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October 28, 2021

Faegre Drinker's Delaware Team Secures Denial of Motion in Bankruptcy Litigation Victory for Client

The Faegre Drinker finance and restructuring team of Brett Fallon, Ian Bambrick and Jaclyn Marasco secured a victory for client, BNA Associates, LLC (BNA), in the U.S. Bankruptcy Court for the District of Delaware. A Goldman Sachs investment unit, as lender to RTI Holding Company, LLC and its affiliated debtors (known as “Ruby Tuesday”), moved to enforce Ruby Tuesday’s confirmation order and impose sanctions against BNA. Judge Dorsey issued an opinion sustaining BNA’s objection and denying the motion, handing BNA the win. The opinion clears the way for BNA to proceed with its suit in the U.S. District Court for the Middle District of Tennessee.

After Ruby Tuesday’s chapter 11 plan was confirmed, BNA filed suit against Goldman in Tennessee, asserting $54 million in damages on account of Goldman’s alleged tortious interference with BNA Associates’ prepetition deal with Ruby Tuesday, by which BNA stood to acquire the restaurant chain's lease for a historic lodge south of Knoxville.

Judge Dorsey ruled that Goldman couldn’t use Ruby Tuesday’s confirmation order to shield it from the Tennessee suit.

The Faegre Drinker team served as co-counsel to BNA and is resident in the firm’s Wilmington, Delaware office.

See the Law360 article for more details on the case.

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