"State courts grow in popularity as forums for liquidations," Scott Opincar quoted in The Deal

April 23, 2015

News

The owners of high-end jewelry manufacturer Scott Kay Inc. were out of cash and out of options to save the company in January when they decided that the best course of action was not a bankruptcy filing, but a surrender of assets and sale under Article 9 of the Uniform Commercial Code.

Others have been faced with the threat of Article 9. A secured creditor of the Erie Otters minor league ice hockey franchise wanted to foreclose on the team's assets under Article 9, only to have its owners chose a Chapter 11 bankruptcy filing on April 8 instead.

"Article 9 sales are becoming more frequent as an alternative to bankruptcy or receivership," according to a lawyer who has worked on some, Scott Opincar of McDonald Hopkins LLC (21 active cases in the first quarter of 2015, placing the firm 50th by number among law firms in The Deal's Bankruptcy League Tables).

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McDonald Hopkins is proud to announce that members David Agay and Joshua Gadharf have been recognized as recipients of the 2024 Turnaround and Transaction of the Year Award by the Turnaround Management Association.

In an article for the Northern Ohio chapter of the Turnaround Management Association, Michael Kaczka, Jory Berg, and Jack Spencer provide insight on whether a bankruptcy trustee can sell or assign causes of action that arise from the trustee’s avoidance powers under section 544(b) of the Bankruptcy Code.

McDonald Hopkins strategic advisory and restructuring attorney Maria Carr shared her perspective on changes in bankruptcy communications when the business in question operates within the cryptocurrency market, in an article published in the Cleveland Metropolitan Bar Journal.

"State courts grow in popularity as forums for liquidations," Scott Opincar quoted in The Deal

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