Practical Lessons From the 'Tousa Saga'

Dangers lurk in subsidiary's guarantee of parent company's debt.

, New York Law Journal

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Garry M. Graber, a partner at Hodgson Russ, and Craig T. Lutterbein, an associate with the firm, analyze a series of decisions that highlight the uncertainties involved with loans made to a parent company but secured by the assets of its subsidiaries, and that serve as a cautionary tale for lenders seeking to protect themselves in distressed deals and an informative one for unsecured creditors evaluating the potential returns from a bankruptcy estate.

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