Editorial: Insolvency & Restructuring in Florida

01 November 2007

Akerman Senterfitt is one of only two firms to earn three mentions in this chapter, all from separate offices in Florida. The firm recently represented the state of Florida in connection with a $180 million unsecured claim in the Drexel Burnham bankruptcy, and other recent clients in this field include Lockheed Martin Corporation, Auto-Nation and TNT Logistix. Francis Carter is of counsel to the Miami office, and was described as the “senior ambassador of the bankruptcy bar”. Past chairman of the Florida Bar’s Bankruptcy/UCC Committee, he is “highly respected” by his peers. Michael Goldberg in Fort Lauderdale is an “up and coming star”. His receiver work “is of the very highest class”, and he is regarded as a “national authority” on fraudulent ‘Ponzi’ schemes; he represented the receiver in Premium Sales, a $250 million Ponzi scheme, and also the liquidating trustee of Omni Capital, a $50 million Ponzi scheme. Jules Cohen is chair of the firm’s bankruptcy and creditors’ rights practice group and comes recommended as “one of the deans in Orlando”. Described as an “absolutely terrific lawyer”, he represented an aircraft lessor, an aircraft manufacturer, Sony Corporation and other parties in the chapter 11 case of Braniff Airlines, a case in which the total debt ran to $1 billion. He also represented a $20 million shareholder creditor in the successful chapter 11 reorganisation of technology company Terion, and is “undeniably one of the key bankruptcy lawyers in the state” in the eyes of our sources.

Boutique firm Stichter Riedel Blain & Prosser PA is a 13-lawyer outfit with two Florida offices, and it stands alongside Akerman Senterfitt at the top of our findings as one of only two firms with three partners included in the following pages. Respondents were effusive in their praise for Harley Riedel; he was variously described as “fantastic”, “a star” and “at the very top of the elite”. He headed the firm’s representation of the creditors’ committee of Anchor Glass, LincNet, JumboSports, American Ship Building Company, Barret Home, Provincetown-Boston Airlines and Retail Networks, among others. His bankruptcy mediation work was also picked out as being “of the highest quality”. The “very eminent” Don Stichter was one of the first three Florida lawyers selected to be a Fellow of the American College of Bankruptcy, and has led the firm’s representation in Hillsborough Holdings, Silk Greenhouse, Frank Morsani, Gulf Tampa Drydock, Sunstate Dairy and Trident Shipworks. The “stellar” Russell Blain is particularly well known for his chapter 11 reorganisation work, and his recent clients include Moltech Power Systems and Moltech Corporation, Centurion Hospital of Carrollwood and Ace Auto Parts.

Paul Steven Singerman is co-chief executive officer of Berger Singerman PA in Miami, and one of the most highly regarded individuals in the research overall. Described as “one of the best in Florida”, he is another former chair of the Bankruptcy/UCC Committee of the Florida Bar to feature on this list. His general insolvency practice attracts “tremendous respect”, while he was also commended for troubled loan workouts. His colleague Jordi Guso was described as an “excellent lawyer”, and was praised for his debtor, official committee and secured creditor practice. In the former category he has represented the debtors in the Aloha Airlines, Medcontrax and Rose Auto Stores cases, the senior secured lender in the Suncoast East Associates case and the official committees of unsecured creditors in the Pan Am, and CHS Electronics cases in the latter area.

Genovese Joblove & Battista in Miami is home to two of the most highly rated individuals in the research overall. Paul Battista is “firmly established in the upper echelon of local experts”. Recognised for his bankruptcy litigation skills at both trial and appellate levels and specialised knowledge in the representation of franchisors in numerous franchisee bankruptcies around the country, he was also feted for his chapter 11 debtor work. His colleague John Genovese, head of the reorganisation and insolvency practice, is nationally recognised for his work as co-counsel for the class action shareholders/noteholders in the Enron chapter 11 proceedings. A “formidably skilled individual”, he is known for his complex litigation in this area, and was also lauded for his loan workouts and insurance insolvency experience.

We received extremely high levels of recommendation for Mark Bloom of Greenberg Traurig LLP. Co-chair of the national business reorganisation and bankruptcy practice, he was described as “one of the top in the state” and “as good as it gets”. Known for his “first-class representation” of debtors, trustees and all types of creditor, in recent years he has worked on behalf of international air cargo operator Fine Air Services and affiliates in a $275 million chapter 11 reorganisation, as well as for General Development Corporation and affiliates as debtors in a chapter 11 reorganisation of a public company with over 300,000 creditors and $4 billion in claims. In addition, he is on the board of directors of the American College of Bankruptcy, and a “major player in this field”. Alongside him, Brian Gart in the Fort Lauderdale office is regarded as a “star” by his clients and peers. His chapter 11 business reorganisation work in particular is of a “consistently high quality” and his experience in the commercial aviation sector was praised; recent cases in this area have included acting for the corporate recovery group and Boeing Capital in a joint venture to acquire Hawaiian Airlines under a competing plan of reorganisation in the Hawaiian Airlines chapter 11 case, as well as leading the representation of the leading manufacturer of general aviation aircraft in the United States - New Piper Aircraft - in connection with an out-of-court workout and debt restructuring.

