telecommunications equipment: matters
Ongoing
Winstar Communications Trustee - Bankruptcy Appeal
Representation of the Trustee for Winstar Communications in an adversarial proceeding asserting claims of insider/voidable preference, equitable subordination and breach of contract, against Lucent Technologies. After winning at the bankruptcy court level following a one month trial and an initial appeal to the US District Court, we successfully argued to the US Third Circuit Court of Appeals in a case then valued at about $340 million. The Third Circuit affirmed the courts below and found that Lucent was an insider of Winstar. In so ruling, the court also upheld the Trustee's arguments regarding earmarking, new value, core versus non-core jurisdiction, right to jury trial and equitable subordination. The American Bankruptcy Institute Journal, in its April 2009 issue, featured the Third Circuit decision and wrote that the case “opens an entirely new and extensive arena in bankruptcy-preference litigation that may cause profound changes in both preference-risk assessments and creditor behavior.”
2009
Intelsat - Protostar
Representation of Intelsat Corporation as successful purchaser of Protostar I satellite for $210 million in bankruptcy auction (D.Del.)
2010
Electrical Services Firm - Stock Acquisition
Representation of the owners of a full-service electrical and telecommunications services firm in acquiring the outstanding stock of a national leader in solar shading solutions and daylight management systems.
2009
Intelsat - Sea Launch
Representation of Intelsat Corporation in chapter 11 proceedings of satellite launch service provider (D.Del.)
2009
Intelsat - Bantel, LLC
Representation of Intelsat Corporation in chapter 11 proceedings of a satellite telecommunications company (S.D. Fla.)
2008
Private Equity Fund - Investment in Technology Company
Representation of a Cayman Islands-based private equity fund in a $1 million Series B investment in a California developer and manufacturer of wireless audio and video home networking multimedia technology products.
2007
Telecommunications Company - Asset Sale
Representation of a telecommunications company, a long-term client, in the sale of its assets and associated entities to an affiliate of a large public company for more than $100 million plus a 25% interest in the newly formed entity. This was a difficult transaction with a complicated structure; some assets were held in the Dominican Republic and subject to local regulations and approvals prior to the sale, and the seller’s business was regulated by the U.S. Federal Communications Commission.
2007
Former CEO - SEC Investigation
Representation of the former CEO of a major fiber optic company in an SEC investigation of accounting irregularities. After a grueling deposition and an in-depth Wells Submission, the SEC determined not to pursue any action against our client.
2005
Winstar Communications Trustee - Bankruptcy
Representation of the Trustee for Winstar Communications in its bankruptcy case against Lucent Technologies. Following a three month bench trial, the Delaware Bankruptcy Court awarded the Trustee judgment on its bankruptcy and breach of contract claims against Lucent, finding Lucent to be an insider of Winstar. The Court also found that a $188 million payment made four months before Winstar's bankruptcy was held to be a voidable preference to be repaid by Lucent to Winstar.