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Bankruptcy Law’s “Mr Big”
Apr 28, 2015 | Law Fuel
Bankruptcy law, as you might expect post-GFC and a few other crises along the way, is big business. And one of the biggest – if not the biggest – attorney handling bankruptcy law is Weil Gotshal partner Harvey Miller. Mr Miller, 82, died recently after acting for such notable bankrupts as Lehman Brothers Holdings. -
One of the Giants - Bankruptcy Legend Harvey Miller Dies at 82 After Defining US Workouts For Decades
Apr 28, 2015 | Legal Business
By Tom Moore
...The Weil Gotshal & Manges partner was America’s most prominent bankruptcy practitioner, playing a pivotal role in a string of landmark cases, including the wind-up of Lehman Brothers, the largest corporate bankruptcy in US history. Other mandates handled in a lengthy career included the bankruptcies of General Motors, American Airlines, Texaco... -
Lead Counsel In Lehman Bros Suit Joins Greenberg Traurig
Apr 28, 2015 | Law360
By Maya Rajamani
A business litigation veteran who has more than 50 years of practicing law under his belt and has acted as lead counsel in major bankruptcy proceedings for Lehman Brothers, Enron Corp. and Drexel Burnham Lambert Inc. has joined Greenberg Traurig LLP in New York, the firm announced Monday. -
Study Clears Traders Failing To Deliver For Collapse Of Lehman Brothers In Financial Crash
| Reurope
Traders who ‘failed to deliver’ on stock market trades during the 2007-08 financial crash have been cleared of causing the collapse of major financial firms such as AIG, Lehman Brothers and Bear Stearns, according to a new study. After the crash the US Securities and Exchange Commission (SEC) brought in rules to stop aggressive naked ...
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Harvey Miller
Greenberg Traurig
FTDs
Full Text of Stories Below
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Apr 28, 2015 | Law Fuel
Bankruptcy law, as you might expect post-GFC and a few other crises along the way, is big business. And one of the biggest – if not the biggest – attorney handling bankruptcy law is Weil Gotshal partner Harvey Miller.
Mr Miller, 82, died recently after acting for such notable bankrupts as Lehman Brothers Holdings.
...In a 2007 profile, the New York Times described Miller as “the most prominent bankruptcy lawyer in the nation.” He was best known for representing debtors.
Miller’s top cases both came out of the worst economic contraction since the Great Depression — the $613 billion collapse of investment bank Lehman Brothers in 2008 and the $49.5 billion General Motors Corp. bailout by the U.S. government in 2009.
Miller also was involved in the bankruptcies of Texaco, Drexel Burnham Lambert Group and Eastern Airlines.
His fees were on the same scale as his cases. In the five years following the 2008 bankruptcy of New York-based Lehman, Miller earned Weil Gotshal almost half a billion dollars, about one quarter of the $2 billion paid by Lehman’s bankrupt estate to advisers and lawyers.
Miller worked at two small law firms before joining Weil Gotshal in 1969 as the 14th partner in a 45-lawyer, two-office practice, according to the statement. He and three other partners managed the firm during its first two decades. Today, Weil Gotshal has about 1,100 lawyers in 20 offices worldwide...
For full story:
http://www.lawfuel.com/bankruptcy-law
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Apr 28, 2015 | Legal Business
By Tom Moore
Bankruptcy pioneer Harvey Miller, one of America’s leading commercial lawyers of the post-War period, has died at the age of 82, it was announced this week.
The Weil Gotshal & Manges partner was America’s most prominent bankruptcy practitioner, playing a pivotal role in a string of landmark cases, including the wind-up of Lehman Brothers, the largest corporate bankruptcy in US history. Other mandates handled in a lengthy career included the bankruptcies of General Motors, American Airlines, Texaco, WorldCom, Enron and Drexel Burnham Lambert.
... Miller remained in active until shortly before his death, which followed a diagnosis of motor neurone disease.
