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MoFo Secures a $65 Million Settlement for the Thrasio Legacy Trust

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Morrison Foerster secured a $65 million settlement for the Thrasio Legacy Trust (the “Trust”) created following Thrasio’s Chapter...

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Morrison Foerster secured a $65 million settlement for the Thrasio Legacy Trust (the “Trust”) created following Thrasio’s Chapter 11 bankruptcy cases. The proceeds of the settlement will be distributed to former creditors of the Thrasio debtors. Such a recovery was far from certain at the outset of the bankruptcy cases.The Thrasio debtors initially sought to reorganize pursuant to a chapter 11 plan that offered unsecured creditors a mere $250,000. Upon being selected as counsel to Thrasio’s Official Committee of Unsecured Creditors, MoFo conducted a thorough investigation that uncovered substantial unencumbered estate claims and causes of action. Mofo, on behalf of the Committee, ensured that these claims were adequately preserved pursuant to a revised chapter 11 plan. Following confirmation of the chapter 11 plan, MoFo continued its investigation and subsequently filed a comprehensive 73 page complaint on behalf of the Trust against eleven Defendants, including several members of Thrasio’s former management team, asserting 26 claims. Following several rounds of motion practice and a formal mediation process, the parties agreed to settle the claims in exchange for a payment of $65 million. The MoFo litigation team was led by business insolvency + structuring partners Doug Mannal, Theresa Foudy and Bryan Kotliar with invaluable support from complex litigation partners Jamie Levitt and Alexander Lawrence, and associates Janie Buckley, Helen Yan, Laura Miller, and Mercedes Chavez.“I applaud this tremendous result for our clients,” said Lorenzo Marinuzzi, MoFo’s business insolvency + restructuring chair. “The team deftly ensured these claims were preserved as part of the trust while also successfully litigating these claims on their behalf.”

MoFo Secures a $65 Million Settlement for the Thrasio Legacy Trust

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Doug is a partner in the Business Restructuring + Insolvency Group, based in the New York office.Doug’s practice focuses on representing clients in chapter 11 bankruptcy cases, out-of-court restructurings, and other distressed situations. His clients include official creditors’ committees, ad hoc creditor groups, and individual asset managers, as well as corporate borrowers.On behalf of creditors, Doug implements strategies focused on maximizing creditor recoveries and he has significant experience proposing and confirming plans of reorganization; investigating and prosecuting various estate causes of action; negotiating intercreditor disputes; crafting cash collateral orders, debtor-in-possession/exit financing packages, and creditor-sponsored equity rights offerings; challenging confirmation of nonconsensual chapter 11 plans; terminating exclusivity; participating in 363 sales; and implementing and defending against coercive liability management transactions. On the company side, Doug counsels borrowers navigating the complex legal, financial, and operational issues that arise in distressed situations, implementing both in- and out-of-court restructurings aimed at preserving value.Doug has been recognized for over a decade in Chambers USA, where he is acclaimed as a “force of nature” and an “adept architect of the restructuring process.”  Turnarounds & Workouts recognized him as an Outstanding Restructuring Lawyer in 2020 and 2017 and he is recognized as a Leading Global Restructuring Lawyer by Lawdragon 500.Doug has a J.D. from Brooklyn Law School and a B.A. in government and law from Lafayette College.

