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Representing multiple trade creditor claims allowed the lawyers at Doré Rothberg McKay

to dig deep into the bankruptcy facts. We raised several questions regarding the position of
the primary lender in the bankruptcy. Although the primary lender claimed its umbrella

liens gave it priority over all the assets in the bankruptcy, we found several examples where

the lender might have missed assets or made errors in the lien documents it filed.
Ultimately, the questions resulted in a settlement giving our Clients almost 50% greater

payments from the bankruptcy than the company’s original plan.

Although our Clients did not get paid all the monies they were owed by the bankrupt

company, they did get a lot more by working together in the bankruptcy, and it certainly
cost them less in attorneys’ fees. Another benefit to joining together is that the bankruptcy

settles a much larger portion of its debts when the smaller claims are combined. As in this

case, your debt may receive a better payment because it is part of a “big trade claim” being
settled.

The last lesson learned from the story is to hire attorneys who are knowledgeable and

experienced in handling trade claims in bankruptcy. Not only do the more experienced

lawyers know what to look for, they spend less time finding evidence that will bolster your
claim, and they already know the arguments to make to the bankruptcy court and Trustees.

Doré Rothberg McKay represents the most oilfield service companies of any law firm. We

file and enforce the most mineral liens nationwide. Our Firm is involved in every major oil

& gas bankruptcy.

Story provided by Jeannie Andresen, an attorney in the Bankruptcy & Litigation Section

of Doré Rothberg McKay. Jeannie clerked for a Federal bankruptcy judge and has years
of experience handling collection and bankruptcy matters.