Pennsylvania Fashions

As counsel to the creditors' committee, we uncovered litigation claims conveyed to a liquidating trust. Upon confirmation, the proceeds of the trust, together with a cash distribution from the reorganized debtor, yielded a 25 percent recovery for a position considered to be "under water" from the outset, as evidenced by the secured lenders recovering nothing on their large deficiency claim. The firm was awarded a bonus for the extraordinary result achieved.