- ASK LLP

Learn More About The Maui Wildfires

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
Publications

New York Law Journal, Mar 15, 2024
Biotech Industry Bankruptcy Cases: Zymergen and Humanigen

Publications
Publications

New York Law Journal, Dec 15, 2023
Logistics Industry Bankruptcy Cases: Yellow Corporation, Western Global Airlines

Publications

New York Law Journal, Jul 14, 2023
Did the SBRA Really Change Much for Preference Litigation?

Publications
Publications
Publications

New York Law Journal, Jun 12, 2023
Despite Its Plan Objections, UST Also Won In Purdue Ch. 11

Publications

New York Law Journal, Jun 02, 2023
Second Circuit Establishes 7-Factor Test for Nonconsensual Releases in Purdue Pharma Bankruptcy Reversal

Publications

New York Law Journal, Sep 02, 2021
Bankruptcy Update – Let J&J File for Bankruptcy

Publications

New York Law Journal, Sep 01, 2021
Bankruptcy Update – In Defense of Purdue Pharma’s Bankruptcy Plan

Publications

New York Law Journal, Aug 20, 2021
Bankruptcy Update – Malls Owners Seek Restructuring Under Chapter 11

Publications
Publications

New York Law Journal, May 12, 2021
Bankruptcy Update – No Vacancy: Three Hotels Succumb to Pandemic-Related Pressures

Publications
Publications

New York Law Journal, Mar 12, 2021
Bankruptcy Update – Restructurings Following COVID-19 And Oil Price War Pressures

Publications

New York Law Journal, Oct 28, 2011
Judge Rakoff Deals Blow to Madoff Trustee

Publications

New York Times, Aug 23, 2023
Opioid Maker’s Bankruptcy Plan Would Cut Payments to Victims by $1 Billion

Publications

ABC News, Dec 04, 2023
VIDEO: Supreme Court Reviews Opioid Settlement

Publications
Publications

ABC News, Aug 11, 2023
VIDEO: Supreme Court Pauses Purdue Pharma Bankruptcy Settlement | GMA

Publications

ABI Journal, Jun 01, 2023
Navigating Crypto Issues Within Preference Litigation

Publications

ABI Journal, Nov 17, 2022
The Evolution of Future Claims Representatives

Publications

ABI Journal, Apr 09, 2015
Second Circuit Prioritizes Plain Language of the Bankruptcy Code over Comity Principles

Publications

Unsecured Trade Creditors’ Rights Journal, Dec 09, 2021
A Bi-Annual Report on the Legal Developments Affecting Unsecured Trade Creditors in Bankruptcy

Publications

The Washington Post, Dec 03, 2023
As high court weighs Purdue bankruptcy, opioid settlement divides victims

Publications

The Washington Post, Aug 31, 2023
Opioid-maker Mallinckrodt’ s bankruptcy will cut nearly $1 billion from settlement

Publications

The Economist, Nov 30, 2023
The Supreme Court may toss out Purdue Pharma’s bankruptcy settlement

Publications

Financial Times, Oct 04, 2023
A toxic mix: opioid victims’ $1bn hit from repeat pharma bankruptcy

Publications

The Wall Street Journal, Oct 16, 2023
Rite Aid’s Tactic for Opioid Litigation: Bankruptcy Without a Deal

Publications

Los Angeles Times, Aug 10, 2023
Supreme Court blocks Purdue Pharma opioid settlement

Publications

LAW 360, Feb 16, 2024
Supreme Court Pauses Boy Scouts Ch. 11 Plan

Publications

LAW 360, Dec 20, 2023
The Top Bankruptcy Cases And Issues Of 2023

Publications

Creditor Rights Coalition, Feb 17, 2024
Special Feature: Committee Standing

Publications

Other Publication Press Comments, Mar 14, 2024
ASK’s Kara Casteel, recently secured a victory for a client in the Bankruptcy Court for the Southern District of Texas

Publications
Publications
Publications
Publications

Other Publication Press Comments, Aug 30, 2023
Mallinckrodt’s Second Bankruptcy ‘Flagrant’ Case of Bad Plan

Publications
Publications
Publications

Other Publication Press Comments, Jul 26, 2023
Hedge Funds Seek to Cut Off $1 Billion Meant for Opioid Victims

Publications
Publications
Publications
Publications
Publications

Other Publication Press Comments, Aug 11, 2023
Supreme Court Pauses Purdue Pharma Bankruptcy Settlement | GMA

Publications
Publications
Publications
Publications

Other Publication Press Comments, May 15, 2015
Are Attorneys’ Fees Incurred in Defending Preference Action Recoverable Against the Estate? One Court Says “Yes”

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

    Email for a free case evaluation