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Representation: Fedders North America, Inc.
Haynes and Boone Team: Elkin, Judith, Hoffmann, Trevor
Services: Bankruptcy and Business Restructuring, Indenture Trustees, Successor Trustees and Secured Creditors, Restructuring, Workouts, and Recapitalizations, Bankruptcy and Insolvency Litigation, Private Equity and Hedge Funds
Description: Represented Highland Capital Management, L.P. as secured lender in confirmed Chapter 11 case of air conditioner manufacturer and distributor Fedders. Highland, along with the other lenders and the debtors, were co-proponents of the plan of liquidation. Highland and the other lenders are also defendants in a lawsuit brought by the successor to the unsecured creditors' committee alleging multiple causes of action, including aiding and abetting breach of fiduciary duty, fraudulent conveyance, aiding and abetting fraudulent conveyance, tortious interference with contractual relations, tortious interference with prospective business advantage, improvident lending, unjust enrichment, equitable subordination, breach of covenants of good faith and fair dealing, and recharacterization in connection with the refinancing of an existing defaulted loan facility and provision of new working capital by the lenders. In the course of our defense of Highland, we filed a motion to dismiss the complaint in September 2008. In May 2009, the Bankruptcy Court issued a ruling, dismissing all claims against the lender defendants, including Highland, other than the aiding and abetting breach of fiduciary duty claim. We are currently defending Highland with regard to the remaining claim.