Adam L. Fletcher

Partner

Cleveland
T +1.216.861.7517
F +1.216.696.0740

Overview

Adam Fletcher practices in the areas of bankruptcy, commercial litigation, banking regulatory law and creditors' rights. He primarily represents creditors, creditors’ committees, and other interested parties in bankruptcies, receiverships, and other commercial disputes in the banking and finance, retail, manufacturing, aerospace, and energy sectors.

Select Experience

  • Represented the Federal Deposit Insurance Corp. (FDIC) in its corporate and receivership capacities in bankruptcies of several failed bank holding companies, including litigation regarding a large capital maintenance commitment under Section 365(o) of the Bankruptcy Code, disputes between the FDIC receiver and bank holding companies over ownership of substantial tax refunds, pursuit of specialized fraudulent transfer and preference claims under Title 12 of the United States Code, and defense of fraudulent transfer claims relating to capital contributions made to banks by their holding companies. Assisted with briefing, depositions, trial of complex financial litigation and bankruptcy appellate practice. In one case, the client obtained a settlement pursuant to which, among other things, it received the entire $170 million tax refund at issue. In another case, the client obtained a settlement pursuant to which it received $240 million of the $265 million tax refund at issue.  
  • Represented the FDIC as receiver for a failed bank in defense of a case alleging that the receiver improperly denied a claim for indemnification under a mortgage servicing rights sale agreement. Assisted with briefing and negotiations. The case was dismissed.
  • Represented manufacturer of outdoor power equipment in the bankruptcy of its largest retail customer, including assisting with proactive pre-bankruptcy steps to reduce the client’s credit and preference exposure, termination of the client’s contracts with the customer in the lead up to the bankruptcy, negotiating sale of the client’s claims after the filing of the customer’s bankruptcy, and defense of preference claims later asserted by the customer’s bankruptcy estate.
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Experience

