March 14, 2013 -- Attorney Mike Williams said today his Portland law firm has successfully emerged from its Chapter 11 bankruptcy. The firm's plan of reorganization was confirmed and became effective late last year. The case is expected to be formally closed in April. Williams reported all of the law firm’s creditors have been paid in full with interest, and the firm is back on solid financial ground.
“You can certainly say that Williams Love O’Leary & Powers is one of the few, if not the only, law firm to emerge from a Chapter 11 Reorganization as an independent, operating entity,” said Albert Kennedy of Tonkon Torp, the firm’s bankruptcy attorney. “This is the only case in the United States, as far as I know, where a law firm has successfully reorganized in the sense that all creditors were paid in full and the firm survived. Other law firm bankruptcies have resulted in liquidation and losses to the creditors.”
Williams emphasized that the firm has maintained its position as a nationally recognized leader in pharmaceutical mass tort litigation. He said the process provided the breathing space the firm needed to continue to provide its clients with service of the highest quality and standards. “It is such a relief to tell our friends and business partners that the cash flow problems are behind us,” said Williams.
The firm filed Chapter 11 bankruptcy in August 2011. The firm’s cash flow was enough to support ongoing operation expenses but not enough to pay off the full amount of bank loans due at the same time. Williams explained the financial difficulties were brought on by the firm’s work on lawsuits on behalf of post-menopausal women who developed breast cancer and other diseases resulting from dangerous hormone replacement therapy drugs. Over the past several months, many of those lawsuits have settled.
The law firm continued to operate normally while in Chapter 11, working on hundreds of hormone therapy claims and other cases in courts across the country. The firm has emerged from Chapter 11 stronger than ever and remains committed to helping consumers harmed by dangerous drugs, medical devices and procedures.
The firm continues to fight on behalf of women who have suffered unnecessary breast cancers caused by dangerous combinations of drugs for hormone replacement therapy. Williams said doctors do not always adequately warn their menopausal patients of the risks of certain hormonal drug combinations or inform their patients of the safer alternatives. The problem, he said, are the synthetic, chemically produced, counterfeit versions of the natural human hormone, progesterone. These “progestins” are synthetic imitations of the human hormone and increase the risk of breast cancer. Meanwhile, oral micronized progesterone (Prometrium® and its generic equivalents) is a safe, natural hormone drug, identical to human progesterone. It is approved by the FDA for use in menopausal women and has been available for many years.
The menopausal drugs that cause breast cancer and which Williams believes should be pulled from the market include Activella, Femhrt, Combipatch and Climara Pro.
