Editorial: Insolvency and Restructuring in California

01 August 2007

The majority are fellows of the American College of Bankruptcy, and all are recognised for their representation of creditors, debtors and related parties. 

Two boutique firms vie for supremacy at the top of the research with five nominees apiece. Klee Tuchin Bogdanoff & Stern LLP is one of the leading insolvency boutiques in the country, and the firm is “able to offer the highest quality of service to debtors, creditors and in all types of bankruptcy work”. Kenneth Klee is among the most highly nominated individuals in the research overall, and was described as “a cut above” by our sources. “Fearsomely bright”, he is a professor at the UCLA School of Law and “one of the most famous bankruptcy lawyers in the US”. A principal draftsperson of the US Bankruptcy Code when he was associate counsel, with the Committee on Judiciary at the US House of Representatives, Klee “knows the law inside out”. His clients have included Maxwell Communication and First Trust and The Bank of New York, and he is regarded as “pre-eminent in his field”. Lee Bogdanoff is similarly well regarded – “people like working with him, and he is very adept at forging a consensus” according to our sources. Known locally for his work as one of the primary attorneys representing Orange County in its Chapter 9 bankruptcy, he has represented debtors, creditors’ committees, secured creditors and acquirers of assets. In the latter category he has represented Twentieth Century Fox in a range of acquisitions, including the purchase of assets from Carolco and Marvel. Thomas Patterson is said to be “fabulous”, particularly for his Chapter 11 debtor work for All Star Gas, Imagyn Medical Technologies and others, and his representation of acquirers and committee work, including the official creditors’ committees in Sun World International and Decora Incorporated was also noted. Michael Tuchin is “one of the best”, seen as “highly competent in all facets of this type of law”. His debtor practice includes the representation of Samuels Jewelers, Fountain View and Maple Plaza, and he has acted for creditors in numerous Chapter 11 cases across the US, as well as Viacom and Paramount Pictures in relation to asset purchases. Daniel Bussel is the fifth nominee from the Los Angeles office, an “excellent individual from a first-class firm”. Stutman Treister & Glatt PC has practised exclusively in the area of bankruptcy and corporate restructuring since its inception in 1948. Debtor clients of this “legendary firm” have included Daewoo Motors America, Orange County, California and Sirius Satellite Radio, while on the creditors’ committee side the firm has represented American Restaurant Group and Western Water, among others. ST&G also has a fine pedigree acting for investors in troubled companies, including Apollo Advisors and Madison Capital. The presence of five partners of the firm on our list positions it, alongside Klee Tuchin Bogdanoff & Stern, as one of the leaders in the state. Stutman Treister & Glatt’s Isaac Pachulski is “very smart, creative and talented”, recognised nationwide for his representation of the holders of over $1.6 billion of unsecured debt in Enron’s Chapter 11 cases, as well as the holders of $275 million of debt in the Owens-Corning Chapter 11 case. His appellate practice was also widely praised – he is said to be a “tenacious, effective counsel”. Robert Greenfield is a “star”, and regarded as “one of the key people at the firm”. He was lead reorganisation counsel for furniture manufacturer Falcon Products, he fulfilled a similar role for Clark Retail Enterprises, Butler Manufacturing Company and Huntsman Corporation and its domestic subsidiaries, the world’s largest privately owned chemicals company. His out-of-court workout negotiation practice also received many plaudits, and he has represented clients such as Quantel and North American Car in this area. 

Our sources were “incredibly impressed” by John Shaffer. “Smart, practical and creative”, “he certainly knows how to try a case” in the eyes of our sources, and was commended for his work on both the debtor and creditor side. Jeffrey Davidson’s national practice is widely recognised, and he counts Barry’s Jewelers, Castle Entertainment and the debt holders of Delphi Corp and Delta Airlines among his clients. Davidson’s profile in the state is further heightened by his previous chairmanship of the commercial law and bankruptcy section of the Los Angeles County Bar Association, and of its bankruptcy committee. Ralph Mabey is senior of counsel of ST&G. An “incredibly brilliant lawyer with a national reputation”, he is immediate past chair of the American College of Bankruptcy and was formerly a United States bankruptcy judge. Mabey is admitted to practise in New York and Utah only, but his “endless experience and profound knowledge make him a real asset to the firm”. 

Peitzman Weg & Kempinsky LLP is another boutique firm to impress our sources. Lawrence Peitzman is a “very eminent figure”, and the former chair of the American Bar Association committee on loan workouts. His recent representations include Warner Bros Entertainment and affiliates regarding films produced by Chapter 11 debtor Franchise Pictures, and the liquidating trustee for Trigem America in lawsuits against Hewlett- Packard, GECC, Toshiba and others. Howard Weg’s representation of The Bill & Melinda Gates Foundation Trust as a secured creditor in a range of cases impressed our contacts, and he has a “distinguished track record” that includes the workouts and Chapter 11 cases of Pacific Gas and Electric, Carolco Pictures and Enron among others. Arnold Quittner is of counsel to the firm, and is recognised as a “fabulous international lawyer” and an “absolute goldmine of industry knowledge”; in recent months he has been lecturing across Asia, including at universities in China, Hong Kong and Korea. 

Michael Lurey is co-chair of Latham & Watkins LLP’s global practice group and has risen to “the highest level of insolvency professionals”. His experience encompasses the representation of Consolidated Freightways, as Chapter 11 debtors, as well as the official creditors’ committees in the Superior National Insurance Group and MedPartners Provider Network Chapter 11 cases. Peter Gilhuly is a “very fine bankruptcy attorney”, and the quality of his written work in particular was highly praised – “he does a terrific job for his clients.” He stood out for real estate workout practice, and is also known within the legal community for his representation of Brobeck Phleger & Harrison LLP in its pre-bankruptcy restructuring and liquidation. Robert Klyman completes the trio of partners from the firm. His “practical and effective” advice to debtors was acknowledged by his peers, as was his work for creditors’ committees in complex workouts both in and out of court. 

