Stephen B. Selbst

Partner, Co-Chair, Restructuring & Finance Litigation Group at Herrick, Feinstein LLP

Stephen B. Selbst

Stephen B. Selbst

Partner, Co-Chair, Restructuring & Finance Litigation Group at Herrick, Feinstein LLP

Biography

Herrick, Feinstein LLP. Stephen B. Selbst
Partner; Chair, Bankruptcy
New York. Stephen Selbst is the Chair of Herrick's Bankruptcy Practice Group. He has more than 30 years of experience representing debtors, creditors, official committees, distressed investors and asset purchasers in bankruptcies and out-of-court restructurings. He is a frequent lecturer on bankruptcy and restructuring topics and has published articles and book chapters on bankruptcy-related topics. He has been frequently quoted in newspaper articles on insolvency related topics and has appeared on CNBC.


Bankruptcy and Restructuring Engagements:
General Growth Properties, Inc. - Citicorp et al.: Representation of Oakwood lender group in chapter 11 proceedings of diversified mall operator (S.D.N.Y.);

Chrysler LLC - Bridgestone Tire: Representation of Bridgestone Tire and Colorado dealers in the chapter 11 proceedings of Chrysler LLC. (S.D.N.Y.);

General Motors Corporation - Bridgestone Tire: Representation of Bridgestone Tire in the chapter 11 proceedings of General Motors Corporation. (S.D.N.Y.) ;

Lehman Brothers Holding, Inc.: Representation of various creditors in Lehman Brothers chapter 11 proceedings, including an investment bank, a re-insurance firm, a Japanese investor, a hedge fund and real estate developers.

Protostar - Intelsat: Representation of Intelsat Corporation as successful purchaser of Protostar I satellite for $210 million in bankruptcy auction (D.Del.);

Sea Launch - Intelsat: Representation of Intelsat Corporation in chapter 11 proceedings of a satellite launch service provider. (D.Del.) ;

Tribune Company - Intelsat: Representation of Intelsat Corporation in chapter 11 proceedings of a diversified media company. (D. Del.);

Tacala LLC: Representation of a Taco Bell franchise operator in successful out-of-court restructuring of $350 million in total debt, including $250 million in securitized commercial mortgages. Solicited consent of CDO bondholders in connection with restructuring.

Honeywell - North American Refractories Chapter 11: Representation of Honeywell International Inc. in the chapter 11 proceedings of North American Refractories Company, an asbestos case, in the Western District of Pennsylvania. The plan of reorganization was confirmed in 2007 and is currently on appeal to Third Circuit.

Parmalat USA: Representation of U.S. affiliates of the international Parmalat group in their chapter 11 proceedings. The successful plan of reorganization was confirmed in 15 months with over $1 billion in claims resolved.

Motels of America: Debtor representation of the operator of 100 budget motel properties in the Northern District of Illinois. Successfully stabilized operations in chapter 11, commenced litigation against the lender in bankruptcy court, which led to the consensual refinancing of the debtor's operations with a new lender and payment in full to all creditors.

CII Financial: Representation of bondholders in successful out-of-court exchange offer and restructuring.

LMR Manufacturing: Representation of a women's undergarment manufacturer in a successful out-of-court restructuring of $125 million in bank and subordinated debt.

AB Dick: Representation of Presstek Inc. as the successful bidder for AB Dick in the District of Delaware.

Kimble Glass: Representation of Gerresheimer AG as successful bidder for assets of New Jersey glass manufacturer in the District of Delaware.

Golden Books: Representation of Classic Media as winning bidder for Golden Books in a contested bankruptcy auction in the District of Delaware.

