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Elliott Greenleaf Receives TMA’s Large Transaction of the Year Award

October 02, 2014, 07:03 AM
Filed Under: Turnaround Management

Elliott Greenleaf received the Large Transaction of the Year Award for the firm's work in AgFeed Industries, Inc. on September 30th at the TMA Annual meeting in Toronto, Ontario. Elliott Greenleaf's shareholder and Commercial Bankruptcy and Restructuring Practice Chair, Rafael Zahralddin, as senior counsel on this creative transaction, received the award on the Firm's behalf.

Elliott Greenleaf represented the ad hoc committee of equity security holders and received Court approval for appointment of an official committee of equity security holders which it represented in the case.  The equity committee played a significant role in the sale transactions which resulted in the very successful sale of AgFeed's U.S. based assets to affiliates of Tri-Oaks Foods and Murphy Brown and its assets in China to Ningbo Tech Bank.

The firm assembled a team of professionals, including Gavin Solmonese and Sugar Felsenthal Grais & Hammer, to provide a value driven representation for the equity in the case which consisted largely of individual shareholders that were the victims of fraud.

Zahralddin said, "This has been a challenging case because of its complexity. We are most proud of the work done by our committee, small businessmen and retirees, who in most cases invested significant savings and lost them to fraud and mismanagement which we will continue to address."

Elliott Greenleaf's Chairman and CEO, John M. Elliott, expressed, "Our law firm continues to provide creative and effective solutions to difficult financial challenges.  Rafael and his team's effective lawyering is a testament to this firm's creative problem solving."

Rafael Zahralddin-Aravena led the firm's successful engagement with a team that included Eric Sutty, Shelley Kinsella and paralegal, Sandee Roberts.  "This case was in a delicate balance when we got involved; push too hard on the fraud issues during the sales and the value of the company would be manipulated by opportunistic bidders.  We were able to strike the right tone and work with the company and CRO Keith Maib to timely obtain a recovery for the shareholders," Zahralddin said.

Recently honored by Thomson Reuters' publications as a Top 25 Business Litigation Firm in the United States and repeatedly selected as a Corporate Counsel "Go To" Fortune 200 law firm, Elliott Greenleaf's Commercial Bankruptcy and Restructuring Practice has experience representing creditors and creditor committees across the country and in cross border transactions.

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