Obtained $80 million For Montgomery Ward Creditors

Represented the unsecured creditors committee of Montgomery Ward in obtaining more than $80 million for creditors by investigating, commencing and ultimately settling a lawsuit. The committee asserted that the former parent company of Montgomery Ward manipulated Montgomery Ward's financial structure and the timing of its demise, thus inducing creditors to extend millions of dollars in credit when it knew Montgomery Ward would not survive. The Cooley team vigorously pursued the investigation and litigation on behalf of creditors, ultimately obtaining a settlement twice the amount of cash that parent company had originally offered Montgomery Ward's creditors in its proposed plan.

Related Contacts
Lawrence Gottlieb Retired Partner, New York
Richard Kanowitz Partner, New York
Cathy Hershcopf Partner, New York
Eric Haber Special Counsel, New York