We represent creditors, but not just any creditors. We represent
bondholders, debt traders, hedge funds, contract parties and holders of
significant secured and unsecured claims, for example. But we don't
represent large institutional creditors or banks.
The reason for this is simple: conflicts. Big banks and other
institutions typically require their counsel to agree never to take a position
in any case that is potentially contrary to their interests, even if the client
is not involved in the other case. Many banks thus require that the law
firms that represent that bank agree never to advance a particular legal theory,
even if that theory might benefit the law firm's other clients, and even if the
bank is not itself involved in the case where the theory might help the other
client.
We will never agree to do anything less than pursue every legitimate
advantage on behalf of our clients. What this means in practice is that
we don't get a lot of business from big banks or insurance companies. It
also means that we have a very active creditor practice, with a small stable of
repeat creditor clients that appreciate our zealous advocacy, our independence,
and our undivided loyalty.
ST&G's Recent Record of Success:
Station Casinos (Reno,
NV) – ST&G represented a group of secured
lenders holding approximately $250MM in debt outstanding under a first lien
syndicated loan. This group was at odds
with the agent for this facility, which we believed had a conflict of
interest. After moving for the
appointment of an examiner, ST&G, on behalf of its client, was able to make
a very favorable settlement with the debtor.
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