Williams & Connolly represented Opportunity Finance, LLC in an adversary proceeding arising out of the Polaroid Corporation bankruptcy in the U.S. Bankruptcy Court for the District of Minnesota. The Bankruptcy Court ruled in favor of Opportunity Finance and dismissed the bankruptcy trustee’s complaint for failure to state a claim of fraudulent transfer. The trustee appealed to the U.S. District Court for the District of Minnesota, and Williams & Connolly represented Opportunity Finance in the appeal. The District Court affirmed the Bankruptcy Court’s decision. The trustee appealed again, this time to the U.S. Court of Appeals for the Eighth Circuit, and Williams & Connolly again represented Opportunity Finance. On November 20, 2018, the Court of Appeals affirmed the decision in Opportunity Finance’s favor and agreed with the lower courts that the complaint failed to state a claim.
The Williams & Connolly team on appeal included Allison Jones Rushing, Joe Petrosinelli, Jon Landy, Chris Mandernach, and Shifali Baliga.