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Firm Overview

Instead of trying to be everything to everybody, we’ve made a name for ourselves by delivering what our clients need most: in-depth, hands-on legal counsel throughout the financial services sector — and beyond.

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Throughout our history, Schulte has provided comprehensive pro bono services to local and national nonprofit organizations. Today, we serve more than 50 nonprofits and work to advance a variety of social justice causes.

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Inside the firm, we work hard to attract diverse, talented lawyers and encourage their career growth and advancement. And outside the office, we’re active in volunteer drives and local initiatives that support women and minorities’ professional success.

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We take doing “good work” seriously — whether we’re talking about our high ethical standards or the way in which we foster a positive and inclusive culture for our personnel and support local communities.

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Offices

  • New York

    • 919 Third Avenue
    • New York, NY 10022
    • United States of America
      • +1 212.756.2000 Phone
      • +1 212.593.5955 Fax
  • Washington, DC

    • 901 Fifteenth Street, NW, Suite 800
    • Washington, DC 20005
    • United States of America
      • +1 202.729.7470 Phone
      • +1 202.730.4520 Fax
  • London

    • One Eagle Place
    • London SW1Y 6AF
    • United Kingdom
      • +44 (0) 20 7081 8000 Phone
      • +44 (0) 20 7081 8010 Fax

A defendant creditor in a preference suit may offset 1) the amount of later “new value” (i.e., additional goods) it sold to the Chapter 11 debtor against 2) the debtor’s earlier preferential payment to the creditor, the U.S. Court of Appeals for the Eleventh Circuit recently held. Even when the creditor was paid for the new goods, stressed the court, Bankruptcy Code “§547(c)(4) does not require new value to remain unpaid.” Rejecting the bankruptcy trustee’s “policy” argument, the court said its holding “promotes one of the ‘principal policy objectives underlying the [Code’s] preference provisions —’ encouraging creditors to continue extending credit to financially troubled debtors.” In this article, of counsel Michael Cook discusses the relevance of the Eleventh Circuit’s decision in In re BFW Liquidation LLC regarding the circuit courts’ current split on the extent of the new value defense.