Togut, Segal & Segal's representation of bankruptcy trustees in both Chapter 11 and Chapter 7 cases is well-known. The firm's attorneys have represented Chapter 7 trustees in the bankruptcies of a wide variety of businesses, including real estate, commodities, manufacturing, retail and professional services such as law firms and securities brokerages.
Extensive Experience as Trustee in Complex Bankruptcies
With vast experience and a creative approach to liquidation proceedings, Albert Togut, with Togut, Segal & Segal acting as his general bankruptcy counsel, has provided effective service as Trustee and counsel in thousands of cases ranging in size and complexity from individual debtors to the largest Chapter 7 case in the history of bankruptcy.
Togut, Segal & Segal brings its decades of experience and its understanding of the trustee's role to every engagement. Just like trustees, whose primary function is to maximize asset values while minimizing administrative expenses, our attorneys seek to create value wherever it can be found while working to reduce administrative expenses and litigation costs.
Contact our New York law office online today to learn more about our bankruptcy trustee services. You may also call 212-594-5000 to schedule an initial consultation with a member of our team.
Representation From a Member of the Bankruptcy Trustee Panel
Albert Togut is a highly regarded member of the official bankruptcy trustee panel maintained by the United States Bankruptcy Court for the Southern District of New York, and he has served as the Chapter 7 or Chapter 11 Trustee in some of the most significant cases ever filed. For example, Mr. Togut was named the Chapter 7 Trustee for the estate of Refco LLC, which, with assets exceeding $3 billion, was the largest Chapter 7 debtor in history.
Togut, Segal & Segal represented the Trustee in the Refco case. The debtor was formerly a regulated futures commission merchant. Notably, all creditors holding nonsubordinated claims against the Chapter 7 Debtor were paid in full.
Mr. Togut also served as Chapter 11 Trustee for the debtors in the cases known as Kingston Square Associates, et al. In the Kingston Square cases, which involved apartment complexes in New York, New Jersey, Pennsylvania and Florida that were subject to mortgage claims of approximately $400 million, former Chief Bankruptcy Judge Brozman of the Southern District of New York authored a landmark decision concerning the viability of bankruptcy-remote provisions and directing the appointment of a trustee. Togut, Segal & Segal represented the Trustee, assisting him in brokering settlements with all of the major creditors and confirming a fully consensual Chapter 11 plan pursuant to which general unsecured creditors were paid 100 percent of their claims.
Quick Action Leading to Quick Results
Togut, Segal & Segal is widely recognized for its ability to act quickly to preserve value and to obtain approval of sales when time is of the essence. In one of many such examples, Mr. Togut was appointed the Chapter 7 Trustee of a prominent New York City pharmacy that abruptly ceased operations leaving hundreds of customers without access to prescription care products. Within one week, the Trustee and Togut, Segal & Segal secured the company's premises, obtained an appraisal of its assets, and negotiated and consummated the sale of the business to a nearby drug provider, all with Bankruptcy Court approval. Hundreds of customers were provided with uninterrupted service and creditors were paid a dividend.
Working with Togut, Segal & Segal, Mr. Togut has located and administered assets that were thought to be beyond the reach of creditors. In the Portney case, for example, Mr. Togut compelled the debtor to repatriate assets from a Channel Island trust so that creditors could be paid in full.
Well-Renowned Investigation Abilities
Togut, Segal & Segal's investigatory skills are also recognized. Mr. Togut was appointed as the Chapter 11 examiner of David Malina, a well-known New York City retail operator, when fraud allegations stalled restructuring efforts and threatened asset values. Within one month, Mr. Togut filed a comprehensive Examiner's Report that disclosed insider fraudulent conveyances and improper claims of exemption. Mr. Togut's report led to the appointment of a Chapter 7 Trustee who used the Examiner's Report to recover assets for creditors when a recovery was not otherwise possible.
Contact a NYC Liquidation Plan and Reorganizations Lawyer
Call 212-594-5000 for additional information about the ways our trustee experience informs and enhances our service for any client. You may also contact our New York bankruptcy law office online to learn more about our trustee services.