in LTL Management, Purdue Pharma, and others.

Legal Lens host Andy Serbe sits down with Seth Lieberman of Pryor Cashman to discuss his path to restructuring, his practice representing indenture trustees, and some of the major cases under his purview such as Silicon Valley Bank, Celsius Network, and Diamond Sports Group. #restructuring trends #lawtwitter #Finance

In this month’s episode of Legal Lens, legal analyst Aileen Ramia speaks with Josh Sussberg about his foray into law and bankruptcy, trends in bankruptcy over the course of his career, and his views on where the restructuring and distressed industries may be headed given the current macroeconomic environment. Josh is a partner in the restructuring practice group of Kirkland & Ellis LLP and a member of the firm’s Executive Committee. He is consistently recognized as one of the nation’s leading restructuring lawyers, including one of the top 100 restructuring professionals with a “distinction in dealmaking” by the Global M&A Network and one of the top 16 bankruptcy attorneys in the country by Business Insider in 2022. Bloomberg Law described Josh as “possibly the most ubiquitous bankruptcy attorney in the US.” He is a fellow of the American College of Bankruptcy. #bankruptcy #trends #restructuring #distresseddebt

On this episode of Legal Lens, legal analyst Aileen Ramia speaks with Judge Robert E. Gerber (ret.) to discuss his observed trends in bankruptcy over the course of his extensive career as well as his philosophies concerning bankruptcy generally. Judge Gerber served for 15 years as a United States bankruptcy judge in the Southern District of New York where he presided over a broad array of cases prior to his retirement in 2016. Presently, he is of counsel at Joseph Hage Aaronson LLC and is an adjunct professor of law at Columbia Law School, his alma mater, where he has taught Columbia’s Advanced Bankruptcy Seminar since 2012. He is a contributing author to Collier on Bankruptcy and a Fellow of the American College of Bankruptcy. In Part I of this series, Judge Gerber discusses bankruptcy trends he has observed over the last 50 years, including those involving market forces and capital structures, changes in case dynamics as well as developments in law and bankruptcy judges' ability to implement traditional bankruptcy policy. In particular, he takes a deep dive into the development of the "common law of bankruptcy," which goes to the ability of bankruptcy judges to craft solutions to effect bankruptcy policy where the Bankruptcy Code offers little guidance.In Part II of this series, Judge Gerber discusses the rise of bankruptcy as a vehicle for addressing mass torts, the role of the “common law of bankruptcy” in these sorts of cases, and whether bankruptcy is still serving its purpose in light of the observed trends discussed. Relatedly, Judge Gerber will also share his views on whether bankruptcy should account for and help advance the “public good” or “public interest.”#bankruptcy #trends #restructuring #distresseddebt

On this episode of Legal Lens, legal analyst Aileen Ramia speaks with Judge Robert E. Gerber (ret.) to discuss his observed trends in bankruptcy over the course of his extensive career as well as his philosophies concerning bankruptcy generally. Judge Gerber served for 15 years as a United States bankruptcy judge in the Southern District of New York where he presided over a broad array of cases prior to his retirement in 2016. Presently, he is of counsel at Joseph Hage Aaronson LLC and is an adjunct professor of law at Columbia Law School, his alma mater, where he has taught Columbia’s Advanced Bankruptcy Seminar since 2012. He is a contributing author to Collier on Bankruptcy and a Fellow of the American College of Bankruptcy. In Part I of this series, Judge Gerber discusses bankruptcy trends he has observed over the last 50 years, including those involving market forces and capital structures, changes in case dynamics as well as developments in law and bankruptcy judges' ability to implement traditional bankruptcy policy. In particular, he takes a deep dive into the development of the "common law of bankruptcy," which goes to the ability of bankruptcy judges to craft solutions to effect bankruptcy policy where the Bankruptcy Code offers little guidance.In Part II of this series, Judge Gerber discusses the rise of bankruptcy as a vehicle for addressing mass torts, the role of the “common law of bankruptcy” in these sorts of cases, and whether bankruptcy is still serving its purpose in light of the observed trends discussed. Relatedly, Judge Gerber will also share his views on whether bankruptcy should account for and help advance the “public good” or “public interest.”#bankruptcy #trends #restructuring #distresseddebt

In this episode, legal analyst Aileen Ramia speaks with corporate restructuring attorney Kathlene Burke regarding the Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin case that is pending before the United States Supreme Court. The case, which goes to the intersection of bankruptcy and Federal Indian law, brings to the forefront the issue of whether the Bankruptcy Code abrogates tribal sovereign immunity. Specifically, is a Native American tribe a "governmental unit" under the Bankruptcy Code?In their discussion of the Lac du Flambeau case, they take a look at the notion of tribal sovereign immunity, how and when it is waived, and how tribes have historically been treated under the Bankruptcy Code. Finally, they discuss the implications of a Supreme Court ruling one way or the other and what such a ruling could mean for tribes moving forward.#bankruptcy #federalindianlaw #scotus

As a California judge once said, “Bankruptcy is where the light starts to bend.” We’re here to give you a closer look at the prism. Each month, Legal Lens host Andy Serbe will sit down with professionals in the distressed and restructuring world for a conversation on their practices and the industry at large. Join us for the deep dive.