Creditor Representations

Vitro SAB

Forshey Prostok served as co-counsel for an Ad Hoc group of bondholders with claims exceeding $700 million in the Vitro S.A.B. bankruptcy case pending in the Northern District of Texas.  There FP successfully assisted the bondholders in preventing Vitro from enforcing its Mexican concurso plan in the United States, thereby allowing important subsidiary guaranties to be preserved and enforceable domestically.  On appeal, FP assisted the bondholders in obtaining a favorable decision from the Fifth Circuit Court of Appeals.  The Fifth Circuit decision is expected to have a significant impact on international commercial transactions as well as on future cross-border financing and restructurings.

Western Real Estate Equities (WRE)

Forshey Prostok represents WRE in the Chapter 11 bankruptcy case filed by Village at Camp Bowie.  WRE is a secured creditor owed $30,000,000. 

Pinnacle Bank

Forshey Prostok serves as legal counsel for Pinnacle Bank in the Joshua Hotel Group chapter 11 case.  Forshey Prostok seeks to lift the stay to foreclose on property, and is currently in negotiations to obtain assets.

Seattle City Employees’ Retirement System


Forshey Prostok represents Seattle City Employees’ Retirement System (“SCERS”), a defined benefit plan founded in 1929 with over 15,000 members.  The firm’s representation involves advising SCERS of its rights as a secured creditor in connection with intellectual property owned by Platinum Intellectual Property, L.P., (“PIP”) which filed bankruptcy in February 2009.  With the firm’s assistance, SCERS has taken steps to foreclose on the intellectual property, market the intellectual property for sale, and ensure that patent rights are preserved in order to maximize the return to SCERS’ participants on account of SCERS’ investment in PIP.  Forshey Prostok obtained a default judgment to foreclose in 2010.


Gunn Oil Group

Forshey Prostok represented a group of creditors in the chapter 11 bankruptcy case of Crusader Energy Group, Inc. and its affiliates.　 Prior to the bankruptcy, the creditors sold to Crusader a 75% working interest in oil and gas leases covering a significant amount of acreage in four Texas counties.　 The creditors asserted claims against Crusader in the bankruptcy case of approximately $10 million based on the pre-bankruptcy transaction between the parties.　 Through the Firm’s innovative use of Texas law on equitable vendor liens, the creditors were able to reacquire the 75% working interest in the leases from Crusader in exchange for a minimal cash payment and cancellation of the debt owed by Crusader to the creditors, which reacquisition was approved by the Bankruptcy Court during Crusader’s bankruptcy case.

Quicksilver Resources, Inc.

Forshey Prostok, represented the creditor,  Quicksilver in Eagle Drilling, LLC's bankruptcy proceeding in the United States Bankruptcy Court of Oklahoma, Western District. 

 

XTO Energy, Inc.

Forshey Prostok represents XTO Energy, Inc. as a creditor in the Reichmann Petroleum Corp. bankruptcy proceeding pending in the United States Bankruptcy Court for the Southern District of Texas. This representation primarily involves a workout of XTO Energy's bankruptcy claim of more than $1.2 million against the debtor related to certain oil and gas interests, as well the determination of XTO's claim based on operating agreements in which XTO is the operator.

ANOVA, Corp

Forshey Prostok represented ANOVO, SA, a company  based in France and the United Kingdom in connection with a substantial commercial lease in Texas, and also in connection with the bankruptcy of one of its United States subsidiaries.  Our representation resulted in a negotiated settlement of claims in excess of $1,000,000. 

Renfro Foods, Inc.

Forshey Prostok, bankruptcy counsel, represented Renfro Foods, Inc. as the largest unsecured creditor in a Chapter 11 case pending in the United States Bankruptcy Court in the Western District of Texas.　 Renfro Foods, Inc., family owned, is a Texas-based products manufacturer, specializing in Southwestern condiments, salsas and other specialty condiments.　

ForsheyProstok has also successfully represented additional Creditors in such as: