AREA OF PRACTICE
Bankruptcy & Corporate Restructuring
Steven Pohl concentrates his practice in the commercial and insolvency areas. His practice focuses on the representation of interested parties in bankruptcy proceedings and lending institutions in commercial finance transactions.
Steven has extensive experience representing debtors, trustees, official and ad hoc creditors’ and equity committees and other interested parties in a variety of in-court and out-of-court situations, including bankruptcy reorganizations, asset sales, loan restructurings, receiverships and assignments for the benefit of creditors. His practice includes all aspects of the bankruptcy process, including contested (and competing) plan confirmation hearings, contested relief from stay and cash collateral hearings, and fraudulent conveyance and preference litigation. Steven is recognized by Chambers USA: America’s Leading Lawyers for Business in the area of bankruptcy law; he is regarded as "a very straight shooter and a big presence in the room."
Coupling his reorganization practice with experience in mergers and acquisitions and general corporate law, Steven also counsels corporations. Prior to practicing law, Steven was a certified public accountant with Price Waterhouse from 1983 to 1986, concentrating in the tax area.
Representation of the Official Committee of Unsecured Creditors in Real Industry, Inc.’s Chapter 11 proceedings.
Represented the Official Equity Committee of Tidewater Inc., one of the largest providers of offshore service vessels.
Represented of the Official Committee of Unsecured Creditors in the Chapter 11 proceeding of Sungevity, Inc., a developer of residential solar energy projects.
Represented an ad hoc consortium of trade claim creditors in Nortel Networks, Inc.’s Chapter 11 proceedings.
Represented the Official Equity Committee holders in Chapter 11 proceedings relating to Overseas Shipholding Group, Inc., one of the largest publicly traded tanker organizations and is the only major industry player with both significant U.S. Flag and International Flag fleet, in which existing equity holders retained their equity position through a $1.5 billion rights offering. The OSG restructuring was the recipient of the “Restructuring Deal of the Year” at the 2015 IFLR Americas Awards.
Representation of the Official Committee of Unsecured Creditors of Boomerang Tube LLC in the Delaware chapter 11 case of this oil country tubular goods (OCTG) supplier, culminating in a successful valuation trial where the court adopted the Committee’s valuation thesis and denied confirmation of the debtors’ proposed plan that provided general unsecured creditors with zero recoveries, which victory resulted in a cash recovery for general unsecured creditors.
Represented the Official Committee of Unsecured Creditors in Chapter 11 proceedings relating to Reed & Barton Corp, a prominent American silversmith manufacturer based in Taunton, Massachusetts.
Represented an ad hoc consortium of first lien lenders in the Hawker Beechcraft Corp. Chapter 11 cases, representing approximately $300 million of claims in the Hawker Beechcraft Corporation’s much publicized out-of-court restructuring efforts.
Represented the Official Committee of Unsecured Creditors of Rural/Metro Corporation and its affiliated debtors-in-possession. Rural Metro is the second largest provider of 911 type emergency (ambulance; paramedic) services in the United States (the company also provides fire protection services). The Debtors sought Chapter 11 protection in Delaware as part of a pre-negotiated deal with their secured lenders and noteholders. Since our retention in mid-August 2013, we have been active on a number of significant case issues, including (i) the negotiation of a proposed plan of reorganization based upon the prepetition Restructuring Support Agreement among the principal stakeholders, and (ii) the investigation of potential claims and causes of action that may be pursued for the benefit of unsecured creditors.
Represented the Official Committee of Unsecured Creditors in the bankruptcy proceedings of School Specialty, Inc. and its affiliated debtors-in-possession. School Specialty is one of the largest suppliers of educational products, equipment, and curriculum-based aids in the country, supplying approximately 70% of U.S. schools. We successfully opposed the Company’s motion to sell itself (by way of credit bid) to its secured lenders, and conducted a full day trial over the allowed amount of the secured creditor’s claims. The Unsecured Creditors originally thought to be “out-of-the-money” however did receive up to 45% in total cash consideration.
Represented, as lead trial counsel, the indenture trustee (at the direction of bondholders) for bonds issued by Liberty Media Corporation in connection with a dispute over Liberty Media’s planned spin-off of its Capital and Starz tracking stock businesses to stockholders. The proceedings included a 3-day trial on a declaratory judgment action brought by Liberty Media in the Delaware Chancery Court and an appeal, with oral argument, to the Delaware Supreme Court.
Represented the Official Creditors Committee in the bankruptcy proceedings of Lyondell Chemical Company which, together with its non-debtor affiliates in the LyondellBasell group, is the third largest chemical manufacturer in the world. Based upon an aggressive challenge to the Lyondell-Basell 2007 LBO-merger transaction as a fraudulent transfer, achieved one of the largest LBO related settlements that provided unsecured creditors, a class of about $2.6 billion that was thought to have been out-of-the money, $450 million – the equivalent of a 17 cent distribution.
Represented Haights Cross Communications, Inc., in negotiating and documenting its prepackaged bankruptcy solicitation and Chapter 11 filing and achieved plan confirmation in less than 45 days of filing.
Represented the Official Equity Committee in Chapter 11 proceedings of Pilgrim’s Pride Corporation, achieving a significant return for equity.
Represents the Official Committee of Unsecured Creditors in the Herbst Gaming, Inc. Chapter 11 case, following on the representation of an Ad Hoc Committee of Bondholders in earlier out-of-court restructuring negotiations.
Represented the Steering Committee of secured lenders of Yonkers Raceway Corporation.
Represented the Official Committee of Equity Security Holders in the Global Power Equipment Group, Inc. Chapter 11 cases, which culminated in a successful restructuring supported by an Equity Committee-backed rights offering plan.
Represented the Ad Hoc Committee of Trade Creditors in the Adelphia Chapter 11 cases, which resulted in the trade creditors getting a 100% recovery plus 8% post-petition interest.
Represented the Ad Hoc Committee of Trade Creditors in the MCI / WorldCom Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York, successfully increasing our clients’ plan recoveries by nearly 50%.
Represented the Official Committee of Unsecured Creditors in the Global Crossing Chapter 11 cases.
Represented the Ad Hoc Committee of Bondholders in the Primus Telecommunications Group, Inc. case.
Represented Ad Hoc Committee of Convertible Noteholders in Tower Automotive Chapter 11 cases.
Represented Ad Hoc Committee of first mortgage noteholders in connection with Hurricane Katrina damage to the Premier Entertainment Hard Rock Hotel and Casino in Biloxi, Mississippi.
Represented Ad Hoc Committee of Trade Creditors in Intermet Corporation Chapter 11 cases, successfully increasing plan recoveries.
Represented XO Communications in connection with its acquisition of Allegiance Telecom out of Chapter 11.
Represented the Official Committee of Unsecured Creditors in the ATX Communications Chapter 11 cases.
Boston University – LLM in Taxation, 2003
Boston University – J.D., cum laude, 1989
University of Pennsylvania, Wharton School of Business and Finance – B.S., 1983
US District Court for the District of Massachusetts
Specially admitted in federal courts in other Districts
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