Our people

Andy is Co-Leader of Reed Smith’s Commercial Restructuring and Bankruptcy Group and has been active for many years in the representation of financial institutions and other clients in bankruptcy and restructuring matters; structured finance, derivatives and other distressed complex financial instruments; DIP and mezzanine lending; mergers, acquisitions; sales and liquidations; and the ongoing activities of companies acquired by institutional clients for their investment portfolios.

Andy has led more than 50 constituency engagements in the past ten years.  His bankruptcy and restructuring constituency engagements in the last four years alone have included:  Owens Corning, DVI, Sleepmaster, Kasper ASL, Avado Brands, Pierre Foods, Evercom, Equus Gaming (El Comandante), Syratech, Key Energy, MedQuest, United Rentals, Georgia-Pacific, Navistar, PHH Corporation, CSK Automotive, Novelis Inc. and First Data Corporation.

Andy has been named one of the nation’s Outstanding Bankruptcy Lawyers six times in the last eight years by Turnarounds & Workouts and in May, 2007 he was named one of the Top Bankruptcy Lawyers by The Deal.  Andy recently was selected for inclusion in <em>The Legal 500 - United States</em>(2009 Edition) in the category of Structured Finance: Derivatives & Structured Products.  He has published a number of articles and is also a frequent speaker and lecturer throughout the United States and in Europe, with more than 50 speaking engagements in the last ten years, including 14 as a conference chair or co-chair.  He is also quoted frequently in the financial press on bankruptcy, restructuring and related investment matters.

Representative Matters

• DVI, Inc.—represented the litigation trustee of this former $2 billion health care equipment and receivables lender in prosecuting asset recovery and liability claims.  Represented the official Creditors Committee prior to confirmation of DVI’s Chapter 11 litigation trust plan.  Prosecuting a D&O liability action and avoidance litigations against SPV securitization affiliates of DVI. Represented the ad hoc noteholder committee prior to commencement of the Chapter 11 case and accomplished the replacement of old management by a crisis manager within 3 weeks after being retained.

• Finova Group—currently representing the reconstituted official Equity Committee in a post confirmation dispute after having obtained its reappointment four years after plan confirmation.  Represented the Equity Committee in Finova's Chapter 11 case and obtained a significant recovery for the equity constituency. Finova's stock was trading at less than $1 per share in January 2001 when retained. The trading price after Finova's reorganization plan was approved by the bankruptcy court ranged between $3 and $5 per share until several months after the bankruptcy case was concluded.

• Enron Corp.—represented the State of Connecticut on behalf of Connecticut Resource Recovery Authority ("CRRA") in its action to establish a $220 million constructive trust against the Enron bankruptcy estate. In the context of a settlement of that action, CRRA auctioned its claim for a 50.1% cash recovery.  Also retained by a major dealer in Enron paper to analyze a number of Enron's off balance sheet financings.

• Home Holdings—represented two tranches of insurance holding company noteholders in a restructuring precipitated by the unanticipated loss of their casualty insurance company's investment grade rating. Notes traded down 60/70 cents at time of downgrade; achieved successful out-of-court settlement with issuer and regulators that caused notes to trade up 50 cents after settlement was announced.

• Newcourt Financial, Ltd.—(formerly AT&T Commercial Finance, Ltd.) - represented the purchaser of Newcourt's $600 million portfolio of asset-based loans.

• View all...

Publications

• ”Involuntary Bankruptcy of Securitizations” (co-author) Bankruptcy & Restructuring Advisor (Autumn 2007)
• "3d Circuit Raises the Bar on Grants of Substantive Consolidation" (co-author) The Journal of Corporate Renewal (August 2007)
• “Predicting Bondholder Activism” The Bankruptcy Strategist (March 2007)
• “Insubordination: Determining Unsecured Post-Petition Interest Claims Against Suddenly Solvent Debtors” (co-author) Daily Bankruptcy Review Small Cap (June 30, 2004)
• “New Developments with Securitizations in Bankruptcy: Substantive Consolidation” (co-author) Daily Bankruptcy Review (May 12, 2004)
• “New Developments with Securitizations in Bankruptcy: Legislative Developments” (co-author) Daily Bankruptcy Review (March 31, 2004)
• “ABA Revised Model Simplified Indenture” (contributor) The Business Lawyer (May 2000)
• "Year 2000 Issues for Lenders and Investors” (co-author) Corporate Legal Times (July 1998)
• "Must Derivatives Be a Director's Nightmare?” (co-author) The Corporate Governance Advisor 3(2) (1995)
• “Marriott Risk": A New Model Covenant to Restrict Transfers of Value from Bondholders” (co-author) 3 Columbia Business Law Review 503 (1994)
• “Defending Against the Tide of Junk Bond Defaults” (co-author) National Underwriter (May 13, 1991)

