Some of the Firms’ current and recent high-profile bankruptcy representations include:

Flag Litigation Trust
Flag Litigation Trust v. Bande, et al.

Southern District of New York

G&E represented a litigation trust which was established by the Bankruptcy Court for the Southern District of New York for the purpose of pursuing litigation on behalf of the creditors of Flag Telecom Holdings Ltd.  The complaint alleged breaches of fiduciary duty under Bermuda law by Flag’s officers and directors, aided and abetted by certain third parties, in connection with various fraudulent conveyances and the company’s filing of materially false financial statements.  The suit was filed in New York Supreme Court, and subsequently removed to federal court by the defendants.  In November 2010, the suit settled for $24.4 million.

Lehman Brothers
In re Lehman Brothers Securities Litigation

Southern District of New York

G&E attorneys filed claims on behalf of numerous clients in the chapter 11 case of Lehman Brothers, principally for amounts due under derivative contracts with various Lehman debtors, as well as representing a hedge fund client in defense and settlement of a turnover action initiated by the SIPA Trustee of Lehman Brothers, Inc.

Washington Mutual
In re Washington Mutual, Inc. Bankruptcy Action

District of Delaware

G&E represented a group of institutional investors who collectively purchased over $600 million of senior and junior subordinated notes issued by WaMu Bank in a securities fraud action against WaMu Bank’s bankrupt parent company WaMu Inc.  Following the seizure of WaMu Bank by the FDIC, our clients were left with no ability to pursue claims directly against the Bank for their substantial losses and G&E filed bankruptcy claims against WaMu Inc., alleging that false and misleading statements made by WaMu Inc. induced our clients to purchase WaMu Bank notes at artificially inflated prices.  The Firm actively litigated its claims in the WaMu bankruptcy case, responding to numerous challenges, based on the subordination provisions of section 510 of the Bankruptcy Code, by the WaMu Debtors, the Unsecured Creditors’ Committee and other creditor constituencies.  The Firm ultimately achieved a significant financial settlement of its clients’ claims, which included a position for its noteholder clients on the WaMu Trust Litigation Trust Advisory Board.