Dallas – Thompson & Knight LLP announced today that Life Partners Holdings, Inc. (“LPHI”) has received the Turnaround Atlas award for Chapter 11 Restructuring of the Year (1-2.5 billion dollar category), and that David M. Bennett, Thompson & Knight’s Bankruptcy and Restructuring Practice Leader, has received the Turnaround Atlas award for Mid-Markets Restructuring Lawyer of the Year.
Thompson & Knight was lead counsel for H. Thomas Moran II, who was the Chapter 11 Trustee for LPHI, sole director of its operating subsidiaries, and co-proponent of a plan of reorganization that was confirmed by the Honorable Russell Nelms, United States Bankruptcy Judge for the Northern District of Texas – Fort Worth Division. The plan repurposed the Life Partners business enterprise to one which is projected, over time, to return greater than 90 percent of invested dollars to affected investors. A principal component of the plan is its preservation of a $2.4 billion life insurance policy portfolio for the benefit of more than 22,000 investors.
“We are delighted that the Life Partners plan is projected to generate a substantial recovery for Life Partners’ investors and that our work for Mr. Moran in collaboration with the Unsecured Creditors Committee, our co-proponent, has been recognized with this prestigious national award,” said David M. Bennett. “I also am very pleased and humbled to have been recognized individually. Both awards reflect the dedicated efforts of our second-to-none team of professionals.”
The members of the Thompson & Knight team who led the effort for Mr. Moran included Mr. Bennett, Richard B. Roper, Katharine Battaia Clark, William J. Schuerger, Jennifer Rudenick Ecklund, Nicole Williams, and William L. Banowsky, among others. Mr. Bennett added, “the result in the Life Partners case would not have been possible without the interdisciplinary contributions from across our Firm and a concerted team effort from a number of our trusted colleagues who worked tirelessly to solve the variety of complex, and often novel, legal issues that were presented in the Life Partners bankruptcy case.”
Winners of the Turnaround Atlas awards were honored at a gala and trophy presentation held last night at the Metropolitan Club in New York City. The Turnaround Atlas awards recognize excellence within the worldwide restructuring and turnaround communities. Throughout the past nine years, winners have been selected independently on performance criteria such as style; pre/post workout; survivability and sustainability; operational, client, and HR metrics; number of creditors; timeliness; jurisdiction; and resourcefulness, among additional criteria unique to the award category. For more information, click here.