“The game of cat and mouse will continue. Agreements are already being drafted that solve for the Fifth Circuit decision in Serta — for example, by permitting non-pro rata deals conducted by way of a “privately negotiated transaction,” instead of an open market purchase.”
Our New York partner Duane Loft was quoted in the January 2025 issue of Beard Group, Inc’s Turnarounds & Workouts in an article that examined the recent US Court of Appeals for the Fifth Circuit’s decision in Serta Simmons Bedding and the New York State Supreme Court First Appellate Division’s ruling in Mitel Networks. Duane shared his perspectives on the implications of these decisions and what they mean for Liability Management Exercises (LMEs).
Read the article here (purchase required).