Irving H. Picard

Partner at Baker & Hostetler LLP

Irving H. Picard

Irving H. Picard

Partner at Baker & Hostetler LLP

Biography

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 Chambers USA: America's Leading Lawyers for Business, where he has been described as "extremely intelligent, a great analytical thinker" (Chambers USA 2014), and is listed in The Best Lawyers in America® in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.

Overview
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4292

Number of Boards

3

Number of Awards

12

Contact Data
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Partner at Baker & Hostetler LLP

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Partner at Baker & Hostetler LLP

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Chair, Business Group at Baker & Hostetler LLP

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Partner at Baker & Hostetler LLP

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Partner at Reitler Kailas & Rosenblatt LLC

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Partner at Baker & Hostetler LLP

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Managing Partner at Baker & Hostetler LLP

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Managing Partner at Baker & Hostetler LLP

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Co-Chair, Appellate & Major Motions Team at Baker & Hostetler LLP

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Partner at Baker & Hostetler LLP

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Irving H. Picard
Partner at Baker & Hostetler LLP
Education
LLM
Class of 1967

Founded in 1835, New York University School of Law has a record of academic excellence and national scholarly influence. One of the first law schools to admit women, it has been long committed to welcoming students of diverse backgrounds, people who had been discriminated against by many other institutions. Located on the University's campus in Greenwich Village, NYU Law has been a leader, and continues to be, in areas such as law and business, clinical education, public service, interdisciplinary colloquia and global studies.

JD
Class of 1967

Boston University School of Law (BU Law) is the law school affiliated with Boston University. It is the second-oldest law school in Massachusetts and one of the first law schools in the country to admit students regardless of race or gender. It is also a member of the Association of American Law Schools and a charter member of the American Bar Association.

B.S.
Class of 1963

The Wharton School is the business school of the University of Pennsylvania, an Ivy League university in Philadelphia, Pennsylvania. Wharton was the world’s first collegiate business school and the first business school in the United States. It was established in 1881 through a donation of Joseph Wharton.

Memberships
Member
Current

The New York State Bar Association (NYSBA) is a voluntary bar association for the state of New York. NYSBA was founded in 1877 with the stated goal to cultivate the science of jurisprudence; to promote reform in the law; to facilitate the administration of justice, and to elevate the standards of integrity, honor, professional skill, and courtesy in the legal profession. Its first President was David B. Hill. Among the reforms in the legislation signed into law creating the association was the removal of the restrictions on the admission of women to the practice of law. In 1896, NYSBA proposed the first global means for settling disputes among nations, what is now called the Permanent Court of Arbitration in The Hague.

Member
Current

ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more 12,600 attorneys, auctioneers, bankers, judges, lenders, professors, turnaround specialists, accountants and other bankruptcy professionals providing a forum for the exchange of ideas and information.

Member
Current

Turnaround Management Association (TMA) is a non-profit association dedicated to corporate renewal and turnaround management. Established in 1988, TMA has more than 9,000 members in 48 chapters, including 31 in North America and one each in Australia, Brazil, the Czech Republic, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, Romania, Southern Africa, Spain, Sweden, Taiwan and the United Kingdom, with a chapter in formation in Singapore.The TMA Certification Program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal. Applicants for certification must meet stringent standards of education, experience and professional conduct, pass a comprehensive examination and maintain the credential through continuing education credits.

Career History
Partner
Current

Baker & Hostetler LLP provides legal services. They offer their services to clients in the hospitality, healthcare, financial services, media, energy, sports and technology industries. The company was founded in 1916 and is headquartered in Cleveland, OH

Mediator
Current

The United States Bankruptcy Court for the Southern District of New York is the United States bankruptcy court within the United States District Court for the Southern District of New York. The Southern District of New York is a major venue for bankruptcy, as it includes the City of New York.

Assistant General Counsel
1976 - 1979

The U.S. Securities and Exchange Commission (SEC) is an agency of the United States federal government. It holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. In addition to the Securities Exchange Act of 1934 that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934.

Boards & Committees
Trustee
Tenure Unconfirmed

Baker & Hostetler LLP provides legal services. They offer their services to clients in the hospitality, healthcare, financial services, media, energy, sports and technology industries. The company was founded in 1916 and is headquartered in Cleveland, OH

Member, Bankruptcy & Reorganization Committee
Current

UJA-Federation of New York cares for those in need, rescues those in harm's way, and renews and strengthens the Jewish people in New York, in Israel, and around the world. Funds raised by UJA-Federation sustain the activities of health, human-service, educational, and community agencies. Every day, these community-based organizations provide a multitude of services that improve and enhance people's lives.

United States Trustee
1979 - Prior

The United States Bankruptcy Court for the Southern District of New York is the United States bankruptcy court within the United States District Court for the Southern District of New York. The Southern District of New York is a major venue for bankruptcy, as it includes the City of New York.

Non-Profit Donations & Grants

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$5,000 - $10K
2016

The University of Pennsylvania (commonly referred to as Penn or UPenn) is a private, Ivy League university, located in Philadelphia, Pennsylvania, United States. Penn considers itself the fourth-oldest institution of higher education in the United States, as well as the first university in the United States with both undergraduate and graduate studies.

$1 - $999
2015

The University of Pennsylvania (commonly referred to as Penn or UPenn) is a private, Ivy League university, located in Philadelphia, Pennsylvania, United States. Penn considers itself the fourth-oldest institution of higher education in the United States, as well as the first university in the United States with both undergraduate and graduate studies.

$1,000 - $2,499
2014

The University of Pennsylvania (commonly referred to as Penn or UPenn) is a private, Ivy League university, located in Philadelphia, Pennsylvania, United States. Penn considers itself the fourth-oldest institution of higher education in the United States, as well as the first university in the United States with both undergraduate and graduate studies.

Advisors
Legal Advisor

Partner at Jones Day

Awards & Honors
1986
Court Admission: US District Court, Northern District of New York
1982
Court Admission: US District Court, Eastern District of New York
1982
Admitted to the New York Bar
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