Cullen and Dykman Successfully Confirms Liquidation Plan for Consortium of Credit Unions
February 9, 2012
The Firm, led by Bankruptcy Partner Bonnie Pollack, confirmed a creditor’s plan of liquidation in a Chapter 11 proceeding pending in the United States Bankruptcy Court for the Eastern District of New York. On behalf of a consortium of four federally chartered credit unions, Ms. Pollack successfully confirmed a plan pursuant to which the credit unions' collateral will be liquidated through an auction process. The use of a competing plan allowed the credit unions to liquidate their security interest in a land lease for a shopping center located in Staten Island within 7 months of Cullen and Dykman being retained.