Richard Levy, Jr. is Co-Chair of the Bankruptcy, Reorganization and Creditors’ Rights Group practice at Pryor Cashman. His experience includes all phases of cases under Chapter 11 and Chapter 7 of the Bankruptcy Code, bankruptcy litigation, civil litigation in federal and state courts, related counseling, arbitration and mediation. Rich has represented creditors, debtors, official and unofficial committees (including committees of creditors, equity holders or retired employees), landlords, indenture trustees, labor unions, pension funds, and asset purchasers. He also has represented parties in state court insolvency and corporate dissolution proceedings.
Rich leads the representation of the firm's clients in connection with the liquidation of Bernard L. Madoff Investment Securities. Rich has counseled firm clients relating to the filing and defense of customer net equity claims, and he is representing clients in defending against claims brought by the SIPA Trustee to recover preferences and fraudulent conveyances under federal and state law.
He represented the indenture trustees of publicly-traded bonds in the Kmart, Cooper Standard, Global Crossing, Hayes Lemmerz, Owens Corning, and Quality Stores cases, among others. His experience also includes bankruptcy litigation on behalf of indenture trustees with respect to their contractual rights and obligations under their indentures including, for example, the charging lien litigation commenced by the official creditors committee against the indenture trustee in the Global Crossing case.
Rich regularly assists other practice areas of the firm by providing bankruptcy support and counsel in the structuring of business and commercial transactions, including, for example, financings, mergers and acquisitions, securitization transactions requiring non-consolidation or true sale opinions, intellectual property licenses, real estate leases and other executory contracts. For example, Rich recently assisted a major motion picture studio in its attempt to acquire significant intellectual property assets from the bankruptcy estate of an insolvent film production company. He is also called upon to provide advice and representation with respect to the enforcement of judgments and debtor/creditor remedies under state law.
Rich has held special appointments in a number of bankruptcy cases. He served as counsel to the Chapter 11 Trustee appointed by the U.S. Bankruptcy Court for the District of Delaware in the asbestos-related bankruptcy case of United States Mineral Products Company, a leading manufacturer of spray-applied fire resistive materials for steel framed buildings and other structures. The case was one of the first to involve a successful restructuring of both asbestos-related personal injury claims and property damage claims under Section 524(g) of the U.S. Bankruptcy Code, and also is believed to be the first asbestos bankruptcy case to result in a successful reorganization under the auspices of a court-appointed bankruptcy trustee.
Rich has also served as the court-appointed official legal representative of future claimants in two other asbestos bankruptcy cases. He was the court-designated lead counsel in consolidated insolvency litigation proceedings arising from the Chapter 11 bankruptcy of a major airline. He also served as court-appointed examiner and, subsequently, as the post-confirmation creditor trustee in the Chapter 11 case of a well-known entertainer. Rich represented the official representative of retired employees appointed in the bankruptcy case of a metal products manufacturer, and the unofficial retiree committee in the reorganization case of a major meat-packing company. Rich served as a member of the Trust Advisory Board for the HLI Creditor Trust established in connection with the confirmed Chapter 11 bankruptcy plan for Hayes Lemmerz, Inc.
Rich is frequently called upon by the press to comment upon bankruptcy and other matters. To read samples of such press coverage, please click here.
Rich graduated magna cum laude from Syracuse University College of Law in 1977, where he was elected to the Order of the Coif and served as Notes & Comments Editor of the Syracuse Law Review (1976-77).
A 1974 graduate of Williams College (cum laude, with honors in Political Economy), Rich served as President of the Society of Alumni of Williams College – the oldest continuously-existing college or university alumni association in the world – from June 2006 to June 2008. During his term, Rich also chaired the Executive Committee of the Society of Alumni and attended meetings of the Board of Trustees of Williams College at the invitation of the Board.
Rich is AV Peer Review Rated, Martindale Hubbell’s highest peer recognition for ethical standards and legal ability.