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Smith Named for FirstBank Representation

Law360
November 2014

Charlotte Bankruptcy Member Zach Smith and MVA were named in Law360’s article “Island Resort Kicks Off Bid to Wipe Out $122M Bank Dept” on November 3.  The piece discusses U.S. Bankruptcy Judge Michael Williamson’s decision to hold off ruling on a British Virgin Islands luxury resort owner’s request to wipe out the $122 million debt held by FirstBank Puerto Rico. Smith represents FirstBank in the case.

Judge Williamson stated he would deliver a “global decision” on the confirmability of the resort’s Chapter 11 plan and Scrub Island Development Group Ltd.’s attempt to equitably subordinate its debt to FirstBank under a pair of promissory notes. The case is In re: Scrub Island Development Group Ltd., case number 8:13-bk-15285, in the U.S. Bankruptcy Court for the Middle District of Florida.