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Cole Schotz Member to Serve as Special Equine Counsel in Chapter 7 Bankruptcy

December 5, 2016Attorney: Michael D. Warner

FORT WORTH, TEXAS – December 5, 2016 – Announcing today that Fort Worth-based Bankruptcy & Corporate Restructuring member Michael D. Warner has the rare distinction of being called on to serve as Special Equine Counsel in a matter before the U.S. Bankruptcy Court in the Northern District of Texas.

Mr. Warner is Proposed Special Equine counsel to John Dee Spicer, Chapter 7 Trustee of the estate of James and Marilyn Helzer, which includes a horse breeding and racing business in both Texas and Oklahoma. The Debtors filed a voluntary petition for relief under Chapter 11 in June of 2013, and the case was converted to Chapter 7 on August 8, 2016. Their business, which is operated at two locations, includes in excess of 60 horses, frozen embryos, collected semen, horse tack and equipment, all of which are assets of their Chapter 7 estate.

On behalf of the Trustee, Mr. Warner filed an emergency motion on November 29 asking the Court to approve the sale of certain equine assets at auction, as well as the retention and compensation of an Auctioneer and Care, Custody and Control Agent. As the Trustee’s Special Equine Counsel, Mr. Warner has assisted the Trustee in assessing the methods of liquidation, the valuation, and the care, custody and control of the Debtors’ equine assets in North Texas and Oklahoma, and in maximizing the value of the assets for the estate. In addition, Mr. Warner assisted the Trustee in the negotiation of the terms of the agreements with the Auctioneer and the CCC Agent. On December 2, 2016, the Bankruptcy Court approved the Trustee’s Motion to sell various equine assets via Auction.

Mr. Warner has a nationwide corporate restructuring practice which focuses on representing clients in reorganization cases, mergers and acquisitions, and out of court workouts. Mr. Warner was selected by the Trustee to address equine issues that overlap with bankruptcy issues, due to his significant experience as a horse breeder and competitive horse exhibitor for in excess of 25 years. Mr. Warner lives on a working horse and cattle ranch.

 

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