Non-Agricultural Chapter 11 Reorganization Cases
New Mexico Golf Academy (2004)
Dave Giddens represented the New Mexico Golf Academy in a Chapter 11 case that involved a dispute with the City of Albuquerque over the terms of a long-term lease that the Golf Academy had for land at the Albuquerque Balloon Fiesta Park. This case involved litigation over the terms of the lease and whether it had been terminated before the bankruptcy case was filed. After successfully preserving the lease, Dave was able to negotiate a settlement with the City that resulted in the City purchasing the Golf Academy’s interest in the lease for an amount that was sufficient to pay the major creditors in the case and prevent bankruptcy filings by the principal investors in the Golf Academy.
New Mexico Motor Speedway (2005)
Dave represented the New Mexico Motor Speedway in a Chapter 11 case that involved thousands of acres of land west of Albuquerque near the Route 66 Casino. As a result of Dave’s litigation and negotiation skills, a Chapter 11 plan was confirmed that led to a sealed bid auction of the land. This action dealt with the sale of water rights, freeway access, and also involved negotiating land with the Laguna Pueblo to ensure that the sale was consistent with Indian law. The auction resulted in 100 percent payment to all creditors and a return to the investors of nearly $8 million.
Sierra Transit Mix (2007)
Dave represented this family-owned concrete and road building materials company in a Chapter 11 case. At the time, Dave took over the case from another law firm, orders had already been entered that made it unlikely that the company would survive. Through skillful litigation to negate the effects of these orders and lengthy negotiations, a settlement was reached that allowed for the sale of the company’s assets, which resulted in full payment to all creditors and a return of equity to the company owners.
AGRICULTURAL CASES
Blackwater Farms, Inc. (2001-01)
Dave represented this Portales area family-owned farming operation in a Chapter 11 case. The main creditor opposed every action the debtor wished to take, resulting in much litigation, all of which successfully concluded in favor of Blackwater Farms. During the case, Dave negotiated and obtained necessary Court and regulatory approval for a sale of land and water rights to the City of Portales. The chapter 11 plan was confirmed, despite the appeal of the confirmation by the main creditor.
JG Acquisition Company, LLC (2007)
Dave represented JG Acquisition Company in a Chapter 12 farm bankruptcy for the debtor’s dairy operation. He successfully obtained confirmation of the Chapter 12 plan, which allowed the operation to survive and also obtained a judgment reducing the claim of the most hostile creditor from several hundred thousand dollars to zero which allowed the operation to turn around and become successful.
Litigation Matters
Carter vs. Western Commerce Bancshares (1995-2000)
In this lawsuit in State District Court in Las Cruces, Dave successfully represented a group of minority shareholders to enforce “buy-sell” agreements relating to their stock ownership in three bank holding companies. The litigation continued from 1995 to 2000, and settled the night before a scheduled 30-day trial for all amounts that Dave’s clients were seeking in the lawsuit.
Peoples Bank v. Taos Investment Group, et. al. (2011)
In this currently pending action in Colfax County District Court, Dave is representing Peoples Bank in its effort to foreclose mortgages on a number of commercial real estate properties, and is defending the Bank against a lender liability claim with alleged damages of $12-$14 million.