Bankruptcy
The Satterlee Stephens Burke & Burke LLP Bankruptcy & Creditors' Rights Practice Group has a vibrant, multi-faceted practice in insolvency, corporate reorganization, asset recovery, and bankruptcy-related matters. Lawyers in this practice group have extensive experience in successfully representing debtors, creditors' committees, equity committees, secured creditors, unsecured creditors, bankruptcy trustees, indenture trustees, institutional lenders, equipment financiers, receivers, landlords and purchasers of assets in a wide variety of bankruptcy cases and non-bankruptcy workouts and loan restructurings. The firm also has extensive experience in representing foreign representatives in recognition proceedings and cases under new Chapter 15 of the Bankruptcy Code and in advising clients with respect to municipal debt readjustment and Chapter 9 of the Bankruptcy Code. Satterlee lawyers have considerable expertise in structuring diverse corporate, real estate and bond transactions in order to minimize insolvency and bankruptcy-related risks, and in rendering opinions to bond rating agencies with respect to preference, fraudulent conveyance, letter of credit and other bankruptcy related issues.
Satterlee's ability to provide comprehensive legal services of the highest quality to its bankruptcy and restructuring clients is enhanced by the availability of expertise in other Satterlee practice areas.
The firm's insolvency attorneys practice in the following areas:
Committees of Creditors and Stockholders
Satterlee has an active practice representing creditors' committees and equity committees. The firm prides itself in achieving outstanding results while minimizing both the costs of legal services and the time demands of committee participation. Within the last year, the firm represented four very active committees (three in New York and one in Miami) and also has extensive experience involving creditors' committees in major cases throughout the country.
Debtors and Trustees
Satterlee has extensive experience in advising insolvent, illiquid and otherwise distressed businesses in Chapter 11 reorganization proceedings (including pre-packaged Chapter 11 cases) and in out-of-court restructurings. We represent debtor clients in many different sectors of industry and frequently deal with cross-border complexities. The firm represents bankruptcy trustees in complex cases and cases involving fraud, including a Chapter 7 liquidation of an alleged Ponzi-scheme.
Cross-Border Chapter 15 Practice
Satterlee lawyers are pioneers in the burgeoning area of cross-border insolvencies, having been the first firm in the United States to have filed two unrelated Chapter 15 cases, both within months of the passage of the new Chapter 15 legislation and successfully having both cases found to be ancillary to "foreign main" proceedings.
Secured Lenders
Satterlee regularly represents commercial banks, floorplan financiers, equipment financiers and other institutional lenders in restructuring and enforcing secured loans in both out-of-court negotiations and bankruptcy proceedings.
The firm has had extensive exposure to lender liability, equitable subordination and fraudulent conveyance litigation targeted at lending institutions. Satterlee attorneys also have frequently represented financial institutions in their capacity as equipment lenders and aircraft financiers in a number of the major airline bankruptcies. In addition to routinely prosecuting actions to lift or modify the bankruptcy automatic stay, the firm is well versed in foreclosure, replevin proceedings and other remedies under state law.
Acquirers of Distressed Enterprises
Attorneys with Satterlee have significant expertise in representing acquirers of insolvent companies through a number of vehicles ranging from the traditional acquisition of assets free and clear of liabilities, to the negotiation and promulgation of a reorganization plan, to the acquisition of control through the purchase of a controlling position in the claims against a debtor.
Representative Engagements
Representative engagements undertaken by Satterlee attorneys in the insolvency field include the following:
Bondholder and Creditor Groups
•Representation of the Official Committee of Unsecured Creditors of Cedar Chemical Corp. and Vicksburg Chemical Co. (with unsecured debt of over $100 million).
•Representation of the Official Committee of Unsecured Creditors of Globe Metallurgical, Inc. (with unsecured trade debt of over $20 million).
•Representation of the Official Committee of Unsecured Creditors in the Miami reorganization proceedings of VitalCare, Inc.
•Representation of Empire State Independent Network Committee.
•Representation of the Official Committee of Unsecured Creditors of Perry H. Koplik & Sons, Inc. (with unsecured debt of over $75 million).
•Representation of the Official Committee of Unsecured Creditors of the Kleid Company, Inc. (with in excess of $10 million of debt).
•Representation of the Official Committee of Unsecured Creditors of Marsel Mirror and Glass Products, Inc. (with in excess of $2 million in trade debt and $10 million of debt overall).
•Representation of Official Committee of Unsecured Creditors of Cable & Co. (with in excess of $6.5 million in trade debt).
•Representation of the Official Committee of Unsecured Creditors of Colony Hill Associates, a partnership (with in excess of $100 million in debt) which owns the Marriott Windwatch Hotel & Golf Course in Long Island, New York.
•Representation of the Official Committee of Unsecured Creditors of Colonial Realty Company, the largest case ever filed in Connecticut (with over $300 million of debt).
•Representation of the Official Committee of Unsecured Creditors of District 65 of the United Auto Workers (with in excess of $60 million in unsecured debt).
•Representation of the Chairman of the Unsecured Creditors Committee, and of controlling holders of secured debentures in the LTV bankruptcy proceedings.
•Representation of controlling bondholders of the $120 million tranche of Revco's 11¾% Secured Sinking Fund Debentures in Revco's Ohio bankruptcy proceedings.
