Mr. Franklin H. Top
Franklin H. Top, III is a partner with Chapman and Cutler LLP and the co-practice group leader of its Litigation, Bankruptcy and Restructuring Group in its Chicago office. He focuses his practice on bank- ruptcy, creditor rights, restructuring and litigation, and has represented indenture trustees, noteholders and creditors' committees in federal bankruptcy proceedings as well as state insurance insolvency pro- ceedings, FDIC takeovers, state bank insolvency proceedings and international insolvency proceedings. Mr. Top has defended avoidance actions and motions for adequate protection, filed and defended proofs of claim, and exercised the right to credit-bid. He has also been involved in the invocation of remedies under the Uniform Commercial Code and general foreclosure proceedings. Mr. Top has been involved in the review and resolution of hundreds of swap transactions involving insolvent counterparties, includ- ing issues relating to valuation of termination payments, the bankruptcy safe harbor of ¤ 560, and what has been referred to as the "flip clause" relating to the priority of payment of a termination payment vis-�-vis investors in a CDO counterparty issuer. He has also represented creditors and indenture trust- ees in airline bankruptcies in a variety of transactions, including Trans World Airlines, United Airlines, Northwest Airlines, Delta Airlines and American Airlines. In addition to successfully litigating adequate protection motions to preserve the benefit of the bargain for secured creditors, he has also participated in the restructuring of enhanced equipment note transaction structures, pass-through trust structures, lever- aged leases and various other trusts. Mr. Top is admitted to practice in Illinois and before the U.S. Court of Appeals for the Second and Seventh Circuits, as well as the U.S. Supreme Court. He received his B.S. in chemistry in 1984 from Kenyon College and his J.D. in 1988 from Ohio State University College of Law, where he was a member of the Order of the Coif.