Joshua J. Angel is a litigation Counsel in our Restructuring and Bankruptcy Group. Josh has 50 years of experience in bankruptcy and corporate restructuring matters, representing debtors, creditors, shareholders, class action plaintiffs and acquirers of assets from debtors. He advises in out-of-court restructurings of financially distressed businesses or persons and entities seeking to acquire such businesses or their assets. Josh is recognized as a leading member of the New York Bankruptcy Bar and has served as the lead debtor's counsel in some of the Bankruptcy Court's most significant cases.
Josh has represented the following entities in their Chapter 11 cases:
· Ultra Stores, Inc.
· Cedar Chemical Corp./Vicksburg Chemical Corp.
· Horsehead Industries, Inc.
· The Athlete's Foot, Inc.
· Applied Theory Corp.
· Fink Baking, Inc.
· The Flatotel (135 West 52nd Street)
· Stanhope Hotel (595 Fifth Avenue Corp.)
· Adams Hotel
· 1515 Broadway
· 1585 Broadway
· 750 Seventh Avenue
· 4 East 54th Street
· 127 John Street
Matters
2010
Fairholme Capital Management - Equity Capital Proposal
Representation of Fairholme Capital Management-the largest general unsecured creditor of General Growth Properties, Inc. (GGP)-in its proposal, made jointly with Pershing Square Capital, and Brookfield Asset Management, Inc., to inject $6 billion of new equity capital into GGP. This proposal allowed GGP to free itself from bankruptcy by allowing it to pay their creditor claims in full and still preserve significant existing equity values.
2010
Loan Servicer - Relief from Automatic Stay
Representation of a lender in its successful motion for stay relief nineteen days after the debtor filed its Chapter 11 case in a New Jersey bankruptcy court. We then helped fend off the debtor's motion to vacate order, granting the lender stay relief.
2010
Automotive Electronics Distributor -Workout
Representation of an automotive electronics distributor in the successful negotiation of a forbearance agreement with its secured lender.
2009
Fred Leighton - Jeweler to the Stars
Debtors' counsel for Fred Leighton LLC, famous "Jeweler to the Stars," and related companies in their Chapter 11 bankruptcy cases. Fred Leighton's collection is widely recognized as the world's most prestigious collection of rare and historic jewels.
2009
Ultra Stores - Successful Chapter 11 Plan
Representation of Ultra Stores-a 200-store jewelry chain-in its recapitalization through an expedited Chapter 11 plan, guiding the company from filing to confirmation in less than four months. We negotiated first lien emergence financing with an institutional lender and a debt-for-equity swap with the second lien lender and the trade creditors. At the same time, management was able to retain 26% ownership in the company.
News
Sbarro, creditors agree on auction plan
September 7, 2011 -- Thomson Reuters News & Insight
Our representation of creditors who originally objected to Sbarro's plan to sell itself out of bankruptcy but ultimately settled with the pizza chain is noted in this story. Stephen Selbst and Joshua Angel represented noteholders who objected to Sbarro's original plan to emerge but agreed to terms once Sbarro altered auction procedures.
Media Mention
Bankruptcy Derails Flatiron Hotel Debt Auction
May 17, 2011 -- Crain's New York Business.com
Joshua Angel is quoted in "Bankruptcy Derails Flatiron Hotel Debt Auction," which notes that a Chapter 11 filing by the developer of a boutique hotel delayed the scheduled foreclosure auction on a piece of the debt attached to the project. Josh notes that filing for bankruptcy is a common strategy among developers looking to buy time to reorganize and restructure their debt.
Media Mention
FX Luxury creditors propose plan
July 20, 2010 -- The Daily Deal
Our representation of W.R. Huff Asset Management Co. LLC, an investor in the bankruptcy case of FX Luxury Las Vegas I LLC, is noted in this story. Joshua Angel and Andrew Gold represented Huff.
Media Mention
Planning can reduce bankruptcy pain
January 23, 2010 -- Raleigh News & Observer
In this story about how pre-packaged and pre-negotiated bankruptcies are on the rise, Joshua Angel says that because the up-front costs of pre-arranged bankruptcies are significant, only companies with $50 million or more in assets are well-positioned to file for protection that way.
Media Mention
Implications for Bankruptcy Law
November 29, 2009 -- Lawline
Joshua Angel analyzes debtor-side corporate bankruptcy issues in this half-hour television show, opposite a creditor-side attorney.