Doug Mannal

Partner

Theresa Foudy serves as co-chair of the firm’s Distressed Real Estate Group and has over 25 years of experience representing clients in a wide range of complex commercial litigation, including class-action securities fraud, accounting fraud, white-collar criminal matters, and general commercial disputes. Theresa also has a particular focus in bankruptcy litigation and she has represented Chapter 11 debtors, creditors’ committees, indenture trustees, secured and unsecured creditors, private equity sponsors, independent directors, and distressed investors in all stages of bankruptcy.Throughout her career, Theresa has worked on many of the United States’ largest and most complex bankruptcy cases, including serving as lead trial counsel in several of the most prominent bankruptcy matters of the last decade. She has advised clients on all types of bankruptcy-related disputes, including suits by or against bankrupt companies, investigations into what led to bankruptcy filings, avoidance actions, and litigation of reorganization plans.Theresa’s representative high-profile matters include: serving as lead trial counsel for wholly owned subsidiaries of a multinational commodity trading and mining company as defendants in a four-day bench trial concerning the rejection of a lease to a power plant in an adversary proceeding before the U.S. Bankruptcy Court for the Southern District of Texas; serving as lead trial counsel for defendant directors in a 15-day bench trial on a creditors’ committee’s motion for standing to assert claims for breach of fiduciary duty and aiding and abetting breach of fiduciary duty in connection with the directors’ approval of a merger transaction and, after prevailing in the U.S. Bankruptcy Court for the Southern District of New York, handling the successful defense of subsequent appeals by the creditors’ committee to the District Court and U.S. Court of Appeals for the Second Circuit; and defending a private equity sponsor against clawback claims seeking over $350 million in dividends and management fees.Theresa also has extensive experience in general commercial, appellate, and criminal litigation. She has represented clients in connection with contract disputes, commercial torts, and accounting fraud and malpractice suits in state and federal courts, as well as in arbitration. In addition, prior to entering private practice, she argued over 100 appeals to New York Appellate Division First Department, New York Court of Appeals, and Second Circuit Court of Appeals as a member of the Appeals Bureau for the New York County District Attorney’s Office and the Office’s Civil Litigation Coordinator.Theresa’s exceptional litigation skills, widely recognized by The Legal 500, Best Lawyers and Super Lawyers, are complemented by her role on the Thomson Reuters Practical Law Bankruptcy Advisory Board.<h4>Representative Experience</h4><h5>Bankruptcy Litigation</h5><ul><li>In re Thrasio Holdings, Inc., et al. (Bankr. D.N.J.) Counsel to the official committee of unsecured creditors of Thrasio Holdings, Inc. and its affiliated debtors in their chapter 11 cases. Thrasio is an acquisition entrepreneurship company that focuses on acquiring and scaling businesses within the Amazon third-party seller ecosystem.</li><li>Toys “R” Us Litigation Trust v. UPS Supply Chain Solutions, Inc. (Bankr. E.D. Virginia). Successfully obtained summary judgment for the defendant dismissing a $12 million, plus interest, preference claim brought by plaintiff litigation trustee.</li><li>In re Clovis Oncology, Inc., et al. (Bankr. Del.) Counsel to the official committee of unsecured creditors of Clovis Oncology, Inc., and its affiliated debtors in their chapter 11 cases. Clovis is a biopharmaceutical company focused on acquiring, developing, and commercializing cancer treatments in the United States and abroad. Clovis filed for chapter 11 to implement a sale of their assets pursuant to section 363 of the Bankruptcy Code.</li><li>In re GVS Portfolio I B, LLC (Bankr. D. Del.). As counsel to a secured junior mezzanine lender, obtained dismissal of a Chapter 11 case filed by a mezzanine borrower as a bad faith filing following an evidentiary hearing.</li><li>In re Great Value Storage, et al. (Bankr. N.D. Tex.). As counsel to secured creditors holding over $300 million in debt in the Chapter 11 cases of a company with a portfolio of 64 self-storage facilities, prosecuted a numerous contested matters, including a motion to appoint a Chapter 11 trustee.</li><li>In re Valaris plc, et al. (Bankr. S.D. Tex.). Counsel to the official committee of unsecured creditors of Valaris plc and its affiliated debtors in their Chapter 11 cases. Valaris is a leading provider of offshore drilling services to the international oil and gas industry. It currently operates the industry’s largest modern offshore drilling fleet of 67 rigs, and maintains drilling operations in nearly every major offshore market spanning 24 countries. Valaris’s customers include many of the leading national and international oil companies, in addition to numerous local and independent offshore exploration and production companies. The company listed total assets of approximately $13 billion and total debts of approximately $7.85 billion in its first day filings.</li><li>Counsel to an ad hoc group of holders of bonds issued and/or guaranteed by the Commonwealth of Puerto Rico (“constitutional debt”) in connection with the first restructuring proceeding under the newly enacted Puerto Rico Oversight, Management, and Economic Stability Act. Working in coordination with other holders of constitutional debt, the ad hoc group has engaged in targeted litigation and efforts to negotiate a plan for the Commonwealth’s restructuring, while simultaneously defending attempts to invalidate more than $6 billion of the Commonwealth’s $18 billion of outstanding constitutional debt.</li><li>Lead trial counsel for defendant directors in 15-day bench trial on motion of the official committee of unsecured creditors for standing to assert claims against directors for breach of fiduciary duty and aiding and abetting breach of fiduciary duty in connection with their approval of a merger transaction. After prevailing in the U.S. Bankruptcy Court for the Southern District of New York, also handled successful defense of subsequent appeals by the creditors' committee to the District Court and U.S. Court of Appeals for the Second Circuit.</li><li>Conflicts counsel for plaintiff Chapter 11 debtor, a leading provider of residential mortgages. Participated in all aspects of litigation and trial of adversary proceeding against junior secured noteholders.</li><li>Lead trial counsel for a creditor, a state-owned oil and natural gas company, in an evidentiary hearing in connection with a motion to dismiss bankruptcy case pending in the U.S. Bankruptcy Court for the Southern District of Florida.</li><li>Lead trial counsel for defendant, an alternative investment manager, in a 16-day bench trial of creditors' committee complaint seeking equitable subordination, re-characterization, and disallowance of transferee noteholders' claims in adversary proceeding pending in Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of New York.</li><li>Conflicts counsel for an official committee of unsecured creditors in contested evidentiary hearing on debtors' motion to extend exclusivity in Chapter 11 cases pending in the U.S. Bankruptcy Court for the Southern District of New York.</li><li>Represented co-chair of an official committee of unsecured creditors for a global paper and packaging company during a contested confirmation hearing, in which equity holders challenged the valuation of a bankruptcy estate in cases pending in the U.S. Bankruptcy Court for the District of Delaware.</li><li>Argued before the U.S. Bankruptcy Court for the Southern District of New York on behalf of plaintiff, a global financial services firm, in defense of summary judgment motion brought by defendant, a financial services multinational, seeking dismissal of claims for actual fraudulent conveyance arising from the client issuing a guarantee to defendant of billions of dollars of intraday exposure days before filing for bankruptcy.</li><li>Briefed and argued, on behalf of plaintiff, an institutional lender, as a trustee for the holders of $250 million in senior secured notes, oppositions to motion to dismiss complaint and amended complaint alleging breach of contract claims against junior noteholders for violations of an intercreditor agreement in Chapter 11 cases pending in the U.S. Bankruptcy Court for the Southern District of New York.</li><li>Briefed and argued a successful motion to dismiss, on behalf of a global supplier of automotive seating systems, a $264 million patent infringement claim brought in Chapter 11 cases pending in the U.S. Bankruptcy Court for the Southern District of New York.</li><li>Briefed and argued a successful motion to dismiss, on behalf of provider of liquidation services, claims for equitable subordination or re-characterization of debt brought by an official committee of unsecured creditors in the U.S. Bankruptcy Court for the Southern District of New York.</li><li>Obtained dismissal, on behalf of an accounting firm, of a third-party complaint brought by an investment bank seeking a contribution and indemnification from a client in connection with claims for fraud brought by a bankruptcy estate in the U.S. Bankruptcy Court for the Southern District of New York.</li></ul><h5>Commercial Litigation</h5><ul><li>Lead trial counsel for defendants, wholly owned subsidiaries of a multinational commodity trading and mining company, in a four-day bench trial seeking declaratory judgments as to numerous property rights and contractual damages associated with the rejection of a lease to a power plant in an adversary proceeding before the U.S. Bankruptcy Court for the Southern District of Texas.</li><li>Lead trial counsel for plaintiff in an ICC international arbitration against a global energy company that provides equipment, services, and technology in a dispute over breach of equipment supply and construction contract.</li><li>Won a jury verdict for plaintiff, the exclusive distributor of brand-name clothing products in Latin America, suing for breach of contract for premature termination of a license agreement.</li><li>Brought successful motion to dismiss in the U.S. District Court for the Southern District of New York, on behalf of a Panamanian financial institution, of claims alleging breach of fiduciary duty and conspiracy arising from sale of an investment company.</li><li>Prevailed in motions for summary judgment and sanctions in defense of $60 million claim for fraudulent inducement and breach of contract against provider of liquidation services in the U.S. District Court for the District of Massachusetts and successfully defeated appeals from same provider before the First Circuit Court of Appeals.</li><li>Represented an accounting manager at a “Big 4” accounting firm in connection with allegations relating to the preservation of work papers in a proceeding brought by the Public Company Accounting Oversight Board (PCAOB).</li><li>Prevailed in a motion for summary judgment defeating an accounting malpractice claim brought against a “Big 4” accounting firm.</li><li>Won motion to dismiss a state court claim while representing a “Big 4” accounting firm against allegations of malpractice in providing tax advice.</li></ul>

