P. Gregory Schwed

Greg Schwed concentrates his practice on bankruptcy, creditors’ rights, and related litigation. His clients are typically institutional lenders and creditors in reorganizations, liquidations, insolvency planning, preference defense cases, bankruptcy asset sales and loan workouts.

Representations have included:

• Defrauded investors in the Bernard Madoff and Bayou Securities Ponzi scheme bankruptcies, including the appellate decision that limited the Madoff trustee’s “claw-back” powers under Bankruptcy Code Section 546(e), thus protecting innocent Madoff customers from over $1.6 billion in potential litigation exposure. In re Bernard L. Madoff Inv. Secs. LLC, 773 F.3d 411 (2d Cir. 2014).
• Major accounting firms in various insolvency and bankruptcy settings.
• Banks, brokerage firms and other institutions in subprime, bankruptcy and litigation contexts.
• The Chapter 11 examiner for a failed hedge fund.
• Successful litigation in In re United Merchants and Manufacturers, 674 F.2d 134 (2d Cir. 1982) (establishing unsecured creditor's right to attorneys' fees and liquidated damages in a reorganization); In re G. Heileman Brewing Co., 128 B.R. 876 (Bankr. S.D.N.Y. 1991) (holding unconstitutional the Bankruptcy Code power to reject contracts when in conflict with state liquor regulations); In re Trans World Airlines, 145 F.3d 124 (3d Cir. 1998) (establishing aircraft lessor's right to an administrative claim for airline's failure to meet maintenance conditions); In re NTL (Maxcor v. Schoenfeld, Index No. 6004 10/03) (N.Y. Sup. Ct. 2004) (ordering equitable adjustment of Chapter 11 company’s post-confirmation “when-issued” market); In re Bayou Group (U.S. v. Israel, 05-CR-1039 (CM)) (S.D.N.Y. 2008) (District court establishing new law requiring reserve fund for defrauded Ponzi-scheme investors); and In re Anderson News, No. 09-10695 (Dckt. 55) (Bankr. D. Del. 2010) (successful motion to appoint Chapter 11 Examiner).

Greg has successfully litigated and represented creditors in numerous bankruptcies and insolvencies, including American Airlines, Anderson News, ResCap, Delphi, WorldCom, Refco, Boscov's, Ownit, ResMAE, Axium, Enron, Pillowtex, Ames, Covanta, Winstar, Adelphia LTV, Golden Books, Lomas Financial, Livent, Maidenform, The Wiz, Hooker Investments, Eastern Airlines, White Motor Credit, Yugo America, Continental Airlines, International Harvester, Lombard Wall, Advent, O.P.M., Massey Ferguson, UPI and Braniff.

Greg also performs pro bono work on behalf of several organizations (as well as individuals referred by them), including End Rape on Campus, Lawyers for Children, National Alliance to End Sexual Violence, Center for Inquiry, and Never Alone Soldier.