Neiman Marcus and the Fiduciary Duties of Creditors’ Committee Members (A/K/A “What Not To Do”)
Author: Matthew Warren.; Stephen M. Blank.; Jake Jumbeck.
Source: Volume 37, Number 06, June 2021 , pp.79-84(6)
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Abstract:
Creditors who are members of an official committee of unsecured creditors in a bankruptcy owe fiduciary duties to other unsecured creditors and to other committee members. In this article on the Neiman Marcus bankruptcy, the authors first provide an overview of fiduciary duties in the context of committee membership. They then turn to the facts of Neiman Marcus’s bankruptcy and the disastrous conduct of a committee member. They close with some lessons from the case that serve as a cautionary tale of how not to behave as a member of a committee.Keywords: Fiduciary Duties of Committee Members; Marble Ridge; In re Neiman Marcus Group LTD, LLC, et al.
Affiliations:
1: King & Spalding LLP; 2: King & Spalding; 3: King & Spalding.