Theresa A. Foudy

Bryan Kotliar is a partner in Morrison Foerster’s New York office and a member of the firm’s Business Restructuring + Insolvency Group. Bryan advises debtors, creditors, lenders, investors, purchasers, and other parties in interest in corporate restructurings both in and out of court. He provides clients with efficient, creative, and cutting-edge solutions in distressed situations, usually involving complex, global, and often highly litigious cases. In that regard, he has significant experience with bankruptcy litigation, including with respect to prosecuting and opposing confirmation of chapter 11 plans of reorganization and liquidation, obtaining approvals for contested debtor-in-possession (DIP) financing facilities, gaining approvals for contested section 363 sales, and acquiring recognition of foreign proceedings in chapter 15 cases. Bryan is frequently recognized as a Rising Star in numerous publications including New York Super Lawyers and Best Lawyers. Bryan earned his J.D., cum laude, from St. John’s University School of Law. While in law school, Bryan was an editor of the American Bankruptcy Institute Law Review.

Bryan Kotliar

Jamie Levitt is a trial lawyer who serves as managing partner of the New York office and co-chair of the firm’s Securities Litigation group. She is also the former head of the New York Litigation Department and a former co-chair of both the firm’s Complex Litigation and Trial groups. She has represented public companies and their officers and directors in securities fraud actions, shareholder derivative suits, as well as U.S. Securities and Exchange Commission and other regulatory investigations. She also has experience conducting and defending corporate internal investigations and advising board committees and individuals with respect to investigations.Jamie is ranked in Band 1 by Chambers USA in the New York: Commercial Litigation category, where clients noted that “she’s a force of nature, really thoughtful and a real leader” and “she is a phenomenal trial lawyer, she masters complex subjects quickly and can jump into court and handle them wonderfully.” She is also routinely recognized for her work in complex securities litigations by leading rankings publications including The Legal 500 US, where she is recommended in the Securities Litigation: Defense category.Jamie is also regularly recognized for being a leader both within the firm and in the legal industry more broadly. As a testament to Jamie’s impact as Managing Partner of the firm’s New York office, she received Corporate Counsel’s 2022 Managing Partner of the Year Award and was also recognized in the Financial Times Innovative Lawyers Report for Innovative Leadership that same year. Notably, Jamie also accepted The American Lawyer’s 2023 Corporate Purpose Award, which honors an organization that has defined and executed on an initiative or overall mission that supports the well-being and welfare of its members or other stakeholders. Jamie has also been repeatedly honored for her commitment to pro bono work and advancing women in law. Among her many commendations, Jamie has been honored by: Appleseed at their 2024 Pillars of Justice Event to celebrate her commitment to reproductive rights advocacy and public service; New York Lawyers for the Public Interest at their 2024 Annual Law & Society Awards Luncheon for playing in integral role in advancing efforts to achieve justice for all New Yorkers; New York State Bar Association at their 2023 Annual Meeting of the Women in Law Section for her dedication to advancing the professional development of women attorneys through their Kay Crawford Murray Award; and Crain’s New York Business, who named Jamie to their Notable Women in Law list in 2019, which recognizes leading female attorneys in New York who are furthering justice.Jamie serves on numerous boards and committees of public interest groups, including having served on the Board of the Federal Bar Council and as past chair of its Public Service Committee; Chair of the Board of The Cooper Union; executive vice president and past chair of the Board of Advocates for Children of New York, Inc.; past chair of the Board of New York Lawyers for the Public Interest; member of the Board of Counselors for Equal Justice Works; member of the Board of VisionSpring; past member of the Board of the Center for Reproductive Rights; and the Legal Advisory Board for Sanctuary for Families. Jamie also sat on Morrison Foerster’s Board of Directors and its Governance Committee; was a former chair of Morrison Foerster’s Pro Bono Committee; and currently serves as chair of The Morrison Foerster Foundation.Jamie received her B.A. magna cum laude in 1988 from the University of Pennsylvania and her J.D. in 1992 from Columbia University School of Law, where she was a Harlan Fiske Stone Scholar and an Articles Editor of the Columbia Journal of Law and Social Problems. From 1993 to 1994, she served as a law clerk to the Honorable Nathaniel M. Gorton, U.S. District Court, District of Massachusetts.

