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The RCT Legal Team

Austin Dallas New York Washington, D.C.

REID COLLINS PARTNERS RECOGNIZED AS BANKRUPTCY LAWDRAGONS

Reid Collins is pleased to announce that Eric Madden and Bill Reid have been named to Lawdragon’s inaugural lists of the top 500 Leading Global Restructuring & Insolvency Lawyers and the top 500 Leading U.S. Bankruptcy & Restructuring Lawyers. These lawyers, “who dazzle with their mastery of finance, dispute resolution and litigation strategy under extreme duress,” were selected through a combination of journalistic research, law firm submissions, and editorial vetting from a board of legal peers.
The lists are available here and here.

Reid Collins Defeats Motion to Dismiss in $300 Million Legal Malpractice Claim Against Brown Rudnick

On July 28, 2020, the U.S. District Court for the Southern District of New York denied Brown Rudnick’s motion to dismiss a $300 million legal malpractice claim filed by the Litigation Trust for Lyondell Chemical Company. The Trust alleged that Brown Rudnick committed malpractice in its representation of the Trust when it botched the prosecution of a $300 million preference claim. Brown Rudnick moved to dismiss the complaint by arguing that its alleged failings were “strategy calls” and that any negligence on its part did not cause the Trust to lose the preference claim. The court rejected each of Brown Rudnick’s arguments. In so doing, the court held: “Considering the [amended complaint]’s allegations alongside Brown Rudnick’s proffered reasons for its litigation choices, there are, at minimum, questions of fact as to whether Brown Rudnick deliberately made such choices and whether those choices were reasonable.” The case will now proceed to discovery.
See order here.

Reid Collins Partners with ACLU to Launch Litigation Campaign Against Unconstitutional and Racially-Motivated Police Conduct

Reid Collins is proud to be among 18 leading law firms from across the country that have joined the ACLU of Louisiana’s litigation campaign to challenge racially discriminatory policing practices in Louisiana. The initiative, called “Justice Lab: Putting Racist Policing on Trial,” seeks, over time and in a sustained fashion, to bring up to 1,000 cases in Louisiana challenging racially-motivated stops and seizures under the Fourth and Fourteenth Amendments and any other applicable laws. By focusing intensive efforts on a single state, Justice Lab aims to test the impact that litigation has on police conduct. More information about the Justice Lab project can be found here.

REID COLLINS DEFEATS MOTION FOR SUMMARY JUDGMENT IN LEGAL MALPRACTICE LAWSUIT

On June 17, 2020, Reid Collins defeated a motion for summary judgment in its legal malpractice lawsuit against Crane Heyman Simon & Clar (n/k/a Crane, Simon, Clar & Goodman), a Chicago-based bankruptcy boutique firm. Reid Collins represents the liquidating trustee of the World Marketing Liquidating Trust and sued Crane Heyman in 2017 for failing to advise former clients of their duties and responsibilities under the WARN Act.
In a move that should unsettle any distressed company needing its services, Crane Heyman argued that it could not have committed legal malpractice because its clients were already insolvent. The United States District Court for the Northern District of Illinois rejected that argument, issuing an 11-page opinion that denied Crane Heyman’s motion and emphasized that Crane Heyman’s position was “unsound as both a matter of law and policy.”
See story here.

REID COLLINS FILES LAWSUIT TO RECOVER MORE THAN $187 MILLION IN DAMAGES AGAINST DIRECTORS AND OFFICERS OF HELIOS AND MATHESON ANALYTICS, INC. AND MOVIEPASS INC.

On June 5, 2020, Reid Collins filed an action on behalf of Alan Nisselson, the chapter 7 trustee of Helios and Matheson Analytics, Inc. (“Helios”) and MoviePass Inc. (“MoviePass”) in the Bankruptcy Court for the Southern District of New York against former directors and officers of Helios and MoviePass. The Trustee seeks to recover at least $187 million in damages for breaches of fiduciary duty against the former directors and officers for recklessly causing Helios and MoviePass to waste hundreds of millions of dollars on a failing business in the face of glaring red flags that showed them that MoviePass could never succeed.
See Complaint here.

The attorney responsible for this website is William T. Reid, IV

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