Veteran practitioner John Penn, a former president of the American Bankruptcy Institute, has handled dozens of business bankruptcy cases for a broad spectrum of clients over the last 25 years. In recent cases he has had a leading role in the representation of debtors or major credit constituencies, including retailer The Bombay Company, cargo carrier Kitty Hawk Inc., a large utility supply company and an airline. Outside the courtroom, John, who is Board Certified in Business Bankruptcy Law by both the Texas Board of Legal Specialization and the American Board of Certification, is a frequent speaker, writer and commentator on commercial bankruptcy issues.
Selected Client Representations
Midland Loan Services Inc., the servicer for $825 million in mortgage debt, in its opposition to a bid by Innkeepers USA Trust to enter into a plan support agreement regarding a debt-for-equity swap with Lehman Brothers Holdings Inc.'s subsidiary, Lehman ALI, Inc. and Apollo Investment Corporation.
- American Bank of Texas in Lewis Equipment Company, Inc. case; Lewis owns, rents and operates a variety of cranes used in a wide variety of construction projects around the USA.
- Represents The Bombay Company, Inc. in its Chapter 11 case.
- Represented Creditors' Committee in National Benevolent Association, a not-for-profit corporation that owns and operates senior living facilities and facilities for developmentally disabled adults and juveniles. NBA is one of the largest not-for-profit corporations ever to seek Chapter 11 relief.
- Kitty Hawk, Inc., the nation's largest non-integrated overnight cargo carrier that was successfully reorganized under Chapter 11.
- Cummins Utility, LP, a large utility supply company.
- The Trustee for the oldest airline in the United States (and perhaps the world) where the company was sold and airline continues flying.
- The lender to a manufacturer of meals for military and survival uses where the debt was restructured for a short-term repayment and subordination attempt by the creditors committee was defeated.
- The lender to an oil "wildcatter" where a plan resolving a "lender liability" lawsuit was confirmed over the debtor's vigorous objections.
- Defendants in bankruptcy litigation (including preferences, fraudulent transfers and equitable subordination) where cases were compromised at substantial discounts (including "cost of defense" settlements).
Selected Professional Activities
- Past President and Past Chairman of the American Bankruptcy Institute
- Emeritus Director, Past President and Past Chairman of the American Board of Certification
- Recognized by Chambers USA 2009-2010 as one of the leading practitioners in the United States for Bankruptcy/Restructuring
- Recognized as one of The Best Lawyers in America - Bankruptcy and Creditor-Debtor Rights Law (Woodward/White, Inc., 2003-2011)
- Recognized as a Super Lawyer - Bankruptcy & Creditor/Debtor Rights (2003-2010)
- Chosen by his peers as one of Fort Worth's 2008 Top Attorneys in Bankruptcy in Fort Worth, Texas, The City's Magazine