Experience

Chapter 7 Representation of Trustee

A converted Chapter 11 case for two debtors who between them employed several hundred employees. The largest secured creditor was owed approximately $30 million. This representation involved a number of complex matters. For example, immediately it was necessary to terminate a self-funded health plan and oversee the unwinding of that health plan. In addition, Verrill is in the process of coordinating the termination of two 401(k) profit sharing plans. Counsel also negotiated an agreement with the largest secured creditor to allow the Trustee to conduct asset sales of the tangible assets of both Debtors. Counsel is now coordinating the collection of accounts receivable. In addition, a seven-figure dispute with an insider relating to the perfection of its claimed consignment interest in inventory of one of the Debtors is now the subject of a pending adversary proceeding. Numerous employee claims are in the process of being evaluated and addressed arising from the Debtors' decision to terminate virtually all of their employees prior to conversion of the cases. Verrill is also evaluating a number of claims against insiders, and it is anticipated that claims arising under Delaware law will be pursued.

In representing the Trustee in this matter, Verrill sought the assistance of attorneys in the Employee Benefits & Executive Compensation Group relating to what has been described by the administrator for the 401(k) profit sharing plans as the largest plan termination matter being handled by her company right now.

The work for the Trustee in the Wood Structures case is ongoing and will not be completed for some time.

Eucalyptus Plantation Purchase

We represented the purchaser in the acquisition and financing of a eucalyptus plantation in Hawaii and the negotiation of a biomass supply agreement.

In re Interep National Radio Sales, Inc., et al.

In this case, Verrill defended multiple parties against preference claims made by the Chapter 7 Trustee in this converted chapter 11 case. Our client's faced claims totaling over $200,000; Verrill was able to resolve the matters for approximately 25% of the demand.

In re NewPage Corporation

Verrill represented a Maine-based trade supplier in asserting administrative claims against the debtor's estate pursuant to section 503(b)(9) of the Code and favorably resolved the debtor's resulting objection.

In re Smurfit-Stone Container Corporation, et al.

Verrill represented a Maine-based trade supplier in asserting administrative claims against the debtor's estate pursuant to section 503(b)(9) of the Code and favorably resolved the debtor's resulting objection.

Representation of Chapter 7 Trustee: Red Shield Acquisition, LLC

Verrill was selected as counsel to the Chapter 7 Trustee for Red Shield Acquisition, LLC. The first priority in our engagement was successfully securing bankruptcy court approval for the sale of the Debtor's pulp mill in Old Town, Maine under section 363 of the Bankruptcy Code. Verrill accomplished this primary objective in a mere 26 days from our selection as Trustee's counsel. Although the work for the Trustee in this case is on-going, securing approval for the sale of the Debtor's assets this quickly permitted some 200 furloughed employees of the Debtor to return to work before the holidays and permitted this important asset in Maine's economy to be back online as soon as possible.

Timberland Acquisition and Sale of Conservation Easement

We provided representation of a purchaser in the acquisition of commercial timberland and the sale of a conservation easement in Monroe County, Alabama.

Contact Verrill at (855) 307 0700