ORANGE COUNTY IN BANKRUPTCY : Legal Firm Is a Leader in Municipal Bankruptcy Cases
They have handled bankruptcy cases for the Broadway’s parent company, huge public utilities and Standard Brands Paint Co.
Now Stutman, Treister & Glatt of Los Angeles, one of the premier bankruptcy firms in the nation, will represent Orange County in federal bankruptcy proceedings as special reorganization counsel.
“Our firm will quarterback the reorganization efforts,” said Kenneth N. Klee, the firm’s senior partner. Bruce Bennett will serve as lead lawyer for a team of six to 10 other lawyers in the firm. But, Klee said, “there certainly will be more than that from other firms.”
Municipal bankruptcies are rare, but Stutman, Treister & Glatt has been involved in many of the larger cases, including the collapse of the Washington Public Power Service and the Richmond, Calif., school district case.
The Orange County case is “not only large in terms of dollar numbers, but the complexity of the issues represents a challenge for us,” said Klee, who was one of the principal architects of the 1976 revision of Chapter 9 and was involved in the drafting of the Bankruptcy Reform Act of 1994, which further amended the rules for municipal filings.
Established in 1947, Stutman, Treister & Glatt has represented numerous interests in bankruptcy and reorganization cases.
In addition to working with Broadway’s parent (called Carter Hawley Hale stores when it sought bankruptcy protection in 1991), Standard Brands, and Public Service Co. of New Hampshire, the firm recently filed three new cases for firms seeking court protection: Tune-Up Masters, House of Fabrics and Maple Plaza, which owns a large building in Beverly Hills.
On the creditor side, clients have included Pennzoil in the Texaco bankruptcy, and creditors’ committees in litigation over Resorts International and Del Taco.
The firm has 30 attorneys, all of whom specialize in corporate reorganization, bankruptcy and insolvency law, in addition to commercial litigation.
Long an innovator in its field, Stutman Treister has successfully concluded many of the most complex and difficult out-of-court restructurings, prepackaged Chapter 11 plans and Chapter 11 reorganizations in the nation. It also has a long history in the rehabilitation of smaller, closely held businesses, including family businesses, real estate partnerships and entertainment entities.
