Bankruptcy

Bankruptcy

Neal & Leroy, LLC provides expeditious, practical and economical guidance in bankruptcy-related matters. Our advisory and crisis-management skills allow us to implement an effective course of action for our clients to further their particular needs.

We have extensive experience representing debtors, creditors, creditors' committees, assignees, trustees, and other interested parties in complex bankruptcy and reorganization cases.

Our attorneys employ successful strategies to confront the unique impact that a tenant's litigation or restructuring imposes upon shopping center owners, including: pre-filing lease modifications; lease assumption and rejection; designation rights; store closing sales; and defending property rights and income generation from shopping center property.

Valuation is central within all facets of bankruptcy practice. We are positioned to benefit creditors, restructuring debtors, and trustees confronting difficult real estate valuation issues.

Our attorneys maintain a depth of experience in various aspects of creditors’ rights, bankruptcy liquidation, reorganization litigation including:

  • Modification or relief of the automatic stay
  • Lease rejection
  • Executory contracts
  • Preference litigation
  • Fraudulent conveyance litigation
  • Use of cash collateral
  • Asset transfers
  • Assignments for the benefit of creditors
  • Commercial collections
  • Foreclosure
  • Tax exemptions
  • Lender liability defense
  • Creditors' rights
  • Pre- and post-judgment remedies

Types of Clients Represented

  • Debtors and debtors-in-possession
  • Secured and unsecured creditors
  • Secured and unsecured creditors’ committees
  • Individual creditor committee members
  • Real estate owners, lessors and lessees
  • Equity security holders
  • Bond holders
  • Asset purchasers
  • Claim purchasers
  • Landlords
  • Chapter 7 trustees
  • Assignees for the benefit of creditors

Some of the large and complex matters in which our attorneys have been involved include: In Re: Montgomery Wards, LLC, et. al.; In Re: K-mart Corporation, et. al; In Re: HAR Technologies, Inc.; In Re: Intersweet, Inc.; In Re: Emerald Casino, Inc.; In Re: Resource Technology Corporation; In Re: Barton Printing Company; and In Re: Custom Coffee, Inc.

Despite the vast array of services available to our clients, one pledge remains consistent throughout: To provide our clients with quick, practical and economical solutions to their issues and concerns.

Key Representative Matters

Montgomery Ward, LLC

  • Neal & Leroy served as legal counsel in pursuing a multi-million dollar claim on behalf of the client against the bankruptcy estate of Montgomery Ward, LLC. As a result of Neal & Leroy’s representation, the client received a large cash settlement and conveyance of the real estate including the improvements of the Wards store in Joliet, which later allowed the client to sell the shopping center for a significant profit. In addition, the client maintained a nine-million-dollar claim against the estate which is still being litigated.

K-Mart Corporation, LLC

  • Neal & Leroy represented numerous taxing districts from across the country for their respective claims against the estate. The firm successfully preserved the claims of the taxing districts ultimately resulting in payment of the claims. 

HAR Technologies, Inc.

  • Neal & Leroy represented the unsecured creditors’ committee in the sale and liquidation of the company, resulting in a significant distribution to the unsecured creditors when they stood to get nothing.

KB Toys, Inc.

  • Neal & Leroy represented the shopping center owner in its lease rejection claims against the estate, resulting in a nearly $600,000 payment to the shopping center owner. 

We welcome you to contact Neal & Leroy at (312) 641-7144 or info@nealandleroy.com to discuss how we may be of service in a Bankruptcy matter.

Attorneys:  Bradley A. Smith