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Nicklaus Co. Bankruptcy Kicks Off High-Stakes Fight for Control

December 01, 2025

Cadwalader partner Douglas Mintz was recently quoted in Bloomberg Law’s article, “Nicklaus Co. Bankruptcy Kicks Off High-Stakes Fight for Control,” which examines the unfolding Chapter 11 case involving Jack Nicklaus’ former golf services business.

The article details years of disputes between Nicklaus and businessman Howard P. Milstein, culminating in a $50 million defamation judgment in favor of Jack Nicklaus – which precipitated a bankruptcy by Nicklaus Co.

Doug provided insight into how creditors can address a situation where a single insider simultaneously serves as manager, equity holder and lender in a bankruptcy case.

He noted that creditors have several avenues to challenge insider influence, “including requesting an examiner or trustee, seeking to recharacterize insider debt as equity, or moving to subordinate the insider’s claims for misconduct.”

Doug added, “There are a lot of tools in a case where one person is . . .  wearing this many hats.”

Read the full article here.

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