The Fisker Case and Its Impact on Distressed M&A

by Dechert LLP

As is well known, the right to credit bid is the entitlement of a secured lender to bid the amount of its outstanding claims at the sale of its collateral. If the secured lender places the winning bid, no money is exchanged and the purchase price is offset against the existing claims. Credit bidding provides an important right to secured lenders in ensuring that their collateral is not sold for a depressed value. If a secured lender thinks its collateral is being sold too cheaply, it has the option of taking the collateral in exchange for some or all its claims. Credit bidding can also be used as part of an acquisition strategy. Potential acquirers can purchase distressed secured claims in the secondary market, often at a substantial discount, and bid those claims at up to face value in a bankruptcy auction. Although credit bidding can be a useful in a distressed acquisition strategy, one of the risks is that a bankruptcy court will deny or limit credit bidding “for cause” under section 363(k) of the Bankruptcy Code.1

Earlier this year, a decision in the chapter 11 cases of In re Fisker Automotive, Inc. surprised many in the restructuring world by capping a secured lender’s right to credit bid at the sale of its collateral to the amount the lender paid for the debt in the secondary market.2 While some immediately viewed Fisker as a likely anomaly, a March 2014 ruling in In re Free Lance-Star Publishing Co. similarly capped a secured lender’s right to credit bid in order to promote a more competitive auction.3 While the extent to which Fisker is applied in other “loan to own” situations is yet to be seen, the decision provides a useful illustration of the potential pitfalls of purchasing distressed secured claims with a view toward acquiring the debtor-company.

Facts and Background of Fisker

Fisker Automotive Holdings, Inc. and Fisker Automotive, Inc. (the “Debtors”) were manufacturers of plug-in hybrid electric vehicles.4 In April 2010, the United States Department of Energy (the “DOE”) offered funding to the Debtors through a senior secured loan.5 Before the Debtors’ bankruptcy filing, the DOE conducted a public auction6 for the senior secured loan and in October 2013, Hybrid Tech Holdings, LLC (“Hybrid”) purchased DOE’s outstanding debt of $168.5 million under the senior secured loan for $25 million (approximately 15 cents on the dollar).7 Following the DOE auction, the Debtors agreed to sell all of their assets to Hybrid in exchange for consideration including a $75 million credit bid as part of a section 363 bankruptcy sale.8

The Debtors filed for bankruptcy on November 22, 2013 and requested approval of a private sale to Hybrid.9 Notably, the sale was requested on an expedited basis — no later than January 3, 2014, i.e., only 24 business days after the bankruptcy filing and even less time for the Official Committee of Unsecured Creditors (the “Committee”), which was not appointed until December 5, 2013.10

The Committee objected to the private sale and argued that Hybrid’s credit bid should be denied or, at a minimum, capped at $25 million, the amount Hybrid paid for the claim.11 In particular, the Committee argued that (i) “cause” existed under section 363(k) of the Bankruptcy Code because limiting Hybrid’s credit bid would facilitate an open and fully competitive auction or, in the alternative, (ii) “cause” existed because a material portion of the Debtors’ assets being sold were either not subject to a properly perfected lien in favor of Hybrid or were subject to a lien in favor of Hybrid that was in bona fide dispute.12 At the sale hearing on January 10, 2014, the Debtors and the Committee announced several stipulated agreements to limit the areas of dispute, including, among other things:

  1. if Hybrid’s credit bid was denied or capped at $25 million, there would be a strong likelihood of an auction that would create material value for the Debtors’ estates over and above the present Hybrid bid;
  2. if Hybrid’s ability to credit bid was not denied or capped, there would be no realistic possibility of an auction;
  3. the highest and best value for the estate would be achieved only through the sale of all the Debtors’ assets as an entirety; and
  4. within the package of assets offered for sale at the auction, there were (a) material assets consisting of properly perfected Hybrid collateral, (b) material assets not subject to properly perfected liens in favor of Hybrid and (c) material assets subject to bona fide dispute as to whether Hybrid had a properly perfected lien.13

The Bankruptcy Court’s Decision

After hearing the parties, Judge Gross ruled from the bench that: (i) approval of the private sale to Hybrid was denied, (ii) the Debtors should conduct a public auction for their assets and (iii) Hybrid’s credit bid at the public auction would be capped at $25 million, the price Hybrid paid for its secured claim.14 Shortly after the sale hearing, Judge Gross issued a written opinion supplementing his bench ruling.

