Nancy L. Manzer

Special Counsel

Manzer, Nancy L.

Nancy Manzer has extensive experience in the areas of corporate restructuring, bankruptcy litigation and civil litigation. She has represented debtors, creditors and other parties in every stage of reorganization proceedings and related litigation. Her practice also includes advising financial services clients on bankruptcy-related requirements in the servicing of mortgages and other financial products. Building on years of insurer representation in coverage disputes and litigation, she also assists clients in evaluating and pursuing available insurance under general liability, directors and officers liability and other types of insurance policies. 

Publications & News


July 29, 2014

Whose Refund Is It? The Sixth Circuit Weighs in, Finding Tax Sharing Agreement Between Bank and Holding Company Ambiguous on Ownership of Refunds

In its recent AmFin decision, the Sixth Circuit joined a growing line of cases considering whether tax refunds paid to a bank holding company pursuant to a tax sharing agreement between the holding company and its subsidiary bank, but attributable to losses incurred by the bank, are the property of the holding company's bankruptcy estate or of the FDIC as receiver for the bank.

May 1, 2014

Whose Refund Is It? Ninth Circuit Holds Tax Refund Belongs to Bankruptcy Estate of Bank Holding Company, Not to Receivership Estate of Subsidiary Bank

The Ninth Circuit's recent decision in the IndyMac Bancorp bankruptcy case, which holds that disputed tax refunds belong to the bankruptcy estate of holding company IndyMac Bancorp, rather than to the FDIC as the receiver for IndyMac Bank, suggests that courts may limit the Eleventh Circuit decisions to their facts.

January 3, 2014

11th Circ. Sows Doubt Over Insolvent Bank Tax Refunds

Phillip Anker and Nancy Manzer publish an article in Bankruptcy Law360.

December 2, 2013

‘Free and Clear’ Has Broad Reach in Bankruptcy Sales

An article by Craig Goldblatt, Andrew Goldman and Nancy Manzer, published in the Corporate Restructuring and Bankruptcy section of the New York Law Journal.

November 4, 2013

Whose Refund Is It? Round Three Goes to Bank Holding Company Bankruptcy Estate

In prior Client Alerts, we reported on two recent Eleventh Circuit decisions (BankUnited and NetBank) that, in a seeming break with the established precedent in lower courts, held that tax refunds attributable to losses incurred by an insolvent bank belonged to the FDIC, as receiver for the bank, rather than to the bankruptcy estate of the bank's holding company that received those refunds. In those Alerts, we suggested that because of unique facts in those cases, other courts might limit those decisions to their facts and reach a different result in future cases. That is exactly what the Bankruptcy Court for the District of Delaware did in its recent decision in the bankruptcy case of Downey Financial Corp.

September 26, 2013

Whose Refund Is It? Eleventh Circuit Holds for the Second Time in a Month That Tax Refund Belongs to FDIC as Receiver for Bank and Not to Holding Company’s Bankruptcy Estate

For the second time in less than a month, the Eleventh Circuit has held that a tax refund belongs to the FDIC, as receiver for the bank, rather than to the bankruptcy estate of the bank's holding company. While the tax sharing agreements at issue in the Eleventh Circuit decisions were in some respects unusual, the Eleventh Circuit also appears to have discredited arguments that had been credited in earlier decisions by district and bankruptcy courts finding that tax refunds were the property of the bank. Thus, these recent Eleventh Circuit decisions create uncertainty with respect to the ownership of tax refunds attributable to failed banks.

September 6, 2013

How 11th Circ. Muddied The Law On Bank Tax Refunds

An article by Phil Anker and Nancy Manzer published by Law360.

September 4, 2013

Whose Refund? Eleventh Circuit Muddies the Law on Ownership of Bank Tax Refunds in Bankruptcy

A new decision by the Eleventh Circuit has complicated the question of whether a tax refund is owned by a bank holding company in its bankruptcy, or by the holding company’s operating bank subsidiary in its receivership. This issue is of great importance to the distressed investing community because it can create substantial shifts in recovery between creditors of the bank holding company and creditors of the operating bank. In contrast to several earlier cases that ruled for the bank holding company and its creditors, the new decision from the Eleventh Circuit requires the bank holding company to remit the refund to the FDIC as receiver of the operating bank subsidiary. Whether the decision will be followed and lead to a fundamental change in the direction of the case law, or be distinguished or rejected in future cases, remains to be seen. But, in the interim, the decision will create greater uncertainty for creditors of both bank holding companies and their operating bank subsidiaries.

December 9, 2009

WilmerHale Announces 2010 Promotions

WilmerHale is pleased to announce the firm's 2010 elevations, which will become effective on January 1, 2010. A full list of elevated partners and special counsel can be found at the end of this press release.

April 13, 2009

Cloaked in Uncertainty: Treatment of "Stub Rent" in the Goody's and Stone Barn Retail Apparel Bankruptcies

Recent Highlights

Ms. Manzer's work has included:

  • debtor representation in chapter 11 bankruptcy cases;
  • representing purchasers in bankruptcy 363 sales;
  • representing insurers with respect to issues arising in the bankruptcy filings of their insureds;
  • assisting financial institution client with investigating and responding to inquiries from United States Trustees; and
  • responding to claims for breach of fiduciary duties asserted against directors and officers of bankrupt entities. 

Professional Activities

Ms. Manzer is a member of the American Bar Association and the American Bankruptcy Institute.



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JD, Cornell Law School, 1988, Article Editor, Cornell Law Review; Order of the Coif

BA, cum laude, Harvard University, 1983

Bar Admissions


District of Columbia

New York

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