Gifting as an Exception to the Absolute Priority Rule
By Kelly Beaudin Stapleton, Managing Director, Alvarez & Marsal
As in George Orwell’s Animal Farm, where “all animals are equal, but some animals are more equal than others,”1 so it seems for creditors with regard to the priority scheme established under the U.S. Bankruptcy Code to bring fairness and certainty to distributions in...
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Kelly Beaudin Stapleton is a managing director with Alvarez & Marsal in New York. The national practice leader for the Unsecured Creditors’ Committee Practice, she specializes in creditor representations, fiduciary roles, and fraud investigations across various industries. Stapleton began as a prosecutor and later worked for a large national law firm before being appointed U.S. Trustee for Region 3, where she oversaw restructurings that included New Century Financial, Dura, Owens Corning, and Sharper Image. Stapleton has advised numerous Chapter 11 proceedings in the capacity of assisting clients in pre- and post-bankruptcy financial and operational strategies.