Kamensky Forces More Scrutiny on Committee Process

Turnarounds & Workouts
March 2021

New York Partner Stephanie Wickouski authored an article for the Turnarounds & Workouts March 2021 issue on Daniel Kamensky’s arrest and prosecution for his conduct while serving on the Neiman Marcus official committee of unsecured creditors. Wickouski examines the case that riveted the attention of the restructuring community and details the potential ramifications.

She notes, “The case is a warning sign that creditor accoutrements – the opportunities that accompany a claim or a committee seat – do not necessarily belong to one creditor or committee member. Committee selection and process will now face closer scrutiny. Kamensky may force the restructuring industry to reexamine the way things are done, elevating the standard of care for professionals representing committees and for committee members.”

To read the full article, click here. A full-text copy of the March 2021 edition of Turnarounds & Workouts is available here. T&W is published by Beard Group, Inc., serving corporate restructuring professionals since 1987.