Editorial: Insolvency and Restructuring in Georgia

01 April 2007

Alston & Bird LLP’s bankruptcy, workouts and reorganisation group was recognised as “one of the very finest in town”. Alston & Bird has a “first class client list”, representing First American Health Care of Georgia, Cajun Electric Power Cooperative and Glenoit Corporation for debtor work, Pacific Life Insurance Company, The Prudential Insurance Company of America and Trust Company Bank as secured creditors, in addition to assorted creditors’ committees.

Dennis Connolly is leader of the firm’s practice group, a “quite brilliant lawyer” and past chair of the board of the bankruptcy section of the Atlanta Bar Association. Well-regarded for his work on behalf of debtors and creditors’ committees, Connolly was recommended to researchers for his representation of three funds in the bankruptcy cases of Refco and Refco Capital Markets Ltd. His involvement in the firm’s representation of Delta Air Lines as special counsel on pension and employee benefit matters also drew praise.

Senior partner Grant Stein was described as a “particularly fine practitioner”. His representation of both debtors and creditors in workouts, restructurings, bankruptcies and transactions, both in the US and abroad, led one source to describe him as an “outstanding lawyer”. He served as counsel for Scientific-Atlanta on the resolution of its $89 million claim and related issues in the Adelphia bankruptcy case, and also acted as lead debtor’s counsel for Bill’s Dollar Stores and Tri-State Outdoor Media Group. In addition, he was picked out by respondents for his “exemplary” bankruptcy litigation expertise on behalf of officers, directors and other parties.

The firm is also able to call upon “extraordinarily knowledgeable” special counsel Neal Batson. He gained international recognition as an appointed US Department of Justice examiner for Enron Corp, one of the largest and most high-profile chapter 11 cases in US history. Described as “one of the best, not just in Georgia, but worldwide”, Batson is immediate past chair of the American College of Bankruptcy, and has previous experience serving as the court-appointed examiner in the Southmark Corporation case, (formerly the largest examination in US history before Enron), and representing the chairman and president of chapter 11 debtor A H Robins Company in the negotiation of aspects of a multibillion-dollar reorganisation plan.

King & Spalding LLP stands alongside Alston & Bird with three featured experts. The firm “has an excellent profile for this type of work”, and is said to be “of the highest class across the spectrum of related matters”, with respondents noting recent work in the manufacturing, construction, retail and healthcare industries. The firm has represented clients such as Torch Offshore, Dan River and International Total Services and affiliates in their chapter 11 bankruptcy cases, as well as representing a range of creditors, trustees and liquidating trusts, and conducting bankruptcy litigation on behalf of General Electric Capital Corporation and American Tower Corporation.

At the head of the firm’s voting is James Pardo. Described as “one of the very best around”, this “elite” lawyer is well known for his work on behalf of Imperial Tobacco Canada Limited in connection with the chapter 11 case of the Flintkote Company, Imperial’s former subsidiary, and related litigation. He was also recommended for his work representing HG Estate LLC and various affiliates in connection with the chapter 11 case of Durango Georgia Paper Company, its former subsidiary. His reputation extends nationwide due to his involvement in cases around the US, including United Air Lines and Kmart Corporation in Illinois, Delta Airlines Inc and Enron Corporation in New York and Pacific Gas & Electric Company in California. Sarah Robinson is head of the firm’s financial restructuring practice, and was described as “top drawer” by the contacts we spoke to. She is representing World Health Alternatives and its subsidiaries in their chapter 11 cases pending in Delaware. She works alongside Pardo for Avondale in connection with its ongoing out-of-court liquidation. Paul Ferdinands (a “future superstar”) was recommended for his representation of parties in connection with M&A transactions involving financially distressed businesses, and for his work for companies in connection with financial restructurings, both in and out of court. In the last year he has represented Rhodes, a retail furniture chain, in connection with all aspects of its chapter 11 bankruptcy case; Titan Financial Group in connection with the sale of its assets; private equity firm Arcapita in the financial restructuring of one of its portfolio companies; and General Electric Capital Corporation, as secured lender in connection with the chapter 11 bankruptcy filing and subsequent sale of Wilkinson Hi-Rise LLC.