  • Represented the Federal Deposit Insurance Corp. (FDIC) in its corporate and receivership capacities in bankruptcies of several failed bank holding companies, including litigation regarding a large capital maintenance commitment under Section 365(o) of the Bankruptcy Code, disputes between the FDIC receiver and bank holding companies over ownership of substantial tax refunds, pursuit of specialized fraudulent transfer and preference claims under Title 12 of the United States Code, and defense of fraudulent transfer claims relating to capital contributions made to banks by their holding companies. Assisted with briefing, depositions, trial of complex financial litigation and bankruptcy appellate practice. In one case, the client obtained a settlement pursuant to which, among other things, it received the entire $170 million tax refund at issue. In another case, the client obtained a settlement pursuant to which it received $240 million of the $265 million tax refund at issue.  
  • Represented the FDIC as receiver for a failed bank in defense of a case alleging that the receiver improperly denied a claim for indemnification under a mortgage servicing rights sale agreement. Assisted with briefing and negotiations. The case was dismissed.
  • Represented manufacturer of outdoor power equipment in the bankruptcy of its largest retail customer, including assisting with proactive pre-bankruptcy steps to reduce the client’s credit and preference exposure, termination of the client’s contracts with the customer in the lead up to the bankruptcy, negotiating sale of the client’s claims after the filing of the customer’s bankruptcy, and defense of preference claims later asserted by the customer’s bankruptcy estate.
  • Represented manufacturer of greeting card products in bankruptcies of several retail customers, including one of its largest customers, assisting with pre-bankruptcy negotiations over alternatives to bankruptcy and obtaining security interests to better protect the client, assertion of claims in customers’ bankruptcy cases, negotiations over use of cash collateral, disputes over consignment proceeds, assumption of the client’s contracts with retail customers, and a dispute over ownership of intellectual property licensed by the client to its customer.
  • Represented unsecured creditors committee and subsequently appointed liquidating trustee in bankruptcy of owner of experimental biofuel manufacturing plant, including handling disputes over the debtor’s abandonment of substantial amounts of biomass feedstock, dispute with the Department of Energy regarding asserted priority claim in property purchased with grant funds, litigation with the debtor’s affiliates over subordination of intercompany claims pursuant to the debtor’s bankruptcy plan, and post-confirmation claims reconciliation, settlements, and plan distributions. Assisted heavily with contested plan confirmation trial and multiple layers of post-confirmation bankruptcy appellate practice in United States district and circuit courts, successfully obtaining dismissal of appeal from plan confirmation as equitably moot. Unsecured creditors obtained recovery in excess of 62% despite initial estimate of minimal recovery to general unsecured creditors.
  • Represented limited liability company formed by competitors in the horticultural space to develop and promote their commonly-branded products in the bankruptcy of one of the LLC’s members, including negotiating settlement of asserted avoidance actions and other claims, and recovery of the bankrupt member’s interest in the LLC.
  • Represented a number of large aerospace manufacturing clients in several airline bankruptcies, including filing and negotiating the allowance of claims, handling issues related to the assumption and rejection of executory contracts, and analyzing plans of reorganization.
  • Represented private equity fund and its affiliates that owned experimental facility for recycling of plastic waste into synthetic petroleum in litigation with entity that developed and licensed certain technology to the clients and managed the facility, including pursuing claims for breach of contract, foreclosure of security interests, and seeking appointment of receiver.
  • Represented Fortune 500 casualty insurance company in negotiations over agreements to insure operations of nationwide ride-sharing company, assisting the client with structuring of security interests and other mechanisms to protect substantial insurance premiums, reinsurance premiums, and other collateral in the event the insured or its captive reinsurer were later to file bankruptcy or other insolvency proceedings.
  • Represented the post-confirmation creditors' trust of a reorganized public utility company in litigation with a large municipality in a subsequent new Chapter 11 bankruptcy of the debtor public utility company, including handling derivative standing issues and specialized issues relating to Chapter 22 bankruptcy. Assisted with briefing, hearings and bankruptcy appellate practice.
  • Involved in representing Irving H. Picard, the Securities Investor Protection Act Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, in connection with BakerHostetler's role as court-appointed counsel.
  • Represented a Chapter 7 trustee regarding unwinding a complicated Ponzi scheme, including motion practice to enforce the automatic stay and negotiating settlements to resolve lien priority disputes and the division of proceeds with respect to real estate and receivables.
  • Assisted a nonprofit buyer in diligence of and bidding for assets of a bankrupt nursing home pursuant to Section 363 of the Bankruptcy Code.
  • Represented an individual business owner in the defense of state court litigation and out of court workouts relating to personally guaranteed business debts. Negotiated numerous settlements for the client, resolving pending litigation and avoiding the need for the client to file personal bankruptcy.
  • Represented the administrative creditors committee of a large bankrupt steel company in derivative litigation against former officers, including claims for breach of fiduciary duty and deepening insolvency. The case was settled, resulting in full recovery for the administrative creditors.
  • Represented the former owner of a hotel property in litigation with a bankrupt purchaser over ownership of funds escrowed to cover a pension withdrawal liability under the Employee Retirement Income Security Act.
  • Represented an oil and gas producer and its affiliated midstream company in the bankruptcy of another oil and gas producer from which the client had purchased substantial amounts of real and personal property interests prior to the bankruptcy without receiving deeds for those interests, including through motion practice to block an attempted sale of those same interests by the bankruptcy trustee under Section 363 of the Bankruptcy Code and to compel the bankruptcy trustee to deliver the deeds for those interests pursuant to Sections 365(b) and (i) of the Bankruptcy Code. The client ultimately obtained the desired deeds from the bankruptcy trustee through a negotiated resolution.
  • Represented non-traditional lender to insolvent country club in forbearance negotiations to obtain additional security, and in subsequent litigation to foreclose mortgages and security interest, and seeking appointment of a receiver. The client ultimately obtained ownership of the country club out of receivership via credit bid.

Recognitions and Memberships

Recognitions

  • The Legal 500 United States (2020)
    • Recommended in Restructuring (Including Bankruptcy): Corporate

Memberships

  • American Bankruptcy Institute
  • Turnaround Management Association
  • American Bar Association
  • Ohio State Bar Association
  • Cleveland Metropolitan Bar Association
    • William J. O’Neill Great Lakes Regional Bankruptcy Institute: Co-Chair (2019)

Community

  • New Avenues to Independence, Inc.: Board of Directors (2014 to Present)
    • Chairman (2017 to Present)
    • Secretary (2015 to 2016)

Prior Positions

  • Judicial Extern for the Honorable Christopher A. Boyko of the United States District Court, Northern District of Ohio (2009)

Admissions

  • U.S. District Court, Northern District of Ohio
  • U.S. District Court, Northern District of Illinois
  • U.S. Court of Appeals, Tenth Circuit
  • Ohio

Education

  • J.D., Cleveland-Marshall College of Law, 2009; Salutatorian; summa cum laude; Executive Editor, Cleveland State Law Review
  • B.F.A., Bowling Green State University, 2003, magna cum laude