It has become increasingly common for distressed companies to utilize the bankruptcy courts as a vehicle through which to sell their assets as a going concern. As a result, opportunities are created for the discerning investor. Paul Rubin has successfully guided distressed asset purchasers, including hedge funds and real estate developers, who have acquired assets and businesses by serving as stalking horse or competing bidders in sales conducted by debtors and bankruptcy trustees, in the following illustrative matters:
Circuit City: Representation of winning bidder for Debtor’s real property in competitive auction.
Stalking Horse Bidder – Acquisition of Photos from Polaroid Fine Art Collection: Representation of a successful stalking horse bidder in connection with the acquisition, from the bankruptcy estate of the Polaroid Corporation, of an extensive collection of more than 10,000 photographs from the Polaroid Fine Art Collection. Many of the photos are of museum quality and were taken by renowned photographers.
Investment Fund – Distressed Asset Acquisition: Representation of an investment fund in its acquisition of substantially all of the assets of Chapter 11 debtor Parmatic Filter Corporation and a related company, which manufacture filters used on U.S. Navy ships and that export filters to the militaries of friendly foreign governments.
Third Toro Family Limited Partnership: Devised and implemented successful strategy for second mortgagee to obtain conversion of chapter 11 case to chapter 7, and to become successful stalking horse bidder for valuable property situated along Manhattan’s West Side Highway.
Mortgage Lenders – Recoveries: Representation of various mortgage lenders in connection with the recovery of major commercial properties under chapter 11 plans of reorganization, including 80 Broad Street, 1500 Broadway, 400 Madison Avenue, 127 John Street, 71 Broadway and 485 Fifth Avenue.