News & Resources

Olshan Victory in 1031 Tax Group Bankruptcy

December 1, 2008

The Southern District Bankruptcy Court granted Olshan's motion as counsel to the chapter 11 Trustee under which one of the largest secured creditors of the debtors, gave up its deficiency claims, the Trustee maintained the mineral rights in one of the properties, including a share in payments under any future mineral lease. The ruling ended a protracted litigation, bringing much needed funds into the estate. Olshan also secured relief rarely granted outside of a chapter 11 plan, namely a channeling injunction, prohibiting third parties from suing the lender or debtors for certain claims. Michael S. Fox led the Olshan team, which included Renee M. Zaytsev.