LRC serves as sole counsel to Charles F. Kuoni, the trustee of the LMI GUC Trust (the “Trustee”) in the LMI Legacy Holdings, Inc. (“LMI”) bankruptcy case. LRC previously represented the Official Committee of Unsecured Creditors of LMI as first chair counsel in LMI’s chapter 11 proceedings. In the chapter 11 cases, LRC negotiated a settlement that provided a substantial dividend to general unsecured creditors who were expecting to receive no distributions when the case filed. LRC now represents the LMI GUC Trust following the effective date of LMI’s chapter 11 liquidating plan, and has advised the Trustee in connection with his efforts to liquidate the GUC Trust assets, ascertain and conduct investigation into the events leading to LMI’s bankruptcy, and to prosecute and defend actions, suits and other proceedings that will affect distributions to creditors. LRC assisted the Trustee in investigating the pre-petition acts and omissions of LMI’s directors and officers, equity sponsor, investment banker, and others and advised the Trustee in initiating a complex action against those responsible for the precipitous decline and bankruptcy of LMI. The Trustee successfully defeated a motion to transfer venue of this action and has responded to defendants’ motions to dismiss, which are pending a decision by the Bankruptcy Court.
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