Client: U.S.-based counsel for a commercial lender.
Issue: The need for an immediate decision on whether to restructure a loan or to force the borrower, a Delaware corporation, into bankruptcy.
Challenge: Counsel contacted a lawyer in our firm at 11:30 p.m. Eastern time on a Sunday—and needed, within nine hours, an opinion under Delaware law on how best to perfect a security interest for the lender against the borrower’s assets.
Solution: In the middle of the night, a team of the firm’s commercial transactions lawyers was quickly assembled to handle the issue. Under intense time pressure, they analyzed the Delaware UCC issues relating to the proposed transaction and prepared a legal opinion concerning the proper method to perfect the lender's security interest.
Result: By 8:30 a.m. Monday morning, counsel had our opinion and was able to proceed on an advantageous course of action.