Overview
Stone Pigman has substantial experience in all aspects of bankruptcy, financial restructurings and the enforcement of creditors' rights. We regularly represent creditors, debtors and committees in proceedings throughout Louisiana. The firm's involvement in complex reorganization and liquidation cases has included the prosecution and defense of significant bankruptcy-related claims.
We frequently represent secured lenders in Chapter 11 proceedings. Our Bankruptcy Practice Group has obtained Chapter 11 relief for publicly-traded entities and other corporations. We have also defeated attempts by bond holders and others to bring involuntary bankruptcy proceedings against publicly-traded companies. We have also been retained to enforce our clients' rights to payment under confirmed Chapter 11 plans.
We have represented lender groups in construction loan mortgage disputes, and have also successfully defended our clients against multi-million dollar lender liability claims. We also defend clients against preference claims brought by bankruptcy trustees and liquidating agents.
Outside of bankruptcy, firm lawyers regularly represent both debtors and creditors in connection with out-of-court restructurings, and we often provide counseling in transactional matters with respect to actual and potential insolvency issues. We also represent local and national lenders and landlords in the protection and enforcement of their contract rights, including the prosecution of foreclosure and eviction actions in state and federal courts. Our attorneys have regularly represented lenders in foreclosure proceedings to enforce mortgage and security interests in hotels, commercial office buildings, multifamily apartments, and other real estate. We also assist clients in exercise rights in equipment and other collateral under the Louisiana UCC.
In view of the diverse nature of the issues that can arise in all of these areas, the firm utilizes a "team" approach in most engagements. This approach permits the firm, when necessary, to supplement the experience of its bankruptcy and business litigation lawyers with that of lawyers practicing in other areas, including banking, construction, corporate and securities, environmental, finance, intellectual property, real estate and tax.
Some representative matters our Bankruptcy Practice Group has handled include:
- The firm represented the interests of an officer and co-founder (who was also a substantial creditor and equity owner) of a publicly-traded company in a Chapter 11 bankruptcy which involved a "loan to own" lender and numerous adversary proceedings involving our client. The firm successfully opposed confirmation of the initial plan after a week-long confirmation hearing.
- The firm represented a local tourism company through its Chapter 11 filing, handling debtors and litigation relating to the company's tour, hotel, and airport shuttle businesses.
- The firm represented a national business finance company in connection with a Chapter 11 case filed by a national lighting service company. After extensive litigation concerning the client's collateral, which consisted of approximately $60 million in payment rights under several thousand lighting service contracts, the case was resolved through confirmation of a consensual plan of reorganization. Since the resolution of the Chapter 11 case, the firm has continued to represent this client in enforcing its rights under many of the lighting service contracts.
- The firm was retained to protect and enforce the rights of a national construction company in connection with the Chapter 11 filing of the owner/developer of a $100 million luxury hotel. Through hard-fought litigation concerning the validity of the client's security interest in the hotel property, this client's claim was resolved by a favorable settlement.