Jamie Levitt

Alex advises on all aspects of complex commercial litigation in federal and state trial and appellate courts and in arbitration. As an attorney, he has represented U.S. and international clients in actions involving a wide array of complex commercial disputes.Alex regularly advises clients on e-discovery issues and best practices. As a lawyer, he has significant experience handling cases involving Section 230 of the Communications Decency Act, representing major technology companies in high-profile litigation concerning the liability of online platforms for user-generated content.Alex has demonstrated a strong commitment to pro bono work throughout his career. In 2023, he was recognized with the American Lawyer Corporate Purpose award and at the Financial Times Lawyers Awards for the firm’s Post-Dobbs reproductive rights work. He has also been named multiple times in the National Law Journal’s  Pro Bono Hot List for his work protecting reproductive rights, and for his work protecting individuals who were jailed for their inability to pay court fees and fines.  He also has won the JD Supra Readers’ Choice Award as the top author in the area of e-discovery. He has written extensively on legal issues in publications such as Law360, Intellectual Property Strategist, IP Litigator, The Licensing Journal, Bloomberg BNA, ACC Docket, San Francisco Daily Journal, Financier Worldwide, Mealey’s Litigation Report, and Socially Aware: The Social Media Law Update. He has also been featured or quoted in articles in The Wall Street Journal, The New York Times, Houston Chronicle, Austin American-Statesman, Associated Press, Bloomberg, Forbes, The Huffington Post, Law360, Elle, American Lawyer, and The National Law Journal.Alex has been a member of the Standing Committee on the Judiciary of the Association of the Bar of the City of New York.Alex is admitted to practice in New York, California, District of Columbia, Georgia. Alex was also previously admitted to practice in Japan (Gaikokuho-Jimu-Bengoshi).

J. Alexander Lawrence

Lorenzo is global chair of the firmwide Business Restructuring + Insolvency Group. Lorenzo represents debtors, creditors, and creditors’ committees in complex bankruptcy cases, workouts, and litigation. His cases have spanned the United States as well as countless industries, such as airline and cargo transportation, mortgage origination and servicing, retail, banking and finance, energy, oil and gas, and telecommunications.Lorenzo has represented the official committee of unsecured creditors in numerous recent chapter 11 cases, including Maverick Gaming, Del Monte Foods, Nikola, American Tire, Accuride, Fisker, Thrasio, Peer Street, Incora/Wesco, Clovis Oncology, Valaris, Windstream Holdings, Inc., Cloud Peak Energy, Westmoreland Coal Company, Inc., the NORDAM Group, Inc., Avaya Inc., Armstrong Energy, Inc., 21st Century Oncology Holdings, Inc., Peabody Energy, Inc., Energy Future Holdings Corp., and UCI International, Inc.Lorenzo’s deep experience and capabilities advising on precedent-setting bankruptcy and restructuring matters have not gone unnoticed. He is listed as a leading lawyer in Chambers USA and has also been recommended by The Legal 500 US. He was also designated by Turnarounds & Workouts magazine as an Outstanding Restructuring Lawyer for his accomplishments in 2016, 2017, and 2024.

