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Claim Monetization & Dilution

Kobre & Kim represents broad classes of investors, creditors, and their fiduciaries in situations where there is a risk that a debtor will not pay in full, as well as debtors targeted by creditors in similar distressed situations. We deploy aggressive, creative strategies that go beyond legal maneuvers, combining traditional legal skill sets with non-legal disciplines to deliver on a client’s commercial goals.

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Publications September 7, 2021

John Han and Su Mien Tee Analyze China Evergrande Group’s “Ominous and Rapidly Unfolding” Credit Outlook in Reorg

As Chinese real estate giant China Evergrande Group’s credit situation continues to deteriorate, Kobre & Kim’s John Han and Su Mien Tee, Hong Kong-based lawyers who focus on claim monetization in distressed industries, spoke with Reorg about Evergrande’s “ominous and rapidly unfolding” outlook.

Publications August 25, 2021

Wade Weems and Chang Liu Investigate the Possible Limits of China’s New Anti-Foreign Sanctions Law

The Anti-Foreign Sanctions Law (AFSL), recently passed by the Chinese National People’s Congress Standing Committee, indicates a hardening of the Chinese government’s position against foreign sanctions and enforcement. While imposing the AFSL threatens these foreign companies’ ability to operate in China and worries foreign investors and trading partners, fears may be assuaged by bilateral investment treaties (BITs) that could limit the scope of the law. Kobre & Kim’s Wade Weems and Chang Liu delve into this emerging dynamic in an article for Law.com International.

Publications August 18, 2021

John Han and Henry Cheung in Reorg: Creative Strategies for Tahoe Group Bondholders to Maximize Returns

Chinese property developer Tahoe Group has been embroiled in financial crisis, facing a large-scale bond redemption and cross-default at over US $800 million for its dollar-denominated bonds alone. "No-action" clauses tie bondholders, but an exception at bond maturity gives many investors a chance to recoup a return. Kobre & Kim's John Han and Henry Cheung outline creative strategies beyond restructuring that can maximize returns in a blog post for Reorg.

Client Alert July 23, 2021

Using Arbitration to Stop a Winding Up

When monetizing a claim against a debtor, the interplay between arbitration and insolvency is not only critical but also varies by jurisdiction.
When considering a cross-border strategy, it is essential to understand how each jurisdiction interrelates with the others.
Kobre & Kim’s global Claim Monetization and Dilution Team answers the critical questions on these intricacies for key jurisdictions in this comparative guide.

Client Alert May 26, 2021

Dissolving a Delaware-Registered Joint Venture: A Key Pressure Tactic in Joint Venture Disputes

For parties embroiled in contentious joint-venture disputes, it is advantageous but challenging to find new ways to exert pressure on a counterparty.
If the counterparty is registered in Delaware, however, a pursuing a dissolution proceeding there can prove to be a decisive way to gain leverage.
As our Claim Monetization & Dilution team explains, this tactic saved a client in a recent case valuable time and money in reaching a favorable settlement.

Events May 5, 2021

John Han Shares Insights into Greater China Debt Market at ALB Hong Kong and Greater China Debt & Restructuring Forum 2021

A wave of debt restructuring and insolvencies is expected to come in the aftermath of the global economic downturn. At the same time, there has been a rise in non-performing loans, distressed debt and government regulation in Greater China. Kobre & Kim’s John Han will share his insights into these opportunities in the ALB Hong Kong and Greater China Debt & Restructuring Forum 2021 on May 27, 9:00 am to 1:00 pm Hong Kong time at the Renaissance Hong Kong Harbour View Hotel.

Events April 13, 2021

Stephen Hayes to Discuss Enforcement of Arbitral Awards Against Sovereign State Debtors

Kobre & Kim’s Stephen Hayes will join the “State Immunity and Enforcement of Arbitral Awards: Protecting Against What and Whom?” webinar hosted by the Chartered Institute of Arbitrators (CIArb) European Branch on April 16, 2021 at 11:00 am CEST.

Events April 9, 2021

Nick Cherryman to Lead Panel on Arbitration and Asset Recovery in a Post-Pandemic World

Kobre & Kim’s Nick Cherryman will moderate a panel on trends in arbitration and asset recovery in a post-pandemic world at the virtual Arbitration and Fraud in Russia & CIS conference hosted by Informa on April 13, 2021 at 3:00 pm EET / 9:00 am EDT.

Events April 8, 2021

John Han and Reorg on How Activist Investors Can Apply Creative Enforcement to Distressed Debt Strategies

Kobre & Kim’s John Han joined the “China Fortune Land Development State of Play, Trading in Distressed Debt Through Creative Enforcement” webinar hosted by Reorg on Wednesday, April 7 to discuss the default of China Fortune Land Development (CFLD) and the resulting shockwaves in the Chinese high-yield market.

Events March 19, 2021

Nicholas Surmacz to Lead Panel on Extradition Claims at C5 Fraud, Asset Tracing & Recovery Conference

Kobre & Kim’s Nicholas Surmacz will moderate a panel on defending and prosecuting extradition claims in fraud matters at the virtual Fraud, Asset Tracing and Recovery Geneva conference hosted by C5 on March 24, 2021 at 1:30 pm CET / 8:30 am EDT.

Client Alert March 3, 2021

The Corporate Transparency Act: Is it Actually Helpful for Private Parties?

The U.S. Corporate Transparency Act (CTA), part of the recently-passed National Defense Authorization Act (NDAA), has broken new ground by requiring beneficial owners of U.S. corporate entities to register with U.S. government authorities.
While the CTA appears to shut out private parties – such as creditors and victims of fraud – from accessing such information, there may be potential creative ways to work around this roadblock, bringing creditors one step closer to a substantial recovery of their assets.
Nevertheless, creative creditors and their counsel might be able to obtain this information through certain channels to cut off escape routes for debtors and fraudsters, and obtain more complete recoveries.

Client Alert December 8, 2020

India-Based Debtors Can Face Off Against Global Lenders

When a debt comes due, standing up to a global institutional lender can seem daunting for Indian debtors, especially if disputes scatter overseas.
Regardless of whether a lender feels generous or not, however, there are steps debtors can take to increase their leverage and fortify their defenses.
These include fighting for better terms, buying more time and holding lenders accountable.

Publications November 18, 2020

Andrew Stafford KC on How to Enforce Investor-State Arbitration Awards Against Recalcitrant Sovereign Entities

Investors who win arbitration awards against sovereign entities often find themselves facing the fresh challenge of standing up against a sovereign state. Kobre & Kim’s Andrew Stafford KC, who has deep experience enforcing against sovereign debtors, walks through how it can be done in a chapter first published in “Investor-State Arbitration 2021” by International Comparative Legal Guides.

Client Alert November 17, 2020

The Dark Side of 1782: Defending Against Aggressive U.S. Discovery Actions

Section 1782 discovery in the United States is a powerful tool to access information and gain an edge in foreign proceedings.
However, the power of this tool and the ease in which it is granted invites parties to use it in service of goals completely unrelated to ongoing proceedings, such as a negative PR campaign.
Defeating a 1782 application is not easy, but there are counterarguments and cross-border tools available to fight back and turn the tables on an unscrupulous adversary.

Firm News November 6, 2020

U.S. District Judge Finds Nigeria Misled Court in Effort to Avoid Payment of $9.6 Billion Award

Nigeria misled a federal district court judge as part of an effort to attack a $9.6 billion arbitration award made against it, according to a ruling issued today by U.S. District Judge Paul A. Engelmayer of the Southern District of New York.

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