Investor group “Save the Queen” purchased the historic Queen Mary ship and surrounding land and development rights for $43 million from the previous operator, Queen’s Seaport Development, which filed for Chapter 11 bankruptcy in 2005.
Pillsbury Winthrop Shaw Pittman was named special litigation counsel and special real estate counsel to the Chapter 11 trustee in August 2006. “This was an extremely complex, high profile, and at times, frustrating transaction,” said William Freeman, a Los Angeles-based Insolvency & Restructuring partner who led the Pillsbury team on insolvency issues.
'After two years of uncertainty, the Queen Mary can once again become a world class tourist destination. The surrounding land—a large, undeveloped, waterfront property—has tremendous potential too,” said Freeman. “It was a very long battle, but the fact is it will be developed, and it will be very beneficial to the city of Long Beach.”