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Pamela Smith Holleman

Partner

Pamela Smith Holleman is a partner in the Bankruptcy & Restructuring Group and Litigation Department of our Boston and New York offices. She regularly represents domestic and international creditors and other parties in interest in U.S. bankruptcy, insolvency and restructuring proceedings, including acquisitions of distressed assets. She is also an adjunct professor of law at Boston College Law School, where she teaches a course in the purchase and sale of goods focusing on Article 2 of the Uniform Commercial Code (Sales) and the United Nations Convention on the International Sale of Goods (CISG). Previously, Ms. Holleman was employed by Ingersoll-Rand Company as Group Manager-Contracts Administration, having responsibility for contracting activities of the company's Process Systems Group worldwide.

Representative Client Work

  • Representing a multinational corporation publicly traded on the Finnish stock exchange (and its domestic subsidiary), one of the largest trade creditors in the bankruptcy cases of TerreStar Networks Inc. and TerreStar Corporation (SDNY), including advice as to the implications of the bankruptcy filings on the parties’ various agreements concerning the design and development of cellular telephones integrating satellite and terrestrial technology and the supply of telephone handsets utilizing the technology.
  • Represented a refinery owner in the bankruptcy case of Chemtura Corporation (SDNY), helping the client to secure an environmental settlement believed to be the largest such settlement in the bankruptcy case for any site not owned by Chemtura, a settlement that included $10 million to fund all future remediation and related liabilities of the debtor at and around the refinery, and title to a wastewater treatment facility constructed by the debtor on-site to effectuate the remediation.
  • Advised a publicly held REIT and its affiliates, which buy, own and lease senior citizen housing, in the creation and/or recycling of 17 “bankruptcy remote” subsidiaries in order to secure a master credit facility valued at approximately $500 million to be used for general corporate purposes.
  • Representing a syndicate of secured lenders, obtained consensual relief from stay order to foreclose on a 355-unit condominium property located in western Florida while contemporaneously obtaining the right to cause the debtor to seek authority to convey the property to a third-party purchaser through a bankruptcy asset sale with a negotiated payout to the debtor’s Chapter 11 estate.
  • Advised the operating partnership subsidiary of a publicly held REIT in the creation of 14 special purpose “bankruptcy remote” subsidiaries to facilitate bank financing and acquisition of a portfolio of seven hotels and related franchises in a transaction valued at approximately $170 million.
  • Counseled the independent system operator for the New England electric grid in the bankruptcy cases of owners and operators of power generation facilities and marketers of electricity throughout North America. Negotiated a successful settlement of disputes with the debtors and a bondholder group that purchased the debtors’ interests in power plants generating 500 megawatts of capacity, ensuring the continued availability of resources critically important to the sufficiency of power generation and continuing reliability of the New England electric power system during peak summer load season.
  • Guided national office supply chain in successfully resolving legal issues arising from a proposed assignment and sale or rejection of various shopping center leasehold interests in Delaware bankruptcy case of regional retailer.
  • Representing the purchaser, negotiated the settlement of a multimillion dollar dispute arising from the bankruptcy sale of worldwide intellectual property rights and international assets of a multinational management consulting firm, bringing to closure a lengthy list of matters on four continents.
  • Obtained favorable monetary settlement from the bankruptcy estates of a defendant and its multinational affiliates for a U.K. plaintiff that had commenced a pre-bankruptcy patent infringement action involving voice recognition software technology. Through successive asset sales, preserved plaintiff’s rights of action against each of the purchasers in the event of any future infringement.
  • Advised a REIT client, which had provided approximately $70 million in bankruptcy financing to a national health care provider, in contested Chapter 11 plan confirmation proceedings.
  • Assisted the founder and former chairman of a high-tech startup in obtaining disputed directors and officers liability insurance coverage to fund defense of litigation commenced by a Chapter 7 trustee.

Representative decisions reflecting Ms. Holleman’s work include:

  •  In re Ocean Power Corp., No. 02-15989 (REG), 2007 WL 949598 (Bankr. S.D.N.Y. Mar. 26, 2007) (creditor did not waive right to payment on superpriority basis of principal, accrued 15 percent annual interest and attorneys’ fees due under debtor-in-possession financing agreement).
  • In re Integrated Health Services, Inc., 307 B.R. 794 (Bankr. D. Del. 2004) (client holding leasehold and mortgage interests in property sold pursuant to Chapter 11 plan survives motion to dismiss its breach of contract action against debtor-seller).
  • Haseotes v. Cumberland Farms, Inc. (In re Cumberland Farms, Inc.), 284 F.3d 216 (1st Cir. 2002) (debtor may set off claims for breach of fiduciary duty against corporate director, against proofs of claim filed by director in debtor's Chapter 11 case).
  • In re Outboard Marine Corporation, Chapter 7 Case No. 00-B-37405 (Bankr. N.D. Ill. 2002) (creditor allowed administrative expense priority for monthly charges and costs incurred pursuant to pre-bankruptcy contract).
  • In re cyberMedica, Inc., 280 B.R. 12 (Bankr. D. Mass. 2002) (proceeds of debtor's directors and officers liability insurance policy may be used to finance costs of defense of adversary proceeding brought by Chapter 7 trustee against former director).
  • In re Evora, 242 B.R. 560 (Bankr. D. Mass. 1999), aff'd, 255 B.R. 336 (D. Mass. 2000) (debtor and creditors are bound by valuation of allowed secured claims set forth in confirmed plan).

