The market volatility prompted by the pandemic in the first quarter of 2020 led to the collapse of several financial institutions. Judge James Peck, a P.R.I.M.E. Finance disputes expert, and Rick Grove, a P.R.I.M.E. Finance markets expert, will discuss how they combined their respective skills to fashion an ad hoc ADR mechanism that successfully resolved the claims between a hedge fund and a number of the fund’s bank creditors and enabled the parties to avoid a potentially lengthy and costly bankruptcy process. In introductory remarks, Darrell Duffie, a P.R.I.M.E. Finance expert, will outline the market context in which this ADR occurred.