Tell us about your top U.S. Supreme Court or federal appeals court victory over the past year and how you and your team achieved the win.

In NextEra v. Elliott Associates, we successfully defended an order eliminating a $275 million break-up fee provision the bankruptcy court had approved a year earlier. To overcome NextEra’s complaint that the [Supreme] Court rewrote the deal after the fact, we showed how extraordinary the provision was—allowing NextEra to waste estate assets in order to extract the break-up fee. The decision establishes the Third Circuit standard for break-up fees as administrative expenses in bankruptcy. To defeat petitions for rehearing and certiorari, however, we had to rebut arguments that the panel decision would subject all break-up fees in bankruptcy to post hoc revision.

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