Schafer and Weiner Obtains Favorable Results for Unsecured Creditor’s Committee

Fourteen days before a hearing on a motion to sell all of the debtor’s property, Schafer and Weiner, PLLC was retained as counsel to the official committee of unsecured creditors of BCDG, LP.  The Debtor is a limited partnership holding six McDonald’s fast food franchises in Des Moines, Iowa that filed under Chapter 11 in the Southern District of Iowa.  In short order, John Stockdale, Jr. and Leon N. Mayer, on behalf of the committee, negotiated with the Debtor, the franchisor, the buyer, the bank, the taxing authorities and other parties to substantially increase the amount specifically allocated to unsecured creditors from zero dollars to approximately $180,000.  In addition to ensuring a distribution to unsecured creditors, John and Leon obtained certain other favorable concessions from the other parties that may pave the way toward plan confirmation.