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Subchapter V - “Fast Track” Chapter 11 • CARES Act • SBA Loans • “Non-Traditional” Capital Infusions • Lease Negotiation and Rejection • WARN Act Issues
Asset and Collateral Protection • Exempt Asset Augmentation • Lien Disputes
Cash Collateral Stipulations and Secured Creditor Adequate Protection Packages • Debtor-In-Possession “DIP” Financing • Debt Trading • CLOs and CDOs • CMBS and RMBS Loans
Bankruptcy Purchases and Sales “Free and Clear” • Debt for Equity Equity Exchange • “Handing Over the Keys”
“Free Fall,” Pre-Arranged and Prepackaged Chapter 11s • Equity Rights Offering Packages • “New Value” Capital Infusions • Absolute Priority Rule and “Best Interests” Disputes • Liquidating Chapter 11 • Receiverships • Objections to Disclosure Statements and Plans
Leveraged Buyout Fallout • Adversary Proceedings • Avoidance Actions (Fraudulent Transfers and Preferences) • Foreclosure • Litigation Trusts and Financing • Turnover Actions • Execution, Garnishment • Relief from Automatic Stay • Collecting on Pre-Petition Settlements • Filing Claims Against a Bankrupt Entity • Abstention and Removal Issues • Bankruptcy Discharge and Nondischargeability Actions • Lender Liability • Conflict Work
Mortgage Default and Homestead Protection • Jewelry and Vehicle Protection • Divorce Settlement Payment and Child Support Obligations • Tax Payment Default • Transfers of Assets to Trusts and Family Members • Student Loans
Joseph “Joe” Pack, founder of Pack Law, understands business. After having spent numerous years handling multi-billion dollar chapter 11 cases in the financial restructuring groups at each of White & Case and Kirkland & Ellis, Mr. Pack’s deep understanding of a wide array of complex legal issues sets him apart. Clients can expect practical and bespoke solutions from him, and the Firm.
Mr. Pack—a self-proclaimed workaholic—prides himself on producing excellent work, his reachability and responsiveness, and knows that every matter deserves top-quality representation, regardless of size, profitability or publicity. He is regarded as a leading restructuring attorney, and has received numerous recognitions, including in 2021 by his peers for American Bankruptcy Institute "40 Under 40", Suplerlawyers® and BestLawyers® distinctions.
Mr. Pack’s career began while he was in high school (South Florida’s Pine Crest School), working summers for Soneet R. Kapila, a nationally recognized bankruptcy trustee based in the Southern District of Florida. In 2006, at age 21, Mr. Pack graduated first in his class (summa cum laude), with a Masters in Accountancy from the University of Florida Fisher School of Accounting. Upon graduating, he immediately sat for (and passed on first-attempt) the Certified Public Accounting license examination. He subsequently attended University of Florida Levin College of Law, where he annually teaches the Advanced Bankruptcy course and also guest lectures at the University of Miami School of Law.
JD, University of Florida, cum laude
MA, Accounting, University of Florida, summa cum laude
BA, Accounting, University of Florida
New York State Bar
Florida State Bar
U.S. Court of Appeals for the Third Circuit
U.S. District Court for the Southern District of Florida
U.S. District Court for the Eastern District of Michigan
U.S. Bankruptcy Court for the Southern District of New York
U.S. Bankruptcy Court for the Southern District of Florida
U.S. Bankruptcy Court for the District of Arizona
U.S. Bankruptcy Court for the Eastern District of Michigan
2021 American Bankruptcy Institute "40 Under 40"
2021 Florida SuperLawyers
2022 Florida BestLawyers
The indenture trustee of the “2019” unsecured notes in Nine West Holdings, a leading manufacturer, designer and distributor of women's apparel, in its Manhattan chapter 11 cases, which had approximately $1.6 billion in funded-debt obligations at the time of filing.
United Retail Group, Inc., a leading retailer of plus-size fashions under the Avenue Stores brand. The company utilized Chapter 11 to exit unprofitable store locations and sell its assets to affiliates of Versa Capital pursuant to a section 363 auction with stalking horse bid.
The Great Atlantic & Pacific Tea Company (A&P) in its Chapter 11 cases with respect to its DIP Financing, employment issues, location closures and lease transfers. At the time of its filing, A&P employed more than 40,500 people at 395 stores and listed $2.5 billion in assets and $3.2 billion in debt.
