Speakers Background:

Mr. David F. Heroy, Partner


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Practice Areas
Bankruptcy; Restructuring & Reorganization; Corporate and Securities; Litigation

Practice Focus
Corporate transactions, primarily involving restructuring, distressed investments, bankruptcy and creditors’ rights, including related litigation in the bankruptcy and appellate courts across the United States.

Practice Description
David Heroy has played a leading role in many of the nation’s major corporate restructurings and bankruptcies during the previous 25 years. He has acted as lead counsel for official committees of creditors and equity security holders in mega cases such as Color Title, Global Health Sciences, Federal-Mogul and Stone & Webster; and owners or purchasers of distressed assets from distressed companies such as Integrated Resources, Midway Airlines, ATA and Dana. A trained corporate lawyer, he also regularly supervises related litigation and has personally argued cases in the United States Bankruptcy, District and Circuit Courts of Appeal. Mr. Heroy is well-known for regularly lecturing and writing on related issues for organizations such as the Practicing Law Institute and the Wharton Restructuring Conference.

Recent Representative Matters

ATA (represented Southwest Airlines Co. in its transaction to acquire gates, provide debtor-in-possession financing and fund a plan in chapter 11 case in Indianapolis);

Federal-Mogul (counsel to equity committee in $10 billion chapter 11 case in Delaware involving more than 350 cases, cross-border issues and asbestos-related claims);

Stone & Webster, Inc. (represented equity committee in sale to strategic buyer and following chapter 11 case in Delaware involving more than $1 billion debt and confirmed plan that provided initial distribution to shareholders over substantive consolidation objections by creditors);

Imperial Distributing Co. (counsel to equity committee in Delaware for largest sugar producer in United States (Imperial Sugar) with annual revenues of more than $2.1 billion);

Kasper (counsel to equity committee in chapter 11 case in Southern District of New York returning $9/share to equity owners);

Global Health Sciences, Inc. (counsel to $225 million bonds and then unsecured creditors committee in chapter 11 case in California);

Color Tile (represent creditors committee in chapter 11 cases in Delaware involving more than $800 million debt);

Standard Brands Paint Co. (counsel to creditors committees for paint and hardware retailer in both chapter 11 bankruptcies in California involving more than $250 million debt in ease case);

Comdisco, Inc. (co-counsel to equity committee in $8 billion chapter 11 case in Chicago);

Qualitech Steel Corporation (represent creditors committee for failed $500 million startup of SBQ and iron carbide facilities in Indiana and Texas);

LTV Steel (counsel to equity committee in Ohio in second chapter 11 bankruptcy prior to cessation of operations);

London Fog (represented equity owner in more than $500 million debt restructuring in Maryland);

Hecla Mining Co. (counsel to publicly held mining company in Idaho regarding capital restructuring and environmental liabilities);

TruServ Corporation (counsel to secured noteholders in $2.5 billion restructuring);

GalvPro (counsel to Corus plc as joint venture partner for galvanizing facility in chapter 11 case in Indiana);

Integrated Resources, Inc. (represented Penguin Group., L.P. [Pritzker family interests] as potential plan funder of chapter 11 debtor involving more than $2 billion of debt in New York);

Hartmax Corporation (counsel to insurance company lenders in restructuring more than $600 m illion of debt in Chicago);

Midway Airlines (represented Southwest Airlines Co. in successful purchase of assets from bankrupt airline in Chicago and establishment of service at Midway Airport);

Sullivan Graphics (represented borrower in more than $350 million debt restructuring in Tennessee and sale to Morgan Stanley Leveraged Equity Fund);

Braniff Inc. (defended $95 million LBO/fraudulent conveyance action in Florida against Dalfort Corporation [Pritzker family interests]);

Chicago South Shore & South Bend Railroad (represented Indiana governmental purchaser of bankrupt Chicago commuter railroad);

Farley, Inc. (co-counsel to creditors committee in chapter 11 reorganization in Chicago involving more than $500 million in debt and control over Fruit of the Loom, Inc. and West Point Pepperell);

Allegheny International (represented GKH partners [Pritzker family interests] potential plan funder for chapter 11 cases involving more than $1.0 billion in debt in Pennsylvania) (case involved leading reported decision regarding ability to vote purchased debt in a plan of reorganization);

Publications (selected recent)
“Current Bankruptcy Issues Concerning Real Estate” (Legal Education Institute)

“Valuation in Bankruptcy” (Practising Law Institute)

“The Purchase and Sale of Assets in Bankruptcy” (Practising Law Institute)

“Current Developments in Allowance and Priority of Claims; Expenses of Administration; Late Claims; Cercla Claims; Equitable Subordination” (Practising Law Institute)

“The Subordination of Bankruptcy Claims: (Practising Law Institute)

“Current Developments in Intellectual Property Issues in Bankruptcy (University of Texas)

“Fiduciary Duties of Directors and Officers of Insolvent Companies” (Practising Law Institute)

“Cross-Border Bankruptcies and the New Chapter 15” (Canadian Institute)

Presentations and Articles
Mr. Heroy is a frequent speaker and author on bankruptcy, workout and reorganization topics for organizations such as the Practicing Law Institute, the Wharton Restructuring Conference, the Canadian Institute and the Japan-American Business Conference.

