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GBKH Settles Claim against Largest Electric Power Holding Company in U.S.

GBKH partners Doug Brothers, Russ Horton, and Gary Lewis, together with the firms of Diamond McCarthy, LLP, and Martinec, Winn, Vickers & McElroy, represented Dan Bensimon, Litigation trustee, in the Crescent Resources bankruptcy. The Trust was formed as a vehicle to collect funds for the creditors of the Crescent Resources bankruptcy estates. On the Trustee’s behalf, the firms pursued a $1.2 billion fraudulent-transfer claim against Duke Energy, the largest electric power holding company in the United States. The Trust’s claim against Duke was settled for a confidential amount shortly before trial was scheduled to begin. The firms also pursued and settled several related matters, including one involving a transfer made to one of Crescent’s key executives.

Trustee Bensimon, a principal in Unique Strategies, Inc., thanked the law firms for their successful representation. “The substantial recovery for the Trust beneficiaries would not have been possible,” Bensimon said, “without the skillful and diligent efforts of the GBKH and Diamond McCarthy lawyers.”

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