Manatt secures victory in bankruptcy proceedings in New York
Macquarie Rotorcraft Leasing Holdings Limited v. LCI Helicopters (Ireland) Limited (U.S. Bankruptcy Court, Southern District, New York). Manatt secured a complete victory for client LCI Helicopters (Ireland) (LCIH) in an adversary proceeding brought in the bankruptcy of Waypoint Leasing Holdings Ltd. The action was filed by Macquarie Rotorcraft Leasing Holdings Limited, an unsuccessful bidder for assets valued at approximately $98 million, in the U.S. Bankruptcy Court, Southern District of New York. Macquarie, suing on its own behalf and as a successor in interest to the debtors’ rights under certain nondisclosure agreements, alleged that LCIH breached its nondisclosure agreement with the debtors, violated Section 363(n) of the Bankruptcy Code and tortiously interfered with Macquarie’s bid by colluding with the winning bidder, Lombard, to use proprietary information and trade secrets to acquire the assets from Lombard outside the bankruptcy auction. In addition to seeking damages arising out of the $98 million sale of assets, Macquarie also sought damages for a lost breakup fee totaling more than $22 million. The court granted LCIH’s motion and dismissed the action with prejudice.
ClientLease Corporation International Limited
Bankruptcy & Financial Restructuring
Commercial / General Litigation
Transportation / Infrastructure
Airlines / Aerospace / Shipping
U.S. Bankruptcy Court, Southern New York