Experience

bankruptcy, workouts + creditors' rights

• In mammoth bankruptcy of a defunct leasing company involving dozens of lender banks and surety companies owed over $500 million, on behalf of a multi-national bank, spearheaded negotiation and preparation of a global settlement agreement resolving substantially all conflicting claims among the affected parties in the bankruptcy, and maximized lender's recoveries from the bankruptcy estate.
• Represented creditors' committee in Chapter 11, convincing mezzanine lender to waive its claim to avoid litigation, resulting in a recovery to unsecured creditors.
• Represented bank in its $30 million claim against airport security firm in Chapter 11, obtaining 100% recovery of its loan.
• When an impasse occurred with lender, navigated the client through a hotly-contested bankruptcy reorganization, convincing the court to approve our client’s use of the lender’s cash collateral, and ultimately confirming a Chapter 11 plan under which our client’s business was sold as a going concern, maximizing recoveries for creditors, preserving all of its employees’ jobs and enabling the business to continue. 
• Represented hotel chain in bankruptcy, successfully reaching confirmation of a reorganization plan over the objection of many creditors, which resulted in a significant pay-out to unsecured creditors and the company continuing operations on a reduced scale.
• Represented seller of real estate and mortgage holder against a Chapter 11 debtor, successfully working to confirm a plan of reorganization providing for significant covenants which were breached by the debtor, resulting in seller reacquiring the real estate with a significant tenant in place. 
• Represented an Ohio subsidiary of a Canadian company in its Chapter 11, successfully conducting a sale of the assets, avoiding the liquidation of the Canadian parent, and allowing the subsidiary to continue profitable operations less significant debt.
• In the involuntary Chapter 7 bankruptcy of a national law firm, successfully recovered full payment for bank group on their multi-million dollar secured claims, and defended a lien avoidance lawsuit by the bankruptcy trustee, enabling the banks to keep all funds received before and during the bankruptcy. 
• Enabled national bank and its participant lender to recover a debt from a continuing care retirement community (CCRC), devising a strategy for a state court receiver to operate the CCRC and then obtained court approval of a procedure for the receiver to sell the CCRC “free and clear of liens” as a going concern, eliminating all subordinate liens and recovering over $20 million. 
• After replacing a national law firm, obtained judgment in favor of a regional bank and its mezzanine lender affiliate against a debtor/customer seeking $4.5 million in damages for alleged fraud, breach of fiduciary duty, civil conspiracy and lender liability claims, and then successfully defended that ruling on appeal, totally vindicating both clients.