Michael R. Lastowski

Representative Matters

• Represented the Official Committee of Unsecured Creditors in the Real Industry chapter 11 case.

• Represented the Government Employees’ Retirement System of the Virgin Islands as a secured creditor in the chapter 11 case of Life Settlements Absolute Return I, LLC.

• Represented the Joint Administrators of BSG Resources Limited in their chapter 15 case.

• Represented the DIP lender in the chapter 11 case of the Nordam Group, Inc.

• Represented a secured lender in the chapter 11 case of Claire’s Stores, Inc.

• Represented the chapter 11 trustee in the New England Compounding Pharmacy, Inc. d/b/a New England Compounding Center case.

• Represented the majority shareholder of Syms Corp. in the chapter 11 case of Filene’s Basement, L.L.C.

• Represented the Delaware Economic Development Authority as a second lien lender in the chapter 11 case of Fisker Automotive Holdings, Inc.

• Represented private equity firm Clarion Capital Partners and its portfolio company Lenox Corporation in Lenox’s successful $22.2 million bid in the US Bankruptcy Court for the District of Massachusetts to acquire, in a Section 363 sale, substantially all of the assets of Reed and Barton Corporation, a prominent American silversmith manufacturer.

• Represented purchaser and its joint venture partners in securing the highest bid for purchase of Montana resort in the resort's Chapter 7 bankruptcy case.

• Represented Sleep Innovations Inc., a manufacturer and distributor of specialty sleep products, in its chapter 11 case and was co-recipient of the 2010 Turnaround of the Year Award in the Large Company category from the Turnaround Management Association.

• In re Archway Cookies, LLC (Counsel to the Debtors)
• In re Borden Chemicals & Plastics Operating Limited Partnership (Counsel to the Debtors)
• In re Buffets Holdings, Inc. (Co-counsel to the First Lien Lenders)
• In re CareMatrix Corp. (Counsel to the Debtors)
• In re Comfort Co., Inc. (Counsel to the Debtors)
• In re Cone Mills Corp. (Counsel to Asset Purchaser)
• In re Digital Broadband Communications (Counsel to the Debtor)
• In re Dura Automotive Systems, Inc. (Co-counsel to the First Lien Lenders)
• In re Lids Corp. (Counsel to the Debtor)
• In re Safety-Kleen Corp. (Counsel to Asset Purchaser)
• In re Spansion Inc. (Co-counsel to the Debtors)
• In re Tropicana Entertainment, LLC (Co-counsel to the First Lien Lenders)
• In re USG Corporation (Co-counsel to the Official Committee of Unsecured Creditors)
• In re VF Brands Inc. (Co-counsel to the Official Committee of Unsecured Creditors)
• In re Video Update, Inc. (Co-counsel to the Debtor)
• In re Vitts, Inc. (Counsel to the Debtor)
• In re W.R. Grace & Co. (Co-counsel to the Official Committee of Unsecured Creditors)
• In re White Energy, Inc. (Counsel to the Debtors)

Admissions

• Delaware
• Pennsylvania
• New York
• Supreme Court of the United States
• U.S. Court of Appeals for the Third Circuit
• U.S. District Court for the District of Delaware
• U.S. District Court for the Eastern District of Pennsylvania
• Supreme Court of Delaware
• Supreme Court of Pennsylvania

Education

• University of Pennsylvania Carey Law School, J.D., cum laude, 1980
• Brown University, B.A., magna cum laude, 1976
  - Phi Beta Kappa

Experience

• Duane Morris LLP
  - Of Counsel, 2020-present
  - Partner, 2000-2020
• Saul, Ewing, Remick & Saul LLP, Philadelphia, Pennsylvania
  - Partner, 1988-2000
  - Associate, 1984-1988
• Morgan, Lewis & Bockius, Philadelphia, Pennsylvania
  - Associate, 1980-1984
  

Professional Activities

• President, Association of Insolvency & Restructuring Advisors

• ABI Certification in Business Bankruptcy, 2005-2019

• Pennsylvania Bar Association

• American Bankruptcy Institute
  - Unsecured Trade Creditor Subcommittee
• Law360 Editorial Advisory Board
  - Bankruptcy Section, 2010

Honors and Awards

• Listed in The Best Lawyers in America, 2016-2024

• Listed in Chambers USA: America's Leading Lawyers for Business, 2010-2021

• Listed in ALM as Top Rated Litigator, 2020

• Listed in Delaware Super Lawyers

• Listed in Best Lawyers Greater Philadelphia, 2016
• AV Preeminent® Peer Review Rated by Martindale-Hubbell®

Board Memberships

• Chairman, Association of Insolvency and Restructuring Advisors (AIRA) 

Selected Publications

• Contributor, Duane Morris Delaware Business Law Blog
• Author, "Partnership Loses Its Principal Asset, a Qui Tam Action, Upon Substituting a New Partner for an Old One," Delaware Court Business Insider, April 1, 2020

