News & Insights

Jason Bank publishes "Nuts and Bolts of Evaluating Third-Party Releases in Chapter 11 Plans" in the American Bankruptcy Institute Journal

September 4, 2018

Kerr Russell member Jason Bank (bankruptcy/turnaround) has been published in the September issue of The American Bankruptcy Institute Journal.

His article "Nuts and Bolts of Evaluating Third-Party Releases in Chapter 11 Plans" begins on page 7 here, or you can download a PDF of his article here.

Excerpt from the piece: "To release or not to release? This should be the question that creditors ask when reviewing chapter 11 plans. Increasingly, chapter 11 plans are including broad third-party release provisions that might be binding on creditors who take no action with respect to a plan, or fail to 'opt out' of a release, thereby dramatically impacting that substantive rights of those creditors in the future. However, creditors often gloss over or simply ignore plan releases, especially when they receive significant payments. This article discusses the potential pitfalls that lurk in broad, chapter 11 plan releases and contains a nuts-and-bolts primer on how to analyze the scope, breadth, and impact of releases."

 


Jason W. Bank has 20 years of experience in bankruptcy and restructuring and general corporate law. He focuses his practice in the areas of commercial bankruptcy, out-of-court workouts, corporate restructuring and creditors’ rights. Jason is the chair of the firm's Bankruptcy and Restructuring Department.

Jason has successfully guided numerous businesses through out-of-court restructurings and Chapter 11 reorganizations.  He has negotiated resolutions of complex financial issues and achieved consensual restructurings of creditor claims while avoiding bankruptcy or litigation.  Where necessary, Jason has filed Chapter 11 petitions on behalf of businesses to protect their assets and operations.  He has helped to reorganize businesses in a wide variety of industries, including automotive, health care, retail, construction, education, real estate, sports and entertainment.   In addition to his bankruptcy practice, Jason provides general legal counsel to numerous small to middle market businesses and business owners.

Jason has considerable experience representing debtors, creditors’ committees, trustees, receivers and a wide variety of creditors in bankruptcy, receiverships, bankruptcy-related litigation, out-of-court restructurings and loan workouts.  He has assisted numerous parties with buying and selling assets out of bankruptcy.  Jason also has represented multiple parties in bankruptcy-related litigation, including prosecuting and successfully defending preferential transfer and fraudulent conveyance actions. 

In addition to his bankruptcy practice, Jason provides general legal counsel and advice to numerous small- and middle-market businesses and business owners.  He also assists businesses and individuals with resolution of tax collection disputes.

Jason has served as an adjunct professor of law at the Michigan State University College of Law on the subject of Chapter 11 bankruptcy reorganization. Jason is the immediate past President of the Detroit Chapter of the Turnaround Management Association and has served on the TMA’s Board of Directors since 2012. He frequently lectures to professional and trade associations, and publishes on the subjects of bankruptcy and restructuring. He represents Kerr Russell on the Southeast Michigan American Heart Association Metro Detroit Heart Walk Executive Cabinet.

Jason has been recognized as a "Michigan Super Lawyer" by Thomson Reuters and was named one of the Top 100 Attorneys in Michigan by this publication for 2015-2017.  He was named a “Top Lawyer” by dBusiness Magazine in the area of Bankruptcy and Creditor/Debtor Rights.


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Main Office - Detroit T 313.961.0200
Troy T 248.740.9820
China T +86 21 20501851