Alert 03.12.24
Conflicting Court Rulings on Subchapter V Eligibility Leave Small Businesses in Limbo
Two recent bankruptcy court decisions reflect a split of authority on subchapter V eligibility.
Patrick Fitzmaurice has a great ability to understand how the pieces of the puzzle fit together almost before anyone else can see it. He has great, high-level problem solving skills.
Patrick Fitzmaurice is a trusted advisor who counsels creditors concerning complex bankruptcy and litigation matters.
Patrick’s practice focuses on representing lenders and other creditors in workouts, restructurings, litigation and bankruptcy matters. He regularly represents clients in fraudulent transfer and other types of avoidance litigation. Patrick is also frequently involved in advising creditors in foreclosure and other types of enforcement actions involving real estate and UCC collateral.
Patrick also represents financial institutions and other businesses in complex disputes in federal and state courts across the county and internationally.
Representative Experience
- Served as counsel to a specialty finance company in loan workout and recovery actions and related litigation and bankruptcy matters.
- Advised a multinational company concerning numerous large asset transfers and various related litigations in the United States, Switzerland and Hong Kong.
- Represented lenders in real estate foreclosure and other enforcement actions in various jurisdictions throughout the United States.
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- Represented large financial services corporation in connection with the rollup of direct and indirect equity interests in a large portfolio of low-income housing tax credit properties into a master equity fund—as well as an offering of interests in the multi-billion dollar master fund. This transaction represents one of the largest secondary market offerings in the history of the low-income housing tax credit industry.Represented a warehouse lender with respect to fraudulent transfer issues arising from the failed securitization of commercial loans that had collateralized a warehouse facility.
- Counseled a bank group in fraudulent transfer litigation commenced by the representative of the Mirant Corp. bankruptcy estate.
- Advised a large commercial bank in loan recovery and fraudulent transfer litigation and UCC foreclosures relating to a portfolio of taxi medallion loans.
- Represented an investor in fraudulent transfer litigation against a former investment partner.
- Represented various project financiers in connection with the SunEdison bankruptcy case.
Professional Highlights
Speaking Engagements
- “Purchasing Distressed Real Estate Debt: Performing Due Diligence, Documenting and Closing the Deal, Liquidating the Debt,” Strafford Webinars, March 12, 2024. Panelist.
- “Bankruptcy Code Changes Under the 2021 Consolidated Appropriations Act,” Strafford Webinars, April 7, 2021. Panelist.
- “Distressed Real Estate: Mezzanine Loan Enforcement and Bankruptcy Issues,” Pillsbury CLE California Marathon webinar, January 11, 2021. Speaker.
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- “Mezzanine Loan Enforcement under the UCC,” Swimming Lesson Videocast Series: Surviving and Navigating the Choppy Waters of Distressed Real Estate, December 12, 2020. Speaker.
- “Commercial Foreclosures,” Swimming Lesson Videocast Series: Surviving and Navigating the Choppy Waters of Distressed Real Estate, December 4, 2020. Speaker.
- “What Happens in the BVI, Doesn’t Stay in the BVI—Clawbacks of Fraudulent Transfers,” DailyDAC, May 10, 2019. Author.
- “Bankruptcy Alchemy: Can You Really Bankruptcy-Proof a Borrower?,” Troutman Sanders’ New York Lending Seminar, November 2016. Panelist.
- “A Discussion of the Differences between Chapter 15 and Chapter 11,” Terralex Annual Meeting – Bankruptcy Group Seminar, September 2016. Panelist.
- Blog Posts
- “Pandemic Does Not Satisfy Lease’s Casualty Clause Court Finds,” Pillsbury’s Gravel2Gavel, April 1, 2021.
Education
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J.D., Brooklyn Law School, 2001
cum laudeB.A., Georgetown University, 1996
Admissions
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New York
Courts
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U.S. District Court for the District of New Jersey
U.S. District Court for the Eastern District of New York
U.S. District Court for the Southern District of New York
U.S. District Court for the Western District of New York