James H.M. Sprayregen, P.C. - Partner

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James H.M. Sprayregen, P.C.

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Chicago
Phone: +1 312-862-2481
Fax: +1 312-862-2200
New York
Phone: +1 212-446-4800
Fax: +1 212-446-4900
Overview News Events Publications
December 1, 2016 - Article
The Bankruptcy Strategist
Bankruptcy Reform in Saudi Arabia: Bridging Islamic Law and Modern Bankruptcy?
Patrick Venter and James Sprayregen authored this article discussing the restructuring of shari’ah-compliant Middle Eastern businesses. Kamran Bajwa also contributed to the article.
3/20/2015 - Alert
Kirkland & Ellis LLP
Municipal Debt Investors May Be on Uneven Footing in Chapter 9
Investors in municipal securities may face a greater risk of recovery than certain other similarly situated creditors in a municipal bankruptcy. Why? Because it may be politically or otherwise advantageous for the municipal debtor to favor other creditors (such as, chiefly, current and former government employees) and recent bankruptcy court decisions lend support to this favoritism. So, while municipal bankruptcies are rare compared to chapter 11 bankruptcies, municipal investors should carefully evaluate (price) the risks associated with a municipality’s potential bankruptcy before investing in its securities.
1/30/2015 - Alert
Kirkland & Ellis LLP
IRS Rules Foreign Debt Discharge Excluded From Income if Recognized Under Chapter 15
In a private letter ruling obtained by Kirkland & Ellis LLP that is expected to be made public in February, the Internal Revenue Service has ruled for the first time that a debtor need not recognize as taxable income any cancellation of indebtedness income (“CODI”) realized on debt cancelled via a non-U.S. bankruptcy proceeding. Under the facts of this ruling, a foreign taxpayer with U.S. operations realized CODI that could have been taxable in the United States. The debt was cancelled in a foreign bankruptcy proceeding, and that cancellation was then recognized in the United States by a proceeding under Chapter 15 of the U.S. Bankruptcy Code.
Fourth Quarter 2014 - Article
INSOL World
Arcapita and the Need for Mideast Restructuring Regimes
James Sprayregen, Kamran Bajwa and Brad Weiland authored this article regarding the Chapter 11 case of Arcapita and restructuring in Middle Eastern jurisdictions.
4/22/2014 - Article
Harvard Law School Bankruptcy Roundtable
Recent Lessons on Management Compensation at Various States of the Chapter 11
James Sprayregen, Christopher Greco, and Neal Donnelly authored this article regarding compensation for senior management in Chapter 11 cases.
2/19/2014 - Article
Law360
In Memoriam: Bankruptcy Judge Burton Lifland
James Sprayregen, Edward Sassower, Stephen Hessler and Aaron Slavutin pay tribute to Judge Burton R. Lifland, who passed away last month after 34 years of distinctly notable service on the bench.
March 2013 - Article
Financier Worldwide
Recent Lessons on Management Compensation at Various Stages of the Chapter 11 Process
James Sprayregen, Christopher Greco and Neal Donnelly authored this article regarding compensation of senior management for companies reorganizing under Chapter 11 of the U.S. Bankruptcy Code.
10/18/2012 - Article
Bloomberg BNA's Bankruptcy Law Reporter
Need For Speed: Utilizing Hybrid Solicitation Strategies to Shorten Ch. 11 Cases
Jamie Sprayregen, Anup Sathy, Josh Sussberg and Ryan Dattilo authored this article on the use of hybrid solicitation strategies to shorten Chapter 11 cases.
3/23/2012 - Article
Law360
Uncertainty In Complex Real Estate Restructurings
James Sprayregen, Anup Sathy, Daniel Perlman, Jonathan Schechter, Chad Husnick and Steven Serajeddini authored this piece regarding real estate restructurings.
3/12/2012 - Alert
Kirkland & Ellis LLP
Recent Developments in Bankruptcy Law Leave Many Commercial Real Estate Finance Issues Unresolved
The financial crisis of the last decade set bankruptcy law and real estate finance on a collision course. Not surprisingly, the case law arising in complex real estate restructurings has developed rapidly, and many recent cases have provided guidance on important issues in real estate restructuring transactions.
1/30/2012 - Article
Bloomberg Law Reports
Bankruptcy Court Rules CMBS Certificateholder Does Not Have Standing to Appear in Chapter 11 Case
James Sprayregen, Anup Sathy and Jon Zinman authored this article about certificateholders in commercial mortgage-backed security.
August 2010 - Article
INSOL World
"Orderly Liquidation Authority” Under the Dodd-Frank Act: The United States Congress’s Misdirected Attempt to Ban Wall Street Bailouts
James Sprayregen and Stephen Hessler authored this article regarding developments in bankruptcy related to the financial crisis.
July/August 2010 - Article
Pratt's Journal of Bankruptcy Law
Third Circuit Overrules Long-Criticized Frenville Decision; Redefines When “Claim” Accrues for Future Claimants
James Sprayregen, Ted Freedman and Adam Paul authored this article regarding developments in bankruptcy law.
6/11/2010 - Alert
Kirkland & Ellis LLP
Third Circuit Overrules Long-Criticized Frenville Decision; Redefines When “Claim” Accrues for Future Claimants
In a significant en banc decision issued on June 2, 2010, Jeld-Wen, Inc. (f/k/a Grossman’s Inc.) v. Van Brunt (In re Grossman’s, Inc.), Ch. 11 Case No. 09-1563 (3d Cir. June 2, 2010), the U.S. Court of Appeals for the Third Circuit reversed itself and joined with other circuit courts in holding that that “a ‘claim’ under section 101(5) of the Bankruptcy Code arises when an individual is exposed pre-petition to a product or other conduct giving rise to an injury which underlies a ‘right to payment’ under the Bankruptcy Code.”
2/10/2010 - Article
Daily Bankruptcy Review
Crossing Borders: International Reorganizations
James Sprayregen and David Agay authored this article regarding developments in international restructurings.
2/1/2010 - Article
The Bankruptcy Strategist
Credit (Bid) Where Credit’s Due - Part Two
James Sprayregen, Christopher Marcus, David Agay and Benjamin Steele conclude their article about the recent turn in the credit cycle.
1/1/2010 - Article
The Bankruptcy Strategist
Credit (Bid) Where Credit’s Due - Part One
James Sprayregen, Christopher Marcus, David Agay and Benjamin Steele co-authored this article about the recent turn in the credit cycle.
8/17/2009 - Alert
Kirkland & Ellis LLP
Recent Bankruptcy Court Decision Reconciles Central Tenets of Commercial Real Estate Financing and Bankruptcy Law
Until now, the “bankruptcy remote” attributes of CMBS borrowers have remained largely untested. However, the bankruptcy court overseeing the chapter 11 cases of General Growth Properties, Inc. and certain affiliated entities last week issued a 47-page opinion squarely addressing the ability of nominally “bankruptcy remote” CMBS borrowers and other SPEs to obtain bankruptcy relief.
12/1/2005 - Article
Annual Survey of Bankruptcy Law
The Sum and Substance of Substantive Consolidation