In his written opinion, Judge Gross began his analysis by rejecting the Committee’s argument that Hybrid should not be able to credit bid at all, finding “[i]t is beyond peradventure that a secured creditor is entitled to credit bid its allowed claim.”15 For Judge Gross, the “only question” was the amount of Hybrid’s credit bid.16 In this regard, Judge Gross considered the text of section 363(k) of the Bankruptcy Code, which provides that a court may “for cause order[ ] otherwise” with respect to a secured creditors’ right to credit bid.17

Judge Gross held that the “for cause” clause of section 363(k) of the Bankruptcy Code justified limiting Hybrid’s credit bid to $25 million, or the amount Hybrid paid for its secured claims.18 Citing to a footnote in the Third Circuit’s opinion in In re Philadelphia Newspapers, LLC,19 Judge Gross stated that a court may deny the right to credit bid in order to foster a competitive bidding environment.20 As a result, Judge Gross said “cause” existed to limit Hybrid’s credit bid to $25 million because the unrebutted evidence showed that “bidding will not only be chilled without the cap; bidding will be frozen.”21

Judge Gross also noted that neither the Debtors nor Hybrid “ever provided the [c]ourt with a satisfactory reason why the sale of the non-operating Debtors required such speed” and found that “Hybrid’s rush to purchase . . . [was] inconsistent with the notions of fairness in the bankruptcy process.”22 Finally, Judge Gross noted that it would not be unprecedented to limit credit bidding because Hybrid’s claim was partially secured, partially unsecured and partially of uncertain status. Thus, the facts in Fisker were distinguishable from the Third Circuit’s seminal decision in Cohen v. KB Mezzanine Fund II, LP (In re SubMicron Sys. Corp.), where the court held an undersecured creditor was permitted to credit bid the face amount of its allowed secured claim.23 According to Judge Gross, unlike Submicron, where the entire secured claim was deemed allowed, the bankruptcy court did “not yet know how much of Hybrid’s claim is secured.”24

Impact of the Decision

Although the bankruptcy court’s reasoning was based on highly case-specific factors and is said to be non-precedential, the decision will undoubtedly be used by committees and other parties in interest as a litigation tactic against secured lenders, especially those who are not original holders of the secured claims.25 The recent ruling in Free Lance-Star is an example of this last point, although the case also involved assets not subject to a properly perfected lien in favor of the secured lender.26

As an initial matter, however, it is important to recognize that nothing in the Fisker opinion fixed the amount of Hybrid’s secured claim. Accordingly, Hybrid is entitled to “round trip” the proceeds of the sale, i.e. receive any cash proceeds paid for the Debtors’ assets to the extent Hybrid holds a properly perfected lien.

That said, the Fisker decision does pose a number of unresolved questions for secured lenders and other parties in interest. First, exactly how far will Fisker extend beyond its limited facts? For example, can the right to credit bid be capped or denied solely to promote a more competitive auction? Second, what happens when the secured facility is a credit agreement or indenture and only a portion of the debt is purchased on the secondary market? In that situation, there would be a mixture of par and distressed holders. Would the prices at which the distressed holders purchase their claims negatively impact the par holders? Third, is there more likely to be cause to deny or limit credit bidding where the secured claims are bought at a substantial discount? Although the fact that Hybrid purchased its secured claims at 15 cents on the dollar was not explicitly mentioned as a reason to cap Hybrid’s credit bid, it is possible it played a role.

In any case, the Fisker decision underscores the importance for secured lenders who become would-be acquirers to determine the extent of their properly perfected liens in the debtor’s collateral and to carefully structure sale agreements for such collateral. For example, secured lenders should consider allocating their overall bid between a credit bid component for undisputed collateral and a fixed cash bid or other consideration for collateral subject to a disputed lien. Similarly, secured lenders may consider offering a letter of credit or other assurance to the bankruptcy court with respect to liens that are in bona fide dispute to preserve their right to credit bid in full.27 Separately, secured lenders may attempt to negotiate the parameters of their right to credit bid as part of a cash collateral order or, alternatively, as part of a stipulation or other agreement with various parties in interest.



Section 363(k) of the Bankruptcy Code provides that:
“[a]t a sale . . . of property that is subject to a lien that secures an allowed claim, unless the court for cause orders otherwise the holder of such claim may bid at such sale, and, if the holder of such claim purchases such property, such holder may offset such claim against the purchase price of such property.”
11 U.S.C. § 363(k).


