Gordon and Spero successful in negotiating four-party settlement in Bankruptcy CourtApril 14, 2017 |
On April 14, 2017, the U.S. Bankruptcy Court for the E.D.N.Y. entered an order approving a settlement among a Chapter 11 debtor, its principals, the Official Committee of Unsecured Creditors, and an energy company represented by Stu Gordon and Matt Spero. Our client entered into an agreement with the Debtor prior to its bankruptcy whereunder it purchased the Debtor’s customer accounts. While our client and the Debtor agreed that the Debtor was entitled to certain payments under the agreement, the Debtor raised a variety of other arguments in claiming it was entitled to additional proceeds. The Bankruptcy Department guided the client during the Debtor’s entire bankruptcy proceedings over a period of two years, including throughout the Debtor’s plan confirmation process and during a two day mediation. As a result of these efforts, our client was ultimately successful in negotiating a settlement for a fraction of the Debtor’s demand.