Our tax lawyers advise on the tax aspects of major bankruptcy reorganizations, workouts and other restructurings of troubled companies, with particular emphasis on preserving the debtor's net operating losses and other tax attributes, minimizing taxable debt forgiveness income and achieving the optimum tax treatment for the debtor's creditors and shareholders.

For example, in a recent major bankruptcy reorganization, we helped develop the tax structure that gave rise to one of the largest ordinary worthless stock deductions on public record. In addition, our work in the Manville case was instrumental in the development of the current tax rules for mass tort settlement funds.