Legality of the Leveraged Lending Guidance is Questioned
Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation
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Corporate associate Gregory C. Scott’s article “Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation,” appeared in the April 2017 issue of The Banking Law Journal. In Quadrant Structured Products Company, Ltd. v. Vertin, the Delaware Supreme Court recently affirmed the Court of Chancery’s dismissal of a suit by a creditor against Athilon Capital Corp. and its sole shareholder, Merced Capital Partners. Despite seemingly egregious conduct, Merced escaped all liability. The case serves as a reminder of the limited recourse of creditors against controlling shareholders of a solvent debtor. Read the full article here.