Media Mentions
2010
William Smith was quoted February 17 by The Bond Buyer concerning the bankruptcy filing by a Las Vegas monorail operator that was in default on more than $600 million in tax-exempt revenue bonds. Mr. Smith represents a client who seeks to have the bankruptcy case dismissed on the basis that the operator is a governmental entity and not eligible for Chapter 11. “Since these are governmental purpose bonds, … the bonds could only have been issued if this was an instrumentality of the state of Nevada.” Mr. Smith called the bankruptcy filing “a manufactured crisis,” and added: “There’s no particular reason why [the operator] needs to be in Chapter 11 today or in any other proceeding today. It’s not a question of whether or not its debts need to be adjusted – they will. The issue is going to be the circumstances by which they are worked out.”
William P. Smith, Corporate, Restructuring & Insolvency
2008
William Smith was quoted in an October 10 article published by Bankruptcy Law360 regarding the effects of corporate board actions during a time of insolvency and the additional care needed when making decisions. Mr. Smith stated that corporate boards have essentially two lines of protection from creditors' lawsuits after a bankruptcy. First, they need to be informed about the potential impact of any decisions the company takes and secondly, they need to get outside experts to counsel them on all of these decisions. "It's not that you have to do anything differently, but you have to think harder. And the earlier that you think harder, the better," he said.
William P. Smith, Corporate, Restructuring & Insolvency
2007
William Smith was mentioned in an April 23 article published by The National Law Journal regarding companies who are trying to repair their finances after their loan customers defaulted in large numbers due to subprime credit. Mr. Smith discussed how McDermott has been working with banking and hedge fund clients on how to recoup some of the funds. This story was also reported in The Recorder and in the Daily Business Review.
William P. Smith, Restructuring & Insolvency
2006
William Smith was quoted in the October 19 issue of The National Law Journal regarding his experiences with hedge funds and their strong presence in bankruptcy or restructuring proceedings. "There's more pushing and shoving," he said.
William P. Smith, Restructuring & Insolvency
2005
William Smith was quoted in the April 4 issue of Modern Healthcare on proposed rules in the bankruptcy bill regarding bankruptcy hospitals and nursing homes exiting from Medicare and Medicaid. Bill commented that when a hospital or nursing home bankruptcy has arisen the various court circuits have handled the situation differently. Some circuits have decided that the CMS can exclude a provider in bankruptcy from Medicare without going through the bankruptcy courts while other circuits require that bankruptcy courts be involved in the decision.
William P. Smith, Health, Restructuring & Insolvency
2001
William Smith was quoted in the March 19 issue of Modern Healthcare in regard to the increase of bankruptcy filings by hospitals.