Speaking Engagements
Wharton Restructuring Conference. 2008.

Practicing Law Institute. 2008, San Francisco, California.
29th Annual Current Developments in Bankruptcy and Reorganization 2008. Topics: “The Purchase and Sale of Assets in Bankruptcy,” Valuation,” “Fiduciary Duties of Directors and Officers of Insolvent Companies,” “Cross Border Insolvency.”

Law Education Institute. 2008, Vail Colorado.
“Current Bankruptcy Issues Relating to Real Estate.”

Practising Law Institute. 2007, New York, New York.
28th Annual Current Developments in Bankruptcy and Reorganization 2007. Topics: “The Purchase and Sale of Assets in Bankruptcy;” “Recent Developments in Jurisdiction and Procedure.”

The Canadian Institute. 2007, Toronto, Ontario, Canada.
7th Annual Advanced Insolvency Law & Practice. Topic: “Quick Guide to Chapter 15 Proceedings.”

Law Education Institute. 2006, Aspen, Colorado.
“Current Issues in Real Estate Bankruptcy Cases.”

The Canadian Institute. 2006, Toronto, Ontario, Canada.
6th Annual Advanced Insolvency Law & Practice for Insolvency Professionals and Other Key Market Players. Topic: “Fundamentals of American Insolvency Law.”

Practising Law Institute. 2005, San Francisco, California.
27th Annual Current Developments in Bankruptcy and Reorganization 2005. Topics: “Plan Formulation;” Valuation.”

The Canadian Institute. 2005, Toronto, Ontario, Canada.
5th Annual Advanced Insolvency Law & Practice for Insolvency Professionals and Other Key Market Players. Topic: “Fundamentals of American Insolvency Law.”

Law Education Institute. 2005, Aspen Colorado.
“Annual Survey of Bankruptcy Issues in Real Estate Law: 2005.”

Practising Law Institute. 2004, San Francisco, California; Chicago, Illinois.
26th Annual Current Developments in Bankruptcy and Reorganization 2004. Topics: “Plan Formulation;” Proposed New Bankruptcy Legislation and Rules in 2004;” “Valuation.”

American Bar Association, Section of Business Bankruptcy Law. 2004, Seattle, Washington.
“Foreign Representatives’ Options Compared: The Section 304 Ancillary Proceeding or Section 109 Bankruptcy Case.”

Law Education Institute. 2004, Aspen Colorado.
“Current Issues in Bankruptcy Involving Real Estate.”

Practising Law Institute. 2003, San Francisco, California.
Current Developments in Bankruptcy and Reorganization 2003. Topics: “The Purchase and Sale of Assets in Bankruptcy;” “New Bankruptcy Legislation and the New Bankruptcy Rules.”

Law Education Institute. 2003, Aspen Colorado.
“Current Developments Regarding Real Estate and Bankruptcy

Practising Law Institute. 2002, San Francisco, California.
Current Developments in Bankruptcy and Reorganization 2002. “The Purchase and Sale of Assets in Bankruptcy.”

Practising Law Institute. 2001, San Francisco, California.
Current Developments in Bankruptcy and Reorganization 2001. Topics: “New Bankruptcy Legislation and New Bankruptcy Rules;” “Unsecured Claims: Allowance and Priority;” and “Discharge of the Debtor and Discharge of Debts.”

Legal Education Institute. 2001, Vail, Colorado.
“Subordination of Bankruptcy Claims.”

University of Texas Law School Bankruptcy Institute. 2000, Austin, Texas.
“Intellectual Property and Bankruptcy.”

Practicing Law Institute. 2000, San Francisco, California.
Current Developments in Bankruptcy and Reorganization 1999-2000. Topics: “Current Developments in Allowance and Priority of Claims; Expenses of Administration; Late Claims; Cercla Claims; Equitable Subordination” and “Current Developments in Intellectual Property Issues in Bankruptcy.”

Legal Education Institute. 2000, Vail, Colorado.
“Fiduciary Duties of Officers and Directors of Troubled Companies.”

Professional Affiliations & Bar Admittance
Member of the Illinois Bar
U.S. District Court, Northern District of Illinois
U.S. Court of Appeals, 3d, 6th, 7th, and 9th Circuits
U.S. Supreme Court

Education
University of Michigan Law School, J.D., cum laude, 1976
University of Michigan, A.B., 1973 with distinction

Pro Bono & Community Involvement
Mr. Heroy is a trustee of the Chicago Public Library Foundation and the Music Institute of Chicago. He is a past trustee (1996-2005) of The Latin School of Chicago (chair, Academic Committee and member of the Executive Committee).