Structuring Special Purpose Entities: Separateness, Bankruptcy Remoteness, and True Sales

Mr. Selbst is the co-chair of Herrick's Restructuring & Finance Litigation Department. He has more than 30 years of experience representing debtors, creditors, official committees, distressed investors and asset purchasers in bankruptcies and out-of-court restructurings. Mr. Selbst advises clients from a wide range of industries, including financial services, telecommunications, government agencies and real estate. A skilled commercial litigator, he also has significant experience in district and state courts, where he regularly represents clients in separate litigation arising out of bankruptcy. Mr. Selbst also advises clients on structured finance and derivative transactions. He is a frequent lecturer on bankruptcy and restructuring topics and has published articles and book chapters on bankruptcy-related topics. Mr. Selbst has been frequently quoted in newspaper articles on insolvency related topics and has appeared on CNBC.

Mr. Smith focuses his practice on complex corporate restructuring and creditors' rights, including in court Chapter 11 cases and out-of-court workouts. He has extensive experience representing distressed debt investors, bondholders, official and ad-hoc creditor committees, administrative and collateral agents, indenture trustees, stalking horse and other asset purchasers, trade and tort claimants, and other significant parties-in-interest in a variety of jurisdictions across the United States. Additionally, Mr. Smith has experience with the structuring, negotiating and documenting of complex real estate finance transactions, including mortgage, construction, leverage and mezzanine lending. He is also experienced in the analysis of true sale, non-consolidation, and bankruptcy remoteness principles in opinion and related contexts and has lectured on the topic on numerous occasions.