Media Mention
Auction of Queens hospital sites stirs up controversy
November 4, 200 -- Crain's New York Business.com
A federal bankruptcy court is unlikely to entertain objections from a developer who bid unsuccessfully on two Queens hospitals that are in Chapter 11, Joshua Angel says. Bankruptcy courts tend to be more sensitive to criticism from creditors than from spurned bidders, he adds.
Media Mention
Bankruptcy Professional: Spotlight
October 8, 2009 -- Bankruptcy Professional
This Q&A profiles the career of Joshua Angel, including his recent success in bringing Ultra Stores Inc. into Chapter 11 and helping the company successfully emerge.
Media Mention
Ultra Stores Gets Green Light For Bankruptcy-Exit Plan
July 28, 2009 -- Dow Jones Daily Bankruptcy Review
Dow Jones Daily Bankruptcy Review notes that Josh Angel successfully guided Ultra Stores Inc., a retail jeweler, from Chapter 11 protection -- a rare example of a retailer that emerged from bankruptcy.
Media Mention
Creativity Is The Key To Success
June 1, 2009 -- Mann on the Street
Herrick's bankruptcy practice is profiled in this cover story, focusing on the professional and personal creativity of the practitioners.
Media Mention
Judge In Adelphia Bankruptcy Gets GM Chapter 11 Case
June 1, 2009 -- Dow Jones Daily Bankruptcy Review
Robert Gerber, the bankruptcy judge assigned to oversee General Motors' Chapter 11 filing, is a good choice for that complex matter, says Joshua Angel, noting that Judge Gerber was a successful bankruptcy practitioner who joined the bench at great financial sacrifice.
Media Mention
Bankruptcy Practice Gains Prominence Amid Financial Crisis
February 27, 2009 -- Dow Jones Newswire's Daily Bankruptcy Review
Joshua Angel is quoted on why, in relatively recent times, the practice of bankruptcy law has become more highly regarded in the legal and corporate worlds. The sophistication of the cases and their multi-disciplinary nature has elevated them to prominence, Josh says.
Media Mention
Madoff Trustee Picard May Take Five Years to Pay Back Investors
January 21, 2009 -- Bloomberg News
Joshua Angel discusses the proclivities of Irving Picard -- the court-appointed trustee in the Madoff bankruptcy -- and how they may affect his work on behalf of victims.
Media Mention
Suggestions for quashing cash-flow problems early: Quick, effective action becomes even more critical during a downturn
December 8, 2008 -- Crain's New York Business
Joshua Angel says few businesses that file for Chapter 11 protection emerge in their original form, making it crucial that they recognize and deal with cash-flow problems early.
Media Mention
Consumer Goods Companies Push Ch 11 Filings Above 1,000
December 3, 2008 -- Dow Jones Newswire
Joshua Angel says that a "triple whammy" is plaguing retailers and consumer goods companies, making them prominent among kinds of companies that have filed recently for Chapter 11 protection. Retailers have lost the confidence of secured lenders and trade suppliers, and customers, who could otherwise bail them out, are "on strike," he says.
Media Mention
Fred Leighton Tries To Wrest Jewels from Merrill
May 7, 2008 -- Bankruptcy Law 360
Josh Angel is mentioned regarding Herrick's representation of Fred Leighton Holdings in its bankruptcy and dispute with Merrill Lynch.
Media Mention
Jeweler Blames Bankruptcy on Merrill Subprime Woes
April 17, 2008 -- Bankruptcy Law 360
Herrick's representation of Fred Leighton Holdings in its bankruptcy and its dispute with Merrill Lynch is noted in this story.
Media Mention
Dobi Medical to Exit Next Week
March 12, 2008 -- The Deal.com
Josh Angel is quoted as debtor counsel in a bankruptcy matter.
Media Mention
Publications
A Few Essential Elements of Distressed Asset Transactions
September 2010
Joshua J. Angel
Buying and Selling Distressed Businesses
Joshua Angel authored a chapter, titled "A Few Essential Elements of Distressed Asset Transactions", in the 2010 edition of Aspatore's Buying and Selling Distressed Businesses: Leading Lawyers on Navigating Recent Distressed Business Transactions, Understanding the Sales Process, and Developing Deal Strategies.
Ultra Stores success in the Chapter 11 fast lane
November 4, 2009
Financier Worldwide
Joshua Angel writes about how he took Ultra Stores into Chapter 11 with a plan to help the company emerge, and how and why the plan worked.