Irving Picard focuses his practice primarily on representing unsecured and secured creditors, commercial landlords, bankruptcy trustees, and other parties in interest in bankruptcy reorganization cases, as well as in out-of-court restructurings. He has served as a court-appointed trustee under the Securities Investor Protection Act (SIPA) in more than 10 securities brokerage house liquidations since 1984, and has also served as counsel to trustees under SIPA, counsel for Chapter 11 creditors' committees, SEC receiver in a Ponzi scheme case, and disbursing agent. Irving currently serves as the court-appointed trustee under SIPA for the global representation of the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), one of the largest financial frauds in U.S. history. As of April 2014, the SIPA Trustee and his legal teams have recovered or entered into agreement to recover over $9.795 billion and distributed more than $4.888 billion to BLMIS customers with allowed claims. Combined with approximately $811 million in cash advances from SIPC to speed some financial relief BLMIS customers with allowed claims, more than $5.5 billion has been returned to victims. (For more information on the liquidation, visit www.madofftrustee.com.)
Irving's extensive negotiation and litigation experience in bankruptcy reorganization cases and out-of-court restructurings includes investigating the financial affairs of debtors and recovering property, and issues pertaining to substantive consolidation and preference and fraudulent transfers. He has counseled clients with respect to transactional matters, such as acquisitions of assets from debtors, non-substantive consolidation and true sale opinions, and advised regarding bankruptcy remote entities. In 1979, Irving was appointed as the Department of Justice's first United States Trustee for the Southern District of New York, a position he held for nearly three years. From 1976 through 1979, he served as Assistant General Counsel of the SEC. Since 2011, he has acted as the coordinator for the New York Bankruptcy Practice Group and as Co-Chair for the Publications and Media Subcommittee for BakerHostetler's national Bankruptcy Practice. Irving is ranked in the 2013 edition of Chambers USA: America's Leading Lawyers for Business and is listed in The Best Lawyers in America® in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.