Recent Matters of Note:
Ongoing
Intelsat - Tribune Company;
Ongoing
Intelsat - Equity Media Holdings Corp.;
Ongoing
Bridgestone Tire - General Motors Corporation;
2012
ALC Holdings LLC;
2011
Great Atlantic & Pacific Tea Company - Grocery Haulers Inc.;
2009
Intelsat - Protostar;
2010
Terse Star Corp.;
2009
Intelsat - Bantel, LLC;
2009
Citicorp el al. - General Growth Properties Inc.;
2009
Intelsat - Sea Launch;
2008
RFR Holdings - Salander-O'Reilly Galleries Bankruptcy;
2008
Intelsat - Verestar Bankruptcy;
2008
Berry-Hill Galleries - $20 Million Mortgage;
2007
Grace Industries - Bankruptcy Acquisition;
2007
Berry-Hill Galleries - Chapter 11;
2007
American Marine Holdings - $35 Million Refinancing;
2007
Honeywell - North American Refractories Bankruptcy;
2005
American Marine Holdings - Sale of Minority Interest;
2005
Parmalat USA - Chapter 11;
2005
IESI Corporation - $950 Million Sale;
2005
Bayside Capital - $50 Million Bankruptcy Acquisition of Sola Communications;
2005
Yum! Brands - Hearth Management Group Mediation;
2004
Presstek - 363 Acquisition of AB Dick Company;
2004
IESI Corporation - $200 Million Landfill Acquisition;
2003
IESI Corporation - $200 Million Notes Offering;
2003
Motels of America - Chapter 11.
News:
Appeals Court Affirms Competition Is Key in Chapter 11
February 21, 2013 -- Dow Jones Daily Bankruptcy Review;
FiberTower Injunction Raises Fresh Questions About the Interplay Between Telecommunications and Bankruptcy Law
December 13, 2012 -- Bloomberg BNA Bankruptcy Law Reporter;
Justice Department Watchdog Targets Bankruptcy Bonuses
August 3, 2012 -- Dow Jones Daily Bankruptcy Review;
Justice Department Watchdog Targets Bankruptcy Bonuses
August 3, 2012 -- Dow Jones Daily Bankruptcy Review;
In Industry-Wide Shift, Law Firm Bankruptcy Practices Do It All
March 5, 2012 -- Dow Jones Daily Bankruptcy Review;
American Airlines' Last-Mover Disadvantage
November 30, 2011 -- Bloomberg Businessweek;
American Airlines files for bankruptcy
November 29, 2011 -- Thomson Reuters News & Insight;
Analysis: AMR bankruptcy clouds Boeing jet order
November 29, 2011 -- Reuters;
American Airlines files for bankruptcy
November 29, 2011 -- Thomson Reuters News & Insight;
Sbarro, creditors agree on auction plan
September 7, 2011 -- Thomson Reuters News & Insight;
GM & Bankruptcy
March 31, 2009 -- CNBC Reports;
Madoff’s Victims are Mad, Mad, Mad But Do They Have a Right To Be?
February 6, 2009 -- Wall Street Journal Law Blog;
Automakers & Bankruptcy
November 11, 2008 -- CNBC Reports;
Required: Empathy and Kleenex
November 9, 2008 -- New York Times;
Lenders Force Quick Sales In Chapter 11 Amid Credit Crisis
October 13, 2008 -- Dow Jones Newswire;
Instruments of Finance -- And Confusion
September 28, 2008 -- The Star-Ledger;
Herrick, Feinstein LLP is bolstering its Financial Restructuring, Bankruptcy & Creditors’ Rights Practice Group with the arrival of partner Stephen Selbst
July 2008 -- Herrick, Feinstein LLP.
Past Events:
Art as Collateral: Overcoming Special Challenges for Lenders
May 25, 2010 -- Herrick, Feinstein LLP ;
PE Firms and Distress: The Tricky Business of Risk Mitigation and Value Creation
October 8, 2009 -- Herrick, Feinstein LLP;
Your First Lien Is Breaking!
September 22, 2009 -- Herrick, Feinstein LLP;
The Third Annual Securitization Symposium
September 17, 2009 -- Herrick, Feinstein LLP;
Your First Lien Is Breaking!
June 24, 2009 -- Herrick, Feinstein LLP;
Pre-Emptive Litigation Strategies
March 2008 -- DealFlow Media Distressed Debt Conference;
The Crisis in Subprime Lending
October 2007 -- Beard Group Audioconference;
The Subprime Mortgage Crisis
September 2007 -- iiBig Distressed Debt Conference;
BACPA - A Look at the First Year
November 2006 -- Beard Group Audioconference;
Small Business Provisions of the New Bankruptcy Act
November 2005 -- Beard Group Audioconference;
Health Care Amendments to the Bankruptcy Code
October 2005 -- Beard Group Audioconference.
Publications:
Stephen Selbst and Leslie Chervokas Publish Article in BNA Bankruptcy Law Reporter
December 2012;
"The Cheese Stands Alone": United States Trustee Forces Transfer of Houghton Mifflin Harcourt Cases Despite Objection of All Other Parties
July 2012;
Supreme Court Clarifies Lenders' Right to Credit Bid
June 2012;
Prenegotiated Chapter 11 Plans: Developing a Strategy to Streamline Chapter 11 Proceedings
March 2012;
Developing Strategies and Overcoming Challenges for Distressed Purchases and Sales
March 2012;
The Art of Perfection: Avoiding Pitfalls in Gallery Bankruptcies
Summer 2009;
Important Warnings Against “Gifting Plans” and Hostile Takeover Attempts in Chapter 11
February 2011;
Hope for Madoff Investors Hit With Clawback Lawsuits
January 2011;
Foreclosure on UCC Collateral Speeds Lender’s Takeover of Troubled Real Estate
May 2010;
Bankruptcy Court Invalidates Flip Clauses
March 2010;
General Motors and Chrysler: The Changing Face of Chapter 11
November - December 2009;
General Growth Properties Challenges Secured Creditors’ Rights
June 2009;
Is Your Company Troubled? Deepening Insolvency is Down, But Not Out.
December 2008;
New Health Care Amendments to the Bankruptcy Code
June 2006;
Consumer Bankruptcy Act: Employee Benefit and Executive Compensation Provisions
Winter 2005;
Corporate Restructuring and Bankruptcy: The 2005 Act in Business
July 7, 2005;
Monitoring Retail Reorganizations in an Era of Consolidation
Winter 1998.
Practice Areas:
Litigation;
Restructuring and Bankruptcy;
Corporate.
Education:
University of Michigan Law School, J.D., 1980;

