--- title: "Turnarounds & Workouts Interviews Special Counsel Benjamin D. Feder on Bankruptcy Activity in 2018" date: 2018-07-31T00:00:00-04:00 author: Import Bot canonical_url: "https://www.kelleydrye.com/news/turnarounds-workouts-interviews-special-counsel-benjamin-d-feder-on-bankruptcy-activity-in-2018" section: News --- # Turnarounds & Workouts Interviews Special Counsel Benjamin D. Feder on Bankruptcy Activity in 2018 July 2018 Special counsel [Benjamin D. Feder](/Our-People/Benjamin-Feder) was quoted in the *Turnarounds & Workouts* article ​“Mid-Year 2018 Update (Part II).” In the article, Ben discusses his greatest successes and challenges thus far this year, the possibility of significant trade restrictions and major cases year-to date, including broadcast radio giant Cumulus Media’s bankruptcy and the debate over its enterprise valuation. In *Cumulus*, U.S. Bankruptcy Judge Shelley Chapman sided with the company over its junior creditors in a dispute over the company’s value — an amount estimated between $1.5 billion and $1.7 billion by the company and pegged at about $2.2 billion by unsecured creditors and other investors. “Judge Chapman’s decision reflects a tendency among many judges to look for market evidence to bolster valuation arguments,” Ben said. ​“Parties seeking to contest a debtor’s enterprise valuation for plan purposes are well advised, if at all possible, to find a party, either from within or outside of the case, who is willing to write a check (as a purchaser or a backstop party) consistent with the asserted enterprise valuation.” - Share this entry - - - - - [ View entry pdf ](https://s3.amazonaws.com/cdn.kelleydrye.com/content/uploads/pdf-snapshots/turnarounds-workouts-interviews-special-counsel-benjamin-d-feder-on-bankruptcy-activity-in-2018-20230802195711.pdf) ### Attachments - [T WJULY20182](https://s3.amazonaws.com/cdn.kelleydrye.com/content/uploads/attachments/T-WJULY20182.pdf) ### Related Services - [Bankruptcy and Restructuring](https://www.kelleydrye.com/practices/bankruptcy-and-restructuring) In the News [ ![](https://d3iuizmsm2hayf.cloudfront.net/content/uploads/Listing-Images/Grymes_Thompson_Christie_L.webp?auto=compress%2Cformat&crop=focalpoint&fit=crop&fp-x=0.5&fp-y=0.5&h=750&q=80&w=1125&s=8cdff8f3f62f20742ddf756217720753) ![](https://d3iuizmsm2hayf.cloudfront.net/content/uploads/Listing-rectangles/In_the_News_Listing.svg) ](https://www.kelleydrye.com/news/christie-thompson-featured-on-abas-trust-and-trade-podcast) July 20, 2026 [ ](https://www.kelleydrye.com/news/christie-thompson-featured-on-abas-trust-and-trade-podcast) In the News [ ![](https://d3iuizmsm2hayf.cloudfront.net/content/uploads/Listing-Images/Mon_Gonzalo_listing.webp?auto=compress%2Cformat&crop=focalpoint&fit=crop&fp-x=0.5&fp-y=0.5&h=750&q=80&w=1125&s=e5cf250ea9912bedfdad33a60aa6fb97) ![](https://d3iuizmsm2hayf.cloudfront.net/content/uploads/Listing-rectangles/In_the_News_Listing.svg) ](https://www.kelleydrye.com/news/gonzalo-mon-quoted-in-politico-on-click-to-cancel-rules) July 17, 2026 [ ](https://www.kelleydrye.com/news/gonzalo-mon-quoted-in-politico-on-click-to-cancel-rules)