Richards, Layton & Finger, P.A.

Bankruptcy and Corporate Restructuring

Cory Kandestin graduated first in his class at Vanderbilt University Law School.

Cory is a bankruptcy litigator.  His practice includes litigating fraudulent transfer actions, valuation and solvency issues, evidentiary hearings, and appeals.  Cory also has significant experience leading special committee investigations.

PRACTICES

Bankruptcy & Corporate Restructuring

Select Experience WOM S.A.: Co-counsel to debtor and led special committee investigation into related-party claims Sunpower Corporation: Co-counsel to debtor and led audit committee investigation into estate claims subject to plan releases Amyris, Inc.: Represented large creditor in contested chapter 11 plan confirmation proceedings Nogin, Inc.: Represented debtor in expedited summary judgment litigation in connection with plan confirmation Ruby Pipeline, L.L.C.: Co-counsel to debtor and led special committee investigation into claims against parent entities Mallinckrodt Plc: Led a segment of the investigation on behalf of independent directors evaluating viability of potential claims against affiliates Dunn Paper, Inc.: Led special committee investigation into potential related-party claims Energy Alloys, Inc.: Represented special committee investigating related-party transactions VIVUS, Inc.: Represented special committee investigating viability of debtor claims Chaparral Energy, L.L.C.: Represented debtor in Third Circuit appeal of class proof of claim Education Corporation of America: Represented receiver in dismissal of involuntary bankruptcy petition WMC Mortgage: Represented special committee investigating parent transactions Physiotherapy Holdings: Represented former owners in fraudulent transfer action Rockport Company: Represented debtor in contested DIP financing proceedings Horsehead Holding: Represented official equity committee in contested confirmation trial Skye Mineral Partners: Represented company in dismissal of involuntary bankruptcy petition Touch America: Represented asset purchaser in litigation over contested property Constar/Capsule International Holding: Represented former debtors’ counsel in malpractice litigation Conex Holdings: Represented pre-bankruptcy sellers of company who were sued for breach of fiduciary duty and fraudulent transfer Franklin Bank Corporation: Represented indenture trustee in successful appeal of adverse ruling Digital Domain: Represented foreign defendants in fraudulent transfer action seeking to avoid sale transaction Radnor Holdings Corporation: Represented secured lender against claims of fraud and misrepresentation Security National Properties: Represented bank acting as agent for lenders in contested plan confirmation Cynergy Data: Defended former shareholder in fraudulent transfer and fiduciary duty litigation brought by debtor Reliant Energy Channelview: Represented debtor in litigation with stalking horse bidder and litigation with asset purchaser Trident Microsystems: Acted as special counsel to Cayman Islands official liquidators Pitt Penn Holding: Defended clearing broker sued by debtor Eclipse Aviation: Represented noteholders intervening in constructive trust litigation between debtor and former customers Magna Entertainment: Represented debtor in litigation against former owner Charys Holding: Represented debtor in contested confirmation litigation Linens ‘n Things: Litigation counsel to the debtor Diamond Glass: Represented debtor’s principal stockholder in guaranty litigation with lenders Teleglobe Communications: Represented debtor in fiduciary duty litigation against parent company

Publications

Are Avoidance Recoveries Capped in the Amount of Unpaid Claims?  ABI Journal   |   June 2020

Consider this scenario: A debtor confirms its plan and transfers avoidance actions to a litigation trust. The trust then sues the debtor’s former owner, who sold the company through a leveraged transaction prior to bankruptcy, on the basis that the sale was a fraudulent transfer. Let’s assume that the litigation trust sues to recover the full…

The Balance Sheet Test in Fraudulent Transfer Cases: Is It Appropriate to Fair Value Liabilities?  Insights   |   Winter 2020

Proving insolvency is an important element of a fraudulent transfer claim. Therefore, it is surprising that courts diverge on how they interpret the most basic of the solvency tests, the balance sheet test. Some courts hold that the balance sheet test compares the recorded amount of liabilities to the fair value of assets. Other courts hold…

State Attorney-Client Privilege Rule Incorporated into Federal Law  Law Journal Newsletters   |   September 2018

Because state law applies at the time a transaction is negotiated, the parties might assume — reasonably so — that state privilege law will govern communications with their attorneys and financial professionals. But what happens if, years later, a suit is filed in federal court and brings claims under federal law? Does state privilege law still…

State Attorney-Client Privilege Incorporated Into Federal Law  The Bankruptcy Strategist   |   July 2018

Fraudulent transfer plaintiffs frequently challenge transactions that they say contributed to the company’s insolvency: leveraged buyouts, cash-out mergers, share redemptions or other major transactions where the company parts with assets or incurs liabilities. State law (often Delaware law) typically governs these types of transactions, and structuring them usually requires the involvement of attorneys, financial professionals and sometimes investment bankers. Because state law applies at the time the transaction is negotiated, the parties…

Pro Bono Activities Child Attorney, Delaware’s Office of the Child Advocate Recognition The Best Lawyers in America, 2026 Super Lawyers, 2017 Delaware Today Top Lawyer, 2021 Bar Admissions Delaware, 2007

Vanderbilt University Law School, J.D., 2007 Founder’s Medal for First Honors Order of the Coif McGill University, B.A., with distinction, 2004