News

"Large Transaction of the Year Award" Won by Freeborn

The Turnaround Management Association (Chicago/Midwest chapter) has awarded Thomas R. Fawkes, William N. Howard and Jeff Mattson, Partners at Freeborn, with the “Large Transaction of the Year Award” for 2008, for the firm’s role as counsel to the Official Committee of Unsecured Creditors in the chapter 11 proceedings of In re Trinsic, Inc., et al. before the U.S. Bankruptcy Court for the Southern District of Alabama.  The award recognizes the work of the creditors’ committee in handling the successful auction of Trinsic’s assets, that resulted in a 25% increase in value to Trinsic’s bankruptcy estate and significant recoveries to many creditor constituencies.   

The TMA’s annual “Large Transaction of the Year Award” is presented to a distressed financial transaction that, if not executed, would have most likely resulted in the failure of a business and lower recoveries to creditors.  The winning transaction is one that clearly surpasses alternatives in recovery and/or value capture and is clearly shown to be the optimal exit for the business.  Previous winners of this award include the chapter 11 sale of ATA Airlines to Southwest Airlines.