Kservicing Bankruptcy
- Date
- 2023-03-15
Summary
Exhibit 2, filed March 15, 2023 as Doc 685-2 in Case 22-10951-CTG, the KServicing bankruptcy case. It is an email chain dated January 4, 2023 to January 13, 2023 between attorneys at Weil, Gotshal & Manges LLP and Sullivan & Cromwell LLP under the subject KServicing/Amex. The emails arrange calls about options for ongoing loan servicing following the bankruptcy and American Express's role. They also record a request for consent to share three agreements with Cross River Bank, including an Agreement and Plan of Merger dated August 16, 2020, and a reply that American Express consents to sharing them. The final email transmits a letter and a schedule listing requests.
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Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 1 of 8
Exhibit 2
Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 2 of 8
From: Tsekerides, Theodore <theodore.tsekerides@weil.com>
Sent: Friday, January 13, 2023 4:37 PM
To: Mehta, Suniti N.; Arthur, Candace M.
Cc: Bromley, James L.; Davidoff, Amanda Flug; Hwangpo, Natasha; Bentley, Chase; Ollestad,
Jordan; Trinity Litigation
Subject: [EXTERNAL] RE: KServicing/Amex
Attachments: Letter to Amex Re Loan Servicing.pdf; KServicing 2004 Request Schedule.pdf
Please see the attached letter and schedule listing the requests. Let’s discuss next week.
Thanks very much.
Theodore E. Tsekerides
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
theodore.tsekerides@weil.com
+1 212 310 8218 Direct
+1 516 398 0510 Mobile
+1 212 310 8007 Fax
From: Mehta, Suniti N.
Sent: Wednesday, January 11, 2023 2:41 PM
To: Tsekerides, Theodore ; Arthur, Candace M.
Cc: Bromley, James L. ; Davidoff, Amanda Flug ; Hwangpo, Natasha ; Bentley, Chase ; Ollestad, Jordan
Subject: RE: KServicing/Amex
Ted, Candace,
American Express consents to sharing the Merger Agreement, TSA, and Transfer, Assignment and Assumption
Agreement with Cross River Bank.
We will come back to you on the draft protective order as soon as possible. As discussed on Friday, it would be helpful to
see the list of requests that we discussed, including details about the data transfer that KServicing is interested in
pursuing.
Thanks,
Suni
Suniti N. Mehta
T: (212) 558‐4083 | F: (212) 558‐3588
mehtas@sullcrom.com
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Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 3 of 8
From: Tsekerides, Theodore <theodore.tsekerides@weil.com>
Sent: Wednesday, January 11, 2023 8:27 AM
To: Arthur, Candace M. <Candace.Arthur@weil.com>
Cc: Bromley, James L. <bromleyj@sullcrom.com>; Mehta, Suniti N. <mehtas@sullcrom.com>; Davidoff, Amanda Flug
<davidoffa@sullcrom.com>; Hwangpo, Natasha <Natasha.Hwangpo@weil.com>; Bentley, Chase
<Chase.Bentley@weil.com>; Ollestad, Jordan <Jordan.Ollestad@weil.com>
Subject: [EXTERNAL] Re: KServicing/Amex
Actually, upon further review, the only agreement of these 3 that requires Amex’s consent is the TSA.
Jim, please let us know about the TSA and also let us know if there were any comments on the proposed protective
order we sent around a while back.
Thanks very much.
Theodore E. Tsekerides
Partner
Weil, Gotshal & Manges LLP
212‐310‐8218 Office
516‐398‐0510 Mobile
On Jan 10, 2023, at 7:47 PM, Arthur, Candace M. <Candace.Arthur@weil.com> wrote:
Jim, Suniti, and Amanda
We wanted to see if you had a chance to speak to your client regarding our request for consent to share
the following documents with Cross River Bank:
1. The Transition Services Agreement;
2. Agreement and Plan of Merger among American Express Travel Related Services
Company, Inc., Green Acquisition Merger Sub, Inc., Kabbage, Inc., Alpha Kabbage,
Inc., and Fortis Advisors, LLC, dated August 16, 2020, including all exhibits and
schedules thereto, as may be amended from time to time;
3. The Transfer, Assignment and Assumption Agreement between Kabbage, LLC and
Alpha Kabbage;
Please advise. Subject to obtaining the requested consent we would like to provide Cross River with the
documents before their 4pm deadline to object to the Disclosure Statement.
Best
Candace
Candace M. Arthur
Partner
Weil, Gotshal & Manges LLP
767 Fifth Avenue
2
Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 4 of 8
New York, NY 10153
candace.arthur@weil.com
+1 212 310 8324 Direct
+1 212 310 8007 Fax
From: Bromley, James L. <bromleyj@sullcrom.com>
Sent: Friday, January 6, 2023 1:03 PM
To: Arthur, Candace M. <Candace.Arthur@weil.com>
Cc: Tsekerides, Theodore <theodore.tsekerides@weil.com>; Mehta, Suniti N. <mehtas@sullcrom.com>;
Davidoff, Amanda Flug <davidoffa@sullcrom.com>; Hwangpo, Natasha <Natasha.Hwangpo@weil.com>;
Bentley, Chase <Chase.Bentley@weil.com>
Subject: RE: [EXTERNAL] Re: KServicing/Amex
I can speak between 2:30 and 4
James L. Bromley
T: (212) 558‐4923 | F: (212) 291‐3588 | C: (973) 901‐6898
bromleyj@sullcrom.com
From: Arthur, Candace M. <Candace.Arthur@weil.com>
Sent: Friday, January 6, 2023 12:24 PM
To: Bromley, James L. <bromleyj@sullcrom.com>
Cc: Tsekerides, Theodore <theodore.tsekerides@weil.com>; Mehta, Suniti N. <mehtas@sullcrom.com>;
Davidoff, Amanda Flug <davidoffa@sullcrom.com>; Hwangpo, Natasha <Natasha.Hwangpo@weil.com>;
Bentley, Chase <Chase.Bentley@weil.com>
Subject: RE: [EXTERNAL] Re: KServicing/Amex
Jim
Thank you for the flexibility. Would this afternoon work for you? Perhaps between 2‐4?
