ProfessionalsStephen J. Shimshak
The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.
Of counsel in the Bankruptcy and Corporate Reorganization Department, Steve Shimshak has a diverse practice (with a particular emphasis on complex bankruptcy litigation) that includes U.S. and foreign insolvency proceedings, as well as restructurings and workouts involving debtors, creditors (including financial institutions, industry players and others), court-appointed liquidators, trustees, asset purchasers and private equity investors.
Recent engagements include representation of:
Walter Energy, Inc. in all aspects of its chapter 11 case;
- Citigroup in connection with MF Global, Lehman Brothers, Chrysler and Enron;
- AR Global in connection with RCS Capital’s chapter 11 case;
- An ad hoc group of lenders in connection with a dispute with W. R. Grace & Co.;
- UBS AG in connection with the City of Detroit's Chapter 9 case;
- Bicent Holdings and its affiliates, owner and operator of a portfolio of electric generation plants and power industry services businesses, in connection with their pre-arranged chapter 11 cases;
- Ericsson and Rockstar Bidco Consortium in connection with its $4.5 billion patent acquisition from Nortel;
- Ericsson in a $1.13 billion asset acquisition from Nortel;
- Major League Baseball in the Texas Rangers Chapter 11 case;
- MacAndrews & Forbes in connection with Federal-Mogul;
- Paul, Weiss partner Mark Pomerantz as the Receiver for Dreier LLP and Marc Dreier;
- Grupo Salinas in its bid for the assets of Circuit City; and
- English and Bermudian administrators in the TXU and Trenwick insolvency proceedings.
Steve was appointed a fellow of the American College of Bankruptcy in 2008 and is regularly recognized as one of the leading bankruptcy and corporate restructuring lawyers in New York by peer review organizations Chambers USA, Chambers Global, Best Lawyers in America, The Legal 500, IFLR1000, Expert Guides: Best of the Best USA and others. His work for Ericsson and Rockstar Consortium in the purchase of Nortel's $4.5 billion patent portfolio in a bankruptcy auction was recognized as the "M&A Deal of the Year" by both the International Financial Law Review and The M&A Advisor, and was also "Highly Commended" by the Financial Times' report of "US Innovative Lawyers 2012." Most recently, Steve was named by BTI Consulting Group Inc. as a 2015 "Client Service All-Star," an award that identifies "rare, exceptional attorneys standing out above all others serving the most influential legal decision makers."
Articles include "The Paradox of Chapter 15: Rigid, Yet Flexible," New York Law Journal (Sept. 8, 2008), "Bankruptcy Reforms and the High Net Worth Debtor," New York Law Journal (Mar. 3, 2008), "Are Trading Orders Unconstitutional?," New York Law Journal (Oct. 30, 2006), "Distributing a Debtor's Intellectual Property," New York Law Journal (Nov. 22, 2004) and "Revisiting Rule on Trustee Standing: In New Economy, 'Wagoner' Doctrine Takes on Added Significance," New York Law Journal (Feb. 19, 2002).