James Sprayregen, Jonathan Friedland and Jeffrey Gettleman co-authored this article regarding substantive consolidation jurisprudence.  This article originally appeared in the 2005 Annual Survey of Bankruptcy Law and was reprinted with permission.  Copyright c Thomson/West.

9/23/2005 - Article
ABI International Insolvency Symposium
Two Systems Divided By A Common Language

James Sprayregen, Erin Brady and Graham Lane co-authored this paper regarding the difference between US Chapter 11 and its closest English relative, administration proceedings.

7/19/2005 - Alert
Kirkland & Ellis LLP
Bankruptcy Abuse and Consumer Protection Act of 2005
On April 20, 2005, President Bush signed the Bankruptcy Abuse and Consumer Protection Act of 2005. It has been widely reported as the most substantive change to the bankruptcy laws in 25 years. We have prepared this alert to summarize some of the major changes in the Act that will affect business bankruptcies.
4/19/2005 - Article
Daily Bankruptcy Review
The New Bankruptcy Code - A Solution in Search of a Problem?

This is the first installment of a five-part article in which Kirkland partners James H.M. Sprayregen and Jonathan Friedland examine how the new bankruptcy legislation will affect Chapter 11 cases.

3/23/2005 - Article
Daily Bankruptcy Review
Skiing and Restructuring - Downhill Is More Than Just a Financial Trail

Skiing and bankruptcy may seem unlikely topics for comparison, but James H.M. Sprayregen and Leonard A. Budyonny argue that the two activities share many common aspects worth examining. In this article, the authors discuss the overlapping relationship between skiing and restructuring.

12/29/2004 - Article
Daily Bankruptcy Review
A Look Back and a Look Ahead: Relax, Rest and Get Ready

Chicago partners James H.M. Sprayregen and Jonathan Friedland, along with New York associate Leonard Budyonny, authored this review of the restructuring activity of 2004 and look ahead to what may happen in 2005.

