February 09, 2002

The Firm successfully defended its client, McDermott Incorporated, against an attempt by asbestos plaintiffs' law firms to void the transfer to McDermott of $622 million in assets from McDermott's subsidiary, The Babcock & Wilcox Company.  An important step in the resolution of the bankruptcy proceedings of Babcock & Wilcox, the victory came when a federal bankruptcy court judge ruled that Babcock & Wilcox was solvent at the time of the transfers.  The ruling followed a 6-day trial in October in New Orleans, Louisiana.  Daniel R. Murray, Co-Chair of the Firm's Bankruptcy/Corporate Restructuring Practice, led the Firm's team of  defense attorneys for McDermott, which included Partners Barry Sullivan and Vincent Lazar and Associates Anthony Porcelli, Jacob I. Corré, Ellen Lamond, Timothy Hudson, Christopher O’Connor, Jeffrey Gansberg and Brian H. Meldrum.