•Representation of indenture trustee for $72 million in subordinated debentures in ongoing reorganization proceedings of Leasing Solutions, Inc., in San Jose, California.
•Representation of indenture trustee for $125 million of subordinated debentures in the Pittsburgh reorganization proceedings of Allegheny International, Inc.
•Representation of the Official Committee of Unsecured Creditors of Green-Wood Health Care Center, Inc. and Kings Terrace Nursing Home, operators of substantial skilled residential nursing home facilities.
Debtors and Trustees
•Representation of CanArgo, Inc. in a successful pre-packaged Chapter 11 case involving a public company and the disposition of debtor-affiliates in Canada, Cyprus, Germany and the former Soviet Republic of Georgia.
•Representation of Verestar, Inc. (and related debtors) in Chapter 11 proceedings pending in Manhattan.
•Representation of The Village Green Bookstores, Inc., a publicly-held retail bookstore chain in Chapter 11 proceedings in Rochester, New York.
•Representation of Building Blocks, Inc., a retail toy store chain and the wholly-owned operating subsidiary of the publicly-held Specialty Retail Group, Inc., in Chapter 11 proceedings in Manhattan.
•Representation of New Valley Corporation (f/k/a Western Union Corporation) as a Chapter 11 debtor-in-possession in its Newark, New Jersey proceedings.
•Representation of Aligen Independent Laboratories, Inc. as a Chapter 11 debtor-in-possession in its Wilmington, Delaware case.
•Representation of The Oxford Energy Company, a publicly-held company that engaged in the development and ownership of resource recovery and power generation facilities, as debtor-in-possession in its Chapter 11 proceedings.
•Representation of two publicly-held companies in their respective successful Chapter 11 reorganizations: the John B. Stetson Company (manufacturer of the Stetson® hat); and Container Industries, Inc.
•Representation of Liberty Lighting Company and Schreiber Wholesale Services as debtors-in-possession in their Chapter 11 proceedings filed in Trenton, New Jersey and Reading, Pennsylvania, respectively.
•Current representation of Edward G. Moran, as Chapter 7 trustee in the Southern District of New York.
•Representation of Harrison J. Goldin, as a Chapter 11 operating trustee in the Southern District of New York.
•Representation of Morton C. Batt, as a Chapter 7 trustee in the District of New Jersey, in the bankruptcy unwind of a Ponzi-scheme.
Chapter 15 Foreign Representatives
•Representation of the recognized foreign representative of Trade and Commerce Bank in a pending Chapter 15 case in the Southern District of New York.
•Representation of the recognized foreign representative of Bancredit (Cayman) in a pending Chapter 15 case in the Southern District of New York.
Secured Lenders
•Representation of secured commercial bank lenders to commercial and residential real estate developers in bankruptcy proceedings in the Southern and Eastern Districts of New York.
•Representation of two secured commercial bank lenders, to a NYC residential housing cooperative corporation and to marina, in separate Chapter 11 bankruptcy proceedings in Westbury, Long Island.
•Representation of a lead floorplan D-I-P lender in the New York Chapter 11 proceedings of Newmark & Lewis Inc.
•Representation of floorplan lenders in numerous bankruptcy proceedings and state court replevin proceedings.
•Representation of the largest secured lender to P.A. Bergner & Co. (Carson Pirie Scott) in Milwaukee, Wisconsin Chapter 11.
•Representation of a U.S. subsidiary of a Dutch commercial bank, in numerous loan restructurings, bankruptcies and workouts.
Equipment Financiers
•Representation of computer lessors in connection with the Chapter 11 proceedings of Macy’s, Federated Department stores, and Sterling Optical.
•Representation of aircraft lessors in connection with the Chapter 11 proceedings of Eastern Airlines, Continental Airlines, Frontier Airlines and People Express.
•Representation of an aircraft manufacturer and financier in the Pan Am bankruptcy proceedings.
•Representation of twelve equipment trusts in the Chapter 11 case of Continental Information Systems (CIS).
Equity Holders
•Representation of the Gifford Fund as largest equity security holder in the White Plains, New York Chapter 11 proceedings of Pudgies, Inc., a publicly-held fast food chain.
•Representation of an unofficial committee of equity security holders in connection with the reorganization of Alert Holdings, Inc. and its affiliates.
•Representation of Carl C. Icahn as the largest shareholder in the Texaco Chapter 11 proceedings.
•Representation of the Official Committee of Equity Security Holders of the publicly-held American Healthcare Management, Inc. during its reorganization proceedings in Dallas.
•Representation of three trustees presiding over liquidation of creditor trusts emerging from Chapter 11 cases, including preference programs and other avoidance litigations.
Miscellaneous
•Representation of Edward G. Moran as liquidating trustee in Breed Technologies proceedings pending in Delaware Bankruptcy Court.
•Representation of Trans World Airlines in its affiliation with a regional air carrier in bankruptcy proceedings in Wilkes-Barre, Pennsylvania.
•Representation of strategic lender to debtor-in-possession in New York Chapter 11 proceedings of American Medical Waste Systems, Inc., including confirmation of Chapter 11 plan wherein lender acquired debtor's assets.
•Representation of national and international fashion retail chains in acquisitions of valuable leases through bankruptcy auctions.
•Representation of Barbados affiliate/creditor of Trenwick America Corporation in Delaware Chapter 11.