Erik Martin is an associate in the Bankruptcy and Business Restructuring Section of Haynes and Boone. His practice focuses on all areas of bankruptcy, including debtor and creditor representation, as well as bankruptcy-related litigation at the state and federal levels. Mr. Martin's practice also focuses on state-court receiverships and related litigation.
Selected Representative Experience
- Represents American Bank of Texas as secured lender of Lewis Equipment Company, Inc. bankruptcy case; secured $4.5 million judgment against principal of Lewis Equipment in state court.
- Representation of F&M Bank and Trust as senior secured lender in the Majestic Liquor Stores, Inc. bankruptcy cases.
- Representation of receiver for the assets of Martin Lake Energy Services, an oil and gas services company.
Recent Publications
- Co-Author, "Buyer's Remorse: Successor Liability after the Sale," The University of Texas School of Law 30th Annual Jay L. Westbrook Bankruptcy Conference, November 17-18, 2011.
- Co-Author, "A Beginner's Guide to Selling Out: Selected Strategies to Maximize Return on Distressed Collateral," South Texas College of Law 26th Annual Real Estate Law Conference, June 2, 2011.
- Co-Author, "Lessons Learned From Jerry Jones: Consider a Receiver for Your First Round Pick," South Texas College of Law 25th Annual Real Estate Law Conference, June 3-4, 2010.
- Co-Author, "Derivative Exposure and Counterparty Insolvency: Lessons Learned in the Current Market," presented to The 8th Annual Gas and Power Institute, September 11, 2009.
- Co-Author, "The Other End of the Firehose: The Treasury Giveth and The IRS Taketh Away," presented as part of "Tax Issues in Large Case Chapter 11 Bankruptcies," ABA, April 8, 2009.
Selected Representative Experience
Bosque Power Company, LLC
Representation of Prepetition Agent and Working Group of Lenders in the 2010 Chapter 11 of Bosque Power Co LLC and its affiliates. The Texas-based electricity generation company borrowed approximately $410 million in January 2008 in part to fund a conversion of two of its combustion turbines. The Prepetition Agent and the Working Group of Lenders terminated the exclusivity period and confirmed a plan of reorganization in the fall of 2010.
Lewis Equipment Company, Inc.
Representation of American Bank of Texas in Lewis Equipment Company, Inc. case; Lewis owns, rents and operates a variety of cranes used in a wide variety of construction projects around the USA.
Online Publications
06/02/2011 -
A Beginner's Guide to Selling Out: Selected Strategies to Maximize Return on Distressed Collateral
Generally, a secured lender faced with a defaulting borrower must move quickly to maximize the value of its collateral. One option available to the secured lender is simply to foreclose on its lien and sell the collateral at a foreclosure sale.
04/11/2011 -
Weathering the Storm: District Court Imposes Additional Duties on Creditors Seeking to Reclaim Goods Sold to a Debtor During the 45-Day Period Preceding the Bankruptcy Case
Vendors who sell goods to customers are probably familiar with the issues that arise when the customer later files bankruptcy. For instance, Section 546(c) of the Bankruptcy Code (and applicable state law) provides a vendor the right to reclaim goods it sold to the customer within 45 days of the bankruptcy petition date.
02/14/2011 -
Weathering the Storm: Ability to Gift New Equity to Old Equity through Plan Disapproved in the Second Circuit and Ulterior Motives in Purchasing Debt Could Lead to Designation of Vote
On February 8, 2011, the Second Circuit Court of Appeals issued an opinion that will have a major impact on Chapter 11 plan confirmation.
06/03/2010 -
Lessons Learned From Jerry Jones: Consider a Receiver for Your First Round Pick
In today’s distressed economy, secured creditors are continually faced with the situation in which a borrower is unable to meet its payment obligations, and the value of the underlying collateral is less than the amount owed. Upon the borrower’s default, the secured creditor must quickly evaluate the situation and decide which remedy allows the creditor to enforce its security interest efficiently and maximize its return on collateral.
09/11/2009 -
Derivative Exposure and Counterparty Insolvency: Lessons Learned in the Current Market
Almost all large (and many small) companies in today’s economy use derivatives in one way or another to hedge against future risk. Hedging allows a business to limit potential exposure to market fluctuation upfront (for a price) and instead focus on its strengths and core competencies.
04/08/2009 -
The Other End of the Firehose: The Treasury Giveth and the IRS Taketh Away
Presented as part of "Tax Issues in Large Case Chapter 11 Bankruptcies," ABA, April 8, 2009.
04/01/2009 -
Weathering the Storm: Bankruptcy - Pay Attention from the Start Because Things Happen Fast
When a company files bankruptcy, it is crucial to closely monitor the bankruptcy proceedings from the beginning. After filing its petition, the debtor will likely file numerous “first day motions” intended to stabilize the Debtor’s business and facilitate an efficient case administration. These motions can severely affect the rights of unwary creditors who may find their interests primed by the actions of the debtor in the first few days of the case.