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Morrison & Foerster

Corporate Law 2011

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Award levelStand-out
InnovationRecapitalisation of AmericanWest Bancorp through sale to private equity-backed buyer
Originality7
Rationale8
Impact8
Total23
DescriptionFaced with debt obligations of $40m in trust-preferred securities, the firm came up with the idea to use section 363 of the US bankruptcy code to sidestep the need for corporate consent and allow American West Bank, AWBC's healthy subsidiary, to continue in business.