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Steven F. Wasserman

Steven F. Wasserman

Steven F. Wasserman

Partner

Distressed Debt & Claims Trading

Steven F. Wasserman

Partner

Distressed Debt & Claims Trading

Steve Wasserman is Chair of the firm’s Distressed Debt and Claims Trading practice group, and a member of the firm’s Management Committee. He has extensive experience in the areas of distressed debt and claims trading, mergers and acquisitions, private and public securities offerings, including initial public offerings (representing both issuers and underwriters), SEC reporting matters and venture capital transactions. Steve also advises his clients, both small private companies and large public institutions, in general corporate matters.

His clients have included various hedge funds in their distressed bank debt trading activities as well as the New York and London distressed bank trading desks of several major investment banks. Steve regularly advises clients participating in the market for distressed assets and claims, providing transactional guidance to clients that originate, restructure and trade these assets.

He and the Firm’s debt trading group have represented clients in thousands of transactions in bank loans, credit derivatives and trade claims relating to hundreds of borrowers and debtors, both domestic and international.  Such borrowers have included Lehman, American Airlines, MF Global, Madoff, General Motors, Enron, Federal Mogul, Adelphia, Mirant, Northwest Airlines, Tribune, Delta and Boston Generating.

REPRESENTATIVE MATTERS

  • Represented a group led by Carl Icahn in the negotiation and purchase of the secured loans of Trump Entertainment Resorts from Beal Bank, resulting in Mr. Icahn’s involvement in the reorganization plan of the casino operation.
  • Represents clients involved in the proceedings resulting from the bankruptcy filing of Lehman Brothers Holdings Inc. and its various affiliated debtors, including clients active in the purchase and sale of claims against foreign and domestic Lehman entities, guarantee claims and claims based on terminated derivative, prime brokerage and margin lending agreements.
  • Represents clients in connection with the purchase and sale of interests in and claims against several Madoff “feeder funds.”
  • Counseled public companies regarding SEC compliance, corporate governance and insider trading liability issues.
  • Represented issuers and underwriters in connection with numerous public offering transactions on exchanges in the US and in the private placement of their securities both domestically and abroad.
  • Structured and negotiated numerous types of acquisitions and dispositions, including auctions, LBOs, acquisitions and dispositions of various businesses, cross-border transactions, earnouts, tax-free deals, exclusive licensing, forward and reverse triangular mergers, mergers of equals and technology transfers.
  • Counseled hedge funds on investing strategies with various objectives, including buy-backs, board representation, takeovers and corporate governance reforms.
  • Represented an issuer in the sale of (i) US$350 million of senior notes under a "fall away" mortgage structure; (ii) an aggregate of US$200 million of stated value of trust preferred securities; (iii) a total of US$330 million stated value of monthly income preferred securities; and (iv) in the establishment of US$725 million of secured and unsecured medium term note programs.
  • Represented a large hedge fund in connection with acquisition of over $150 million in bank loans and the subsequent amendment and extension of the loans.
  • Represented an electric utility holding company and its subsidiaries in the auction sale of 4100 MW of fossil and hydroelectric generating stations consisting of 26 stations and future development sites in New Jersey, Pennsylvania and Maryland for US$1.7 billion, including the related power purchase, interconnection and ancillary agreements.
  • Represented public companies in their responses to shareholder activism, including proxy contests.
  • Represented private equity fund in investment into publicly traded book publisher.
  • Represented publicly traded beverage company in acquisition of key competitor.
  • Represented publicly traded pharmaceutical company in a going private transaction.

PUBLICATIONS

COMMUNITY INVOLVEMENT

  • Member of the President’s Council of Union College, Schenectady, New York
  • Member of the Board of Trustees of the Park Avenue Synagogue, New York, New York
  • Treasurer of the Brown Rudnick Charitable Foundation

BAR ADMISSIONS

  • New York
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