Miller was also an instrumental figure in developing bankruptcy proceedings as a means of restructuring and relaunching businesses rather than liquidation. The Lehman bankruptcy saw its still-functioning brokerage unit sold to UK bank Barclays for $1.75bn saving thousands of jobs. So far, over $45bn has been recouped for investors since filing for bankruptcy in September 2008. In July 2009, a plan Miller helped draw up for partial nationalisation contributed to the rescue of iconic American carmaker General Motors, with the manufacturer’s best assets put into a new company part-held by the US Treasury.
...In an interview for the May edition of Legal Business, Linklaters partner David Ereira, who took a senior role on Lehman’s European bankruptcy, described Miller as ‘one of my heroes’, adding: ‘He’s done most of the major bankruptcies in NY and he does them – he’s the guy in court and he’s the guy giving the advice.’
Miller was born in 1933 and graduated from Columbia Law School. He is survived by his wife of 60 years, Ruth Miller.
For full story:
http://www.legalbusiness.co.uk/index.php/lb-blog-view/4046-one-of-the-giants-bankruptcy-legend-harvey-miller-dies-at-82-after-defining-us-workouts-for-decades
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Lead Counsel In Lehman Bros Suit Joins Greenberg Traurig
Apr 28, 2015 | Law360
By Maya Rajamani
A business litigation veteran who has more than 50 years of practicing law under his belt and has acted as lead counsel in major bankruptcy proceedings for Lehman Brothers, Enron Corp. and Drexel Burnham Lambert Inc. has joined Greenberg Traurig LLP in New York, the firm announced Monday.
Peter Gruenberger, who is a founding member of the litigation section of the American Bar Association and has represented clients including the NBA and former presidential candidate Ross Perot, began working at the firm's Manhattan office Monday as senior counsel....In Enron’s bankruptcy proceedings, Gruenberger acted as lead trial counsel for debtors, prosecuting their claims in excess of $3 billion. That number stood at $5 million in the case of debtors in Lehman Brothers’ bankruptcy proceedings, in which he also acted as lead counsel.
In a series of disputes between Walston Inc. and principals of duPont Glore Forgan Inc. including Perot, he acted as lead trial and appellate counsel, landing a favorable resolution for his client...For full story:
www.law360.com/articles/648173/lead-counsel-in-lehman-bros-suit-joins-greenberg-traurig
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Study Clears Traders Failing To Deliver For Collapse Of Lehman Brothers In Financial Crash
| Reurope
Traders who ‘failed to deliver’ on stock market trades during the 2007-08 financial crash have been cleared of causing the collapse of major financial firms such as AIG, Lehman Brothers and Bear Stearns, according to a new study.
After the crash the US Securities and Exchange Commission (SEC) brought in rules to stop aggressive naked short-selling, which can produce many ‘fails to deliver’ (FTDs), as they were blamed in part for the demise of Lehman Brothers – the fourth largest investment bank in the US. A former Under Secretary of Commerce claimed that naked short selling cost investors $1 billion and drove 1,000 companies into the ground.
But research from Vikas Raman, of Warwick Business School, Veljko Fotak, of the University of Buffalo School of Management, and Pradeep Yadav, of the University of Oklahoma, found no evidence that FTDs caused the failure of financial firms and found the spikes in the number of FTDs came after the Lehman Brothers and other firms had announced they were in trouble.
FTDs occur when the position on a stock can’t be covered, either the short seller can’t afford the shares or they are not available three days after the sale. Naked short-selling – where the short seller bets that a stock’s price will fall without even borrowing the shares before selling them and then looks to cover their positions immediately after the sale – is seen as the main cause of FTDs...
For full story:
http://reurope.com/2015/04/28/study-clears-traders-failing-to-deliver-for-collapse-of-lehman-brothers-in-financial-crash/
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Harvey Miller
Greenberg Traurig
FTDs
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