Mark Elmore is an Of Counsel in the Bankruptcy and Business Restructuring Section of Haynes and Boone. His practice focuses on all areas of bankruptcy, including both debtor and creditor representation. His experience includes a one-year secondment with a prominent Wall Street investment bank, and a rotation through the Houston City Attorney's Office as a volunteer prosecutor.
Selected Client Representations
- Represents the Official Committee of unsecured creditors for Levelland/Hockley County Ethanol, L.L.C. in the Chapter 11 case of an ethanol plant in west Texas.
- Represents Midland Loan Services, a division of PNC Bank, National Association, as special servicer for an $825 million CMBS loan, in the Innkeepers USA Trust bankruptcy cases. Includes successfully defeating the debtors' attempt to enter into a plan support agreement with equity insider.
- Represented Rise Energy Partners, as successor to Goldman Sachs, in the acquisition of offshore California oil production platforms in the Pacific Energy Resources bankruptcy cases.
- Represented Bank of America as administrative agent and lender in the Crown Village Farm Chapter 11 cases.
- Representation of Mirant Corporation and its affiliates in their Chapter 11 cases.
- Representation of the Chapter 11 Trustee in the Airbase Services, Inc. Chapter 11 case.
- Representation of EOTT Energy Partners and its affiliates in their Chapter 11 cases.
- Representation of the Official Committee of unsecured creditors in the Romacorp, Inc. Chapter 11 case.
- Representation of the Official Committee of unsecured creditors in the MQS-Cooperheat Chapter 11 case.
- Representation of the Official Committee of unsecured creditors in the LD Brinkman Chapter 11 case.
- Representation of purchasers of distressed assets in bankruptcies.
- Representation of equipment lessors in bankruptcy cases across the country.
- Representation of creditors in preference and other avoidance actions in bankruptcy cases across the country.
Recent Speeches and Honors
- Texas Monthly Magazine "Rising Star" 2006-2007; 2010-2012
- Co-Author, "Lehman Brothers: Priority of Collateral," Bloomberg Law Reports - Bankruptcy, Vol. 4, No. 17, April 26, 2010;
- Co-Author, "Unspeakable Evil: Preference & Fraudulent Transfer Claims - What They Are and How to Manage Your Risk," March 2009;
- Contributing Environmental Editor, Norton Bankruptcy Law & Practice;
- Co-Author, "What Were They Thinking, What Was I Thinking, What Was Anybody Thinking?" September 2007;
- Guest Lecturer, SMU Commercial Lending Seminar, 2004-2006;
- Co-Author, Choosing a Forum: A Review of Authorities from Selected Federal Circuits, 2006;
- Co-Author, Where in the World is Carmen Sandiego? Better Yet, Where Can She File Bankruptcy: A Look at Venue in Bankruptcy Cases, 2005;
- Co-Author, Hope for the Best, but Prepare for the Worst: Drafting Tips to Prepare for Bankruptcy, 2004;
- Co-Author, Operating a Business in the Vicinity of Insolvency, 2004.
Selected Representative Experience
Southwest Georgia Ethanol LLC
Representation of creditor/lesser in the Chapter 11 case of an ethanol plant in a Georgia bankruptcy court.
Innkeepers USA Trust
Representation of Midland Loan Services, the special servicer for an $825 million mortgage debt, in the Chapter 11 case of InnkeepersUSA Trust. Innkeepers' attempt to enter into a plan support agreement regarding a debt-for-equity swap was defeated. Midland's efforts resulted in the properties being placed on the market and a substantial increase in creditor recoveries.
Hawkeye Renewables, LLC - Ethanol
Representation of creditor/lessor in a pre-packaged Chapter 11 proceeding of an ethanol plant in the Delaware bankruptcy court.
Otter Tail Ag Enterprises LLC - Ethanol
Representation of creditor/lessor in the restructure of an ethanol plant in the Minnesota bankruptcy court through a sale of the assets to a third party investor.
VeraSun Energy Corporation - Ethanol
Representation of creditor/lesser in complex Chapter 11 case in Delaware involving multiple ethanol plants collateralized in separate pools of debt culminating in a Section 363 sale of certain of the ethanol plants to Valero and the lenders credit bidding on the remaining ethanol plants.
Representation of Debtor - EOTT Energy Partners
Represented this crude oil pipeline and marketing company, an affiliate of Enron Corporation, in its fast track pre-arranged Chapter 11. At the time of its Chapter 11 filing, EOTT had $10 billion in annual sales. A major issue in the case was EOTT’s claim against a major pipeline operator for indemnity in respect of massive crude oil spills and discharges. Litigation of liability and damages resulted in very large recovery that contributed to EOTT’s emergence from Chapter 11 as a standalone enterprise.
Bombay Company
Represented Bombay Company, a major national and international home furnishings retailer in efforts to raise capital to continue as a going concern and then in its efforts in Chapter 11 to implement an orderly liquidation of the company’s assets. The Canadian assets were sold as a going concern. U.S. and other international assets were liquidated yielding a full recovery to Bombay’s secured and an approximately 25%-30% recovery to Bombay’s unsecured creditors.
$200 Million Workout and Bankruptcy
Represent the administrative agent in connection with a $200 million credit facility and the bankruptcy of a single asset real estate entity.
Online Publications
05/12/2010 -
Lehman Brothers: Priority of Collateral
On February 5, 2010, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued a ruling (the “Memorandum Opinion”) creating a new wrinkle in the Lehman Brothers bankruptcy cases.
© Bloomberg Finance L.P. 2010. Originally published by Bloomberg Law Reports. Reprinted by permission.
10/21/2009 -
Weathering the Storm: Savings Clauses: Fraudulent Transfer Issues in the TOUSA Bankruptcy Case
The judge's ruling in the October 13, 2009 TOUSA, Inc. bankruptcy cases raises a number of troubling issues for commercial lenders, including but not limited to, the judge calling into question the enforceability of fraudulent conveyance “savings clauses,” common in commercial loan agreements.
03/11/2009 -
Weathering the Storm: What is a Preference Demand Letter and What Do I Do With It?
With the current economic downturn, your company may encounter the following unpleasant fact scenario: While going through the company’s mail, you find a demand from some person claiming to be a representative of one of your bankrupt customers threatening a lawsuit unless you return “preferential” payments made to you prior to the bankruptcy. The demand is very real. To eliminate or minimize your company’s potential liability, you should know what a preference demand letter is and what to do with it.
03/20/2003 -
Straw, Gold, Extortion, Bureaucrats, Conspiracy, Furriners and Other Methods of Finding Assets
Southeastern Bankruptcy Law Institute, Atlanta, Georgia, March 20-22, 2003