ArentFox Schiff has genuine Chapter 9 experience and substantial municipal bond default workout expertise. It has a long history in municipal bond workouts and municipal bankruptcies, along with municipal finance and public pensions, these being a core part of the firm’s national bankruptcy practice. The firm’s wider resources and expertise augments its focus on the municipal sector, including its expertise in compliance with tax-exempt bond tax provisions, real estate, intellectual property, healthcare regulation, employee benefits and pensions. Its specialism in pension liabilities is often key to its work when governmental entities face financial distress. The team has continued to land some significant engagements in the higher education and student accommodation sectors. It is also noted for representing mutual fund investors in workouts connected to municipal-bond financed industrial development projects. David Dubrow is hugely experienced in representing creditors in the workout of defaulted bond transactions involving general obligation bonds and revenue bonds in financing projects of all types. Les Jacobowitz also has an exceptional record, including in the municipal restructuring of Puerto Rico’s outstanding $33bn of bonds and pension obligations of $50bn. Mark Angelov, Washington DC’s Randall Brater and San Francisco-based Jena Watson are also key figures, along with newly elected partner Mike Guippone, who is recognised as a specialist in municipal bond restructurings. Named individuals are based in New York unless stated otherwise.
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Testimonials
Collated independently by Legal 500 research team.
‘We worked closely with multiple attorneys and government relations staff. We found all of them to be extremely knowledgeable and accessible.’
‘We worked closely with Les Jacobowitz, a partner in the real estate/nonprofit/finance group over a period of years. Les provided us with excellent counsel and made himself available whenever we needed him during this period of time. We were able to achieve an excellent resolution, largely due to his efforts along with the efforts of those in the government relations department.’
Key clients
- US Bank National Association
- UMB Bank
- Ambac Assurance Corporation
- YM & YMHA of Washington Heights and Inwood
- Glens Falls Hospital
- Lapis Advisors
- Nuveen Asset Management
- Vanguard Mutual Funds
- Synovus Bank
Work highlights
Served as co-counsel to Ambac Assurance Corporation in the Title III proceedings under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), including the overall municipal restructuring of Puerto Rico’s outstanding $33bn of bonds and pension obligations of $50bn.
Represented Synovus Bank, the trustee under the indenture for $56m of Water and Sewer Revenue Bonds of the Water Works and Sewer Board of the City of Prichard, Alabama.
Represented non-profit, YM & YMHA of Washington Heights and Inwood, with respect to the potential buyout of investors with respect to a right of first refusal.
Lawyers
Hall of fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Randall Brater
Les Jacobowitz
Next generation partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Mark Angelov
Mike Guippone
Practice head
David Dubrow; Mark Angelov
Other key lawyers
Les Jacobowitz; Randall Brater; Jena Watson; Mike Guippone