T&K Obtains Structured Dismissal on Behalf of Olympic 1401 Elm Associates in Chapter 11 Proceedings

Dallas – Attorneys with the law firm of Thompson & Knight LLP obtained a structured dismissal on behalf of Firm client Olympic 1401 Elm Associates, a Debtor in Chapter 11, in the companies bankruptcy proceedings. The Dismissal Order was entered on June 23, 2016 and the case was closed on July 12, 2016.

In his Memorandum Decision granting a structured dismissal, Judge Hale of the United States Bankruptcy Court Northern District of Texas, Dallas Division finds that the “Entry of Dismissal Order was in the best interest of all creditors as it avoided additional administrative costs that could only harm general unsecured creditors.” He points out that “this is a large case in terms of the amount of claims, which concluded successfully in less than six months, paying all creditors in full. What’s not to like?”  The judge’s order also states, “counsel for the Debtor acted promptly in the sale process, and their work was exemplary.” 

Thompson & Knight Partners Michael V. Blumenthal, Christopher L. Chauvin, William M. O’Connor, and Bruce J. Zabarauskas, and Associate David Lawrence represented Olympic 1401 Elm Associates in this matter.