Sidley Austin LLP’s Los Angeles office provides three individuals in this chapter. Sally Neely is said to be “something of a unique combination, in that she writes to a very high standard but is also an immensely fine courtroom lawyer.” She is well known for her participation in the representation of Chrysler; the creditor in the high- profile Kim Basinger bankruptcy case; and the creditors’ committee in the Franchise Pictures Chapter 11 case. “One of the smartest lawyers around”, her profile is further raised by activities as member of the board of directors and chair of the educational programs committee at the American College of Bankruptcy. Richard Peters currently represents Federal Mogul Global and affiliates in the jointly administered Chapter 11 cases, and he is “without doubt a top-tier lawyer in this field”. Richard Havel is head of the firm’s Los Angeles bankruptcy group, with a “formidable reputation” for workout and Chapter 11-related work in particular. 

Milbank Tweed Hadley & McCloy LLP is home to two featured partners. Robert Moore maintains a “very high profile in this area” across all types of work in this sector. He was counsel to the creditors’ committee in the Pacific Gas & Electric Chapter 11 case, one of the largest public utility cases ever filed, and filled a similar role in the Orange County Chapter 9 case, as well as acting as debtors’ counsel in Apex Oil. His “local prominence” is due in part to his previous work as chair and member of the executive committee of the LA County Bar Association’s commercial law and bankruptcy section. Interviewees also hold Gregory Bray in high esteem, particularly for his “exemplary creditor work”. He has experience of some of the largest matters of recent times, including Delphi, WorldCom and Delta Airlines, and his work on behalf of various types of fund was also highlighted to researchers. 

Richard Pachulski of Pachulski Stang Ziehl Young Jones & Weintraub LLP is “head and shoulders above most of the lawyers in the state”. Described as a “real asset to have on your side”, his “creative solutions” were praised, and he is known for his work for debtors in the Peregrine Systems, Commonwealth Equity Trust and Toni Braxton cases. Samuel Maizel also appears in the following pages. Chair of the ABA business law section’s business bankruptcy committee subcommittee on litigation, he is an “excellent individual” on both the debtor and creditor side. 

O’Melveny & Myers LLP advised parties in many of the major reorganisations and workouts in history, including WorldCom, Enron and Global Crossing. Ben Logan is a “wonderful lawyer”, known particularly for his out-of-court restructuring and Chapter 11 work. Suzzanne Uhland is chair of the restructuring practice at the firm and “resides in the top tier”. Recommended for her knowledge of intellectual property aspects of bankruptcies in particular – she acted for the copyright holders in the Chapter 11 case of Scour – and her recent engagements include acting as special bankruptcy litigation counsel for Replay TV (SonicBlue) in its litigation with Intel. 

Turning to the other nominees, Bruce Bennett is “the number one lawyer in the state” in the eyes of one interviewee, and polled an impressive number of votes overall. The founding partner of Hennigan Bennett & Dorman LLP, he is known locally as lead debtor’s counsel in the Orange County municipal bankruptcy and as the architect of the related plan of adjustment. With matters such as LA Gear, WestStar Cinemas and StorMedia also on his CV, Bennett is a “phenomenal litigator and an all-round star”. 

Patrick Murphy is chair of the restructuring and insolvency group at Winston & Strawn LLP and a “giant of his generation of lawyers”. A member of the initial class of the American College of Bankruptcy in 1990, he is a “very senior and respected figure in the bankruptcy legal community”. Highlights of his past work include the representation of the creditors’ committee in the Orange County Chapter 9 case, and some much lauded cross-border work in Canada and South-East Asia. 

Orrick Herrington & Sutcliffe LLP’s Marc Levinson is a “very bright guy”, and by common consent is “the leading individual in Sacramento”. His representation of creditors’ committees, debtors and distressed debt funds drew admiration. Richard Wynne of Kirkland & Ellis LLP is a “first-class operator” who leads the firm’s West Coast restructuring practice, and is known for his work on the Chapter 11 reorganisation of Conseco. 

Two of the individuals in this chapter also appear in our banking chapter. The first is Steven Sherman, who manages Shearman & Sterling LLP’s West Coast private financing and bankruptcy practice. His workout experience includes clients from the energy, retail and health-care industries to name but a few, as well as a “thriving practice” representing the acquirers of assets from companies in bankruptcy proceedings. David McCarty of Sheppard Mullin Richter & Hampton LLP is the other individual. A “superb creditor lawyer”, his clients include US Bank and Union Bank of California. Representative matters he has worked on include People’s Choice Home Loan, Northwest Airlines and Adelphia Communications. Past chair of the commercial law and bankruptcy section of the Los Angeles County Bar Association, he “fully deserves his place on this list”. 

Peter Benvenutti at Heller Ehrman LLP is “straight out of the top drawer”, particularly for complex business reorganisations. With experience of some of the landmark cases in this area, including WorldCom, Pacific Gas & Electric and Software Logistics, he is “unquestionably a fine lawyer”. The “terrific” Marc Cohen at Kaye Scholer LLP is chair of the firm’s business reorganisation and creditors’ rights group. The final individual to be featured as an expert in this field, he is particularly well known locally for his representation of Los Angeles World Airports in the Delta Air Lines, Northwest Airlines and United Air Lines Chapter 11 proceedings.

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