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Lead Bankruptcy Counsel in Las Vegas Hotel Chapter 11

Fountainebleau Las Vegas Holdings, LLC and affiliates

Debtors' counsel to Fontainebleau Las Vegas Holdings, LLC, and two of its affiliates in their chapter 11 cases in the Southern District of Florida. The debtors had over $2 billion of funded debt, had used $500 million of equity, and were prosecuting claims for $800 million in unpaid additional financing. Until it ceased construction, the Fontainebleau debtors were actively developing the "Fontainebleau Las Vegas," a signature "Tier A" casino hotel resort. We handled cash collateral negotiations, created a process for the numerous outstanding mechanic's lien claims, resolved litigation against certain lenders, and prepared and implemented an exit strategy. With Court approval, we conducted a "363" sale of the hotel to the highest bidder. A stalking-horse auction ensued in open court between a publicly traded casino company and Carl Icahn, with Mr. Icahn ultimately being chosen as the successful bidder. In January 2010, Mr. Icahn closed on the sale of the hotel.

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Jay M. Sakalo

Jay M. Sakalo

Partner, Business Finance & Restructuring and Corporate Practice Group Leader
Jeffrey I. Snyder

Jeffrey I. Snyder

Partner, Assistant General Counsel
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Experience
Handled billions of dollars in distressed debt related to modifications, extensions, forbearances, discounted payoffs, and deeds in lieu of foreclosure.
Experience

Representation of B piece and special servicer clients, handling in excess of $130 billion in 2.0 CMBS securitizations.

Experience

Successful representation of California bank in complex mortgage foreclosure debt recovery action through state court and bankruptcy court in the Southern District of Florida, which resulted in the criminal indictment of the borrower's principal for bank fraud.

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