Professional Experience

Buchwald Capital Advisors LLC, New York, NY

Founder and principal of investment banking firm specializing in financial restructuring, fiduciary and advisory services.
  • Managed over 125 transactions in more than three-decade career in investment banking.
  • Serving as a trustee, independent director and providing litigation support and expert testimony.
  • Providing senior-level personalized advice to companies, creditors and other parties-in-interest regarding bankruptcies, restructurings, acquisitions and dispositions.

Chanin Capital Partners, New York, NY

Managing Director
Co-managed New York office of investment bank specializing in financial restructuring advisory services. Advised unsecured creditors, secured creditors and corporations in chapter 11 reorganizations and financial restructurings.

Salomon Brothers Inc., New York, NY

Director, Mergers and Acquisitions
Senior investment banker in charge of development and execution of domestic and international restructuring /M&A transactions. Advised corporations regarding financial and corporate restructurings, troubled company acquisitions, strategic business combinations and divestitures.

Rothschild Inc., New York, NY

Managing Director, Corporate Finance
Advised clients on financial and operational restructurings, mergers and acquisitions, divestitures, privatizations, and raising capital through public and private securities placements. Through a broad range of transactions developed extensive knowledge of the aerospace, building products, financial services, manufacturing, pharmaceutical, retail, steel, transportation and utilities industries.
  • Took a lead role in developing one of the most prominent restructuring practices in the country.
  • In completing 30 restructuring assignments, became skilled at efficiently analyzing companies’ problems, assessing values, and developing, negotiating and implementing reorganization plans to maximize clients’ recoveries.

Smith Barney, Harris Upham & Company, Inc., New York, NY

Analyst, Public Finance Department

William E. Hill & Company, New York, NY

Research Associate, Management Consulting

McKinsey & Company, Inc., New York, NY

Research Assistant

Representative Transactions

  • Magnesium Corporation of America and Renco Metals, Inc.: Mr. Buchwald was the Chapter 7 Trustee for both of these related companies which had been owned by Ira Rennert and his holding company The Renco Group. Mr. Buchwald successfully prosecuted an adversary proceeding against Mr. Rennert, Renco and others asserting fraudulent conveyance, breach of fiduciary duty and other claims in connection with the payment of over $118 million to insiders while both companies were insolvent.

    In February 2015, a jury awarded damages in excess of $117 million, with interest, resulting in a judgment in excess of $213 million. In August 2015, the defendants filed an appeal which was fully bonded. After two hotly contested hearings in the Bankruptcy Court and one in the District Court, in September 2016, Mr. Buchwald obtained Court approval of an agreement whereby he sold an interest in the potential litigation recoveries to an affiliate one of the world’s largest litigation funders, Gerchen Keller (acquired by Burford Capital Limited in December 2016), for $26.2 million. This enabled him to monetize a portion of this speculative asset, hedge the estates’ downside exposure, provide much needed liquidity to the Debtors, and guarantee that there will be money for creditors. As reported in prominent legal and other media outlets, no transaction like this has ever been done in a pending bankruptcy case.

    In March 2017, the Second Circuit Court of Appeals issued its decision affirming the $213 million judgment in all respects. In August 2017, the defendants filed a Petition for Writ of Certiorari with the U.S. Supreme Court, which was denied in October 2017. Thereafter, Mr. Buchwald collected approximately $215 million on account of the judgment.

    Following the recovery, Mr. Buchwald began negotiating a global settlement among the three largest creditor groups: the Government, the Indenture Trustee and noteholders, and Renco Group. Despite years of animosity among the parties Mr. Buchwald spearheaded multilateral negotiations and ultimately achieved a consensual resolution without squandering estate resources on years of litigation. As a result, Mr. Buchwald received Bankruptcy Court approval of a Global Settlement Agreement. Mr. Buchwald promptly distributed over $80 million to creditors. He is particularly proud that approximately $33 million of proceeds were earmarked to address environmental issues associated with MagCorp’s former magnesium manufacturing operation in Utah.
  • Greektown Holdings, LLC.: Buchwald Capital Advisors is the Litigation Trustee for the Litigation Trust established upon the 2010 confirmation of the Chapter 11 of Greektown Holdings, LLC., a formerly tribe-owned Casino in Detroit. Buchwald Capital has been seeking to recover $175 million in fraudulent transfers to various parties, the largest of which were received by the Papas and Gatzaros defendants totaling a combined $155 million. After settling with certain parties early in the case the Trust was engaged in high-profile litigation with the Sault Ste. Marie Tribe of Chippewa Indians, the former casino owner. The Trust sought to recover $6 million of transfers to the Tribe. The hotly contested issue of sovereign tribal immunity under bankruptcy law was briefed to the Supreme Court as a result of the Trust’s Petition for Writ of Certiorari. The case was ultimately settled before the Court ruled on the Petition. Another prominent success achieved by the Trustee was the favorable ruling in Bankruptcy Court, following remand from the Sixth Circuit Court of Appeals, denying the defendants’ attempted defense of the transactions based on the 546(e) “safe harbor” provisions of the Bankruptcy Code.
  • Friedman’s Inc.: Mr. Buchwald was the sole Director, President and CEO, designated by the Unsecured Creditors’ Committee to oversee the Chapter 11 liquidation of this retail jewelry chain. Following confirmation of its Plan of Reorganization, Buchwald Capital Advisors became the Liquidating Trustee of each of the Friedman’s Liquidating Trust and the trust for Friedman’s subsidiary, Crescent Liquidating Trust. Unsecured creditors’ recoveries totaled 36% for Friedman’s and 19.7% for Crescent.
  • New Stream Secured Capital, Inc.: Buchwald Capital Advisors served as the Liquidating Trustee for the New Stream Class 2 Creditors Liquidating Trust which was established following the liquidation of this hedge fund. Mr. Buchwald served as a member of New Stream’s Wind Down Oversight Committee which oversaw the disposition of a broad range of assets including real estate, operating companies and financial assets. In addition, he served as a Director of Diversified Terra Holdings Ltd., a related real estate and oil and gas investment fund.
  • B+H Ocean Carriers Ltd.: Buchwald Capital Advisors served as the Liquidating Trustee for this offshore international shipping company. The Trust achieved recoveries ranging from 7% to 68% for eight debtor entities.
  • Midway Games, Inc.: Buchwald Capital Advisors served as Liquidating Trustee for the Midway Liquidating Trust on behalf of bondholders and unsecured creditors. The Trust pursued over 100 preference actions, reconciled claims and recovered estate assets. It successfully recovered 17% and 26% of bondholder and unsecured creditor claims, respectively.
  • Luxury Resort Investment Holding Company: Mr. Buchwald served as an independent director of this private equity company owned resort. He oversaw the successful restructuring of its secured debt obviating the need for a bankruptcy filing.
  • NYTEX FDF Acquisition, Inc.: Mr. Buchwald served as an independent director of a subsidiary of a nominally publicly-held oilfield services company. In that capacity, he assisted in successfully completing a sale of assets in a multi-party, contentious situation which resulted in a substantial recovery to the private equity group that controlled the entity.