Daily News: September 10, 2013

FG Bankruptcy Attorneys Receive TMA Transaction Award

Flaster/Greenberg bankruptcy attorneys William J. Burnett and Steven D. Usdin have been selected to be the recipients of the Transaction of the Year – Small Company Award by the Turnaround Management Association (TMA) for their role in the Chapter 7 transaction of North American Specialty Glass (NASG).

The 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. The award will be presented at the 2013 TMA Annual Convention during the October 5th luncheon program at the Marriott Wardman Park in Washington, D.C.

The NASG team members who will be recognized for their contributions include: Attorneys Burnett and Usdin of Flaster/Greenberg; counsel to buyer, Carlos Cruz-Adams of Kendall, Koenig & Oelsner; co-counsel to buyer, Joshua Hantman of Brownstein Hyatt Farber Schreck; and accountants, Edward T. Gavin and Stanley Mastil of Gavin/Solmonese.

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, Ironwood Partners, 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, Grey Mountain Partners, as a higher and better bid.

“We are honored to be recognized by such a prominent team of firms and professionals associated with the Turnaround Management Association.” said William J. Burnett, board member, Philadelphia Chapter of TMA, and lead attorney in the transaction. “We are proud to have contributed to this quick, successful transaction. NASG now continues to service its specialty glass customers and employ the workers, both of which were nearly casualties in what could have been another sad story about another small town plant closure. Fortunately, this successful transaction has a different ending.”

NASG provides safety and security glazing systems for architectural, transportation, military and other specialty applications. NASG employs approximately 100 people and operates manufacturing facilities near Quakertown, PA.