Resolving Complex Bankruptcy Restructurings and Creditor Recoveries

Richard L. Wasserman is a Fellow in the American College of Bankruptcy and has been practicing bankruptcy and reorganization law for over 45 years. He has concentrated in his practice on bankruptcy and bankruptcy-related litigation, creditors’ rights, secured transactions, workouts, reorganizations, and restructurings. Over a career spanning complex commercial, real estate, and business insolvency matters, he has served as Chapter 7 and Chapter 11 trustee, court-appointed examiner, and mediator in adversary proceedings and claims resolution processes. Recognized by Chambers USA and Best Lawyers in America for his work in bankruptcy and restructuring, Richard brings clear analysis, disciplined execution, and the ability to align legal strategy with business objectives. His experience spans industries including manufacturing and distribution, aerospace, financial services, real estate, construction, telecommunications, health care, hospitality, retail, government contracting, and technology.

Notable Work & Achievements

Fiduciary Duty Litigation for Chapter 7 Estate (E.D. Va.)

Served as special litigation counsel to a Chapter 7 trustee in the U.S. Bankruptcy Court for the Eastern District of Virginia, prosecuting fiduciary duty claims against former directors and officers and aiding and abetting claims against the parent, coordinating discovery strategy and settlement positioning to maximize creditor recoveries.

Special Litigation Counsel to the Enron Bankruptcy Estate

Represented the Enron bankruptcy estate as special litigation counsel in actions against major financial institutions, 

addressing complex financing instruments, safe harbor defenses and other avoidance theories in the Southern District of New York. See 325 B.R. 671 and 328 B.R. 58 (Bankr. S.D.N.Y. 2005).

Successful NYSE Public Company Chapter 11 Reorganization Case

Represented a NYSE real estate investment trust (REIT) in its successful Chapter 11 reorganization. See In re Criimi Mae Inc., 251 B.R. 796 (Bankr. D. Md. 2000).

Chapter 11 Trustee in Reorganization of Distressed Lifecare Community

Served as Chapter 11 trustee guiding a troubled lifecare community through a successful Chapter 11 reorganization, preserving the homes and continuing care for the community’s residents.

Court-Appointed Mediator in Circuit City Retail Insolvency Case (E.D.Va.)

Mediated preference avoidance actions and disputed claims for the Circuit City estate, facilitating efficient resolution of contested adversary proceedings and claims allowance disputes.

Stalking-Horse Success in a Contested §363 Bank Sale

Counsel to the stalking-horse bidder that successfully acquired First Mariner Bank through a contested §363 sale in the bank holding company’s Chapter 11 case, navigating bid protections, regulatory touchpoints, and sale process litigation to deliver a going concern transaction under significant time constraints.

Creditors’ Committee Counsel in Complex Cases

Represented creditors’ committees in significant Chapter 11 cases, including In re Workflow Management, Inc. (E.D. Va.) and In re DLH Master Land Holding, LLC (N.D. Tex.), developing case strategies on plan treatment, valuation, and contested use, sale, or lease of assets to improve unsecured recoveries.

Chapter 11 Trustee in 18 Real Estate Cases (S.D.N.Y.)

Appointed Chapter 11 trustee in eighteen related real estate cases (In re New 118th LLC, et al.) in the Southern District of New York, stabilizing portfolio operations, marketing and effecting sales of valuable multifamily real estate properties, addressing cash collateral and plan feasibility issues, and steering a multi-case path to value preservation and orderly resolution. See In re New 118th, Inc., 398 B.R. 791 (Bankr. S.D.N.Y. 2009).

Reported Cases

• In re New 118th, Inc., 398 B.R. 791 (Bankr. S.D.N.Y. 2009)
• In re Enron Corp. (Enron Corp. v. J.P. Morgan Securities Inc.), 325 B.R. 671 (Bankr. S.D.N.Y. 2005)