Bar & Court Admissions

  • Massachusetts, 1998
  • New York, 2007
  • U.S. District Court, District of Massachusetts
  • U.S. District Court, Southern District of New York
  • U.S. District Court, Eastern District of New York
  • U.S. Court of Appeals for the First Circuit
  • U.S. Court of Appeals for the Third Circuit
  • U.S. Court of Appeals for the Federal Circuit
  • Ms. Holleman has appeared in bankruptcy courts across the country, including (among others) the District of New Jersey, the Southern District of New York, the District of Delaware, the Northern District of Ohio, the Northern District of Illinois and the District of Massachusetts

Publications

Client Advisories

Teaching & Speaking Engagements

  • Moderator, "Establishing International Operations," Financial Executives International (FEI) (December 14, 2012)
  • Speaker, "Cross-Border Litigation: Protecting the Non-U.S. Creditor in a U.S. Bankruptcy Case," Sullivan & Worcester LLP, New York (November 2012)
  • Panelist, "Sharing a Piece of the Pie: Gift Plans, Structured Dismissals and Carve-Outs," American Bankruptcy Institute Northeast Summer Conference (July 13, 2012)
  • Panelist, Annual CFO Best Practices Seminar, Financial Executives International (FEI) (April 13, 2011)
  • Moderator, "Establishing International Operations," Financial Executives International (FEI) (March 16, 2011)
  • "Special Purpose Entities and Opinion Practice," Boston Bar Association Bankruptcy Section (December 14, 2010)
  • "Bankruptcy Court Invalidates Springing Subordination Provisions in Credit Default Swap Transaction," American Bar Association Working Group on Legal Opinions (May 11, 2010)
  • "Bankruptcy Court Invalidates Springing Subordination Provisions in Credit Default Swap Transaction," American Bar Association Business Law Section Spring Meeting (April 22-24, 2010)
  • Speaker, "Life Cycle of a Distressed Asset," Real Estate Lenders Association (RELA) (March 16, 2010) 
  • New England School of Law - Jewish Law Students Association Speaker Series (March 11, 2010)
  • "Perception or Reality: What Shall We Make of General Growth?" American Bar Association Working Group on Legal Opinions (October 20, 2009)
  • Adjunct professor of law, Boston College Law School (2008-)
  • Panelist, "Best Practices for CFOs of Small to Mid-Sized Companies," Financial Executives International (FEI) (April 16, 2009)
  • Moderator, "Dramatic Transformations in Corporate Tax Law and the Financial Statement Implications to Your Company," Financial Executives International (FEI) (January 13, 2009)
  • Visiting lecturer, "Issues in bankruptcy sales," Boston College Law School (2007-2008)
  • Moderator, "Tax Strategies & Planning," Financial Executives International (FEI) (October 25, 2007)
  • Faculty participant, "Anatomy of a Distressed Business," seminars jointly sponsored by the American College of Bankruptcy First Circuit Fellows and Boston College Law School (April 18, 2008 and April 20, 2007)
  • Panelist, "Statutory Construction in Light of the 2005 Amendments to the Bankruptcy Code as the Amendments impact business bankruptcy cases," American Bankruptcy Institute's 13th Annual Northeast Bankruptcy Conference, Newport, Rhode Island (July, 2006)
  • Panelist, "Servicemembers Civil Relief Act," Bankruptcy Court Practice 2004 14th Annual Bankruptcy Court Bench Meets Bar Conference, Boston Bar Association (May 13, 2004)
  • Featured speaker, "Administrative Expense Priorities: How to Survive In re Jartran," Boston Bar Association Bankruptcy Section (February 12, 2004) 
  • Panelist, "Post-Confirmation Issues," Massachusetts Continuing Legal Education Bankruptcy Law Conference  (October 28, 2003)
  • Visiting lecturer in Environmental Law, Boston College (1998)

Awards & Honors

  • "Rising Star," Massachusetts Super Lawyers (2005-2008)
  • Medal of Excellence in Bankruptcy, American Bankruptcy Institute (1998)

Professional & Civic Activities

  • Adjunct Professor, Boston College Law School, 2008-present
  • Member, Business Law Section, Legal Opinions Committee and Cross Border Legal Opinions Committee, American Bar Association
  • Member, American Bankruptcy Institute (ABI)
  • Member, Turnaround Management Association (TMA)
  • Member, New York State Bar Association (NYSBA)
  • Member, Bankruptcy Law Section, Boston Bar Association
  • Member, Sullivan & Worcester LLP Opinion Committee
  • Member, Sullivan & Worcester LLP Mentoring Committee
  • Partner liaison to Financial Executives International (FEI) Boston Chapter

Education

  • J.D., magna cum laude, Boston College Law School, 1998
  • M.B.A., New York University Stern School of Business
  • M.A., University of Chicago
  • B.A., magna cum laude, Rockford College
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