08 04 2016

Bankruptcy Court Denies Sabine Creditors' Committee’s Motion to Pursue Claims Against Wilmington Trust

Paul, Weiss represented Wilmington Trust, N.A.


The motions sought standing to pursue various causes of action against Paul, Weiss client Wilmington Trust, N.A., as the administrative agent under a $700 million second lien credit agreement, including claims for actual and constructive fraudulent transfer, equitable subordination, recharacterization and aiding and abetting breaches of fiduciary duties. In denying the motion, the court concluded that the committee's proposed claims were not colorable or likely to benefit the debtors' estate.   Wilmington Trust, National Association offers personal and commercial banking services. The company, led by Jack Beeson, Jim Della Sala and Daniel Rosini, is based in Wilmington (DE). The Paul, Weiss team included bankruptcy partners Alan Kornberg (Picture) and Brian Hermann; and litigation partner Moses Silverman and counsel Karen King. Involved fees earner: Alan Kornberg - Paul, Weiss, Rifkind, Wharton & Garrison LLP; Brian Hermann - Paul, Weiss, Rifkind, Wharton & Garrison LLP; Moses Silverman - Paul, Weiss, Rifkind, Wharton & Garrison LLP; Karen King - Paul, Weiss, Rifkind, Wharton & Garrison LLP;

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