Ballard Spahr partner Karen C. McConnell—the practice leader of the firm's mergers and acquisitions/private equity group, and a member of the firm's securities, P3/infrastructure, and real estate investment trusts groups—sat for a Q&A with Law360 to discuss her active transaction practice.

Asked about her most challenging transaction, McConnell said: “Any distressed transaction, whether or not the seller is in bankruptcy, is challenging. Too often these transactions turn into fights by creditors over pennies on the dollar, and other worthwhile considerations, like the fate of employees, are ignored. This year I represented a buyer seeking to become the stalking horse in a retail bankruptcy. My client’s bid was unsuccessful, and the retailer liquidated with thousands losing their jobs. It didn’t have to turn out that way.”