Flaster Greenberg has a strong history of representing bankruptcy trustees in various commercial and consumer matters. Douglas Stanger is a current and active panel trustee for Atlantic County. Additionally, Flaster Greenberg has represented many other trustees in complex liquidation and sale transactions in Delaware, Pennsylvania and New Jersey. This wide breadth of trustee experience provides our attorneys with a uniquely well-rounded perspective of bankruptcy matters.
In 2013, Flaster Greenberg attorneys William J. Burnett and Steven D. Usdin were selected to be the recipients of the Transaction of the Year - Small Company Award by the Turnaround Management Association for their role in the Chapter 7 transaction of North American Specialty Glass, LLC (NASG). This prestigious award honors professionals involved in transactions that produced a significant, positive impact for distressed companies with less than $50 million in revenue, while simultaneously saving jobs.
NASG serves customers around the world with quality-designed safety and security glazing systems for architectural, transportation, military, and other specialty applications. The U.S. based manufacturer is one of the largest domestic producers of specialty safety and security glass. NASG employs approximately 100 people and operates manufacturing facilities near Quakertown, Pennsylvania.
Through the diligent efforts of all parties involved, in a two week period, the Chapter 7 Trustee was able to conduct a contested auction and select an offer. The result was the re-opening of a shuttered business, which saved nearly 100 jobs in a small community, and allowed for minimal disruption for customers. With help from NASG's largest unsecured creditor, and an eclectic group of former employees, the Chapter 7 Trustee was able to convince the Bankruptcy Judge to accept a lower purchase price from the buyer as a higher and better bid.