Forshey Prostok LLP

Fort Worth Office

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This content is provided by Forshey Prostok LLP.

Contact Partner: Jeff Prostok
Partners: J Robert (Bobby) Forshey, Steven Aldous, Suzanne (Suki) Rosen, Matthew Maben, Lynda Lankford, Laurie Rea
Number of partners: 7
Of counsel: 1

Firm Overview:
FORSHEY PROSTOK has the experience, knowledge and skill to represent clients in all aspects of financial restructuring and insolvency matters, including complex bankruptcy-related litigation. The firm has extensive experience representing debtors, creditors, and official and unofficial creditors’ committees in bankruptcy cases and out-of-court financial restructurings. With offices in Dallas and Fort Worth, Texas, the firm is positioned to respond to both regional and national representations. The firm’s size and dedicated focus on financial restructuring beget the close, individual attention received by its clients in every aspect of the restructuring process. FORSHEY PROSTOK is honored to be the only Fort Worth based firm recognized by Chambers USA in 2020 for its expertise in bankruptcy and restructuring. The breadth of the firm’s representations ranges from the largest case ever filed in Texas to mid-level Chapter 11 reorganization cases and sophisticated creditor representations.

Practice Areas:

Representative Clients:
Robin Phelan, Chapter 11 Trustee Acis Capital Management, L.P. and Acis Capital Management GP, LLC (collectively Acis):
FORSHEY PROSTOK represented Robin Phelan, the appointed Chapter 11 Trustee for the Estates of Acis Capital Management, L.P. and Acis Capital Management GP, LLC (collectively Acis), a Dallasbased Securities and Exchange Commission (SEC)- registered investment advisor and collateralized loan obligation (CLO) manager with approximately $2 billion in assets under management. The United States Bankruptcy Court in Dallas confirmed a Chapter 11 restructuring plan which became effective on February 15, 2019. In what the United States Bankruptcy Judge Stacey Jernigan referred to as an ‘astonishingly contentious’ bankruptcy case, Acis’ reorganization plan proposed to pay creditors in full.

Major Oil and Gas Creditor Representation:
FORSHEY PROSTOK provides creditor representation in bankruptcy cases filed throughout the United States, including the following cases Breitburn Energy; Enduro; Intrepid; O’Benco; Parker Drilling Co.; Vanguard Natural Resources; Weatherford International; Weatherly Oil & Gas LLC and others.

Jack County Hospital District, d/b/a Faith Community Hospital:
FORSHEY PROSTOK represents the Hospital in a Chapter 9 bankruptcy case which is one of the few hospital district cases filed under Chapter 9 in North Texas. FORSHEY PROSTOK acts as bankruptcy counsel and is assisting the Hospital in devising a plan of adjustment in order to allow this rural hospital to continue to serve Jack County and the surrounding regions.

American Standard Energy Corp., et al/ Pentwater Capital Management:
FORSHEY PROSTOK represented PCM, a secured creditor holding a claim of $40 million in the American Standard Energy Corp. bankruptcy case. FORSHEY PROSTOK negotiated a post-petition financing arrangement which both allowed the debtor to continue operating and further protected the secured creditor’s position.

Diverse Energy Systems, LLC:
FORSHEY PROSTOK represented this oilfield manufacturing company in a liquidating Chapter 11 case. FORSHEY PROSTOK assisted the CRO in a sale of substantially all the Company’s assets. This case was made very challenging by the extremely depressed nature of the oil field service industry during the entire time the case was pending.

Forest Park Medical Center at Fort Worth, LLC:
FORSHEY PROSTOK represented the Medical Center in its Chapter 11 case. The Medical Center’s gross income for 2015 was approximately $150 million dollars. FORSHEY PROSTOK assisted the Debtor and it’s CRO in devising a manner to sell the Medical Center preserving value for its creditors.

Texas Rangers Baseball Club:
FORSHEY PROSTOK, acting as conflicts counsel, represented the Texas Rangers Baseball Partners in a chapter 11 bankruptcy case pending in Fort Worth, Texas. FORSHEY PROSTOK actively participated in facilitating an auction for the Major League baseball team and confirming a plan of reorganization for the Texas Rangers Baseball Club. The representation is one of the most unique and high-profile bankruptcies ever filed in Texas.

Shannon Gracey Ratliff & Miller:
FORSHEY PROSTOK is counsel to Shannon Gracey, a storied Fort Worth, Texas based law firm, in its partnership wind-down and dissolution. FORSHEY PROSTOK negotiated a resolution with virtually all its creditors, successfully preventing a bankruptcy filing. Notably, Shannon Gracey had its pick of “higher-tiered” firms but chose FORSHEY PROSTOK to handle its dissolution.

Victory Medical Center Mid-Cities, LP et al.:
FORSHEY PROSTOK is counsel to the Official Committee of Unsecured Creditors in the jointly administered bankruptcy cases of four hospitals. FORSHEY PROSTOK assisted in the sale of two of the debtor-hospitals, the wind down and closure of two of the Debtor-hospitals, and the negotiation of a consensual plan of reorganization.

FORSHEY PROSTOK represented a Honda dealership in a liquidating Chapter 11 case with over $16.5 million in assets and $14.5 million in liabilities. FORSHEY PROSTOK successfully assisted the Debtor in contentious litigation with one of its equity holders, clearing the way for a sale of the Debtor’s dealership and a liquidating plan that provided for 100% payment to all creditors on the effective date and a very significant recovery for equity.

Hydroscience Technologies, Inc./Solid Seismic, LLC:
FORSHEY PROSTOK represented HTI and SSC in their Chapter 11 case, and worked collaboratively with the debtors’ largest creditors to confirm a plan which included the sale of substantially all of their assets for a total consideration in excess of $14 million, including a cash component and the release of claims held by the debtors’ largest creditors. The plan provided significant distribution to creditors.

Falcon Steel Company:
FORSHEY PROSTOK successfully represented a steel fabrication company in a Chapter 11 bankruptcy proceeding. The Debtor formulated a consensual plan of reorganisation with its secured lender and creditors and successfully emerged from bankruptcy.

Vitro SAB:
FORSHEY PROSTOK served as co-counsel for an Ad Hoc group of bondholders with claims exceeding $700 million in the Vitro S.A.B. bankruptcy case pending in the Northern District of Texas. There, the firm successfully assisted the bondholders in preventing Vitro from enforcing its Mexican concurso plan in the United States, thereby allowing important subsidiary guaranties to be preserved and enforceable domestically. On appeal, Prostok assisted the bondholders in obtaining a favorable decision from the Fifth Circuit Court of Appeals.

First Baldwin Bancshares, Inc.:
FORSHEY PROSTOK successfully represented The First Bank in its acquisition of The First National Bank of Baldwin in a contested §363 sale in the Mobile, Alabama Bankruptcy Court.

Mirant Lovett, LLC and Mirant NY-Gen LLC:
FORSHEY PROSTOK successfully confirmed a full-pay plan of reorganizations for Mirant Lovett, a Mirant Corporation power generation subsidiary and Mirant NY-Gen, LLC with scheduled assets exceeding $200 million.