Most Highly Regarded Firms: Texas 2008 - Insolvency & Restructuring
Following a period of cheap, accessible credit and economic stability, which led to a slowdown in corporate bankruptcies, 2008 has witnessed a marked increase in such filings as the credit crunch continues to influence global markets.
In Texas, the aerospace and carmaking industries are among the hardest hit, as erratic oil prices drive up the cost of doing business. Alongside this, the state is playing host to the Asarco bankruptcy trial, which one source described as "the most complex environmental bankruptcy in US history." Our research found 36 attorneys who have established themselves as leaders in this legal market.
Vinson & Elkins LLP fields an impressive five attorneys in this chapter, with head of the firm's insolvency and reorganisation section Daniel Stewart emerging as one of the most highly nominated specialists in the state. "Very well respected" by respondents, Stewart divides his time between the firm's Dallas and New York offices and has represented an extensive and diverse list of clients, including Integrated Electrical Services, VarTec Telecom, Yukos Oil, Stargate Industries and East Texas Distributing. Another "big name" at the firm is William Wallander, whose clients include Affiliated Food Stores, Forcenergy and Gentek, and who also places highly here. The "great" Paul Heath also represented of Integrated Electrical Services, as well as acting for Petsec Energy and El Paso Electric in recent transactions. James Lee has acted for chapter 11 debtors from the telecoms, banking and electrical manufacturing sectors and is highly regarded by sources, as is the "terrific" Josiah Daniel, whose clients hail from the financial, real estate, manufacturing, transport and retail sectors.
Fulbright & Jaworski LLP equals V&E's total of five listed professionals. Head of the firm's insolvency practice Evelyn Biery is "one of the highest-profile names in Texas" and has represented creditors in some of the largest bankruptcies and reorganisations in the state's recent history, including the Enron, Asarco and EOTT Energy Partners cases. She is joined by the "excellent" Josh Strubeck, who has also counselled Enron and Asarco, and counts WorldCom, Mirant and Calpine among his clients. A former appointee to the Houston bankruptcy bench, William Greendyke joined the firm in 2004 and is considered "a great guy" for reorganisation and creditor rights work and commercial litigation. The "active and energetic" Berry Spears represents clients from financial institutions, food services, and oil and gas companies, and ranks highly here, as does Toby Gerber, who has counselled major banks and lenders throughout the US as well as the International Air Transport Association.
Weil Gotshal & Manges LLP was named insolvency and restructuring law firm of the year 2008 in The International Who's Who of Business Lawyers, and Texas is home to three of its leading insolvency practitioners. The "excellent" Martin Sosland featured prominently in our research, earning praise for his recent private equity and mortgage work; he was also one of the principal representatives of Enron in its chapter 11 bankruptcy cases. Also "high ranking at the firm" Alfredo Pérez represents claimants in corporate restructurings, formal bankruptcy proceedings and out-of-court workouts, encompassing the real-estate, telecommunications, power and transport sectors. Stephen Youngman completes the firm's strong showing here, and is considered "outstanding" for representing debtors such as International Wire Group, Viasystems and Pioneer in their restructurings, as well as for his acquisition work for American Airlines and PennCorp Financial Group.
Baker Botts LLP has represented Asarco since the company's subsidiaries filed for chapter 11 relief in 2005, and the three lawyers listed from the firm in this chapter are all heavily involved in the case. Jack Kinzie is the partner in charge of the firm's Dallas office and international chair of the bankruptcy and insolvency practice. Praised as "spectacular" by one source and "great in energy bankruptcy" by another, Kinzie has acted for Halliburton and Gazpromneft as well as Regency Savings Bank and Imperial Sugar in recent cases. Judith Ross joins him on our list; her recent representative experience includes acting for a purchaser acquiring assets in Vartec, Verizon in a claim against Adelphia and counselling debtors-in-possession in the recent bankruptcy of Corban Communications. James Prince has represented creditors from Kmart, Enron, Adelphia, Mirant and WorldCom, and adds his "substantial talent" to the firm's "leading reputation" in Texas.
