If one of your customers or clients owes your business money and it is headed towards bankruptcy, then your business and your future may be in trouble. Fox Law can advise you about your options, what to do and what not to do, and put your business in a more strategic position. We help you define your strategies and fight alongside you in the bankruptcy arena.
$300,000,000 Gambling Debts
Steven Fox represented European casinos in the chapter 11 case of an individual who owed $300,000,000.00 [$300 million USD] to his creditors, largely to casinos around the world. Leading the bankruptcy side of the legal team, Steven Fox worked with the bankruptcy trustee and others to locate assets. Giving unique legal arguments, Steven Fox convinced the bankruptcy court that (1) his clients had unique claims that they could pursue globally despite the bankruptcy case; and, (2) that his clients would act as “roving ambassadors” for the bankruptcy trustee. Steven Fox helped take down a dirty bank that was laundering the debtor’s monies through false bank accounts and located a secreted high-end luxury car dealership that the debtor was trying to hide from creditors. In the end, Steven Fox recovered approximately half of his clients were owed. In contrast, the bankruptcy trustee paid about 10 cents on the dollar to the other creditors.