Russell C. Silberglied

Director

302.651.7545
302.498.7701 (fax)
silberglied@rlf.com
Russell Silberglied practices both bankruptcy litigation and core chapter 11 work. Examples of Russ' bankruptcy litigation matters include breach of fiduciary duty suits, equitable subordination and recharacterization litigation, first and second lien litigation, valuation fights, and contested plan confirmation and DIP financing hearings. In core bankruptcy matters, Russ represents debtors and creditors in chapter 11 and chapter 15 cases. He also advises troubled companies on non-bankruptcy solutions.
View Full Bio >

Select Experience

  • Represented Phoenix Payment Systems, Inc., a/k/a EPX, as debtors' counsel in the $50 million sale of substantially all of its assets to EPX Acquisition Company, LLC, an affiliate of North American Bancard, LLC. The purchase price exceeded all expectations at the commencement of the marketing process and the transaction was named the 2014 M&A Advisor "Distressed M&A Deal of the Year ($25mm to $100mm)."
  • Represents F-Squared Investment Management as debtor's counsel in a Section 363 Sale.
  • Represented Velocitel, Inc. in complex, multi-party litigation in the Open Range Communications bankruptcy case resulting in a favorable settlement with the United States (among others).
View Experience >

Russell Silberglied practices both bankruptcy litigation and core chapter 11 work. Examples of Russ' bankruptcy litigation matters include breach of fiduciary duty suits, equitable subordination and recharacterization litigation, first and second lien litigation, valuation fights, and contested plan confirmation and DIP financing hearings.

In core bankruptcy matters, Russ represents debtors and creditors in chapter 11 and chapter 15 cases. He also advises troubled companies on non-bankruptcy solutions.

In addition, Russ regularly advises boards of directors of troubled companies concerning their fiduciary duties and corporate governance issues. He frequently lectures and publishes articles on this topic.

Experience

  • Represented Phoenix Payment Systems, Inc., a/k/a EPX, as debtors' counsel in the $50 million sale of substantially all of its assets to EPX Acquisition Company, LLC, an affiliate of North American Bancard, LLC. The purchase price exceeded all expectations at the commencement of the marketing process and the transaction was named the 2014 M&A Advisor "Distressed M&A Deal of the Year ($25mm to $100mm)."
  • Represents F-Squared Investment Management as debtor's counsel in a Section 363 sale.
  • Represented Velocitel, Inc. in complex, multi-party litigation in the Open Range Communications bankruptcy case resulting in a favorable settlement with the United States (among others).
  • Represented Tennenbaum Capital Partners in its successful defense at trial of claims brought by a creditors committee for breach of fiduciary duty, recharacterization and equitable subordination in the Radnor Holdings bankruptcy case.
  • Represented debtor Charys Holding Company in successfully defending against an attempt to purchase voting control of a debtor to replace its board of directors and revoke a pending plan.
  • Represented Bank of America in litigation against Bank of New York in the Cone Mills bankruptcy case over the relative priority of first and second lien debt.
  • Represented debtor Tower Records in its challenge to the continuing validity of second lien debt held by record labels.
  • Represented debtor Dayton Superior in a contested DIP financing.
  • Represented the sole stockholder, guarantor of debt and former chairman of the board of Diamond Glass in defending claims of equitable subordination and recharacterization.
  • Represented debtor Advanced Marketing Services in successfully defending Simon & Schuster, Inc.’s demand of reclamation, resulting in a reported opinion.
  • Recent debtor representations include F-Squared Investment Management, Phoenix Payment Systems, Frederick's of Hollywood, Refco Public Commodity Pool and MACH Gen.
  • Represented creditors committees of Highway Technologies, Quantum Foods, Javo Beverage, AeroThrust Corp., Spheris Inc. and Arclin U.S. Holdings, Inc.
  • In chapter 15 cases, represented foreign representatives of John Forsyth Shirt Company, Salerno Plastic Film and Bags, W.C. Wood and Chemokine Therapeutics and the purchaser and DIP lender to Destinator Technologies.

