|
< Return to Firm News Stutman Files Examiner Report in the Extended Stay Hotels Bankruptcy Cases
On April 8, 2010, Ralph Mabey, the Court-appointed Examiner in the Extended Stay Hotel bankruptcy cases, filed a final report concerning his investigation. ST&G served as counsel to Mr. Mabey. The Examiner was appointed as a result of serious questions and concerns regarding the $8 billion LBO by which Extended Stay was acquired in 2007, and the financial circumstances that preceded the filing of the Extended Stay bankruptcy cases, including the propriety of negotiations between Extended Stay and certain of its creditors. The Examiner's investigation tackled several novel questions presented by the LBO, and unearthed the facts regarding the acquisition and the filings. The report identified several potential estate causes of action and relevant defenses, thus focusing the disputes between Extended Stay and its creditors. Mr. Mabey publicly filed his 435-page final report less than seven months after his appointment, notwithstanding the significant complexity encountered in the investigation.
The Extended Stay cases are currently pending in the Southern District of New York, and are administered as case number 09-13764. The report may be found at docket number 913. For more information, please see the court docket available at: http://tinyurl.com/258fs9t
|
