A Texas businessman who filed for Chapter 11 bankruptcy protection the same morning a federal judge was set to appoint a receiver over his assets listed two prominent law firms among his creditors, court documents show.
Philippe Emanuel Mulacek filed for bankruptcy on June 4 in U.S. Bankruptcy Court for the Southern District of Texas, listing Yetter Coleman and Boies Schiller Flexner—both of which represented him—as creditors owed $1 million and $500,000, respectively.
The filings came hours before Mulacek was scheduled to appear in federal court for a receivership hearing requested by Carlo Giuseppe Civelli, a Swiss businessman who won a $210 million breach-of-contract judgment against Mulacek in March.
Mulacek's petition lists estimated assets of $500 million to $1 billion against liabilities of $100 million to $500 million. Beyond the two law firms, his three other creditors are Civelli, whose judgment accounts for the bulk of the listed debt, and two Singapore-based banks—Bank of Singapore Ltd., owed $5 million, and UBS AG Singapore Branch, owed $3.8 million.
The presence of his own former legal counsel among his creditors underscores the drawn-out nature of the litigation.
The underlying case, an eight-year breach-of-contract dispute over oral business agreements and oil and gas interests in Papua New Guinea, went to a six-week federal trial before a jury returned a verdict in Civelli's favor on all claims in roughly two and a half hours.
The original verdict of approximately $138 million grew to $210 million after prejudgment interest was added at judgment entry on March 26.
'We Showed Up at 8 a.m.'
Dick Schwartz, co-lead counsel for Civelli at Munsch Hardt Kopf & Harr, questioned whether the bankruptcy filing had a legitimate restructuring purpose.
"It appears that he filed the bankruptcy to avoid the receivership in federal court and to substitute the bankruptcy for a bond," Schwartz claimed. "It doesn't appear to be any rehabilitative purpose for the bankruptcy."
Schwartz said the asset-heavy nature of the filing sets it apart from typical bankruptcy cases.
"It's not the typical bankruptcy where you get 17 cents or 23 cents on the dollar," he said. "It seems that he could pay the judgment in full in bankruptcy."
Prior to the filing, Mulacek's family sought to cap a supersedeas bond at $25 million under Texas law, which allows a bond ceiling of $25 million or half the debtor's net worth, whichever is less. U.S. District Judge Crane denied the request.
An emergency challenge before the Fifth U.S. Circuit Court of Appeals remained pending when the stay period expired, and no bond had been posted, prompting Civelli's team to seek the receiver on June 1.
"We showed up at 8 a.m. for the hearing, and that's when we were told that Mr. Mulacek had filed for bankruptcy that morning," Schwartz said.
The bankruptcy filing has placed the Fifth Circuit appeal on hold.
Schwartz said Civelli's team views the new forum as no less favorable than a federal district court, noting that bankruptcy proceedings would require Mulacek to submit to examination under oath regarding his assets.
"We have a number of remedies available to us in bankruptcy that are as good or maybe even better than in federal court," Schwartz said.
Complications mounted when five other Mulacek family members—identified by Schwartz as Mulacek's mother, sister, brother and two others—filed separate bankruptcy petitions during the same week after missing a court deadline tied to a separate receiver-and-turnover application.
The jury verdict was reported as the seventh largest in Texas in 2024. According to filings by Mulacek's attorneys with the 5th Circuit, it is the largest verdict against an individual in the state in 2025.
Mulacek, a U.S. citizen who Schwartz said spends most of his time in Singapore, is represented in the bankruptcy by Jennifer Hardy of Willkie Farr & Gallagher in Houston and attorneys from New York. Hardy declined to comment.
Paul Yetter of Yetter Coleman and Allyson N. Ho of Gibson Dunn, lead appellate counsel for the Fifth Circuit appeal, did not respond to requests for comment.
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