Awards & Rankings
Source: M&A Advisor
Awards & Rankings
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
02.16.17
M &A Advisor has honored Pillsbury for its role in the chapter 11 restructuring of Binder & Binder as part of its 11th Annual Turnaround Awards, recognizing the matter as the 2016 “Financials Deal of the Year.” The yearly awards program recognizes the firms and professionals involved in the most exceptional distressed transactions, restructurings and refinancings of the previous year. 2016 Winners will be celebrated at a special ceremony on March 23, 2017, in Palm Beach, Fla.
Binder & Binder was founded in 1979 by Harry & Charles Binder and grew to become the largest provider of social security disability and veteran’s benefits advocacy services in the United States. Not long after H.I.G. Capital’s 2010 acquisition of a controlling interest in the company, Binder & Binder was negatively impacted by the federal sequestration and temporary government shutdown that occurred in 2013. The disruption to the company’s revenue stream left it in significant financial distress and eventually forced it into bankruptcy in 2014.
A team of Pillsbury lawyers led by Insolvency & Restructuring partner Leo T. Crowley and Corporate & Securities partner Jonathan J. Russo crafted a unique transactional structure that allowed the Binder brothers to purchase substantially all the assets of the company’s veteran’s business as well as trade names and other assets in connection with its social security disability business.
Other members of the Pillsbury team advising on the matter include counsels Bianca Bowen, Sam Cavior and David Forsh and associates Naresh Lall and Amanda Senske.
This marks the second consecutive year in which Pillsbury was recognized at the Turnaround Awards. Last year, Pillsbury earned plaudits for its work on behalf of both the Louis Berger Group and the Virginia Conservation Legacy Fund.