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Client Alert July 15, 2024

Kobre & Kim Clients Receive Favorable Ruling in Incora/Wesco Uptier Transaction

  • Following a six-month trial in the Incora/Wesco matter, U.S. Bankruptcy Judge Marvin Isgur delivered an oral decision in favor of Kobre & Kim’s clients on July 10, 2024.
  • Judge Isgur found that Incora/Wesco’s 2022 uptier transaction breached the lien protections in the Company’s 2026 secured note indenture. 
  • Kobre & Kim's clients challenged the transaction, which involved US $250 million in gross new money and the exchange of over US $1 billion of other debt.

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4 Pitfalls to Avoid When Conducting Cross-Border Investigations of Shareholder Demands

  • Corporate directors and their counsel should understand the nuances of cross-border independent investigations, which can create pitfalls for even the most experienced corporate advisers.
  • Although the stated risks are common to many types of cross-border investigations, they can be unexpected for corporate advisers whose primary experience is U.S.-based.
  • Strategically navigating the pitfalls stated within is vital because the business judgment rule does not protect a board or a company from violations of the foreign laws discussed.

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