Providing counsel in the areas of financial restructuring, insolvency and creditors’ rights, Marc Albert has delivered results to debtors, creditor committees, lenders and other creditors for more than 35 years. Here are a few recent examples of his work.
Following previous involvement as trustee in a prior dismissed bankruptcy case, Marc was appointed as Chapter 7 trustee for a debtor possessing a one-third interest in a 34-unit apartment building in the District of Columbia. Although the apartment had significant value, sale had previously been constrained due to a large number of various liens and judgments recorded against the property and two other co-owners. Through utilization of Stinson Leonard Street as his trustee’s counsel, Marc was able to secure a contract for sale for the property for more than $3 million, as well as negotiate consent for sale with various lienholders and one of the other co-owners. Following a judgment in an adversary case filed by the trustee regarding sale of the third co-owner’s interest, the bankruptcy court recently approved sale of the property free and clear of liens following an auction conducted at trial, further increasing the sale price for the property to the benefit of the bankruptcy estate.
Through the course of a dispute between a divorced couple in the Superior Court for the District of Columbia, the court ordered the sale of a certain large family home in the DC area used by the couple as a rental property to multiple tenants. Citing his more than 25 years of experience as a trustee in the United States Bankruptcy Court, the court appointed Marc Albert to serve as trustee to take possession and conduct a sale of the property. In addition to Marc’s role as trustee, the firm was employed as his counsel for the matter. Over the course of a three-and-a-half month period, Marc, with the aid of other Stinson attorneys as his counsel, was able to retain a realtor, market the property, negotiate various rights of existing tenants and fully close on a $1.6 million dollar sale while preserving one owner’s rights to include the sale as a tax deferred real estate exchange.
During the course of protracted litigation between a District of Columbia funeral home and the Department of Justice involving extensive unpaid tax debt, Marc Albert was brought into the case to serve as a receiver for the business and the firm employed as his counsel. After more than a year and a half of near daily work overseeing the operation of the funeral home’s business and ensuring all current tax obligations were being met, the receiver was able to work with the business, IRS and DC taxing authorities to reach a settlement. This settlement allowed for the release of tax liens on the funeral home property and a long delayed sale of the property to successfully close, resulting in payment to both taxing authorities and conclusion of the receivership.