Thompson & Knight LLP announced today that the Life Partners Holdings, Inc. (“LPHI”) bankruptcy case has been selected to receive the 2017 Turnaround Management Association (“TMA”) Turnaround and Transaction of the Year Award for “Turnaround of the Year: Large Company.”
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. Mr. Moran’s appointment was predicated on a finding of gross mismanagement by prior management of Life Partners. The Life Partners bankruptcy put approximately $1.4 billion at risk, which represents all or a significant portion of the life savings of more than 20,000 (mostly individual) investors.
The Joint Plan, which implemented the first successful bankruptcy reorganization of a life settlement company, repurposed the Life Partners business enterprise and preserved the $2.4 billion life insurance policy portfolio for the benefit of the Life Partners investors. The plan is projected to return in excess of 90% of invested capital (more than $1.2 billion, net) to the affected investors.
“We are humbled to receive this award from the TMA,” said David M. Bennett, Restructuring and Bankruptcy Practice Leader at Thompson & Knight. “To have our work singled out for such a prestigious national award is a tremendous honor for us.”
The TMA individually recognized Mr. Bennett and Katharine Battaia Clark for their contributions to the Life Partners case, along with Jason S. Brookner of Gray Reed & McGraw LLP; H. Thomas Moran II of Asset Servicing Group, LLC; Jay H. Ong and Joseph Wielebinski of Munsch Hardt; Dawn Ragan of Bridgepoint Consulting LLC; and Dan Young of Vida Capital.
Other members of the Thompson & Knight team, who led the effort for Mr. Moran, included Richard B. Roper, William J. Schuerger, Jennifer Rudenick Ecklund, Nicole Williams, and William L. Banowsky. Mr. Bennett added, “the outcome in the Life Partners case was achieved as a result of a consummate, inter-disciplinary team effort across our firm.”
About Thompson & Knight
Established in 1887, Thompson & Knight is a full-service law firm with more than 300 attorneys. The Firm provides legal solutions to clients and communities around the world. For decades, Thompson & Knight attorneys have played key roles in complex restructuring and bankruptcy matters on behalf of its clients. This year, Thompson & Knight proudly celebrates 130 years of service. For more information, visit www.tklaw.com.
About the Turnaround Management Association
The Turnaround Management Association (“TMA”) is the leading organization dedicated to turnaround management, corporate restructuring, and distressed investing. Established in 1988, TMA has more than 8,300 members in 55 chapters worldwide, including 32 in North America. Members include turnaround practitioners, attorneys, accountants, advisors, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees.
Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. This year’s winners saved countless jobs and made a significant economic impact, both locally and globally. TMA recognized the 72 honorees during a special awards celebration on October 23rd in Fort Worth, Texas.
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