Media Mentions
2008
Thomas O. Bean was quoted on October 1 by Law360 in an article regarding the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which focuses on speeding up the process of declaring bankruptcy. Mr. Bean noted that the 2005 amendments make it more difficult for debtor companies to extend the time it takes them to approve resales of real estate and leases. "One of the most valuable assets in a retail bankruptcy is the lease," he noted. The amendments give debtor companies only 90 days to approve a lease, and a judge can give a company only one extension. "It forces people to make decisions faster than they should have, or that wouldn't be in the creditors' best interests," added Mr. Bean.
Thomas O. Bean, Restructuring & Insolvency, Trial
Thomas Bean was quoted in a January 26 article published by the Washington Business Journal regarding an appeal involving Final Analysis Communications Services in a civil judgment against General Dynamics that is potentially worth $129 million. Mr. Bean discussed how the Final Analysis bankruptcy may be an attempt to preserve assets that could ultimately pay off the majority holder, Nader Mondolo’s creditors. "The trustee appears to be seeking to obtain proceeds from the General Dynamics judgment that would ultimately be distributed to Mondolo's creditors," he said.
Thomas O. Bean, Restructuring & Insolvency
2007
Thomas O. Bean was quoted in a July 13 article published by The Boston Globe regarding Tweeter Home Entertainment Group's acceptance of a $38 million bid for assets from a New York investment firm. Tweeter had filed for bankruptcy protection a month ago and is looking to finalize the bid as early as possible if it is approved by a federal judge. "Under these circumstances it would be atypical for the court to reject the debtor's request," Mr. Bean commented.
