Cases
Experience: Representative Matters: In re Spansion, Inc., et al. (Bankr. Ct., D. Del.), published in 426 B.R. 114 (Bankr. D. Del. 2010). In this case, the client, Tessera, Inc., ( Tessera ) asserted pre
post-petition patent infringement claims which the debtor claimed were valueless. As a result of prevailing at contested evidentiary hearings, Tessera's unsecured claim was estimated at $120 million
its administrative claim in excess of $4 million. The debtors proposed a plan which did not adequately reserve for Tessera's claim
the court sustained our plan objection.
In re Nortel Networks, Inc . (Bankr. Ct., D. Del.). Represented Research in Motion Limited as part of a consortium of five other leading technology companies who purchased a portfolio of patents for $4.5 billion, one of the largest ever public sales of intellectual property assets.
In re 'Sa' NYU Wa. (Bankr. Ct., D. Ariz.). Represented largest creditor in contested plan confirmation matter
claim litigation against tribally charted corporation,
litigated novel sovereign immunity issues.
In re Wet Seal, LLC (Bankr. Ct., D. Del. ). Represented private equity firm in its acquisition of assets of debtor retail chain.
In re Agent Provocateur, Inc. (Bankr. Ct., S.D.N.Y.). Represented strategic buyer in its acquisition of assets of debtor retail chain.
In re Empire L
, LLC, et al. (Bankr. Ct., C.D. Cal.). Represented a former director of the debtor
its affiliates in a lawsuit by a lender seeking more than $100 million in damages. The court granted our motion for dismissal without leave to amend.
In re Med Diversified, Inc., et al. (Bankr. Ct., E.D.N.Y.). Represented Private Investment Bank Limited ( Bank ), who had made a $70 million loan to the debtor. A prepetition lawsuit resulted in a settlement with the Bank being granted a security interest in substantial, additional collateral. After the debtor filed bankruptcy, the Bank was a party to several lawsuits which culminated in settlements implemented through a plan whereby a senior secured lender had its claim of nearly $100 million disallowed,
the unsecured creditors of the debtor
several of its largest subsidiaries received dividends ranging from approximately 20 to 40 cents. The Bank received cash
ownership of the debtor's subsidiaries, which had a value of in excess of $80 million.
Chartwell Litigation Trust v. Addus Healthcare, Inc. (Bankr. Ct., E.D.N.Y.), published in 334 B.R. 89 (Bankr. E.D.N.Y. 2005). Litigation claims were assigned to the client, the trust, as part of a plan. In a prepetition transaction, the debtor paid $7.5 million, which had been characterized as an option payment in connection with a $100 million plus purchase price of a business, but failed to close on the purchase. The defendant retained the option payment
both sides sued each other prior to the bankruptcy filing asserting, among other things, breach of contract claims. Rather than pursue those theories, the trust filed a fraudulent transfer lawsuit to recover the deposit. Following trial, the court announced a tentative ruling in favor of the client
a settlement was reached for $4.1 million.
In re The Walking Company (Bankr. Ct., C.D. Cal.). Represented secured lender/equity holder in Chapter 11 reorganization of a retail chain with more than 200 store locations. To facilitate the reorganization, lender provided exit financing
a capital investment.
In re GB Holdings, Inc. (Bankr. Ct., D. N.J.). Represented Pinnacle Entertainment, Inc. in its $250 million acquisition of the Atlantic City S
s Hotel & Casino. Ownership of the hotel
casino had been transferred from the debtor to an entity in which the debtor had an equity interest. The transfer was the subject of claims of fraudulent transfer. Pinnacle acquired the hotel
casino without becoming embroiled in the litigation
did not have to engage in a bidding procedure in connection with the acquisition.
In re Focus Media, Inc. (Bankr. Ct., C.D. Cal.), published in 378 F.3d 916 (9th Cir. 2004), cert. denied, 544 U.S. 968 (2005). Filed an involuntary bankruptcy petition on behalf of the creditor clients NBC, ABC,
Paxson Communications. Following trial, an order for relief was entered against the debtor, which was upheld on appeal by the United States District Court
Ninth Circuit Court of Appeals.
John Pringle, Trustee v. Thomas Edward Rubin, et al. (Bankr. Ct., C.D. Cal.). Acted as special litigation counsel for the trustee in bankruptcy
obtained a judgment in excess of $35 million against insiders of the debtor based upon fraudulent transfer
other claims.
In re Midl
Group, Inc. (Bankr. Ct., C.D. Cal.), published in 347 B.R. 708 (Bankr. C.D. Cal. 2006). Represented Swiss Finance Corporation ( SFC ), a foreign currency trader in London that was engaged in currency trades with the debtor. The debtor engineered a $100 million plus Ponzi scheme in the United States,
the trustee in bankruptcy filed a fraudulent transfer complaint seeking a return of all monies that had been transferred to SFC. In a case of first impression, SFC argued that fraudulent transfer laws do not have extraterritorial application
cannot be used to set aside transactions centered in foreign countries.
The above representations were h
led by Mr. Steinberg prior to his joining Greenberg Traurig, LLP.
Writing & Lecturing: Author or contributing author of five books
treatises
Author of numerous articles published nationally
internationally
Lectured extensively on bankruptcy
litigation topics nationally
internationally