Three attorneys contribute to Haynes and Boone LLP's strong standing in this chapter, with the "nationally prominent" Robin Phelan among the best regarded in Texas. Phelan has represented companies including Zale's, LTV, Hawaiian Airlines, Greyhound, Fruehauf, Enron, Adelphia and Mirant. His international advisory work, which recently saw him consulting with representatives of the Ministry of Justice of Indonesia regarding amendments to the country's bankruptcy law. Robert Albergotti's name was also frequently mentioned by sources; who praised him as "terrific" for his representation of the National Benevolent Association, The Bombay Companies and EOTT Energy Partners. Charles Beckham has recently represented Lothian Oil, Calyon and one of Asarco's corporate parents in chapter 11 cases, and is considered "one of the best" in the state.
Russell Munsch, founding partner of Munsch Hardt Kopf & Harr PC, is one of three of the firm's attorneys who places highly in this section. Munsch counts Enron, Northwest Airlines and Dow Corning among his clients, and served as bankruptcy counsel to Nelson Bunker Hunt in its $2 billion chapter 11 bankruptcy; reputedly the largest such proceeding in history. Joseph Wielebinski is section head of the firm's reorganisation and project finance group and is "excellent", as is Ben Floyd who has more than 30 years' experience of representing creditors, creditors' committees and trustees, and foreign representatives in cross-border insolvency matters.
Two attorneys from Gardere Wynne Sewell LLP make it into this chapter: Richard Roberson and Deirdre Ruckman. Roberson has represented Denton County Electric Cooperative and subsidiaries, and Liberty Mutual Insurance in chapter 11 proceedings, as well as acting for the examiner in the In re Mirant Corporation et al bankruptcy proceedings, involving $11.4 billion of debt. Ruckman's practice has seen her represent clients from the oil and gas, food and sports industries alongside representing financial institutions in loan transactions, equipment leasing and structured finance transactions.
Described by one source as "the dean of the South West bankruptcy bar", Myron Sheinfeld of King & Spalding LLP is among the most respected lawyers in this section, and has 40 years' experience in the insolvency and restructuring sector. Sheinfeld's career has seen him act as chair of the ABA standing committee on specialisation and the committee on admission and discipline at the United States District Court for the Southern District of Texas. He also has experience of all aspects of bankruptcy law including complex litigation, reorganisation and adversary proceedings. Joining him is Henry Kaim; an "important name" in the representation of chapter 11 debtors in possession, creditors' committees, secured creditors, landlords and acquirers in bankruptcy.
The "outstanding" Charles Gibbs sits on the management committee of Akin Gump Strauss Hauer & Feld LLP and gives the firm a strong representation in this chapter. Gibbs's experience encompasses multi-jurisdictional and cross-border insolvencies with particular focus on the real estate, retail and textile industries. Another well-regarded nominee is Stephen Goodwin of Carrington Coleman Sloman & Blumenthal LLP, who has recently represented the Bombay Company and Home Interiors as well as handling numerous cross border projects, with particular emphasis on Canada. Sam Stricklin of Bracewell & Giuliani LLP is also praised for his cross-border work, which encompasses Canada and Europe, alongside his "excellent" representation of debtors, trustees, creditors and purchasers of assets.
Hugh Ray is head of the national bankruptcy practice at Andrews Kurth LLP, and is chair of the ABA joint ad hoc committee on bankruptcy court structure and insolvency processes. Ray's "great reputation" is built on his representation of a varied portfolio of clients including the trustee for the Bank of New England Corporation and the debtors for ProMedCo, ForceEnergy and Crown Pacific Partners. Deborah Williamson is another "big name", a former chair and past president of the American Bankruptcy Institute and head of the creditors' rights, corporate restructuring and bankruptcy department at Cox Smith Matthews. Clifton Jessup was described as "excellent" by one source and has been appointed variously as examiner, liquidating trustee and estate representative in such bankruptcy cases as those of Megafoods Stores and the Baptist Foundation of Arizona.
The "terrific" Joel Kay brings his lengthy experience in accounting, corporate finance, litigation, management and tax law to bear in bankruptcy work across the real estate, communications, manufacturing, and oil and gas industries, which earns his prominent position here. Also featured is the "spectacular" Patrick Neligan of Neligan Foley LLP, who has earned praise for his representation of Enron and Global Crossing as well as the National Energy Group, McGinnis Hedge Fund and Avatex Corp. At Porter & Hedges LLP John Higgins received praise for his recent debtor representations in chapter 11 cases, which include Continental Airlines, Contour Energy and Equalnet Communications Corp. Energy bankruptcy expert Rhett Campbell represents Thompson & Knight LLP in this chapter, having recently acted for senior secured debenture holders, debtors and trustees in cases relating to the oil and gas, energy and offshore production sectors.