March 9, 2020 (Los Angeles) — At Benchmark Litigation’s ninth annual US awards WEST, the Firm was recognized as Bankruptcy Litigation Firm of the Year and partner Michael Firestein was recognized as Bankruptcy Litigation Attorney of the Year in California. Proskauer’s award wins:
- Bankruptcy Litigation Firm of the Year, California
- Michael Firestein: Bankruptcy Litigation Attorney of the Year, California
- Impact Case of the Year: In re the Financial Oversight and Management Board for Puerto Rico
Partner Michael Firestein has a lead role in the Puerto Rico bankruptcy litigation. Most recently, he was principal trial lawyer in the confirmation of the plan of adjustment for the Puerto Rico Sales Tax Financing Corporation (COFINA), which restructured $18 billion of bond debt and saved the Commonwealth over $450 million in debt payments annually. A team of Proskauer attorneys led by Michael Firestein responded to nine objections over the course of a two-day evidentiary hearing held in San Juan in January 2019. In confirming COFINA’s plan of adjustment, the Title III court overruled each of the objections. Certain creditors who objected to the plan have appealed to the First Circuit and Proskauer is handling those appeals.
Vice chair of the Litigation Department, Michael handles a wide range of industry defining matters as part of the Firm’s trial practice. Michael was lead trial counsel in successful bankruptcy plan confirmations in two contested trials on behalf of Energy Future Holdings, where he addressed numerous intercompany/inter-debtor claims and other matters concerning this complex restructuring, which was the product of one of the biggest leveraged buyouts in U.S. history. Michael has also represented clients ranging from private equity funds, financial institutions, securities brokerages, investment advisors, fiduciaries, real estate operating companies and entertainment corporations.