MIAMI, FL- April 18, 2022- Jeffrey Bast co-authored an article “Caution: Committee Communications Causing Chaos—Ethical, Legal, and Strategic Considerations for Counsel in Chapter 11,” published in the American Bar Association’s Business Section Business Law Today.
Bankruptcy practitioners across the United States are all too familiar with the Chapter 11 case of Neiman Marcus Group Ltd, LLC (“Neiman Marcus”). Most restructurings under the Bankruptcy Code involve at least a few surprises as debtors progress toward plan confirmation. Few include a committee chairman violating his fiduciary duties and serving prison time for conduct during the case. On February 3, 2021, Daniel Kamensky, founder and manager of Marble Ridge Capital, LP (“Marble Ridge”)—the former co-chair of the Official Committee of Unsecured Creditors in Neiman Marcus’ Chapter 11 case—pled guilty to bankruptcy fraud in the United States District Court for the Southern District of New York. Kamensky was sentenced to six months in prison, plus six months of supervised release under home detention and a $55,000 fine.
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