University of Michigan, B.A., 1976
with high distinction.
Bar Admissions:
New York.
Court Admissions:
U.S. District Court, S.D. New York;
U.S. District Court, E.D. New York;
U.S. District Court, Dist. of Connecticut;
U.S. District Court, N.D. Illinois;
U.S. Court of Appeals, 3rd Cir.
Memberships & Associations:
American Bar Association;

Association of the Bar of the City of New York;

American Bankruptcy Institute;

Turnaround Management Association.

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Partner, Executive Chairman & Co-Chair, Sports Law Group at Herrick, Feinstein LLP

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General Counsel at Herrick, Feinstein LLP

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Co-Chair, Turkey Practice Group at Herrick, Feinstein LLP

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Partner, Co-Chair, Securities Litigation & Enforcement at Herrick, Feinstein LLP

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Partner, Member, Executive Committee, Chair, Tax Department at Herrick, Feinstein LLP

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Partner at Herrick, Feinstein LLP

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Partner, Co-Chair, Real Estate Litigation & Dispute Resolution, Member, Executive Committee at Herrick, Feinstein LLP

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Partner, Co-Chair, Pro Bono at Herrick, Feinstein LLP

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Former General Counsel at Herrick, Feinstein LLP

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Former Co-Chair, Sports Law Group at Herrick, Feinstein LLP

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Stephen B. Selbst
Partner, Co-Chair, Restructuring & Finance Litigation Group at Herrick, Feinstein LLP
Education
J.D.
Class of 1980

