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Greenebaum Attorney Appointed Special Master

12.05.2008

Greenebaum Doll & McDonald PLLC is pleased to announce that John W. Ames, a member in its Louisville office and President of the American Bankruptcy Institute, has been appointed as a special master by the United States District Court Northern District of Alabama to assist in a lawsuit requesting the appointment of a receiver to run the Jefferson County, Alabama sewer system, which is facing severe financial difficulties.  Federal District Court Judge David Proctor appointed Ames and John Young of American Water Works Co. Inc. as Special Masters to work as “officers of the Court” tasked with gathering and reviewing information regarding the system’s obligations, revenue and other issues set forth in the Special Master Orders. 

The lawsuit was filed in September 2008 and the plaintiffs – bond insurers Syncora Guarantee, a unit of Syncora Holdings Ltd., and FGIC Corp’s Financial Guaranty Insurance Co., which backed much of the county’s sewer debt – sought the appointment of a receiver to take control of the sewer system concerning the repayment of the approximately $3.2 billion of sewer indebtedness. The County has filed an Answer and Counterclaim in this suit. 

In its Orders appointing the Special Masters, the District Court tasked the Special Masters with preparing two reports, the first due December 22, 2008, and the second on January 19, 2009, and working with the parties “in an effort to achieve, in an expeditious manner, the consensual resolution of the issues before the Special Master(s)”. 

John is a member of Greenebaum’s Tax and Finance Practice Group, and is Co-Chair of the firm’s Bankruptcy and Workout Team. He works exclusively in the business reorganization process, both in Chapter 11's and state law work outs. He represents debtors, as well as creditors, both secured and unsecured. 

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