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Irving H. Picard

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. Mr. Picard also serves as a court-appointed trustee in securities brokerage house liquidations under the Securities Investor Protection Act (SIPA). He is currently serving as the court-appointed trustee under SIPA in the liquidation of Bernard L. Madoff Investment Securities LLC.

Mr. Picard has extensive litigation experience including investigating the financial affairs of debtors and seeking to recover property, objections to confirmation of chapter 11 plans, substantive consolidation and preference and fraudulent transfer issues. He has counseled clients with respect to transactional matters, such as acquisitions of assets from debtors, proposing chapter 11 plans and drafting disclosure statements, non-substantive consolidation and true sale opinions and provided advice regarding bankruptcy remote entities.

Mr. Picard is a member of the New York and American Bar Associations (ABA Business Law and Litigation Sections, Business Bankruptcy Committee), the American Bankruptcy Institute, Commercial Law League of America (Bankruptcy Section), Federal Bar Council, Registry of Mediators for the United States Bankruptcy Court (SDNY) and the Turnaround Management Association. He is an associate member of the National Association of Bankruptcy Trustees and the Association of Insolvency and Restructuring Advisors.

Court Appointments
These are representative cases and not a complete list of all matters in which Mr. Picard has served as counsel for Chapter 11 creditors’ committees or as counsel to a Chapter 7 trustee. In addition, Mr. Picard has participated in at least 38 reported decisions. The list may be accessed through Westlaw.

• Trusteeships under the SIPA
  • Jay W. Kaufmann & Company, Bankr. S.D.N.Y., No. TP 84-70064A(BRL)
  • Norbay Securities, Inc., Bankr. E.D.N.Y., No. 186-0174-353
  • Investors Center Inc., Bankr. E.D.N.Y., No. 089-0017-21
  • Faitos & Co., Inc., Bankr. E.D.N.Y., No. 191-1085-260
  • U.S. Equity Management Corp., Bankr. S.D.N.Y., No. 95-1284A(CB)
  • Hanover, Sterling & Co., Ltd., Bankr. S.D.N.Y., No. 96-8396A(REG)
  • Euro-Atlantic Securities, Inc., Bankr. S.D.N.Y., No. 98-9304A(BRL)
  • Klein Maus & Shire, Inc., Bankr. S.D.N.Y., No. 00-8193A(AJG)
  • Montrose Capital Management Ltd, Bankr. S.D.N.Y., No. 01-8170A(CB)
  • Park South Securities, LLC, Bankr. S.D.N.Y., No. 03-8024A(RDD)
• Counsel to Trustees under the SIPA
  • John Franklin & Associates, Inc., Bankr. E.D.N.Y., No. 886-0226-20
  • Austin Securities, Inc., Bankr. E.D.N.Y., No. 05-1144-DEM
• Post-Confirmation Consultant to Court on Trustee’s Conduct of Chapter 11 Case
  • In re Perret d/b/a Hill Haven Farm, Bankr. N.D.N.Y., No. 82-10055 (JEB)
• Receiver and Disbursing Agent
  • Receiver, Securities and Exchange Commission v. David Peter Bloom, et al., S.D.N.Y., No. 88 Civ. 0201 (MBM)
  • Disbursing Agent, Securities and Exchange Commission v. Klein Maus & Shire, Inc., et al., S.D.N.Y., No. 99 Civ. 3424 (RWS)

Publications

• “The Stock Broker Liquidation of Lehman Brothers Inc.,” The Business Advisor (October 2008)
• “Washington Mutual Bank: The Largest Bank Failure in U.S. History,” The Business Advisor (October 2008)
• “Selling Bankruptcy Claims and Cashing Out,” The Business Advisor (July 2008)
• “A Bar Date is a Bar,” The Business Advisor (October 2007)
• Collier on Bankruptcy, 15 ed. Rev. (contributing author since 1995)
• “Business Reorganizations—New Approach to Investor Protections and the Role of the SEC,” 28 De Paul Law Review 961 (1979) (co-author)