Freedom Communications (2009)

Representation of the creditors’ committee in the chapter 11 case of Freedom Communications in the District of Delaware. Freedom Communications was a national information and entertainment company of print publications (including the Orange County Register), broadcast television stations, and interactive businesses. As a result of actions taken by the firm on the committee’s behalf in this “pre-planned” chapter 11 case, the debtors and their lenders radically amended the proposed plan to greatly enhance the recovery of unsecured creditors. Specifically, the firm, on behalf of the creditors’ committee, pursued fraudulent-conveyance claims relating to the insider LBO, which materially raised unsecured recoveries from 5% to 70%.