Ira S. Greene

Partner
RELATED SERVICES

Ira Greene has more than 35 years of experience in the areas of business restructuring, bankruptcy law and commercial finance. Ira is rated AV Preeminent in Martindale Hubbell's attorney peer review ratings.

Ira has considerable experience representing purchasers and structuring transactions for the purchase of businesses in Chapter 11 and secured party sales under the Uniform Commercial Code.

Ira Greene has more than 35 years of experience in the areas of business restructuring, bankruptcy law and commercial finance. Ira is rated AV Preeminent in Martindale Hubbell's attorney peer review ratings.

Ira has considerable experience representing purchasers and structuring transactions for the purchase of businesses in Chapter 11 and secured party sales under the Uniform Commercial Code.

Following are examples of his experience:

  • Represented the purchaser of Lockwood Greene in the JA Jones Chapter 11 cases, one of the largest construction-related businesses to be subject to a U.S. bankruptcy case
  • Advised the purchaser, with respect to bankruptcy issues, in the $16.7 billion purchase of Archstone from Lehman Brothers
  • Represented the purchaser of the Super Glue business, pursuant to a Chapter 11 plan, distributing public stock of the Purchaser's parent to creditors in satisfaction of their claims
  • Represented the purchaser of several nationwide and regional publications in a UCC secured party sale

Ira has substantial experience representing creditors' committees in Chapter 11 cases, such as: Apollo & Spartan Discount Stores, Korvettes, McCrory Corp., Meredith Steel Corp., MK Labs, Red Barn Restaurants, Yes! Entertainment and a GSC Bond Fund.

He also has represented members and Chairmen of creditors' committees in several substantial cases. Ira served as Chairman of each of the three post-confirmation committees in the multibillion-dollar Refco Chapter 11 case — the Plan Administration Committee, Litigation Trust Committee and Private Actions Litigation Trust Committee.

Ira also has experience representing debtors in Chapter 11 cases and non-judicial debt workouts, including representing an international chemical company, as a debtor-in-possession, confirming its Chapter 11 case, leaving prepetition ownership intact, in the face of aggressive attempts by several large multinational chemical companies to purchase the business. He also completed a non-judicial debt workout for a chain of over 100 family restaurants.

Ira has participated in many cross-border insolvency cases under Chapter 11, Chapter 15 and its predecessor, Section 304, of the U.S. Bankruptcy Code. Examples include:

  • Aeromexico
  • Alitalia
  • Australis Holdings PTY Limited
  • Elpida
  • Murjani
  • Qimonda
  • Refco
  • Swissair
  • Quebecor
  • Lehman Brothers
  • Mexicana Airlines
  • Pantech
  • Straumer Bank
  • Varig
  • White Birch Paper Holding Company

Ira has lectured on cross-border insolvency to lawyers and insolvency practitioners, including lectures in Mexico, Germany and England.

He has substantial experience in fraudulent transfer litigation and asset recovery in the United States and internationally. Ira is also experienced in state court insolvency proceedings.

