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Cullen and Dykman Successfully Confirms Liquidation Plan for Consortium of Credit Unions

Photo of Cullen and Dykman Successfully Confirms Liquidation Plan for Consortium of Credit Unions
February 9, 2012

The Firm, led by Bankruptcy Partner Bonnie Pollack, confirmed a creditor’s plan of liquidation in a Chapter 11 proceeding pending in the United States Bankruptcy Court for the Eastern District of New York.  On behalf of a consortium of four federally chartered credit unions, Ms. Pollack successfully confirmed a plan pursuant to which the credit unions' collateral will be liquidated through an auction process.  The use of a competing plan allowed the credit unions to liquidate their security interest in a land lease for a shopping center located in Staten Island within 7 months of Cullen and Dykman being retained.