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Mclaughlin & Stern, LLP Expands Bankruptcy & Restructuring Group

Fri 26 March 2021 Press Releases

New York, New York (March 4, 2021) – McLaughlin & Stern, LLP, announced today that Ira Reid has joined the Firm as Special Counsel to the Bankruptcy & Restructuring Group. Ira was formerly a partner at Baker & McKenzie and prior to that, practiced at LeBouef, Lamb, Greene & MacRae. With thirty-three years of experience as a commercial restructuring lawyer, Ira Reid brings to McLaughlin & Stern a wealth of experience in proceedings under chapters 7, 11 and 15 of the Bankruptcy Code. Ira has represented debtors, secured and unsecured creditors, committees, foreign representatives, asset acquirers,  bankruptcy  trustees and other parties in interest during his distinguished career. Mr. Reid is particularly skilled in the bankruptcy implications and resolution of  complex structured  finance transactions, repurchase agreements, and credit derivatives, including swap transactions. We have also elevated Partner, Steven S. Newburgh, to the position of Chair of our Bankruptcy & Restructuring Group. The practice group’s former Chair,  Paul H. Silverman, has become Special Counsel to the Firm but will continue to be an active member of the Firm’s Bankruptcy & Restructuring Group.  Mr. Silverman’s decades of experience in commercial restructuring and his representation of both foreign and domestic creditors and debtors, has established a high bar for our Bankruptcy & Restructuring Group.

The Bankruptcy & Restructuring Group consists of Brian J. Grieco, Andrew Luskin, Chester R. Ostrowski, Ira Reid, Marc Rosenberg, Steven S. Newburgh, Paul H. Silverman and Neil B. Solomon. Currently, Mr. Newburgh is representing creditors in several high-profile chapter 11 cases in the Districts of Delaware and New York where the stakes are high for our clients: Hertz, , Republic Metals, Mattress Firm, Knotel, KG Windown and Renovate America. In the Renovate America chapter 11, Mr. Newburgh is representing 75,000 class members from proceedings pending in Riverside California. Mr. Newburgh recently closed-out the Great Eastern Energy chapter 11 in Delaware as debtor’s counsel and is continuing work for the exited debtor by obtaining return of standby letters of credit issued in favor of state regulatory/revenue agencies which were funded by debtor’s secured lender. Great Eastern Energy was a major wholesale energy supplier for the Northeastern U.S. that averaged annual sales of $400,000,000. Mr. Newburgh pioneered the sale of Renewable Energy Credits and their corresponding Forward Contracts in a chapter 11 proceeding and was able to collect almost $9,000,000 in the Great Eastern Energy case by bifurcating the chapter 11 sale process so that the ongoing business concern could be auctioned separately from the Renewable Energy Credits under Section 363 of the Bankruptcy Code.

Established in 1898, McLaughlin & Stern, LLP is one of the oldest law firms in New York. Through its offices in New York City, Garden City, NY, Millbrook, NY, Naples, FL and West Palm Beach, FL, the firm provides a diverse range of legal services with expertise in sophisticated commercial transactions, corporate restructuring, securities law and arbitration, real estate law and trusts and estates.

Speaking from the Firm’s New York headquarters, the Firm’s Managing Partner, Geoffry R. Handler, said: “Working together with Steven S. Newburgh on many matters over the years, we have admired his considerable skill and expertise as a bankruptcy lawyer and with the addition of Ira Reid to the Firm’s Bankruptcy & Restructuring Group, we have added substantially to the Group’s highly skilled and dedicated partners and look forward to Steven’s leadership role.”