4/1/2004 - Article
Financier Worldwide
Vulture Investors Heed Caution: Creditors Committee and Trading May Be a Dangerous Combination

In the past, debtors utilized the protections of Chapter 11 to fix their operations and emerge from bankruptcy with a viable business. In this article, by James H.M. Sprayregen, Jonathan Henes, Lisa Laukitis and Javier Schiffrin, the authors discuss a new phenomenon in Chapter 11 filings over the last several years -- the emergence of an active secondary market for trading of distressed debt, and specifically "vulture" investors.

1/1/2004 - Article
Financier Worldwide Global Restructuring & Insolvency Review
Non-performing Loans in China: a Potential Win-Win Opportunity for Foreign Investors and China's Economy

Facing a potential economic crisis due to outstanding non-performing loans (NPL), China is in desperate need of economic reform. By allowing foreign investors to purchase NPL porfolios, the country is moving in the right direction to stabilize and revitalize the economy. James H.M. Sprayregen, Jonathan Friedland, and Chuan Li discuss the risks of NPL's to China's economic stability, and examine the options for economic reform.

1/1/2004 - Article
Annual Survey of Bankruptcy Law
Recharacterization of Debt to Equity: An Overview, Update, and Practical Guide to an Evolving Doctrine

In this article, James H.M. Sprayregen, Jonathan Friedland and Salvatore Bianca provide an overview of equitable subordination and debt recharacterization, examine recent case law developments, and provide practical tips to pracitioners faced with avoiding, bringing, or defending recharacterization actions.

10/21/03 - Article
Financier Worldwide Magazine's 2003 Global Restructuring & Insolvency Review
Corporate Stewardship in the New Millennium
The recent corporate scandals, which have cost investors billions of dollars, have caused revolutionary change in corporate America, as accountability, conflict of interest and fiduciary duty issues are now at the forefront of director's and officer's minds. Kirkland partners James H.M. Sprayregen and Richard L. Wynne comment on the new business climate in this article from Financier Worldwide Magazine's 2003 Global Restructuring & Insolvency Review. This article is in pdf format, which requires Acrobat Reader.
10/21/03 - Article
Financier Worldwide Magazine's 2003 Global Restructuring & Insolvency Review
EC Regulations: Innovations in Restructuring
From the UK side of the Atlantic the year 2002/2003 has indeed been a momentous year for cross border restructuring. The main cause of this momentousness? Council Regulation (EC) No. 1346/2000. Kirkland partners James H.M. Sprayregen and Lyndon E. Norley and associate Richard East comment on the new regulation and its implications. This article is in pdf format, which requires Acrobat Reader.
10/1/2003 - Article
Kirkland & Ellis LLP
Hot Topics in Cases Involving Distressed Companies

Co-authored by James Sprayregen, Geoffrey Richards and Jonathan Friedland, presented at Northwestern University School of Law Corporate Law Institute Program, Fall 2003.

9/1/2003 - Article
ABI Journal
Chapter 11 "101" - The Life Cycle of a Chapter 11 Debtor Through the Debtor's Eyes (Part 1)
In this article, Chicago partner Jonathan Friedland paints a portrait of a chapter 11 debtor's life from the debtor's perspective. In this installment of his monthly column, Mr. Friedland covers the life cycle from "birth" through its "mid-life crisis," and covers the other half of the life cycle in next month's column.
5/1/2003 - Article
Global Counsel Restructuring and Insolvency Handbook
Cross-border Bond Restructurings
Kirkland attorneys James Sprayregen, Lyndon Norley, and Richard East co-authored this article that offers advice to investors involved in cross-border restructurings.  This article is in pdf format, which requires Acrobat Reader.
5/22/2002 - Article
Kirkland & Ellis LLP
The Zone of Insolvency: When Has a Company Entered Into It, and Once There, What Are the Board's Duties?

This paper, authored by Kirkland partners James H.M. Sprayregen, Theodore L. Freedman and Shirley S. Cho, examines the two fundamental questions of (1) when has a company entered into to "zone of insolvency," and (2) once in the "zone of insolvency," what are the director's duties and to whom are they owed?

2/8/2001 - Article
Acquiring a Troubled Business in Bankruptcy or Outside of Bankruptcy
In this paper, James H.M. Sprayregen, partner in K&E's Chicago office, touches upon the general considerations and methods involved in the purchase of an insolvent business. This is a PDF file which requires Acrobat Reader.
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