Bankruptcy

ASK represents creditors, trustees, and debtors in some of the nation’s largest bankruptcy cases. ASK’s services often make the difference in having tangible distributions for a claimant class or formulating a plan viable for confirmation.

Creditors’ Rights

ASK has a wide array of experience representing creditors of all types in Chapter 11 restructurings, including secured, unsecured, priority, and administrative.

We pride ourselves on thinking outside the box to try to get recovery for our clients, even when that possibility seems remote. ASK represents creditors across the entire spectrum of industries, including technology, pharmaceuticals, apparel, cryptocurrency, retail, food & beverage, energy, and healthcare, to name a few.

Avoidance Actions

ASK is the country’s leading law firm focusing on bankruptcy avoidance actions involving preferences and fraudulent conveyances. No other firm comes close to the number of cases filed, settled, litigated, tried, and won. Since 2000, ASK has been lead counsel in more than 100,000 preference actions, recovered over $450 million, filed approximately 500 lawsuits over $1 million and tried over 30 cases to judgment.

Post Confirmation Trust and Efficiency Counsel Representation

Over the past three decades, ASK has become one of the nation’s leading boutique bankruptcy law firms. Some of ASK’s Post Confirmation Trust or Efficiency Counsel representations include: Serta (post-confirmation trust representation including claim objections), Compute North (post-confirmation trust representation including claim objections), Sears (prosecuting public shareholder litigation), Deans Foods (claims objections), and Achaeogen (post confirmation trust representation including litigating with a purchaser who backed out and claims objections).

Debtor Representation

ASK represents Chapter 11 debtors of all sizes. Most recently, ASK represented Madison 92 Associates LLC, an $82 million New York City Marriot-flagged hotel, in its successful Chapter 11 bankruptcy restructuring.

ASK also represented Stillwater Offshore, a billion-dollar hedge fund, in its Chapter 11 orderly liquidation. ASK has debtor-side experience with restaurants, real estate, retail, and hospitality, among many other industries.

Asset Sales and Purchases

A core part of ASK’s practice is representing parties interested in making strategic or financial acquisitions of assets from bankruptcy estates via section 363 of the Bankruptcy Code or through a confirmed plan of reorganization. ASK counsels clients through all aspects of the section 363 process, including negotiation of purchase agreements, bidding procedures, stalking horse bidder protections, and auction participation, and represents asset purchasers at court hearings to approve bid protections and asset sales.

ASK represented Chinese conglomerate Heining Mengnu Group Co., Ltd. (Mengnu), the largest unsecured creditor of Jennifer Convertibles, Inc. (JC), in its acquisition of the debtor. Mengnu served as the DIP Lender and Plan Sponsor and ultimately acquired JC through a plan of reorganization, obtaining over 90% of JC’s common stock.

ASK also represented Royal Spirit Ltd., a Hong Kong company and the largest creditor of The Connaught Group, a leading manufacturer and retailer of women’s designer clothing with over $100 million in annual revenue that filed for bankruptcy. ASK used Royal Spirit’s leverage as the largest unsecured creditor to acquire The Connaught Group’s assets.

Most recently, ASK represented Parts Authority Metro LLC in the acquisition of substantially all the assets of California-based aftermarket automotive parts distributor Metropolitan Automotive Warehouse, Inc. and its affiliate Star Auto Parts, Inc.

ASK also represented Q Holdings LLC in the successful acquisition of the Quirky.com platform and related intellectual property in the Quirky, Inc. bankruptcy proceeding.

Shareholders’ Rights

ASK often represents shareholder groups who are being treated unfairly by other bankruptcy constituents who are entitled to priority under the bankruptcy code. As an example, ASK represented a group of shareholders in the bankruptcy case of Visteon, Inc., a $2 billion-dollar automotive supplier.

ASK also appealed Visteon’s plan of reorganization, arguing that the shareholders were being treated unfairly under the plan. As a result, Visteon settled with the shareholder group for $2,250,000.

Publications

450

Million Recovered

Our clients count on us to help them realize their current needs and future goals by thinking creatively and leveraging our extensive experience.

• Recovery and defense of avoidance actions
• Enforcement of individual unsecured creditors’ rights
• General bankruptcy advice customized to particular creditors, purchases, and debtors
• Large portfolio commercial collections