Kilpatrick Stockton LLP’s financial restructuring group attracted admiring comment from respondents, and it represents BellSouth in telecom bankruptcies throughout the US, including WorldCom, Adelphia, Global Crossing and others. Two partners from the group are featured in the following pages. Alfred Lurey is a “superb lawyer”, commended for his expertise in creditors’ rights and secured lending, who has served as president and chairman of the board of directors of The Southeastern Bankruptcy Law Institute. Alongside him is Dennis Meir, a “top-notch guy” and former chairman of the Georgia State Bar bankruptcy section. Respondents commented on the “impressive geographical breadth” of his practice – he has represented clients in bankruptcy courts in Georgia, California, New York, Delaware, Texas, among many other jurisdictions.

McKenna Long & Aldridge LLP’s duo of featured partners is led in the voting by the “classy” Charles Campbell. Described by interviewees as “one of the brightest in town”, Campbell has recently represented the Courtanalysis: appointed examiner investigating alleged fraud and mismanagement in the Refco bankruptcy proceedings, as well as the plaintiff in claims arising out of the bankruptcy of Paragon Trade Brands, which sued Weyerhaeuser Company for breach of warranties related to the agreements by which Weyerhaeuser divested itself of its Baby Products Division and created Paragon Trade Brands. The second featured partner is Mark Kaufman, a “very bright lawyer with a good reputation”, known for his “sterling work” on both the creditor and debtor side, and for his tenure as president of the bankruptcy section of the Atlanta Bar Association.

The third firm to feature two nominated partners is Troutman Sanders LLP. The firm represents Allied Holdings and subsidiaries and commenced the company’s chapter 11 case in the northern district of Georgia. A former United States bankruptcy judge and former president of the bankruptcy section of the Georgia Bar Association, Ezra Cohen was described as “one of the pillars of the Georgia bar”. Cohen led the representation of Charter Behavioral Health Systems in its chapter 11 case, as well as leading the firm’s representation of the Wachovia Bank, administrative agent and lead lender of a lending syndicate relating to the bankruptcy case of Wolf Camera in Georgia. Fellow partner Jeffrey Kelley was described as “very smart”, and praised for his “formidable courtroom skills, bearing and presence”. Kelley was lead debtors’ counsel in the Wolf Camera chapter 11 case, and has also served as counsel for numerous secured and DIP lenders in chapter 11 cases, and special counsel to debtors and trustees in bankruptcy-related litigation, such as Gainesville-PH Properties (in Florida) and Nationwide Furniture (in Georgia).

The research also identified Edward Dobbs of Parker Hudson Rainer & Dobbs LLP – “one of the best in the state”. Sources spoke highly of his work on behalf of banks and financial institutions such as Barclays Bank (“it’s difficult to think of anyone better”); and he was also tipped for his “tremendously impressive” ADR skills; he is on the American Arbitration Association’s panel of neutrals for complex commercial cases and also frequently serves as a mediator.

Jesse Austin of Paul Hastings Janofsky & Walker LLP is said to be “absolutely top class for creditor work”. He is currently lead counsel for NorthWestern Corporation in its chapter 11 reorganisation case, and has represented either the agent bank or a major syndicate member in chapter 11 cases or outof- court restructurings involving Bibb, UDC Homes and KinderCare Learning Centers, among others.

Robert Williamson of Scroggins & Williamson also performed well in the research, and was described as “well-known and well-respected”; “he’s the guy we call when we’re conflicted out,” according to one lawyer we spoke to.

James Cifelli of Lamberth Cifelli Stokes & Stout PA is said to be an “outstanding lawyer” who “plays hardball”, and a “very very effective litigator”. Completing this listing of Georgia’s leading insolvency and restructuring lawyers, Gus Small at Cohen Pollock Merlin & Small PC was picked out by respondents as a “terrific lawyer”. Known for his work as trustee and counsel for the trustee in both chapter 7 and chapter 11 cases, he has also been legal counsel to a number of creditors’ committees and has represented debtors. He is one of the founders of the Atlanta Bar Association’s section on bankruptcy, and has enjoyed tenures as chairman of the sections on bankruptcy of the Atlanta Bar Association and the State Bar of Georgia.

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