Ira has participated in many large and complex bankruptcy and insolvency cases, including: Refco; Lehman Brothers; Sears; Neiman Marcus; J.C. Penney; Virgin Australia Airlines; Elpida; Qimonda; Madoff; MModal; Cenveo; Drexel Burnham Lambert; WorldCom; Enron; Firstplus Financial, Inc.; Orleans Homebuilders; J.A. Jones Construction; Lockwood Greene; Marvel Entertainment Group; Delta Airlines; Northwest Airlines; American Airlines; Aeromexico; Mexicana Airlines; United Airlines; USAIR; Pan Am; Trans World Airlines; Braniff; Air Canada; Japan Airlines; Alitalia; Frontier Airlines; Avianca; Swissair; Nextel; W.T. Grant; Korvettes, Inc.; Ames Department Stores, Inc.; McCrory Corporation; Calumet Farms; Peter Kalikow; Federated Department Stores, Inc.; Allied Stores Corporation; R.H. Macy & Co., Inc.; Eddie Haggar, Ltd.; Sasson Jeans, Inc.; Olins Rent-A-Car, Inc.; Columbia Ribbon and Carbon Manufacturing Company, Inc.; Mordecai Weissman (O.P.M. Leasing Services, Inc.); Apollo Merchandising Corp. (Apollo and Spartan Discount Stores); Maxwell Communications; Meredith Steel Company; ICS Computer Leasing, Inc.; Red Barn Restaurants, Inc.; Times Square Stores; Merry-Go-Round Enterprises, Inc.; Murjani; Gantos, Inc.; Laventhol & Horwath; Jamesway Corporation; Caldor, Inc.; Golden-Lee Book Distributors, Inc.; Giant Carpet Stores; KIWI Airlines; Super Glue; Australis Holdings PTY Limited; Brothers Gourmet Coffees, Inc.; Yes! Entertainment Corporation; Starter Corporation; Montgomery Ward; Kmart; Service Merchandise; Stanwich Financial Services; Skybus; Globalstar; Renaissance Cruise Lines; Spiegel/Eddie Bauer; Loral; Royal Olympic Cruise Lines; Winn Dixie; K.B. Toys; Friedmans; Levitz Furniture Stores; Varig Airlines; United Hospital; Bally Total Fitness; Tweeter Home Entertainment; Sharper Image; and Linens N' Things.

Ira served as trustee in more than 2,000 cases under Chapter 7 of the U.S. Bankruptcy Code and under the prior law, the Bankruptcy Act.

Ira represents holders and purchasers of distressed commercial real estate mortgage loans. His representations include real property workouts, consensual and non-consensual real property Chapter 11 cases.

Ira has represented a wide variety of clients under Chapters 7 and 11 of the U.S. Bankruptcy Code. They include debtors, creditors' committees, secured creditors, bankruptcy trustees, mezzanine lenders, indenture trustees, purchasers of secured and unsecured debt, petitioning creditors, landlords, unsecured creditors, insurance companies, credit card companies, Mastercard/Visa merchant processing companies, financial institutions, inventory and accounts receivable finance companies.

Ira has represented domestic lenders, foreign lenders and borrowers in the documentation and closing of financing transactions. He has counseled companies engaged in factoring and accounts receivable financing regarding preparation of loan documents, closing of financing transactions, borrower workouts and borrower bankruptcy cases. He has supervised the preparation and review of solvency opinions, non-consolidation opinions and security interest creation/perfection opinions in connection with complex financing transactions.

Ira has headed a cross-department group that negotiated and documented the purchase and sale of participations in distressed syndicated secured loans. Ira has participated in the preparation and revision of accounts receivable financing and merchant credit card processing form agreements as well as the documentation and closing of Economic Development Authority financing transactions, including public bond transactions.

Ira has lectured and spoken at industry and legal forums, including:

  • The Association of Commercial Finance Attorneys
  • The Pacific Rim Advisory Council
  • The National Business Institute
  • The New York Institute of Credit
  • The New York State Women's Bar Association

Topics have included:

  • "Sales of Insolvent Businesses Under the Bankruptcy Code"
  • "Chapter 15 and Cross-Border Insolvency Issues”
  • "Creditor Strategies in Cases Under Chapters 7 and 11 of the Bankruptcy Code”
  • "Creditors' Rights in Chapter 11 Cases'
  • "Comparing Chapter 11 Procedures and Case Law - Delaware, New York and New Jersey”
  • "Secured Creditors' Rights in Bankruptcy Cases/Real Property Foreclosures"
CREDENTIALS
Education
  • J.D., New York University School of Law
  • B.A., Syracuse University
Bar Admissions
  • New York, 1972
Court Admissions
  • U.S. Court of Appeals for the Second Circuit
  • U.S. District Court for the District of Colorado
  • U.S. District Court for the District of Connecticut
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the Eastern District of New York
  • U.S. District Court for the Western District of Wisconsin
Professional Affiliations
    • Member, American Bankruptcy Institute
    • Member, INSOL
    • Member, Association of Commercial Finance Attorneys