Q&A: An Interview with Lee Buchwald and Nicholas Kajon
Nicholas F. Kajon
In September 2016, MagCorp. bankruptcy trustee Lee Buchwald and attorney Nicholas Kajon of Stevens & Lee arranged the unprecedented sale at public auction of an interest in the right to receive litigation recoveries from a $213 million judgment on appeal. The $26.2 million sale to Gerchen Keller Capital (later acquired by Burford) enabled the estate to liquidate a portion of a contingent asset, hedge against appellate risk and guarantee a minimum recovery to creditors. On March 8, 2017, the US Court of Appeals for the Second Circuit issued a summary affirmance of judgment, a win for MagCorp.