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Business Restructuring + Insolvency

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Representative Experience

Residential Capital LLC
MoFo is lead bankruptcy counsel to Residential Capital LLC (“ResCap”), one of the largest real estate finance companies in the world (with over $15 billion in assets and liabilities), in the largest Chapter 11 case filed to date in 2012. ResCap is currently the fifth-largest servicer of residential mortgage loans and the tenth-largest originator of residential mortgage loans in the United States. We are currently seeking to effectuate a sale of ResCap’s mortgage origination and servicing platform (effectively comprising the entirety of ResCap’s operating business) and a legacy loan portfolio as part of its Chapter 11 case. Combined, these sales are projected to yield over $4 billion to ResCap’s bankruptcy estates. This would be a first of its kind sale of an operating mortgage business out of bankruptcy. An auction for the sale of these assets is scheduled for the end of October 2012.
MF Global – Chapter 11 Trustee
On October 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. With $41 billion in assets at the time of filing, it was the largest bankruptcy filing of 2011 and the eighth-largest in U.S. history. Within a month of the bankruptcy filing, as a result of the discovery that significant customer funds were unaccounted for, former FBI director and federal judge, Louis J. Freeh, was appointed as the Chapter 11 Trustee. Judge Freeh selected MoFo as his lead counsel. On behalf of the Trustee, we have filed more than 100 claims worldwide, seeking in excess of $3 billion dollars of claims from MF Global's former affiliates and subsidiaries. We are also leading the investigation into the downfall of MF Global and potential claims against insiders and third parties.
In re Ambac Financial Group, Inc.
MoFo represents the Official Committee of Unsecured Creditors in the Chapter 11 case of Ambac Financial Group, Inc. (“AFGI”). AFGI is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. We were selected as counsel to the Committee in November of 2010. This case may be the first “partial” rehabilitation in the United States and presented unique challenges. A plan was confirmed on March 14, 2012, but has not yet gone effective.
PMI Group, Inc.
MoFo represents the Official Committee of Unsecured Creditors in the Chapter 11 case of The PMI Group, Inc. (“PMI”). PMI is a mortgage insurance holding company. Certain of its subsidiaries are currently operating under orders of supervision and a permanent receivership proceeding, all of which are pending in Arizona. We first became involved in this Chapter 11 case mid-January 2012 and we are calling upon our experience from other monoline bankruptcy cases to develop creative solutions that will monetize illiquid assets and enhance the recovery for general unsecured creditors.
In re Pinnacle Airlines Corp., et al.
MoFo represents the Official Committee of Unsecured Creditors in the Chapter 11 cases of Pinnacle Airlines Corp., et al. Pinnacle Airlines, Inc. operates as Delta Connection for Delta Airlines, which is the Debtors’ largest customer and post-petition lender. The Debtors filed their bankruptcy petitions on April 1, 2012, and at the time had 8,000 employees, over $1 billion in annual revenue and operated over 800 flights a day. Although still in its early stages, the cases have already required significant negotiations among the Committee, the Debtors, and Delta Airlines, pursuant to which we, on behalf of the Committee, successfully obtained certain favorable amendments to the DIP financing terms and other contracts between the Debtors and Delta.
Los Angeles Dodgers
MoFo represented the Official Committee of Unsecured Creditors in the Chapter 11 cases of Los Angeles Dodgers, LLC, et al. A plan of reorganization was confirmed by the Bankruptcy Court on April 13, 2012, pursuant to which the baseball team was sold for a record $2 billion to Guggenheim Baseball Management. Unsecured creditors received a 100% cash recovery under the plan. This case is significant because it is the largest and most successful restructuring of a sports franchise in U.S. history.
U.S. Subsidiaries of Hampson Industries PLC
Representation of the U.S. operating subsidiaries of Hampson Industries PLC, a U.K. publicly-traded company and global manufacturer and supplier of engineered products to customers in the aerospace and specialist engineering markets, in connection with their out-of-court restructuring and ultimate sale to American Industrial Partners for approximately $44 million.
Eurohypo AG, New York Branch
We represent Eurohypo AG, New York Branch, as administrative agent, and the advisory committee of the $2.6 billion Corporate Credit Agreement lenders in the restructuring of General Growth Properties, Inc. and its affiliates (collectively, GGP). GGP is the nation's second-largest owner and operator of retail shopping centers and one of the largest publicly traded REITs in the U.S., owning a portfolio of over 200 regional and trophy shopping centers in 44 states. GGP has more than $27 billion in total debt and is currently in bankruptcy in the Southern District of New York.
In re Hawaiian Telcom Communications, Inc., et al.
We represent the Official Committee of Unsecured Creditors of Hawaiian Telcom, the leading provider of telecommunications services in the State of Hawaii. Hawaiian Telcom has filed for relief under Chapter 11 and is pursuing strategic paths under the protections of the Bankruptcy Code.
In re Eastman Kodak Company, et al.
Represented numerous intellectual property licensees, licensors, and infringement defendants in the Kodak bankruptcy case, where we fought to preserve and protect our clients’ intellectual property rights and lead an ad hoc group of similar parties. Also represented the runner-up bidder for the patent portfolio sold by Kodak in its chapter 11 case.
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