Speeches / Presentations

• Conference Co-Chair, Distressed Investing (1998-2007)
• Panel Member, "Valuation Workshop: Deconstructing and Evaluating Distressed Structured Debt Portfolios Part I: Deconstructing Portfolios of Subprime Loans, Preparing for Future Fiascos" (with Alpert and Sunshine) Distressed Investing, New York, NY (11/26/07)
• Panel Member, "Maximizing Recoveries in the Subprime Meltdown - Part 2" (with Henin, Pincus, Rachmuth, Ressler & Wolnick), Business and Financial Institutions Seminar, New York, NY (10/25/07)
• Panel Member, "Maximizing Recoveries in the Subprime Meltdown - Part 1" (with Duke, Silverschotz & Venditto), Business and Financial Institutions Seminar, New York, NY (10/4/07)
• Panel Member, “How Deep Is Your Insolvency?” (with Siev & Adornato), Turnaround Management Association, New York, NY (9/27/06)
• Panel Member, “Deepening Insolvency” (with Siev & Adornato), New Jersey Society of CPA’s Insolvency & Reorganization Conference, Iselin, NJ (9/21/06)
• Panel Member, “Bondholder Activism” (with Kaplan, Klein & Manewitz), Distressed Investing, New York, NY (11/27/06)
• Panel Member, "How Deep is Your Insolvency?" (with Siev, Katz & Adornato), Business & Financial Institutions Seminar, New York, NY (6/13/06)
• Panel Member, "Cross-Border and Jurisdictional Battles: Europe and Chapter 15" (with Goldstein, Brincko, Cova & Griffith), Distressed Investing Europe, London, UK (5/18/06)
• Panel Member, “Venue Shopping and Vending” (with Brincko, Gross, Kaplan & Ray), Distressed Investing, New York, NY (11/28/05)
• Panel Member, “Effects of the New Bankruptcy Code on Corporate Governance” (with Brandt & Rosenbloom), Corporate Reorganizations, Chicago, IL (6/24/05)
• Panel Member, “Lender Liability and Third Party Litigation” (with Carlinsky, Duke & Lloyd), Distressed Investing Europe, London, UK (5/19/05)
• Panel Member, "Post Confirmation & Third Party Litigation" (with Ray & Goldin), Distressed Investing, New York, NY (11/29/04)
• Panel Member, “Keeping The Horse in the Barn; Critical Stages in Bankruptcy Cases” (with Henin, Pincus, Venditto & Ressler), Business & Financial Institutions Seminar, New York, NY (9/9/04 and 5/27/04)
• Panel Member, "Post Confirmation Litigation" (with Ray), Corporate Reorganizations, Chicago, IL (6/24/04) (materials available on request)
• Panel Member, "Protecting the Value of the Estate" (with Brincko), Distressed Investing/Europe, London, UK (5/13/04)
• Panel Member, "Situation Report: DVI Business Credit" (with Lane & Cady), Healthcare Transactions, Chicago, IL (3/18/04)

Experience

Legal Education

Undergraduate Education

Court Admissions

• U.S. District Court - Southern District of New York
• U.S. District Court - Eastern District of Wisconsin
• U.S. Court of Appeals - Second Circuit
• U.S. Court of Appeals - Third Circuit
• U.S. Supreme Court

Professional Affiliations

• American Bar Association, Business Law Section Committees: Business Bankruptcy and Commercial Financial Services
• New York State Bar Association
• Association of the Bar of the City of New York
• American Bankruptcy Institute
• Association of Commercial Finance Attorneys
• Member of the Board of Directors of Strive, a nonprofit agency which runs a very successful job training program

Interests

Interests include: family, wine tasting, music & audio, golf

Notable Quotes

The following is a representative sampling of more than 100 articles that quote or mention Andy which provides a perspective on the nature and scope of Andy's practice and professional activities:

• “US Airways Seeks to Acquire Delta in Bid to Be No. 1” New York Times 11/16/06
• “Hedge Funds Threatening Option-Scam Defaults Win Case” Bloomberg 10/13/06
• “Hedge Funds Threatening Defaults in Options Scandal Win Ruling” Bloomberg 10/6/06
• “Owens Corning To Rewrite Ch. 11 Plan To Incorporate $2.1B Capital Infusion” Daily Bankruptcy Review 5/11/06
• “Owens Corning reaches deal on bankruptcy exit plan” MarketWatch 5/10/06
• “More Creditors Ask Supreme Court To Review OC Ruling” Bank Loan Report 2/6/06
• “High Court Asked To Review OC Ruling” Bank Loan Report 1/9/06
• “Big Suits – In Re Owens Corning” American Lawyer 10/05
• “United Rentals Bondholders Bag Higher Consent Fees” Credit Investment News 9/20/05
• “Court Reverses Bankruptcy Move by Owens Corning” The Wall Street Journal 8/16/05
• “Bondholders Take Activism Up a Notch” Investment Dealers Digest 7/18/05
• “Corporate Activism:  It’s Not Just for Equity” Hedgeworld News 6/28/05
• “Owens-Corning Judge Chides Tort Bar” HedgeWorld News 4/8/05
• “Outstanding Bankruptcy Lawyers 2004” Turnarounds & Workouts 12/15/04
• "Judge Grants Consolidation Request in Owens Corning Chapter 11 Case” Daily Bankruptcy Review 10/6/04
• “El Comandante in Serious Predicament” El Nuevo Dia 8/28/04
• “Owens Corning, Creditors Reach Deal for Chapter 11 Reorganization” Daily Bankruptcy Review 6/8/04
• “Au Contraire, Pierre” Forbes 5/10/04
• “Pierre Foods Bondholders Win Concessions” Reuters 3/16/04