Memorandum Opinion at *11, In re Fisker Automotive Holdings, Inc., Case No. 13-13087 (KG) (Bankr. D. Del. Jan. 17, 2004) (Docket No. 483) (hereinafter, the “Opinion”). The secured lender immediately appealed the bankruptcy court’s decision and, on February 7, 2014, the District Court for the District of Delaware declined to hear the appeal. See Hybrid Tech. Holdings, LLC v. Official Committee of Unsecured Creditors (In re Fisker Automotive Holdings, Inc.), Case No. 14-CV-99 (GMS) (D. Del. Feb. 7, 2014).


The case citation is In re Free Lance-Star Publishing Co., Case No. 14-30315 (KLP) (Bankr. E.D. Va. Mar. 31, 2014).


Opinion at *1.


Id. at *3.


Tr. of Hr’g. at *137, In re Fisker Automotive Holdings, Inc., Case No. 13-13087 (KG) (Bankr. D. Del. Jan. 10, 2004) (hereinafter, the “Transcript”).


Opinion at *4.




Id. at *3–4. The Debtors argued that the cost and delay associated with a competitive auction, or pursuing a sale with a party other than Hybrid, were not reasonably likely to increase value for the Debtors’ estates and were not otherwise advisable under the circumstances. Id. at *4.


Id. at *10.


Id. at *8, n. 2. The Committee also filed a separate motion asking the court for a competitive auction, noting that a competing bidder, Wanxiang America Corporation (“Wanxiang”), had expressed interest in purchasing the Debtors’ assets. Id. at *4–5.


Id. at *6–7. 


Id. at *5–6. As part of the stipulation, the Committee further agreed to withdraw its objections to the private sale if the court ruled there was no basis to limit Hybrid’s credit bid. Id. at *6.


Transcript at *135–138.


Opinion at *8.






Id. at 11.


599 F.3d 298 (3d Cir. 2010). Philadelphia Newspapers was another controversial decision, which held that a secured lender’s right to credit bid can be denied under a chapter 11 cramdown plan. Id. at 318. In RadLAX Gateway Hotel v. Amalgamated Bank, the Supreme Court overruled that aspect of Philadelphia Newspapers by holding a court cannot confirm a chapter 11 cramdown plan that provides for the sale of collateral free and clear of a secured lender’s liens but does not permit the secured lender to credit bid at the sale. 132 S. Ct. 2065, 2073 (U.S. 2012). The RadLAX decision did not, however, address the footnote cited by the bankruptcy court in Fisker.


Opinion at *8–9.


Id. at *9.


Id. at *10.


432 F.3d 448, 459–461 (3d Cir. 2006).


Opinion at *11.


Transcript at *135. Judge Gross applied the Third Circuit’s procedure for issuing non-precedential opinions that apply only to the parties subject to the decision, noting “bankruptcy judges have the unenviable duty of keeping a case moving, and that doesn’t always permit time for the kind of consideration that you would want to put into a decision under normal circumstances.” Id.


The ruling in Free Lance-Star followed an afternoon hearing that was closed to the public and a decision on the matter has yet to be filed on the court’s docket. News reports, however, indicate that the bankruptcy court limited the secured lender’s credit bid to $13.9 million on a loan with an outstanding balance of approximately $38 million. See Bill Freehling, Judge Limits Main FLS Creditor, THE FREE LANCE-STAR, Apr. 1, 2014, The secured lender had purchased the loan on the secondary market and, unlike in Fisker, the purchase price is unknown. Id. In deciding to limit the credit bid, the bankruptcy court reportedly cited a desire for a competitive auction, the fact that the secured lender does not have liens on certain company assets and the firm’s “inequitable conduct” during the bankruptcy. Id. It should be noted that, from the preliminary reports, it is unclear exactly how the bankruptcy court arrived at the figure of $13.9 million for the cap.


See, e.g., In re Octagon Roofing, 123 B.R. 583, 592 (Bankr. N.D. Ill. 1991) (allowing secured party to credit bid full amount of its claims but requiring irrevocable letter of credit guaranteeing payment of challenged portion of claim if objection succeeds).


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dechert LLP | Attorney Advertising

Written by:

Dechert LLP

Dechert LLP on:

Readers' Choice 2017
Reporters on Deadline

Related Case Law

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.