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Fasteel Corporation, MMFX Steel Corporation and MMFX Technologies Corporation

The firm represented the creditors' committee in the MMFX Technologies chapter 11 bankruptcy. MMFX owned patents and valuable intellectual property relating to corrosive-resistant steel for construction industry and other industrial uses. After the committee was formed, the firm negotiated on its behalf with the hedge fund lenders to convert their debt to equity, and with unsecured creditors to ensure preferred returns as a backstop to a sale process for the intellectual property. Ultimately, because of the deal that was negotiated, unsecured creditors still received seventy cents on the dollar of owed money after the sale of intellectual property yielded no buyers.