Reader's Digest Association, Inc., a global multi-brand media company offering books, magazines, entertainment products, online networking websites and educational products to more than 130 million customers in 78 countries, in their pre-arranged Chapter 11 cases.
The ad hoc group of crossover lenders and bondholders of Acosta, Inc., a grocery store supply chain vendor, in the negotiation and implementation of a prepackaged chapter 11 that equitized over $3 billion of debt in approximately one month.
Conexant Systems, Inc., a market leader in the microchip industry, in its consensual pre-arranged Chapter 11 restructuring, in which approximately $195 million of secured debt was exchanged for equity (through an investment vehicle backed by George Soros), enabling Conexant to significantly deleverage its capital structure, and shed burdensome real estate leases.
Centerbridge Partners in connection with the restructuring of Aquilex LLC, a leading provider of critical maintenance, repair and industrial cleaning solutions to the energy industry, primarily in the oil and gas refining, chemical and petrochemical production, fossil and nuclear power generation and waste-to-energy industries. Through a debt-for-equity exchange (of both second lien debt and senior notes) in addition to an $80 million equity investment, Aquilex reduced its debt by more than $300 million and became majority-owned by Centerbridge.
Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company, in its bid for the $9.45 billion all-cash acquisition of Energy Future Holdings Corp., which indirectly owns 80% of Oncor Electric Delivery Company, LLC, an operator of the largest electric transmission and distribution system in Texas. The transaction, which created the largest utility holding company in the US, was named "M&A Deal of the Year" by The Deal in 2018.
The ad hoc group of first lien lenders of Hercules Offshore, Inc., an international owner-operator of jack-up drilling rigs and liftboats, in the negotiation and implementation of a prepackaged chapter 11 plan that contemplated the ultimately-successful payment in full, plus a make-whole and controlled liquidation of the company, against the opposition by equity holders.
Dynegy Inc. in the restructuring of Illinois Power Generating Co. (originally Ameren Energy Resources), an indirect, wholly owned subsidiary of Dynegy, through a prepackaged chapter 11 case that ultimately resulted in Illinois Power Generating’s reduction of over $600 million of debt. Dynegy’s primary business is the production and sale of electric energy, capacity and ancillary services from its fleet of 50 power plants in 12 states totaling approximately 31,000 MW of generating capacity.
Optim Energy, LLC, an operator of coal-fired and gas-fired power plants throughout Texas, in its chapter 11 restructuring, including with respect to its section 363 auction sale of its coal plant to Major Oak Power LLC, a Blackstone investment vehicle.
Lobo Leasing Limited, a global commercial helicopter leasing company in respect of its lease arrangements with CHC Helicopter (CHC), a leading provider of crew transport, search-and-rescue and MRO services to the world-wide helicopter mark.
Tronox, Inc. and its affiliates, a leading manufacturer and marketer of titanium dioxide pigment, electrolytics and specialty chemicals, in their complex Chapter 11 cases, where Tronox successfully restructured and resolved massive environmental liabilities through one of the largest environmental settlements in bankruptcy history.
Rialto Capital, in connection with the origination, and assumption and assignment, of CMBS loans.
Jessey Krehl is an Associate at Pack Law. Mr. Krehl advises clients in navigating through all matters related to bankruptcy and restructuring, trial litigation, and settlement negotiation.
Mr. Krehl graduated from the University of Florida Levin College of Law, magna cum laude. During law school, Mr. Krehl served as a law clerk for Chief Judge Walker in the Northern District of Florida and interned for the Federal Trade Commission at the Bureau of Competition. Among the many accolades Mr. Krehl received during law school for his outstanding academic performance, he was awarded the CALI award in Creditors' Remedies and Bankruptcy. Prior to entering law school, Mr. Krehl graduated from Florida State University, where he majored in Astrophysics and Religion.
JD, University of Florida, magna cum laude
BS, Physics & Astrophysics, and Religion, Florida State University
Represented Hurdl Inc., a leading live events marketing company through which communications between artists and brands and their customers, respectively, are driven through high-tech LED bracelets, in its prepackaged chapter 11 case in the Southern District of New York, through which Hurdl shed its multi-million dollar liability and effectuated a debt-to-equity plan that confirmed in only 37 days.
Represented the Behrens Investment Group, as DIP Lender and Stalking Horse Bidder and ultimately, the Successful Buyer, in its acquisition of the Gorham Paper manufacturing mill, a co-generation facility previously managed and owned by Lynn Tilton and The Zohar Funds, located in Gorham, New Hampshire.