Minding Your Business

Proskauer’s perspective on developments and trends in commercial litigation.

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Elliot R. Stevens

Elliot R. Stevens is an associate in the Business Solutions, Governance, Restructuring & Bankruptcy Group.

Elliot’s practice focuses on the representation of debtors, creditors’ committees, equity committees, and creditors in chapter 11 cases, out-of-court restructurings, and municipal bankruptcies. His recent engagements include several high-profile matters, including representing the Financial Oversight and Management Board for Puerto Rico as it restructures the debts of the Commonwealth of Puerto Rico and its instrumentalities.

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The (Third) Party’s Over? Recent Decisions Cast Doubt on the Continued Vitality of Third Party Releases in Chapter 11 Reorganizations

Two recent decisions by U.S. District Courts have rejected attempts to include nonconsensual third party releases in chapter 11 reorganization plans.  These rulings suggest third party releases may be facing increasing push back from the courts. Traditionally, bankruptcy only operates to eliminate claims held by creditors against the debtor.  Over the last few years, however, … Continue Reading

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