2015 To learn more about TMA’s certification program,
Erich S. Buck is a partner at Adelman & Gettleman
Ltd., a boutique firm in Chicago dedicated to
the practice of insolvency and bankruptcy
law. Buck represents corporate and individual
debtors and creditors in workouts, liquidations,
reorganizations, and commercial litigation.
His practice includes the representation of
financially distressed not-for-profit institutions.
He can be reached at firstname.lastname@example.org.
Henry B. Merens is a partner with Adelman
& Gettleman Ltd. He has concentrated in the
areas of bankruptcy, real estate, and commercial
transactions, and has had extensive experience
in virtually all aspects of insolvency practice.
Merens has served as counsel to debtors, creditors,
creditors’ committees, secured lenders, trustees,
and other parties. His practice has expanded
to include representation of not-for-profit
corporations, particularly in recent years.
any applicable privacy policies. See FCC
Holdings, Order Approving the Sale Motion
[Docket No. 166] (“FCC Sale Order”) ¶ R, at 9;
¶ 27, at 17. While not the focus of this article,
the potential relevance of privacy laws and
Section 363(b)( 1) of the Bankruptcy Code
are another issue of which to be aware.
32 See FCC Holdings, Objection by the United
States to the Debtors’ Motion Authorizing
the Sale of Certain Assets [Docket No. 115].
33 See FCC Sale Order ¶ 36, at 20.
34 Id. ¶ 24, at 16.
35 See FCC Sale Motion ¶ 52, at 21 (arguing
for a Section 363(m) finding for the
entire sale transaction based on the
prepetition component of the sale
being “inextricably intertwined” with
the post-petition component).
36 FCC Sale Order ¶ 22, at 15; ¶ 36, at 20.
37 See FCC Sale Motion ¶ 27, at 10-11 (describing
efforts to obtain the consent from lenders
and regulatory agencies); see also id. ¶
43, at 18 (explaining that Section 363(f)
of the Bankruptcy Code is satisfied due
to consent of the secured creditors).
38 Most recently, Corinthian Colleges, Inc.,
and its subsidiaries filed for Chapter 11
relief, Case No. 15-10952-KJC (jointly
administered) (Bankr. D. Del. May 4, 2015),
following extensive scrutiny by the DOE
and other authorities. See Declaration of
William J. Nolan in Support of Chapter 11
Petitions and First Day Motions [Docket
No. 10], ¶¶ 19-33, at 10-16. In light of the
regulatory hurdles common to all IHEs that
rely on Title IV funding and the additional
regulatory pressures faced by Corinthian in
particular, Corinthian was only successful
Michael L. Kayman, CTP
James F. Baring, CTP
George P. Blanco, CTP
Avant Advisory Group
P. Greg Baracato, CTP
BDO Consulting LLC
Matthew D. Covington, CTP
Conway MacKenzie Inc.
Howard Bailey, CTP
Arch + Beam
Jeff Connell, CTP
Triton Capital Partners Ltd
Kelley McLaren, CTP
Managing Director –
in securing a buyer for certain of its IHEs,
with the remaining institutions subject
either to teach-outs or immediate shutdown.
Id. The purpose of the Chapter 11 filing
appears largely focused on the wind-
down and sale of Corinthian’s remaining
operations and assets. See id. ¶¶ 32-33, at 16.