At Holland & Knight LLP in Tampa, Leonard Gilbert is one of the most highly nominated practitioners in the research. Recognised as “the gold standard”, he is chair of the firm’s creditors’ rights team and his “local eminence” is due in part to his former role as president of the Florida Bar. Gilbert is “great for international work – very well respected”, and he has represented numerous state, national and international banks and other institutional lenders, as well as secured and unsecured creditors’ committees and equity. In the Orlando office, the “premier” Samuel Zusmann joins Gilbert in this chapter and is regarded by his peers as a “senior statesman”. Recognised for his counsel on behalf of creditors, debtors, examiners, trustees and committees, he has also represented appellants and appellees in district and circuit courts. In addition, Zusmann is known as a “prolific speaker” and frequent lecturer, and served as a director of the Southeastern Bankruptcy Law Institute from 1973 to 2002.

Interviewees “couldn’t say enough good things” about John Kozyak, founding partner of Kozyak Tropin & Throckmorton PA and co-chair of the firm’s bankruptcy practice. One of the elite group of lawyers to be a member of both the American College of Bankruptcy and the American College of Trial Lawyers, he is “phenomenally good”, according to our sources, and “deserves a place in the very top tier”. He is outside bankruptcy counsel for the largest special servicer for commercial mortgage-backed securitisations in the United States, LNR Partners, and has also represented Marriott International and Ritz-Carlton, as well as other franchisers, owners and lenders, in hospitality-related bankruptcies. Kozyak’s fellow founding partner Charles Throckmorton was described to researchers as a “really high-quality individual”. Recognised for his chapter 11 work, he was also commended for his work on behalf of high net worth individuals in financial restructuring matters. Also revered as an “excellent litigator”, his mediation skills attracted admiring comment.

Scott Baena is the restructuring and bankruptcy chair of Bilzin Sumberg Baena Price & Axelrod LLP, and a “fine, experienced lawyer”. Especially well known for his creditors’ rights and litigation work, he has counselled clients in major bankruptcy proceedings such as US Gypsum, Southeast Banking Corp, Pan Am and Air Florida. In Tampa, Jeffrey Warren is president of Bush Ross PA and a “top-class lawyer”. He received plaudits for his role as lead bankruptcy counsel to the debtor, Celotex Corporation, in one of the largest chapter 11 cases ever filed, and he successfully argued Celotex v Edwards before the US Supreme Court, establishing national precedent regarding the jurisdiction of bankruptcy judges in the process.

Craig Rasile of the Miami office of Hunton & Williams LLP is also included. Co-chair of the bankruptcy and creditor-debtor rights law practice group, he was picked out for his chapter 7 and chapter 11 expertise, and was also recognised for his “first-class international capability”; he has been involved in foreign bankruptcy proceedings in Germany, Spain, England, Venezuela and the Cayman Islands, among others.

Jerry Markowitz of Markowitz Davis Ringel & Trusty PA is a “well respected figure” in Miami, and was highly praised across the full range of related bankruptcy and restructuring work, while Stephen Busey of Smith Hulsey & Busey is rated as “the best in Jacksonville” and “one of the best in the whole state” by our sources. Particularly recommended for his litigation skills, he has also represented a range of debtors, creditors and committees in chapter 11 reorganisations and is a recent chair of the Business Law Section of The Florida Bar.

Stearns Weaver Miller Weissler Alhadeff & Sitterson PA in Miami is home to “one of the elite practitioners in the business” in Patricia Redmond. Described as “well known and highly experienced”, she stood out for her bankruptcy court work, and “knows chapter 11 inside-out”.

The “outstanding” Roberta Colton at Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA is a “star” according to our sources. Past chair of the Florida Bar business law section and also of the section’s Bankruptcy/UCC Committee, her creditor work was described as “terrific”, and she also garnered plaudits for her litigation in this area.

Thomas Lauria at White & Case LLP is chairman of the firm’s global financial restructuring and insolvency group, and an “outstanding lawyer”. Dividing his time between the Miami and New York offices, he has led the firm’s teams in the restructuring of over $80 billion of debt in the last five years. He has been involved in the restructurings of Mirant, The Williams Companies, Enron and Pacific Gas & Electric, and his national practice was described to researchers as “incredibly impressive”.

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