Candace M. Arthur
Partner
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
candace.arthur@weil.com
+1 212 310 8324 Direct
+1 212 310 8007 Fax
From: Bromley, James L. <bromleyj@sullcrom.com>
Sent: Thursday, January 5, 2023 6:06 PM
To: Arthur, Candace M. <Candace.Arthur@weil.com>
Cc: Tsekerides, Theodore <theodore.tsekerides@weil.com>; Mehta, Suniti N. <mehtas@sullcrom.com>;
Davidoff, Amanda Flug <davidoffa@sullcrom.com>; Hwangpo, Natasha <Natasha.Hwangpo@weil.com>;
3
Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 5 of 8
Bentley, Chase <Chase.Bentley@weil.com>
Subject: RE: [EXTERNAL] Re: KServicing/Amex
Sure
From: Arthur, Candace M. <Candace.Arthur@weil.com>
Date: Thursday, Jan 05, 2023 at 5:31 PM
To: Bromley, James L. <bromleyj@sullcrom.com>
Cc: Tsekerides, Theodore <theodore.tsekerides@weil.com>, Mehta, Suniti N. <mehtas@sullcrom.com>,
Davidoff, Amanda Flug <davidoffa@sullcrom.com>, Hwangpo, Natasha <Natasha.Hwangpo@weil.com>,
Bentley, Chase <Chase.Bentley@weil.com>
Subject: Re: [EXTERNAL] Re: KServicing/Amex
Jim
We are in striking distance of resolving a contested matter that is scheduled for hearing tomorrow. Is it
possible to reschedule our call for tomorrow?
Candace M. Arthur
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
candace.arthur@weil.com
+1 212 310 8324 Direct
+1 212 310 8007 Fax
On Jan 4, 2023, at 9:38 PM, Bromley, James L. <bromleyj@sullcrom.com> wrote:
Ok
From: Arthur, Candace M. <Candace.Arthur@weil.com>
Date: Wednesday, Jan 04, 2023 at 9:32 PM
To: Bromley, James L. <bromleyj@sullcrom.com>
Cc: Tsekerides, Theodore <theodore.tsekerides@weil.com>, Mehta, Suniti N.
<mehtas@sullcrom.com>, Davidoff, Amanda Flug <davidoffa@sullcrom.com>, Hwangpo,
Natasha <Natasha.Hwangpo@weil.com>, Bentley, Chase <Chase.Bentley@weil.com>
Subject: Re: [EXTERNAL] Re: KServicing/Amex
Jim
Let’s shoot for 6:30. We will circulate a dial‐in.
Candace M. Arthur
4
Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 6 of 8
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
candace.arthur@weil.com
+1 212 310 8324 Direct
+1 212 310 8007 Fax
On Jan 4, 2023, at 11:36 AM, Bromley, James L.
<bromleyj@sullcrom.com> wrote:
Ted,
Thanks for getting back to me so quickly. I am in depositions tomorrow
until 5:30. I can talk after that if it works for you.
Jim
From: Tsekerides, Theodore <theodore.tsekerides@weil.com>
Date: Wednesday, Jan 04, 2023 at 11:09 AM
To: Bromley, James L. <bromleyj@sullcrom.com>
Cc: Mehta, Suniti N. <mehtas@sullcrom.com>, Davidoff, Amanda Flug
<davidoffa@sullcrom.com>, Arthur, Candace M.
<Candace.Arthur@weil.com>, Hwangpo, Natasha
<Natasha.Hwangpo@weil.com>, Bentley, Chase
<Chase.Bentley@weil.com>
Subject: [EXTERNAL] Re: KServicing/Amex
Thanks Jim. We agree it would make a lot of sense to discuss. Would
you happen to have any availability tomorrow?
Much appreciated.
Theodore E. Tsekerides
Partner
Weil, Gotshal & Manges LLP
212‐310‐8218 Office
516‐398‐0510 Mobile
On Jan 4, 2023, at 10:33 AM, Bromley, James L.
<bromleyj@sullcrom.com> wrote:
Ted,
Hope you enjoyed the holidays. We understand that
KServicing has approached American Express about
options for ongoing loan servicing following bankruptcy.
It would be helpful to find a time to discuss the current
status of your investigation with respect to the
5
Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 7 of 8
bankruptcy and American Express, in order to facilitate
a conversation about options for loan servicing and
American Express’s role. Please let us know if you have
availability this week or early next week to discuss.
Best regards,
Jim
James L. Bromley
Sullivan & Cromwell LLP | 125 Broad Street |
New York, NY 10004‐2498
T: (212) 558‐4923 | F: (212) 291‐3588 | C: (973) 901‐
6898
bromleyj@sullcrom.com | http://www.sullcrom.com
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Case 22-10951-CTG Doc 685-2 Filed 03/15/23 Page 8 of 8
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