Partners Josh Cohen and Dave Doot were quoted in an analysis article, "PG&E's Ch. 11 Brings Rift With FERC Over Power Deals," published by Law360. The article discusses the Federal Energy Regulatory Commission's (FERC) decision that Pacific Gas and Electric Co. (PG&E) could not reject power purchase agreements (PPAs) in bankruptcy without the regulator's blessing. PG&E, which just filed for bankruptcy, reportedly has over $42 billion of PPAs that will be under review in the bankruptcy. In connection with its Chapter 11 bankruptcy filing, PG&E challenged FERC's conclusion that regulatory approval, in addition to bankruptcy court approval, is necessary to drop existing wholesale PPAs. According to the article, PG&E filed an adversary complaint in which the company requested an injunction from a California bankruptcy court that would block FERC from having a say over any wholesale power contracts that PG&E seeks to reject in bankruptcy.
"At the end of the day, it's somewhat of a turf war," Cohen, chair of Day Pitney's bankruptcy and restructuring practice group, told Law360. "It becomes all the more complicated and messy if the directives from bankruptcy court and FERC are conflicting." As noted in the article, experts say if that is the case, the issue of what roles the bankruptcy courts and FERC play in utility bankruptcies is squarely teed up for appellate review. "If [the bankruptcy] plays out and it's not resolved consensually, I don't think it's going to be a bankruptcy court that resolves the issue," said Doot, who chairs Day Pitney's energy and utilities industry group. "It'll be an appellate court and, ultimately, the Supreme Court that resolves the issue."
On July 7, Michael Kaufman will participate as faculty on Strafford's 90-minute Q&A style webinar, "Contribution Agreements: Joint Liability and Rights of Contribution Under Loan Guaranties."
Day Pitney Alert
On January 9, partner Michael Kaufman co-presented a live CLE webinar, "Intercorporate Guaranties and Integrated Transactions: Avoiding Fraudulent Conveyance Exposure in Bankruptcy," sponsored by Strafford.
On May 5, Josh Cohen moderated a panel at the 11th annual Credit & Bankruptcy Symposium, hosted by ABI, Turnaround Management Association Connecticut and Northeast chapters and the New York Institute of Credit.
Steven Cash co-authored an article, "Evolution of a Valuable Tool for Attorneys: Business Intelligence Practitioners," for the New York Law Journal.
Day Pitney Press Release
Day Pitney Press Release
Joshua Cohen was quoted in the American Bar Association Journal, the online publication for the American Bar Association.
Josh Cohen, co-chair of Day Pitney's Bankruptcy and Restructuring practice, was quoted in a Law360 article, "Oil & Gas Bankruptcies May Hit Snags Amid FERC Turf War."
The Hartford Business Journal featured Laurie Mallach in its article, "Chief Talent Officers Arm Law Firms for Battle Over Top-Performing Lawyers," which discusses the CTO position responsibilities, challenges and evolving scope.