Jeffrey I. Snyder

Representation of liquidating receiver for MDI Holdings Inc., appointed by the Delaware Chancery Court. MDI is a health care technology and analysis company whose historical core business was to manage the provision of health care to inmates of federal prison facilities. At its height, the company employed over 200 employees and in 2009 exceeded $97 million in sales. The matter is unique because the company is being methodically liquidated by a receiver and not a trustee in bankruptcy. As a consequence, we have been involved in virtually every aspect of the liquidation process including: disengaging from third-party provider agreements with the Bureau of Prisons; the sale of the company’s sophisticated software platform; termination and resolution of claims by and against employees; resolution of numerous litigation claims by and against the company; agreements with the secured lender concerning the use of cash and other collateral; and director and officer claims management.

Representation of the court-appointed equity receiver over Vaccine & Gene Therapy Institute of Florida Corp. ("VGTI"), a non-profit, biomedical research institute established in 2008 with the assistance of a $60 million grant from the State of Florida’s Innovation Incentive Fund intended to anchor and drive the State’s expansion strategy for biomedical research. Construction of VGTI's state-of-the-art research facility in Port St. Lucie was funded by a mortgage loan from the City of Port St. Lucie, which was in turn funded by a $64 million bond issuance. In a general counsel role to the receiver, Bilzin Sumberg assisted in all aspects of the fulfillment of the receiver's duties including investigating the affairs of VGTI, managing and marketing VGTI's real property, and working with stakeholders in order to maximize of the recovery for creditors.

Representation of special servicer and holder of mortgage loan on the Sagamore Hotel in an appeal to the United States Court of Appeals for the Eleventh Circuit on orders of the United States Bankruptcy Court and United States District Court. The issue on appeal regarded the determination that Sagamore was not required to pay default rate interest and attorneys' fees to the secured creditor under Sagamore's confirmed plan of reorganization, which reinstated the original terms and maturity date of a defaulted mortgage loan. The Eleventh Circuit held, in a matter of first impression in the circuit, that reinstatement of a defaulted debt requires a debtor to pay default rate interest in accordance with the loan documents and applicable non-bankruptcy law. The Eleventh Circuit also reversed the lower courts' determinations that, on the facts of the case, default rate interest had been waived by the lender. The Court remanded to the District Court with instructions to determine the fees due to the secured lender.