The University of Michigan, founded in 1817, celebrates a long and distinguished history. It was in 1787 that the Northwest Territorial Ordinance provided public land for this and other Midwestern universities and established a tradition of respect for excellence in higher education. Three Native American nations—the Ojibwa (Chippewa), Odawa (Ottawa), and Bodewadini (Potawatomi)—subsequently granted certain lands for use of the University of Michigan and by the end of the 19th century, Michigan was the largest and most generously supported public university in America and already a leader in graduate education. The University of Michigan Law School, one of the oldest law schools in the nation, was founded in 1859. But unlike other highly selective law schools established in that era, admission was never restricted to the privileged. When Gabriel Hargo graduated from the Law School in 1870, Michigan—then the largest law school in the country—became the second American university to confer a law degree on an African American. That same year, Michigan was the first major law school to admit a woman, and in 1871, graduate Sarah Killgore became the first woman with a law degree in the nation to be admitted to the bar; by 1890, Michigan had graduated more women than any other law school. That commitment to access and diversity joined an equally powerful commitment to excellence, which continues to this day.

B.A. with High Distinction
Class of 1976

The University of Michigan (UM, U-M, UMich, or U of M), frequently referred to as simply Michigan, is a public research university located in Ann Arbor, Michigan, United States. It is the state's oldest university and the flagship campus of the University of Michigan. It is one of the original eight Public Ivy universities and is one of the founding members of the Association of American Universities. It has been ranked among the top five research universities in the US, and among the top 20 universities in the world. U-M also has satellite campuses in Flint and Dearborn.

Memberships
Member
Current

American Bar Association provides legal services. It provides law school accreditation, continuing legal education, legal information and other services to assist legal professionals. The firm has members which include judges, court administrators, law professors, and non-practicing attorneys. The company was founded on August 21, 1878 and is headquartered in Chicago, IL.

Member
Current

The Association of the Bar of the City of New York is a voluntary association of lawyers and law students. The organization was founded in 1870 and it is headquartered in New York, NY.

Member
Current

ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more 12,600 attorneys, auctioneers, bankers, judges, lenders, professors, turnaround specialists, accountants and other bankruptcy professionals providing a forum for the exchange of ideas and information.

Career History
Partner, Co-Chair, Restructuring & Finance Litigation Group
Current

Herrick & Feinstein LLP provides legal services including art law, bankruptcy and business reorganization, commercial litigation, corporate law, employment law, government relations, insurance, intellectual property, real estate, sports law, and tax and personal planning. The firm was founded in 1928. Based in New York City, Herrick & Feinstein also has offices in Newark and Princeton, New Jersey, Washington, D.C. and Istanbul, Turkey.

Corporate Partner
Prior

McDermott Will & Emery LLP provides legal services. The company's practices include corporate, employee benefits, health law, intellectual property, private clients, regulation and government affairs, tax and trial. The company was founded in 2005 and is headquartered in London, GB.

Non-Profit Donations & Grants

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$100 - $999
2019

American Bankruptcy Institute is a nonprofit company headquartered in Alexandria, VA, specializing in business associations. The firm was founded by Richard A. Gitlin.

$100 - $999
2018

American Bankruptcy Institute is a nonprofit company headquartered in Alexandria, VA, specializing in business associations. The firm was founded by Richard A. Gitlin.

$100 - $999
2017

American Bankruptcy Institute is a nonprofit company headquartered in Alexandria, VA, specializing in business associations. The firm was founded by Richard A. Gitlin.

Transactions
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Thomas H. Lee Partners LP, Evercore Partners LLC, Vertis Holdings, Inc. purchase American Color Graphics, Inc. from ACG Holdings, Inc., Metalmark Capital LLC, Performance Equity Management LLC

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Kohlberg & Company LLC, Lubert Adler Partners LP, KCPC Holdings, Inc., Versa Capital Fund I LP purchase Central Parking Corp.

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BFI Canada Income Fund purchases IESI CORP from Thayer Capital Partners LP

Other Affiliations

Stephen B. Selbst is affiliated with Herrick, Feinstein LLP, McDermott Will & Emery LLP

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