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Transamerica Occidental Life Insurance Company, Transamerica Life and Annuity Company, Sun America Insurance Company and Anchor National Life Insurance Company were senior secured creditors in serial chapter 11 cases filed by Standard Brands Paint Company and its affiliates. The insurance companies' secured claims exceeded $130 million. SulmeyerKupetz obtained relief from the automatic stay and pursued other enforcement strategies on behalf of the insurance company lenders. Substantial portions of the real estate security were recovered and liquidated, leaving the insurance companies with an allowed unsecured claim of only $1.5 million at the conclusion of the second chapter 11 case.
Over the last 30 years, SulmeyerKupetz has represented GECC in numerous cases throughout the United States. One recent case involved a $50 million pre-petition loan to The Baldwin Company, one of Southern California's largest home builders. After filing its chapter 11 case, Baldwin attempted to implement a $25 million loan with priority over GECC's $50 million loan to Baldwin. In litigation before the bankruptcy court, SulmeyerKupetz defeated this effort, and advised GECC to increase Baldwin's credit line to $60 million. Within six months after the chapter 11 filing, GECC was paid in full on its pre- and post-bankruptcy loans, including all interest, costs and attorneys' fees.
In more than 100 bankruptcy cases and related state court proceedings, SulmeyerKupetz pioneered an efficient and cost-effective approach toward representing AFCO, a division of Mellon Bank. In every case to date, the firm obtained either a return of personal property collateral, payments equal to or exceeding the amount of AFCO's secured claim, or both.
General Information
Attorney Profiles and E-Mail
Practice Descriptions
Representative Cases
Articles
Links
Directions
Home Page