Insights

• On behalf of Fortress Investment Group, Kobre & Kim has achieved full payment and satisfaction of an approximately $187 million New York judgment against commercial real estate developer Charles S. Cohen, concluding a high-stakes enforcement effort with a recovery exceeding $200 million, inclusive of interest and attorneys’ fees.

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• A recent Bombay High Court decision freezing US $188M of Rolta India’s Chairman in support of a New York contempt judgment underscores how courts may act quickly to preserve assets in cross-border enforcement matters, particularly where there are allegations of deliberate obstruction.
• Hong Kong-based Pinpoint Multi Strategy Master Fund was represented by Kobre & Kim as global counsel.

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• Agencies pursuing criminal enforcement often move quickly to seize assets, complicating civil asset recovery for creditors by creating uncertainty around control, timing, and recoveries.
• These challenges are amplified in cross-border matters, where overlapping regimes and parallel proceedings can fragment recovery efforts and increase risk.
• Effective strategies require early jurisdiction assessment, careful analysis to preserve assets outside forfeiture scope, and coordination with authorities.

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• International creditors are facing a shrinking pool of available capital for repayment on their claims in Brazil and Latin America.
• As companies struggle to navigate ever-increasing amounts of debt, there are strategies US dollar noteholders can take to improve their position and fast-track a swift recovery. 

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• Creditors pursuing claims against sovereign states may find new opportunities.
• A recent U.S. court decision opens the door to recoveries once thought out of reach, reinforcing the value of well-planned, globally coordinated strategies to maximize returns and speed up enforcement.

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• Chinese investors are playing an increasingly significant role in sovereign-related investments worldwide, especially in Europe, Africa, and Latin America.
• This raises enforcement challenges linked to sovereign immunity.
• Investors and claimants facing sovereign debtors should adopt bold, non-traditional strategies beyond litigation to effectively protect their interests and navigate these complexities.

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• As economic ties between Brazil and Korea deepen, Korean companies may face challenges enforcing judgments or arbitration awards against Brazilian counterparts.
• Given the complexities of Brazil’s legal system, Korean creditors should consider a multijurisdictional strategy—leveraging offshore jurisdictions and U.S. legal mechanisms—to improve enforcement outcomes and navigate the process more effectively.

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• The changing business environment has exacerbated financial challenges, eroding asset values, and driven a spike in defaults. Large distressed debt positions cannot always be monetized through consensual restructurings.
• Over the past 24 months, Kobre & Kim has enforced distressed debt, including offshore US dollar bonds, valued at more than US $2 billion in jurisdictions that span Asia, the Middle East, Offshore, North America, and Latin America.
• To successfully monetize credit, it is essential to deploy strategies that leverage a combination of cross-border asset recovery in onshore and offshore jurisdictions, as well as creative out-of-court approaches to facilitate the voluntary resolution of claims.

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• A new Memorandum of Understanding (MoU) between the Dubai Courts and the Abu Dhabi Global Market (ADGM) Courts marks a significant step forward for creditors seeking to enforce claims in the UAE.
• By establishing mutual recognition of judgments and awards, the MoU brings greater clarity to a legal landscape long seen as complex and uncertain.
• In light of this progress, creditors operating in the UAE should consider proactive strategies to enhance their recovery prospects across both offshore and onshore systems.

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• Kobre & Kim won a second ruling by a New York court granting a motion for summary judgment. 
• This reaffirms bondholders’ standing to directly enforce a global note issued by Chinese property developer Glory Health without going through the bond trustee.
• The ruling removes another barrier to executing aggressive, multijurisdictional monetization strategies in defaulted bond enforcement campaigns.

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• Global public debt has surpassed US $300 trillion, providing creditors and investors in sovereign debt with new opportunities.
• Pursuing sovereign assets can be complex, time-consuming, and highly public, often involving legal battles across jurisdictions and public scrutiny.
• Adopting cross-border strategies that move beyond the traditional litigation playbook that sovereigns expect can improve recovery outcomes and shorten enforcement timelines.

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• Debtors worldwide often attempt to shield their assets from collection by transferring them to Florida homesteads due to the broad and immediate protection against enforcement afforded by Florida’s constitution to homeowners.
• A recent ruling by the United States District Court for the Southern District of Florida in favor of a Kobre & Kim client marks an important step in addressing potential abuses of this protection.
• As possibly the first ruling to acknowledge that creditors may be able to collect against Florida homesteads purchased with proceeds from frauds not committed against them, it sets a precedent that could enhance creditors’ ability to enforce claims against debtors attempting to shield assets through homestead protections.

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• When a debt issuer falls into distress, Israeli investors need advice informed by deep knowledge of international insolvency and enforcement regimes, coupled with capabilities to aggressively protect and pursue their rights across the relevant jurisdictions. 
• Israel’s recent adoption of the Model Law on Cross-Border insolvency puts creditors on a firmer footing to leverage global insolvency tools by coordinating foreign and Israeli proceedings.
• A multi-jurisdictional approach allows international investors and creditors to gain leverage toward a favorable recovery.

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• International investors and other claimants have long struggled to enforce cross-border claims in the United Arab Emirates (UAE) and the wider Middle East.
• A 2024 precedent-setting decision in Dubai's High Court, secured by Kobre & Kim and local co-counsel, shows another avenue for global creditors to battle recalcitrant debtors and increase their chances of a swift and significant recovery on their cross-border claims.

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• Creditors and investors in sovereign debt are riding a wave of new opportunities driving returns with global public debt projected to exceed US$100 trillion by the end of 2024, making it possible to reap higher returns on claims against sovereigns previously thought too difficult to enforce.
• A well-thought-out strategy can increase returns and accelerate enforcement timelines.

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