< Directory Michael Friedman

Michael Friedman specializes in bankruptcy and restructuring transactions. Mr. Friedman represents hedge funds, investment banks and financial institutions in connection with event driven investment, financing and acquisition transactions. Mr. Friedman’s broad experience in the areas of bankruptcy, restructuring and finance allows him to help clients structure transactions in a manner that will allow them to achieve their business objectives in the most efficient and cost effective manner.

Mr. Friedman’s practice involves the representation of investors in distressed acquisitions, purchases of assets in chapter 11 proceedings or “363 sales,” debtor-in-possession financings, rescue or bridge financings and chapter 11 exit financings. Mr. Friedman represents secured and unsecured creditors in all aspects of complex chapter 11 bankruptcy reorganizations and out-of-court restructuring transactions. Mr. Friedman also provides real-time focused legal analysis and advice to investors contemplating investments in distressed opportunities. Illustrative representations include:

• Represented ad hoc groups of bondholders in connection with restructurings of bonds and convertible notes
• Represented group of institutions and funds that were counterparties to open confirmations for the purchase and sale of bank loans from or to Lehman in connection with the Lehman bankruptcy proceeding
• Represented private funds in multiple purchases of assets pursuant to section 363 sale process
• Representation of lead investor in connection with the purchase of senior secured loans and origination of DIP Loan to energy producer in chapter 11 proceedings and the subsequent acquisition of substantially all of the assets of the company
• Represented lead investor in acquisition of majority equity stake in heating oil delivery Company through the conversion of its debt to equity in chapter 11 reorganization
• Represented private fund in connection with the acquisition through a 363 sale process, of an Italian subsidiary of U.S. company specializing in medium and high voltage drives and controls
• Representation of private fund in the consensual foreclosure of senior secured loans to company with U.S. and foreign subsidiaries resulting in the ownership of substantially all of the assets of the company
• Representation of institutional investor in connection with $75 million lease rejection claims against automotive parts manufacturer in chapter 11 proceedings

Mr. Friedman is a member of the American Bankruptcy Institute, and also a member of the Turnaround Management Association. Mr. Friedman often participates and moderates panels at national and international bankruptcy and distressed investing conferences.

News

• Michael Friedman quoted in The Daily Deal
• Jon Kibbe and Michael Friedman mentioned in the Financial Times
• "Distressed Investor Alert" quoted in the Financial Times
• "Distressed Investor Alert: Revisions to Bankruptcy Rule 2019 Will Discourage Active Involvement in U.S. Bankruptcy Cases" by Jon Kibbe, Michael Friedman and Keith Sambur referenced in The Wall Street Journal "Bankruptcy Beat"
• "Acquiring Companies in Bankruptcy" co-authored by Michael Friedman published in Executive Counsel magazine

Seminars & Speaking Engagements

• Panel Discussion: RK&O partners co-host "From Creditor to Equity Holder: How to Make Your Post-Reorganization Equity Work Harder for You"
• Panel Discussion: “Analysis of Claims against BP arising from Gulf of Mexico Disaster"
• Panel Discussion: "Current Issues and Bankruptcy Decisions Impacting Lenders"
• Panel Discussion: “Bankruptcy’s Next Wave: A Look at the Financial Crisis One Year Later”
• Panel Discussion: “Bankruptcy’s New Wave – Preparing for the Perfect Storm: Which Sectors Will Take a Direct Hit?”
• Presentation: The Impact of an Abundance of Capital and Alternative Equity Sources on the Disappearance of the Borrower Default: Will the Party Last Forever?
• Corporate Governance in the Zone of Insolvency

Publications

• The Continuing Evolution of Bankruptcy Rule 2019
• Lehman Files A Proposed Plan Of Reorganization
• Distressed Investor Alert: Revisions to Bankruptcy Rule 2019 Will Discourage Active Involvement in U.S. Bankruptcy Cases
• Erosion of Secured Creditors' Rights: Has the Pendulum Swung in Favor of Unsecured Creditors
• Lending, Investing and Trading After the Market Break
• Equity and Debt Decoupling: Derivative Instruments Challenge Fundamental Assumptions of Corporate and Bankruptcy Law
• Effectiveness of Power of Attorney Provision in Claim Purchase Agreements in Bankruptcy - Delphi Bankruptcy Case Raises Issue
• The "Second Risk" that Keeps Loan Participants Up at Night
• Cure Claims in Bankruptcy - Delphi Bankruptcy Case Raises Issues
• Enron Update: District Court Reverses Bankruptcy Court Decision -- Equitable Subordination Risk Does Not Travel with the "Sale" of a Claim But Does Travel with an "Assignment" of a Claim
• Enron Update: District Court Holds Hearing in Appeal of Bankruptcy Court Decision that Equitable Subordination Risk Travels with the Claim
• Enron Update: District Court Affirms In Part and Reverses In Part Earlier Ruling Granting Appeal of Bankruptcy Court Decision that Equitable Subordination Risk Travels with the Claim
• Secondary Loan Purchasers Challenge Enron and Win an Extraordinary Appeal: Does Equitable Subordination Risk Travel with the Loan?

Professional & Community Affiliations

• Member, American Bankruptcy Institute
• Member, Turnaround Management Association