With a keen understanding of the complex derivatives market, Mark focuses primarily on the effect of bankruptcy law on physical and financial trading of energy commodities. He counsels energy companies and commodity traders to protect clients’ business interests as they interact with financially distressed counterparties. He also works with energy companies, commodity traders and hedge funds on various complex transactions, including asset-based structured transactions, agreements for the purchase and sale of energy and commodities and other over-the-counter derivatives. Mark aids companies in evaluating credit and liquidity risks, including assisting a major hedge fund with an emergency review of its entire trading book at the outset of the credit crunch. He also addresses issues related to the ongoing dynamics of contractual and regulatory responses to systemic risk.
Aside from financial and commodity issues, Mark has represented debtors, secured creditors, noteholders, post-confirmation trusts and other major constituencies in bankruptcy proceedings involving commercial real estate, airlines, major retailers, consumer products and telecommunications companies. He has engaged in alternative dispute resolution and significant bankruptcy litigation, including at the appellate level. In addition, Mark has represented numerous buyers and sellers of distressed assets, in and out of bankruptcy court.
Prior to joining the firm, Mark served as a law clerk for the Honorable Randolph Baxter of the US Bankruptcy Court for the Northern District of Ohio.
Honorable Randolph Baxter, U.S. Bankruptcy Court for the Northern District of Ohio
Awards and Rankings
Selected for inclusion in Washington, D.C., Super Lawyers “Rising Stars” (2013-2014)
Assists investors and other companies (in their roles as equity, working interest holders, noteholders or other forms of creditors) in bankruptcy cases involving oil and gas producers.
Represents purchasers of assets out of bankruptcy, such as the participant in a joint venture purchasing oil storage assets in the Virgin Islands and the buyer of an 837-MW gas-fired generation facility in Mississippi.
Assists customers of failed commodity brokers, such as MFGlobal and Peregrine Financial.
In Defense of the Bankruptcy Code’s Safe Harbors -In his article for The Business Lawyer, Partner Mark Sherrill rejects several proposals to narrow the safe harbors.
Legal Alert: Southern District of Texas refuses to impose time limit on safe harbor termination rights (March 1, 2018)
On February 16, 2018, the US District Court for the Southern District of Texas issued an opinion that may prove important for non-defaulting parties to trading contracts. In an appeal arising out of ...
Legal Alert: Third Circuit Clarifies Definition of “Received” in Context of Section 503(b)(9) Claims (July 13, 2017)
The 2005 amendments to the Bankruptcy Code included the addition of an administrative expense claim for the value of goods received by the debtor in the 20 days prior to the bankruptcy filing. The ...
Legal Alert: District Court Upholds Controversial Bankruptcy Decision in Sabine (March 16, 2017)
On March 10, 2017, the U.S. District Court for the Southern District of New York issued a Memorandum Order, in which it affirmed a controversial bankruptcy court ruling. The district court agreed ...
Legal Alert: Sabine Bankruptcy Court Allows Rejection of Gathering Agreements (March 9, 2016)
In a March 8, 2016 ruling from the bench, the U.S. Bankruptcy Court for the Southern District of New York issued a significant decision regarding the ability of a debtor in bankruptcy to reject gas ...
Legal Alert: UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay (November 24, 2015)
On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA ...
Treatment of Make-Whole Premiums in Bankruptcy: A Bondholder Perspective (September 25, 2017)
New York Law Journal
A case currently before the US Bankruptcy Court of the Southern District of Texas, In re Ultra Petroleum, has raised again the issue of how make-whole payments due from a borrower to bondholders, ...
Some Needed Certainty on Administrative Expense Status (July 26, 2017)
Debtors in bankruptcy have often used the ambiguity surrounding the meaning of the word “received” as a tool to fight against administrative expense claims. In his article for Law360, Eversheds ...
District Court Sabine Ruling: Bad News For Midstream Companies (April 4, 2017)
On March 10, 2017, the U.S. District Court for the Southern District of New York has affirmed that Sabine Oil & Gas Corporation can reject a number of its gathering contracts with midstream energy ...
Two Things Businesses, General Counsel Should Keep an Eye on in 2017 (January 23, 2017)
Houston Business Journal
In his article for the Houston Business Journal, Sutherland Partner Mark Sherrill provides insight on the risks and opportunities that lie ahead for all business executives and general counsel as we ...
Protecting Against Financially Distressed Counterparties (May 13, 2016)
Dealing with distressed counterparties presents multiple challenges to any lawyer and any organization. In their article for Law360, Sutherland attorneys David Baay, Mark Sherrill and Travis ...
With Energy Bankruptcies, Uncertainty is Certain (May 2, 2016)
National Law Journal
The recent decision in the bankruptcy case of In re Sabine Oil & Gas Corp. made headlines throughout the energy world. The U.S. Bankruptcy Court for the Southern District of New York ruled on March 8 ...
