Bankruptcy Bad Faith Filings: Proving Cause Exists to Dismiss A Case Under Section 1112(b); Increased Scrutiny

Mr. Servais is a partner in Cadwalader’s Financial Restructuring Group. He has represented creditors and debtors in many of the major Chapter 11 and municipal bankruptcy cases of recent years. Mr. Servais currently represents the single largest creditor of the Commonwealth of Puerto Rico and its public corporations in restructuring proceedings under the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), the largest-ever U.S. municipal debt restructuring. He was involved in the drafting of PROMESA and in the negotiations leading up to the filing of formal insolvency proceedings. Since the PROMESA proceedings commenced, Mr. Servais has played a major role in negotiating plan support agreements for the Puerto Rico Sales Tax Financing Corporation (“COFINA”); the Commonwealth of Puerto Rico; the Puerto Rico Public Buildings Authority; the Puerto Rico Highways and Transportation Authority (“HTA”); and the Puerto Rico Convention Center District Authority. These successful negotiations led to the confirmation of plans of adjustment for COFINA, the Commonwealth of Puerto Rico, and HTA.

Mr. Silver is a shareholder at Nason Yeager with over 40 years of experience in business bankruptcy and creditors’ rights. He also has extensive experience in commercial litigation and receivership, as well as creditors’ rights litigation arising out of Ponzi and other fraudulent schemes. Mr. Silver is rated AV Preeminent by Martindale-Hubbell since 1992, which indicates a demonstration of the highest professional and ethical standards and is the highest rating a lawyer can receive. He graduated in the top 3% of his law school class and served as the Associate Research Editor of the University of Miami Law Review.