Public Utility and its Power Trading Unit

Client:	Public Utility and its Power Trading Unit
Representation:	Bankruptcy and Creditors' Rights
Date:	2000 - 2003
Locations:	Connecticut

Summary:

Schiff Hardin represented a power trading unit and its public utility parent in the successful litigation of a $35 million fraudulent transfer and preference claim relating to the agreed termination of forward contracts for wholesale power. After determining that the bankruptcy court was not a favorable forum, we negotiated an innovative arrangement whereby the binding factual findings and proposed conclusions of law would be rendered through arbitration before a retired federal district judge.

After a four-month trial, we obtained a successful ruling by the arbitrator on all counts other than a $5 million preference claim and settled the case for $3 million.

Goldin Assoc. v. NESI Power Marketing (In re Power Company of America), case nos. 98-51570 (AHWS), Adv. Proc. No. 00-5055 (AHWS)( Bankr. D. Conn.).