• Author, "Chancery Grants a Receiver the Authority to Tax the Costs of a Receivership Against an Impecunious Petitioner," Delaware Business Court Insider, June 19, 2019

• Author, "Buyer Beware - Following a Section 363 Sale and Lease Rejection, Debtor’s Tenant May Have Right to Retain Leasehold and Reduced Rent," Duane Morris Alert, January 30, 2019

• Co-author, "Massachusetts Bankruptcy Court Rules That Parents Receive Reasonably Equivalent Value in Exchange for Paying Their Child's Tuition," Duane Morris Alert, September 14, 2016
• Author, "Debtors Can't Sell Undersecured Creditor's Collateral," Delaware Business Court Insider, September 23, 2015
• Author, "Setoff and Recoupment in the Context of Section 503(b)(9) Claims," Delaware Business Court Insider, May 27, 2015
• Co-author, "Business As Usual, Subject To Restrictions," Law 360, May 8, 2015
• Author, "Treatment of Make Whole Provisions in Chapter 11 Cases," Economic Outlook The Times Have Changed of Association of Insolvency and Restructuring Advisors (AIRA) Journal, 2015
• Co-author, "Justice Hold Fee-Shifting Bylaw Not Per Se Invalid," Delaware Business Court Insider, May 21, 2014
• Co-author, "Chancery Interprets Bankruptcy Code to Find Jurisdiction Over IP," Delaware Business Court Insider, April 16, 2014
• Co-author, "Controlling Date of a Subsequent New Value Defense," Delaware Business Court Insider, March 12, 2014
• Co-author, "Chancery Continues Effort to Corral Multiforum Litigation," Delaware Business Court Insider, February 25, 2014
• Co-author, "Insider's Hurdles When Seeking Compensation for Services," Delaware Business Court Insider, December 25, 2013
• Co-author, "Supreme Court Lifts Buyback Injunction in Activism," Delaware Business Court Insider, November 27, 2013
• Co-author, "Chancery Court Limits Reach of Indemnification Provision," Delaware Business Court Insider, September 18, 2013
• Co-author, "WARN Act Claims Can Be Brought by Adversary Proceeding," Delaware Business Court Insider, July 17, 2013
• Co-author, "Lease Amendment Not Severable From Underlying Agreement," Delaware Business Court Insider, June 19, 2013
• Co-author, "'Make Whole' Payment Approved in School Specialty Case," Delaware Business Court Insider, May 15, 2013
• Co-author, "Bankruptcy Court Upholds Post-Petition Lockup Agreement, Confirms Plan in Indianapolis Downs," Delaware Business Court Insider, February 27, 2013
• Co-author, "Chancery Court, SEC to Weigh in on Public Disclosure of Corporate Political Giving," Delaware Business Court Insider, January 16, 2013
• Author, "Two-Year Look-Back Period Is Not Subject to Equitable Tolling," Delaware Business Court Insider, May 2, 2012
• Author, "Judge Rejects Debtor's Attempt to 'Cram Down' Secured Lender Through Artificial Impairment," Delaware Business Court Insider, April 11, 2012
• Co-author, "In Rejection of Alter Ego and Other Claims, a Significant Win for Secured Lenders," Delaware Business Court Insider, August 24, 2011
• Co-author, "In Key Opinions, an Answer for Answer.com, and a Greenlight for a 'Make-Whole Premium'," Delaware Business Court Insider, May 4, 2011

Selected Speaking Engagements

• Moderator, "Preparing for an Appeal: How to Prepare at the Trial Level to Ensure a Successful Bankruptcy Appeal," American Bankruptcy Institute: Delaware Views from the Bench, Wilmington, October 17, 2019

• Moderator, "Avoiding Disaster: Navigating Ethical Issues Relating to Retention and Compensation," 35th Annual Bankruptcy & Restructuring Conference, Association of Insolvency and Restructuring Advisors, June 8, 2019

• Panelist, "Alternatives to Bankruptcy," 14th Annual Advanced Restructuring & Plan of Reorganization Conference, Association of Insolvency & Restructuring Advisors (AIRA), New York, November 2, 2015
• Speaker, "22nd Annual Northeast Bankruptcy Conference," American Bankruptcy Institute, July 9-12, 2015
• Speaker, "Recent Developments in Chapter 11 Practice in Wilmington," Boston Bar Association, October 2012
• "Second Lien Lenders and Intercreditor Issues," PBI Bankruptcy Forum, October 2009
• "Post-Confirmation Trusts," AIRA New York Symposium, September 2008
• ABI Trial Advocacy Symposium, 2003
• "Creditor's Committee Strategies," PBI Business Forum, September 2002
• "Fundamentals of Bankruptcy Law and Procedure in Delaware," NBI Forum, September 2001
• "Acquiring Assets Through Bankruptcy," Pennsylvania Bar Institute's Business Lawyers' Institute, Philadelphia, Pennsylvania, November 10, 2000, and November 28-29, 2001