Robbins Russell is special litigation and investigations counsel to Alta Mesa Holdings, LP, an upstream oil and gas company based in Houston that has substantial operations in Oklahoma. On January 24, 2020, U.S Bankruptcy Court for the Southern District of Texas Judge Marvin Isgur approved Alta Mesa’s sale of substantially all its assets, along with an affiliate’s assets, to one of the company’s equity sponsors for $320 million.
Alta Mesa’s bondholders and creditors’ committee had objected to that sale. They challenged the sale of assets to a related party that would be released from any estate causes of action against it. At the direction of Alta Mesa’s independent and disinterested director, however, Robbins Russell had conducted a months-long investigation of potential estate claims involving related parties, which had allowed Alta Mesa to take such potential claims into account as part of its sales process.
At a contested, three-day sale hearing, Robbins Russell’s investigation was front and center. Partner Matthew Madden questioned Alta Mesa’s chief restructuring officer at length about the scope and findings of that investigation and the value of any claims the estate had against the purchasing equity sponsor. At the hearing’s conclusion, Judge Isgur acknowledged Robbins Russell’s “carefully” performed investigation and “extreme analysis” of potential claims.
Robbins Russell’s ongoing work in this complex bankruptcy case is being handled by Larry Robbins, Michael Waldman, Matthew Madden, Bill Trunk, Ralph Mayrell, Megan Browder, Carolyn Forstein, John Goerlich, and Zach Ferguson.
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