Practice Groups

The Bankruptcy & Financial Restructuring attorneys of Shapiro Sher provide innovative representation in all aspects of bankruptcy, creditors’ rights, financial restructuring and commercial litigation. With a primary focus on representing entrepreneurs, closely held businesses and trustees in restructuring and liquidation matters, the group is known for achieving favorable results in the most complex cases.

The group has achieved unparalleled success representing debtors, trustees, secured and unsecured creditors, creditors’ committees and financial institutions in workouts, bankruptcy reorganizations and out-of-court workouts. The practice is national in scope and the group has represented clients throughout the United States and abroad. In all matters, the Bankruptcy & Financial Restructuring group’s representation is enhanced by the Firm’s robust banking, real estate and corporate practices.

Notable Representations

• Mr. Sher acted as the Chapter 11 Trustee for TMST, Inc. (formerly known as Thornburg Mortgage, Inc.), a multi-billion-dollar REIT which was one of the largest residential mortgage originators and servicer. The Group represented Mr. Sher in that case and assisted him in supervision and sale of  the company’s mortgage servicing platform.  The Group also confirmed a plan of liquidation resulting in significant distributions to creditors.
• Members of the Bankruptcy and Financial Restructuring Group served as litigation counsel in a series of litigation matters brought against eight of the largest investment banks arising from TMST, Inc.’s bankruptcy case concerning the liquidation of mortgage-backed securities and derivatives, resulting in more than $115 million in payments and the waiver of more than $2.5 billion in claims.
• Counsel to numerous Chapter 11 Trustees including in the cases of In re Diamond Comic Distributors, et. al.; In re Vincent Abell; In re Brodie Holdings LLC; Prosperity Partners; Inc, In re Merry-Go-Round Enterprises; and In re Just For Feet, Inc.
• Counsel to Creative Hairdresser’s Inc., a Chapter 11 case involving the sale of the 800-store Hair Cuttery chain.
• Counsel to a minor league baseball team in an arbitration proceeding concerning its lease at a municipal stadium.
• Counsel to a beneficiary of the trust at issue in the Dauman v. Sumner Redstone litigation concerning the Redstone family holdings in CBS and Viacom.
• Counsel to Novation Companies, Inc., f/k/a NovaStar Financial, Inc. in its successful Chapter 11 reorganization.
• Counsel to Fieldstone Mortgage Company, a mortgage originator that emerged as an operating entity from its Chapter 11 bankruptcy case.
• Counsel to Luminent Mortgage Capital, Inc., a mortgage investor in its successful Chapter 11 case.
• Counsel to Combined Properties, a Washington, D.C. real estate firm with a diversified portfolio of shopping centers, in its successful Chapter 11 bankruptcy reorganization.
• Counsel to the Bond Holders Committee in the case of National Energy & Gas Transmission, a merchant energy producer and subsidiary of PG&E.
• Counsel to the Creditors Committee in Sunterra Corporation, one of the world’s largest timeshare companies.
• Counsel to the Creditors Committee in Frank’s Nursery and Crafts, Inc., a retail nursery and garden store chain.
• Counsel to the Creditors Committee in PhyAmerica Physicians Group, Inc., a national physician practice management company.
• Counsel to the Creditors Committee in Railworks Corporation, a supplier to and servicer of the railroad industry.
• Counsel to a regional developer and home builder in its successful Chapter 11 reorganization.

The group’s breadth has also allowed it to represent numerous entities seeking to purchase distressed assets both in and out of bankruptcy proceedings.

Joel I. Sher has acted as a Trustee, plan administrator, and liquidating agent in various cases covering multiple industries, including the management and disposition of real estate and business interests in the United States, Australia, Spain, and the Netherlands. Richard Goldberg has served as a bankruptcy court appointed examiner in several cases. The group’s partners have also served and been qualified as expert witnesses. In addition, Partner Daniel Zeller was named a “Rising Star” by Maryland Super Lawyers.