Webb & Associates was organized in Houston, Texas in 1984 to support Jack M. Webb's management of companies operating under the protection of Chapter 11 of the Bankruptcy Code. Mr. Webb was frequently appointed as Chapter 11 Trustee in cases where the bankruptcy judge determined that a company's owners or officers were unfit to remain involved in management due to wrongful conduct or criminal activity. In 1986, the firm's other two principals, Daniel R. Heiman and Robert Loiseau, joined Mr. Webb in the administration of these bankruptcy cases.
Mr. Webb and his team took over executive management of these debtor companies and reorganized them where feasible or liquidated them when the interests of creditors required it. The operation of multiple debtors' bankruptcy estates required administrative, management and professional services which Webb & Associates provided or outsourced. Bankruptcies in which the firm worked included businesses from many industries, with the largest cases involving oil and gas, real estate and mortgages.
In 1993, Webb & Associates incorporated and undertook its first Special Deputy Receiver engagements for The Texas Department of Insurance. Although receivership work was performed in an insolvency context different from bankruptcy, insurance receivership engagements entailed many of the same functions as bankruptcies; winding down the operations of insolvent companies and their subsidiaries, recovering assets, handling claims and managing litigation. Through the firm's success in this field, it won additional appointments as Special Deputy Receiver and as Independent Fiduciary of federally regulated ERISA plans.
In the savings and loan crisis of the late 1980s, Webb & Associates' Robert Loiseau served as Liquidator in Charge of Ameriway Savings Association and its subsidiary, Ameriway Mortgage Corporation, under contract with Coopers & Lybrand and the Federal Home Loan Bank Board. Later, Mr. Loiseau directed all activities under a Resolution Trust Corporation (RTC) Standard Asset Management and Disposition Agreement awarded by the RTC's Gulf Coast Consolidated Offices in Houston. During this engagement more than $350 million in foreclosed real estate and loan assets from thirteen failed Houston-area thrifts was returned to the private sector.
In all of Webb & Associates' engagements, the purpose is the same: mitigate the damage caused by insolvency and pay creditors as much money as possible. In the past twenty years, the firm's stewardship of many insolvent companies under the supervision of state and federal courts and regulators has resulted in more than $500 million being distributed to creditors.
Summary information concerning the firm's current and prior engagements can be viewed by clicking on the links which appear below:
