Glenn Agre has secured a significant victory for unsecured creditors in the Chapter 11 cases of mortgage servicer AmeriFirst Financial, Inc., obtaining derivative standing for the creditors’ committee to pursue claims against lender Reverence Capital Partners on behalf of the debtors’ estates. The ruling, issued yesterday by Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware, grants the committee standing to assert claims against RCP for constructive and preferential fraudulent transfer and equitable subordination, unlocking significant potential value for the benefit of all of the debtors’ unsecured creditors impacted by the challenged prepetition transactions. Glenn Agre is proud to have accomplished this result and looks forward to continuing to work alongside Morris, Nichols, Arsht & Tunnell LLP and Dundon Advisers LLC toward a value-maximizing outcome for the debtors’ unsecured creditors and stakeholders in these cases.
Congratulations to our team, which consists of Andrew Glenn, Kurt Mayr, Malak Doss, and Naznen Rahman.
