Morrison & Foerster Partner Gary Lee Named An American Lawyer "Dealmaker of
NEW YORK, April 4, 2014
NEW YORK, April 4, 2014 /PRNewswire/ --Gary Lee, a partner in Morrison &
Foerster's New York office, has been named one of The American Lawyer's
"Dealmakers of the Year" for guiding leading mortgage company Residential
Capital LLC through bankruptcy.
Lee, co-chair of the Global Business Restructuring & Insolvency Group and
Finance Department, was one of those credited by U.S. Bankruptcy Judge Martin
Glenn, who approved the terms of the ResCap's chapter 11 plan, with
shepherding all sides through to a settlement that "reflected creative
solutions to seemingly intractable problems." Judge Glenn has called the
ResCap case the most complex that he has seen in his many years on the bench
and in private practice.
ResCap was the nation's fifth-largest mortgage servicer before its chapter 11
filing, which was largest case filed in 2012. The MoFo team was able to keep
ResCap's core businesses of originating and servicing mortgages to continue
operating while the company was in bankruptcy. This was the first time that a
financial services company was ever able to remain in business through chapter
11 and be sold as a going concern.
Adopting a novel strategy based on a smaller and little-known bankruptcy case
as precedent, the MoFo team worked with investors in ResCap's residential
mortgage-backed securities (RMBS) to let the judge bifurcate ResCap's mortgage
holdings, which resulted in the sales process that yielded $4.5 billion.
ResCap's chief business officer Tammy Hamzehpour praised Lee's creativity in
keeping the process moving through an intense period of regulatory pressures,
complex negotiations, court orders and more than two dozen written opinions.
"He always had this ability to think steps ahead in the case," she said.
Larren Nashelsky, chair of Morrison & Foerster, said, "Gary is an outstanding
lawyer who once again proved his creativity and brilliance in one of the most
complex bankruptcy cases in history. Clients know that when they turn to him
they have counsel who not only knows the law but knows how to deal with all
the parties in a restructuring—a peerless trait when creditors are all
scrambling to try to recover what they can. Gary's handling of ResCap
deservedly earned kudos from Judge Glenn and most of the other parties
involved in the case for creating a framework for and causing the parties to
reach fair settlement. We're proud of his work."
Morrison & Foerster was named Chambers USA's "Bankruptcy Firm of the Year," in
light of the Global Business Restructuring & Insolvency Group's role in a
number of recent high-profile matters.These matters include the
representation of the chapter 11 trustee for MF Global in the largest chapter
11 case filed in 2011, the creditors' committee in the chapter 11 case of the
Los Angeles Dodgers, and the creditors' committee in the chapter 11 case of
Ambac Financial Group. Morrison & Foerster also played a significant role in
Iceland's bank restructurings through its representation of the Resolution
Committee and Winding-up Board of Landsbanki Islands hf.
We are Morrison & Foerster — a global firm of exceptional credentials. Our
clients include some of the largest financial institutions, investment banks,
Fortune 100, technology and life science companies. We've been included on The
American Lawyer's A-List for 10 straight years, Chambers Global named MoFo its
2013 "USA Law Firm of the Year," and in light of the Business Restructuring &
Insolvency Group's success Chambers USA named MoFo its "Bankruptcy Firm of the
Year." Our lawyers are committed to achieving innovative and business-minded
results for our clients, while preserving the differences that make us
Jocelyn De Carvalho, Public Relations Manager
(212) 336-4051, email@example.com
SOURCE Morrison & Foerster
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