Contingency Planning for an Energy Counterparty Bankruptcy (Spring 2016)
With the precipitous drop in commodity prices over the past few years and tightening credit markets, counterparty credit risk is once again a very relevant topic. A counterparty bankruptcy is almost ...
In Defense of the Bankruptcy Code’s Safe Harbors (Fall 2015)
The Business Lawyer
Since its enactment in 1978, the U.S. Bankruptcy Code has seen gradual but dramatic enlargement of rights for non-debtor counterparties to derivatives contracts. That enlargement of rights has ...
The SemCrude Bankruptcy’s Many Lessons For Energy Traders (August 24, 2015)
In their article for Law360, Sutherland attorneys Mark Sherrill, Travis McCullough and Cheryl Aaron analyze the key holdings in a recent U.S. District Court for the District of Delaware decision that ...
Planning for the Bankruptcy of a Major Counterparty in Energy Derivatives (March 2015)
Futures & Derivatives Law Report
After a few years of crisis around the turn of the century, the past decade has generally been kind to the energy industry. With a few exceptions, high commodity prices have helped energy companies ...
Partnering Perspectives: Insights from Inside and Outside the Corporate Law Department (Spring 2016)
Sutherland is pleased to present the latest edition of Partnering Perspectives, which provides insight into a number of legal developments and preventive measures that may benefit legal practices and ...
Best Practices and Pitfalls When Working on Deals (April 27, 2017)
ACC Houston Best Practices Group Luncheon
Eversheds Sutherland (US) Partner Mark Sherrill and Asset Risk Management General Counsel David Cooke speak on the panel Best Practices and Pitfalls When Working on Deals, moderated by Eversheds ...
Roundtable: Energy Contracts (January 27, 2017)
2017 Marcellus-Utica Midstream Conference
Sutherland Partner Mark Sherrill presents Energy Contracts at the 2017 Marcellus-Utica Midstream Conference on January 25, 2017, in Pittsburgh, Pennslyvania.
Webcast: Environmental Issues in Bankruptcy (November 1, 2016)
Association of Corporate Counsel Energy Committee
Sutherland attorneys Mark Sherrill, Paul Freeman and Joshua Belcher, along with Maria-Ines Raij, Executive Director of Legal and Compliance at Morgan Stanley, present “Environmental Issues in ...
North American Power Credit Organization - Credit Conference (September 22, 2016)
Sutherland Partner Mark Sherrill presents Bankruptcy Update from Oil Patch & Beyond at the North American Power Credit Organization - Credit Conference on September 22, 2016, in Louisville, ...
Roundtable: The Contract Conundrum (September 13, 2016)
2016 Midstream Texas Conference and Exhibition
Sutherland Partner Mark Sherrill presents “Roundtable: The Contract Conundrum” at the 2016 Midstream Texas Conference and Exhibition in San Antonio, Texas on September 13, 2016. The presentation ...
Navigating the Storm: Best Practices to Protect Your Company Against Financially Distressed Counterparties (July 12, 2016)
Sutherland attorneys David Baay, Mark Sherrill and Travis McCullough present Navigating the Storm: Best Practices to Protect Your Company Against Financially Distressed Counterparties on July 12, ...
Catching a Falling Knife: Financial Repercussions of the Current Oil Prices (June 7, 2016)
Global Association of Risk Professionals
Sutherland Partner Mark Sherrill presents Catching a Falling Knife: Financial Repercussions of the Current Oil Prices at the Global Association of Risk Professionals on June 7, 2016.
Bankruptcy 101 (May 17, 2016)
Association of Corporate Counsel - Houston Chapter
As Houstonians, we are acutely aware of the effect of currently depressed commodity prices on our businesses and the market as a whole. This luncheon presentation provides a high-level overview of ...
Close-Out Update (May 12, 2016)
EEI Contract Drafting Committee
Sutherland Partner Mark Sherrill presents Close-Out Update at the EEI Contract Drafting Committee on May 12, 2016.
Arbitration Provisions in Energy and Commodity Contracts (October 4, 2015)
International Energy Credit Association
Sutherland Partner Mark Sherrill presents “Arbitration Provisions in Energy and Commodity Contracts” on October 4, 2015, at the IECA's 91st Annual Conference in Fort Lauderdale, Florida. The program ...
In the News
U.S. District Court Upholds Sabine Bankruptcy “Run with the Land” Decision (March 21, 2017)
Eversheds Sutherland (US)’s legal alert, District Court Upholds Controversial Bankruptcy Decision in Sabine, is featured in this PointLogic Energy article.
Texas Business Bankruptcies Spiked, then Tapered Off in 2016 (January 3, 2017)
Sutherland Partner Mark Sherrill is quoted in this Texas Lawbook article discussing bankruptcy litigation trends in Texas. “If the OPEC agreement [to produce less oil] falls apart, there is a real ...
