Wiley Rein has over 20 years of experience representing bankruptcy Trustees, receivers, and other liquidating agents in connection with complex liquidations of all sizes. Practice chair H. Jason Gold has served as bankruptcy Trustee and conducted the liquidation of over 400 business enterprises over the past 20 years.
- In re Computer Learning Centers
- In re Dornier Aviation (North America), Inc.
- In re RMG Business Enterprises Inc.
- In re McWane & Company
- In re XtremeSpectrum
- In re Bison Building Company
- In re Eagle Research Laboratories Inc.
- In re VMAC & EMR Joint Venture
- In re Diplomatic Language Services LLC
- In re Vijay K. Taneja
In recent years, Mr. Gold successfully accomplished two of the largest bankruptcy liquidations conducted in the Mid-Atlantic region:
- Mr. Gold served as chapter 7 Trustee in the publicly held Computer Learning Centers Inc. case, successfully liquidating 25 schools in 10 states and raising $30 million—largely from intangible assets—to benefit more than 9,000 mostly consumer and employee creditors. Computer Learning Centers was thought by many to be a near worthless enterprise when the case began, but diligent effort and sheer determination by the Wiley Rein team in the pursuit of value for the creditors resulted in a happy ending for the constituent parties. [See CLC completes bankruptcy sale, collecting $23M]
- Mr. Gold also served as Liquidating Trustee in the Dornier Aviation of North America case. By early 2009, Mr. Gold had already distributed funds to creditors in excess of 100 cents on the dollar with even more distributions expected. The principal component of the successful administration of the case was the winning and collection of a nearly $15,000,000 judgment on behalf of the Liquidating Trust by a team of Wiley Rein attorneys, led by Bankruptcy partner Alexander M. Laughlin. [See Dornier Aviation of North America Bankruptcy Trustee Announces Settlement of Litigation with China's Hainan Airlines]
In addition to their expertise in conducting complex liquidations, Wiley Rein's Bankruptcy & Financial Restructuring professionals have extensive experience in investigating allegations of fraud, misconduct, ineffective corporate governance, and the undervaluation of assets. Bankruptcy Trustees are regularly confronted with evidence suggesting wrongdoing or misconduct on the part of a corporate Debtor. Further, in cases where wrongdoing is suspected and no Trustee has been appointed, the Bankruptcy Code allows parties in interest to request the appointment of a bankruptcy examiner to conduct an investigation of the Debtor's affairs. The attorneys in the Bankruptcy & Financial Restructuring Practice have decades of experience representing bankruptcy Trustees and conducting corporate investigations of all types. That experience, together with our ability to draw on attorneys from other practice groups within the firm, renders our Team well suited to conduct thorough and efficient investigations of corporate wrongdoing. Should fraud or misconduct be discovered, Wiley Rein's decades of litigation experience and our familiarity with bankruptcy courts across the country enable us to aggressively pursue liability against the responsible parties, thereby enhancing the return to creditors of the bankruptcy estate.
Currently, Mr. Gold is serving as the chapter 11 Trustee for the Bankruptcy Estates of Vijay K. Taneja, a regional developer and mortgage lender, as well as the Liquidating Trustee under the Trust created pursuant to the confirmed chapter 11 plan. Mr. Taneja was convicted of multiple counts of mortgage fraud in what is generally considered to be the largest Ponzi scheme case in the Washington, DC region in decades.
For more information on trusteeships, see the following:
- Getting the Right Bankruptcy Trustee
- Taneja Bankruptcy Trustee Initiates 45 Lawsuits in Connection with Ponzi Scheme
ISSUE: DECEMBER 5, 2013