The Fox Law Corporation works to successfully reorganize businesses and individuals in chapter 11 reorganizations – business reorganization. A successful reorganization is more than applying the legal statutes and rules and filling out forms. Most attorneys see chapter 11 as legal statutes and forms. Business failures do not occur because of how a legal statute is applied or filling out forms. Most business failures are caused by weaknesses in the process, changed economic circumstances, changing customer base, and management errors or issues. We use chapter 11 as a “safe haven” – to improve leadership skills and outlook, improve management systems, as well as using the legal tools within chapter 11 to create a financially healthier business.
Other chapter 11 firms use legal strategies when trying to reorganize a business. Those chapter 11 cases fail because not only is the wrong strategy being used, the attorney does not bring the legal and the management teams together as part of an overall strategy to identify and to try to solve the issues, e.g. financial, legal, leadership. That is why most chapter 11 firms have a high percentage of their cases fail and the businesses get shut down.
Because Fox Law is experienced, uses business and leadership-focused strategies to take companies through the chapter 11 process, its clients have a good opportunity to use chapter 11 to grow and to reorganize. When Fox Law considers a potential client, Steve Fox, may – at his discretion – give the name and contact number of one or more previous clients to discuss the working relationship between client and attorney the previous client experienced during its case. No other bankruptcy attorney offers that.
“Going Up Against 6 Hostile Lenders”
In a construction company’s chapter 11 case, the business debtor was confronted by six lenders who all threatened to go after the company’s principal. Steven Fox placed a controversial injunction into the debtor’s plan, an injunction that would stop lawsuits against the principal during the plan’s five year term. The lenders all howled but Steven Fox convinced them that without the injunction, all of them would have to sue the principal for money and go after his assets. The first lender to act would get the assets, no other lender would receive any. If this happened, then the principal would fail and the company would probably follow. To stop this from happening, Steven Fox inserted the injunction and convinced each lender that it was in each lenders’ own best interest that the injunction be in the plan. They did not trust each other. The lenders all supported the injunction and the company’s chapter 11 plan, which the judge then approved.