Lorenzo Marinuzzi

Janie Buckley is a Litigation associate in Morrison Foerster’s New York office.Ms. Buckley earned her J.D. magna cum laude from New York University School of Law and was elected to the Order of the Coif. During her time at New York University School of Law, Ms. Buckley served as a staff editor of the Journal of Intellectual Property and Entertainment Law, and was a member of the Law Women group and the Art Law Society. She was honored as an Allen Scholar and as a recipient of the Ira E. Bilson ’55 Scholarship, which is awarded based upon academic merit. While in law school, Ms. Buckley served as a legal intern for South Brooklyn Legal Services in the Housing Unit. Prior to law school, Ms. Buckley was an intern in the Legal Department of the Charlotte-Mecklenburg School District in North Carolina.She earned her B.A. in Art History magna cum laude from New York University, where she was a recipient of the Founder’s Day Award and was elected to Phi Beta Kappa.

Janie C. Buckley

Associate

Helen Yan is an associate in Morrison Foerster’s Business Restructuring + Insolvency Group in the New York office.Helen has experience in financial restructuring, bankruptcy litigation, and business reorganization, with a focus on Chapter 11 bankruptcies.Prior to joining Morrison Foerster, Helen practiced as an associate in the New York office of another global law firm. She also worked as a judicial intern for Hon. Lorna G. Schofield of the United States District Court for the Southern District of New York.Helen earned her J.D. from New York University School of Law, where she was a staff editor of the Annual Survey of American Law and participated in the Civil Litigation – Employment Law Clinic. She holds a B.A., cum laude with departmental honors, in film studies from Columbia University.Helen is a member of the Asian American Bar Association of New York and is fluent in Mandarin.

Donghao Yan

Laura Miller is an associate in the Litigation Department of Morrison Foerster’s New York office.Laura’s practice focuses on general litigation. She has experience analyzing smart contracts and cryptocurrency transactions and in cybersecurity and national security matters.Before joining Morrison Foerster, Laura was a summer associate at the firm and served as a legal intern and extern to the Commodity Futures Trading Commission (CFTC). During her time at the CFTC, Laura gained experience working on investigations related to entity registration requirements, derivative trading regulations, and anti-money laundering compliance.Laura received her J.D. from the University of Michigan Law School. While in law school, she served as managing executive editor for the Michigan Journal of Environmental & Administrative Law and was a semifinalist in the 2022 NYC Cyber 9/12 Strategy Challenge. Laura received her M.S.P.P.M. in public policy and management from Carnegie Mellon University.

Laura Miller

Mercedes Chavez is an associate in Morrison Foerster’s New York office and a member of the firm’s Litigation Group.Mercedes focuses her practice on complex litigation, investigations, and immigration.Before joining Morrison Foerster, Mercedes was a summer associate and Wetmore Fellow at the firm. She also served as a judicial intern to the Honorable George B. Daniels in the U.S. District Court for the Southern District of New York.Mercedes earned her J.D. from Columbia Law School, where she served as banquet and alumni chair for the Latinx Law Students Association and participated in the Columbia Global Alliance Program at Sciences Po and Université Paris 1 Panthéon-Sorbonne. She earned her B.A., summa cum laude, in political science from the University of Pennsylvania. During this time, she served as vice president of Penn Model Congress and participated in a study abroad program at the University of Cambridge, Pembroke College in the UK.