Bankrupt E&Ps Get Helping Hand from Price Rebound (July 13, 2016)
Partner Mark Sherrill is quoted in this Energy Intelligence article regarding whether the rebound in oil and natural gas prices is affecting the status of bankruptcy producers. Mark said that “while ...
Bankruptcy Filings on Rise in Houston (July 1, 2016)
In this Houston Chronicle article, Sutherland Partner Mark Sherrill is quoted discussing the recent rise in bankruptcy filings not only in Houston but throughout the state of Texas. Mark said, “The ...
Upstream Distress Puts U.S. Midstream Contracts at Risk (March 16, 2016)
Energy Intelligence Finance
Partner Mark Sherrill is quoted in this Energy Intelligence Finance article discussing the potential impact of U.S. Bankruptcy Judge Shelley C. Chapman’s ruling that allows Sabine Oil & Gas Corp. to ...
Midstream Firms Assess Risk from G&P Contracts with Troubled Producers (March 15, 2016)
Partner Mark Sherrill is quoted in this SNL Financial article regarding the midstream sector closely watching additional bankruptcy proceedings after a U.S. Bankruptcy Judge ruled that Sabine Oil & ...
Analysts to Investors: Don’t Panic over Sabine Oil & Gas Bankruptcy Ruling (March 10, 2016)
Houston Business Journal
Partner Mark Sherrill is quoted in this Houston Business Journal article discussing the ruling by Shelley C. Chapman, a New York bankruptcy judge, which allows a company to use Chapter 11 bankruptcy ...
Judge Gives Bad News to Pipeline Companies (March 9, 2016)
Partner Mark Sherrill is quoted in this Houston Chronicle article regarding the potential impact of U.S. Bankruptcy Judge Shelley C. Chapman’s ruling that allows a company to use Chapter 11 to break ...
Bankruptcy Ruling Reveals Midstream’s Achilles’ Heel (March 9, 2016)
Partner Mark Sherrill is quoted in this Midstream Business article regarding U.S. Bankruptcy Judge Shelley C. Chapman’s ruling that allows Sabine Oil & Gas Corp. to use Chapter 11 to opt out of ...
Sabine Contract Ruling May Spur More Driller Bankruptcies (March 9, 2016)
Partner Mark Sherrill is quoted in this Law360 article regarding the impact of the decision by a New York bankruptcy judge that allows a company to use Chapter 11 bankruptcy to break certain contacts ...
Sutherland Grows Texas Energy Practice in Houston and Austin with Eight Recent Appointments and Moves (February 3, 2016)
AUSTIN and HOUSTON-Sutherland Asbill & Brennan LLP is broadening its Texas energy practice by adding two experienced lawyers in Houston and an accomplished energy regulatory attorney in the firm’s ...
Sutherland Represents Freepoint Commodities in Joint Acquisition of St. Croix Oil Storage Terminal (December 2, 2015)
HOUSTON-Sutherland Asbill & Brennan LLP is pleased to announce that the firm represented commodities merchant Freepoint Commodities LLC, in a joint venture with private equity firm ArcLight Capital ...
Sutherland Represents Energy Power Partners on Acquisition of Talen Energy Renewable Unit (November 5, 2015)
HOUSTON-Sutherland Asbill & Brennan LLP is pleased to announce that the firm counseled California-based Energy Power Partners in closing a purchase of the renewable energy unit of Talen Energy Corp., ...
26 Sutherland Attorneys Named 2014 Washington, DC, Super Lawyers and Rising Stars (May 9, 2014)
WASHINGTON - Sutherland Asbill & Brennan LLP today announced that 20 of the firm’s attorneys based in Washington, DC, have been selected as top attorneys in the state by Super Lawyers. ...
125 Sutherland Attorneys Named Super Lawyers and Rising Stars in 2013 (May 28, 2013)
ATLANTA and WASHINGTON (May 28, 2013) - Sutherland Asbill & Brennan LLP announced today that 119 of the firm’s lawyers were chosen as top attorneys and Rising Stars by Super Lawyers. The designations ...
86 Sutherland Attorneys Named as “Best Lawyers in America (November 5, 2012)
ATLANTA and WASHINGTON (November 5, 2012) - In the 2013 edition of The Best Lawyers in America, 86 Sutherland Asbill & Brennan LLP attorneys are recognized as leaders in their field. The publication ...
Coca-Cola Enterprises Recognizes Sutherland’s Diversity Efforts (July 21, 2010)
ATLANTA (July 21, 2010) - Sutherland Asbill & Brennan LLP has been recognized by Coca-Cola Enterprises (“CCE ) as its primary outside counsel with the highest percentage of women attorneys and ...
Member, American Bankruptcy Institute
Member, International Swaps and Derivatives Association
Member, Futures Industry Association
Member, International Energy Credit Association
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