Michael Enright represents secured creditors, lessors, purchasers of assets, vendors, and other participants in the business bankruptcy and workout process. His work covers all stages and types of complex commercial insolvencies as well as preference, fraudulent transfer, and other bankruptcy litigation analysis and defense. He has served as a member of the Merit Screening Panel to consider the qualifications of U.S. bankruptcy judge candidates for the Second Circuit Judicial Council. Mr. Enright participates as a member of the American Bar Association's (ABA) Business Bankruptcy Committee, speaking annually on current developments in bankruptcy for the Task Force on Current Developments and is active on other ABA subcommittees. He has written on bankruptcy matters for the Connecticut Law Tribune and is a contributing author to the following publications: · Collier Practice Guide, (Matthew Bender), Chapter 123, "Post-Closing Matters" · Business Workouts Manual (West), Chapter 6, "Overview of the Bankruptcy Code," and Chapter 25, "Claims Trading" · Controller's Business Advisor (Warren, Gorham & Lamont), Chapter E-3, "Bankruptcy and Reorganization" · Bankruptcy Exemption Manual (West), Connecticut portion Professional Associations - American Bar Association, Business Law Section, Bankruptcy Committee; Member of Task Force on Current Developments, 1992 to present - Connecticut Bar Association, 1992 to present, Commercial Law and Bankruptcy Committee, Executive Committee - Association of Commercial Finance Attorneys, 1993 to present - American Bankruptcy Institute, 1995 to present - New York State Bar Association, 2004 to present - Chicago Bar Association, 2007 to present Honors and Awards - Listed in Connecticut Super Lawyers® in the area of Bankruptcy & Creditor/Debtor Rights Law since 2006 (Super Lawyers is a registered trademark of Key Professional Media, Inc.) - Listed in The Best Lawyers in America® in the area of Bankruptcy and Creditor-Debtor Rights Law since 2006 (Copyright 2011 by Woodward/White, Inc., Aiken, SC) Experience - Representation of an insurance carrier concerning longshoreman's insurance policy issued to a shipyard in a Chapter 11 proceeding commenced in the District of Connecticut. Following confirmation of debtor's Chapter 11 plan, represented carrier in asserting approximately $1.5 million administrative claim for unpaid and past due premiums. Additionally, undertook review and analysis of claims made under policy for purposes of fixing of carrier's prepetition general unsecured claim. Negotiated the ultimate settlement agreement covering all aspects of obligations owed to carrier, which resulted in substantial payments of all amounts due, as well as an extension of ongoing coverage for limited period postconfirmation. - Representation of CIT Small Business Lending Corporation in New York and New England in workouts and foreclosure of its SBA guaranteed commercial loans, including foreclosures on hotels, manufacturing facilities, and small businesses. Handled replevin of commercial assets, negotiation with landlords over collateral to be replevied, eviction of commercial tenants, and defending lender liability claims brought by borrowers. - Representation of the selling majority shareholder in a $20 million fraudulent transfer action brought by a bankruptcy trustee. The challenged transfer arose out of a leveraged buyout of our client's business, which ended up in a Chapter 7 liquidation case within two years after the transaction closed. Representation included extensive deal and valuation analysis, particularly with regard to likely expert testimony on the value of intellectual property and the reasonableness of cash flow projections at the time the transaction closed. One of the key defenses was the "settlement payment doctrine" under Section 546(e) of the bankruptcy code, which is novel and has split the circuits in interpreting its availability. After several years of litigation, Robinson & Cole settled the fraudulent transfer action on favorable terms for the client, relying on the settlement payment doctrine, other defenses, and valuation analyses. - Represented commercial lender in defense of Retail Installment Sales Financing Act (RISFA)/UCC claims in connection with creditor's rights, specifically, lending and repossession practices. Handled replevin matters relating to equipment financing or leasing. In many instances, our firm assists the creditor utilizing Connecticut's prejudgment remedy procedure, which allows the creditor to seize the equipment first, and prove-up their right to the equipment in a later court proceeding. Such procedure often leads to timely and favorable results. - Retained by one of the largest U.S. banks as secured creditor in workout, followed by Chapter 11, concerning significant manufacturer. Implemented debtor-in-possession (DIP) financing and negotiated a consensual plan to be implemented by the debtor under certain conditions. When the debtor could not meet those conditions, terminated DIP financing and participated in consensual liquidation by trustee, first of machinery and equipment, then of real estate, with accounts collected by creditor. - Represented secured creditors in many single-asset real estate cases that involved all types of commercial properties. Initiated and pursued stay relief and confirmation litigation through stay relief and disposition, confirmation hearings on competing plans, negotiated resolution, or sale of debt to third party. - Represented secured creditor in Chapter 11 case regarding leveraged buyout (LBO) debt resulting from acquisition of similar mail-order businesses. Engagement included litigation over amount of debt resulting from net worth guaranties issued by operating companies, with the debtors asserting that proper interpretation of the guaranties resulted in debt reducing to zero. Settled litigation and negotiated consensual plan providing for lender to immediately receive all of the value of its collateral. - Retained by one of the world's largest manufacturers to represent one of its business units in all bankruptcy and commercial collection litigation matters throughout the U.S., including over 100 bankruptcy cases, some of which are among the largest and most complex cases pending in the country. Provided advice on collateralizing debt obligations and on enforcing alternative creditor remedies, including advice on reclamation and mechanic's liens. - Represented purchaser of distressed food business in out-of-court asset purchase. Negotiated, structured, and documented combination of debt acquisition and real/personal property foreclosures utilizing Article 9 remedies and deed-in-lieu transaction. Successfully negotiated with creditors regarding successor liability issues. - Represented Fortune 500 company as major investor in and lender to professional sports league. Implemented DIP financing to facilitate orderly liquidation. Negotiated consensual plan that preserved tax benefits for estate and maximized likely return to creditors, dependent upon outcome of antitrust litigation. Publications & Presentations Books - Bankruptcy and Reorganization published in Controller's Business Adviser - Connecticut Exemptions published in Bankruptcy Exemption Manual - Overview of the Bankruptcy Code and Claims Trading published in Business Workouts Manual - Post-Closing Matters published in Collier Practice Guide Presentations - "The Tipping Point: Shifts in Negotiating Leverage Created by the Bankruptcy Reform Act," copresented with Stuart Ames, Patricia Redmond, and Robert Zadek (11/10/2005) at Commercial Finance Association Annual Meeting, San Diego, California - "Minimizing Client Risk: Avoiding the Pitfalls of Multi-Borrower Loan Arrangements," copresented with Stuart Ames and Michael Maglio (2/9/2005) at ABA Business Law Today Teleseminar - "Six Sexy Bankruptcy Issues (Another Dose of The Bankruptcy Relief Package for Corporate Generalists)," copresented with Stephen Gross (3/19/2002) at Westchester/Southern Connecticut Chapter of The American Corporate Counsel Association seminar - "Bankruptcy Relief Package for Corporate Generalists," copresented with Stephen Gross (1/17/2002) at Westchester/Southern Connecticut Chapter of The American Corporate Counsel Association seminar - "Recent Developments Regarding Priorities in Bankruptcy" (annually), presented at Task Force on Current Developments, Business Bankruptcy Committee of the ABA Section of Business Law - "Who Wants to Avoid a Million-Dollar Mess?" presented at interactive sessions with various clients, tailored to their needs News 5.11.10, Robinson & Cole Attorney Speaks on Bankruptcy Panel During Business Law Program |