Publications

  • "Delaware's Long-Form Dissolution Statute: An Underutilized Alternative," MorrisAnderson, September 1, 2015   View >
  • "Litigating Fiduciary Duty Claims in Bankruptcy Court and Beyond: Theory and Practical Considerations in an Evolving Environment," Journal of Business & Technology Law, March 27, 2015   View >
  • "Second Circuit and Delaware Bankruptcy Court Take Different Views of Whether a Foreign Debtor Must Have Assets in the United States to Be Eligible for Recognition under Chapter 15," Commercial Insolvency Reporter, April 2014   View >
  • "Is a Foreign Debtor with No Assets in the U.S. Eligible for Chapter 15 Relief?," The Bankruptcy Strategist, February 2014   View >
  • "In What State Is the Harm Felt When a Derivative Suit Is Pursued By Creditors?," The Bankruptcy Strategist, December 2013   View >
  • "TOUSA, USACafes, and the Fiduciary Duties of a Parent's Directors Upon a Subsidiary's Insolvency," Norton's Annual Survey of Bankruptcy Law, November 2011   View >
  • ""Don't Say They Didn't WARN You": Bankruptcy Court's High Threshold for Corporate Affiliates' WARN Act Liability," Delaware Business Court Insider, June 1, 2011   View >
  • "LLC's Are Different: Creditors of Insolvent LLC's Do Not Have Standing to Sue for Breach of Fiduciary Duty, But Can a Creditors' Committee Be Granted Standing?," Norton Journal of Bankruptcy Law and Practice, April 2011   View >
  • "Don't Throw Away Your Deepening Insolvency Materials Just Yet...Damages Under Thabault v. Chait, and Harmonizing Brown Schools with Radnor Holdings and Post-CitX Case Law," Norton Journal of Bankruptcy Law and Practice, August 2009   View >
  • "Who Owns Privileged E-Mails in a §363 Sale Case?  Is Ownership Waived When the Debtor's Computer Servers Are Sold?," American Bankruptcy Institute Journal, February 2009   View >
  • "Did the Delaware Supreme Court Break the 'Directors' Shield'?," The Bankruptcy Strategist, August 2007   View >
  • "Section 546(c) and Reclamation Rights after BAPCPA: A Response to Wilson and LeHane," American Bankruptcy Institute Journal, April 2007   View >
  • "LTV and Post-Petition Deepening Insolvency: The Next Big Wave?," American Bankruptcy Institute Journal, February 2006   View >
  • "Subject Matter Jurisdiction Over Pre-Petition State Law Claims," The Bankruptcy Strategist, January 2006   View >
  • "From Production Resources to Peoples Department Stores: A Similar Response by Delaware & Canadian Courts on the Fiduciary Duties of Directors to Creditors of Insolvent Companies," Annual Review of Insolvency Law, co-author Pamela L.J. Huff, 2006   View >

Presentations

  • "ABI Winter Leadership Conference," December 5, 2015

Awards

  • Chambers USA, since 2009
  • The Best Lawyers in America, 2017, 2016, 2015, 2014, 2013
  • Super Lawyers, 2016, 2015, 2014
  • “Outstanding Young Restructuring Lawyer – 2005,” Turnaround and Workouts

Leadership

  • Lex Mundi, Bankruptcy, Insolvency and Restructuring Group, Former Chair
  • Jewish National Fund/Delaware Chapter, Board of Directors  

Education

  • J.D., University of Pennsylvania Law School, 1995
  • B.S., with honors, Cornell University, 1992

Admitted to Practice

  • United States Court of Appeals, Third Circuit, 2002
  • United States District Court, District of Delaware, 1996
  • Delaware, 1996
  • Pennsylvania, 1996

Pro Bono Activities

  • Jewish National Fund/Delaware Chapter, Board of Directors
  • Brandywine Youth Club – Baseball: Commissioner (i.e., President) of an approximately 750-player Babe Ruth/Cal Ripken youth baseball league
  • The Mariano Rivera Public Foundation, Board of Directors

Experience

  • Represented Phoenix Payment Systems, Inc., a/k/a EPX, as debtors' counsel in the $50 million sale of substantially all of its assets to EPX Acquisition Company, LLC, an affiliate of North American Bancard, LLC. The purchase price exceeded all expectations at the commencement of the marketing process and the transaction was named the 2014 M&A Advisor "Distressed M&A Deal of the Year ($25mm to $100mm)."
  • Represents F-Squared Investment Management as debtor's counsel in a Section 363 sale.
  • Represented Velocitel, Inc. in complex, multi-party litigation in the Open Range Communications bankruptcy case resulting in a favorable settlement with the United States (among others).
  • Represented Tennenbaum Capital Partners in its successful defense at trial of claims brought by a creditors committee for breach of fiduciary duty, recharacterization and equitable subordination in the Radnor Holdings bankruptcy case.
  • Represented debtor Charys Holding Company in successfully defending against an attempt to purchase voting control of a debtor to replace its board of directors and revoke a pending plan.
  • Represented Bank of America in litigation against Bank of New York in the Cone Mills bankruptcy case over the relative priority of first and second lien debt.
  • Represented debtor Tower Records in its challenge to the continuing validity of second lien debt held by record labels.
  • Represented debtor Dayton Superior in a contested DIP financing.
  • Represented the sole stockholder, guarantor of debt and former chairman of the board of Diamond Glass in defending claims of equitable subordination and recharacterization.
  • Represented debtor Advanced Marketing Services in successfully defending Simon & Schuster, Inc.’s demand of reclamation, resulting in a reported opinion.
  • Recent debtor representations include F-Squared Investment Management, Phoenix Payment Systems, Frederick's of Hollywood, Refco Public Commodity Pool and MACH Gen.
  • Represented creditors committees of Highway Technologies, Quantum Foods, Javo Beverage, AeroThrust Corp., Spheris Inc. and Arclin U.S. Holdings, Inc.
  • In chapter 15 cases, represented foreign representatives of John Forsyth Shirt Company, Salerno Plastic Film and Bags, W.C. Wood and Chemokine Therapeutics and the purchaser and DIP lender to Destinator Technologies.

Education

  • J.D., University of Pennsylvania Law School, 1995
  • B.S., with honors, Cornell University, 1992

Publications

  • "Delaware's Long-Form Dissolution Statute: An Underutilized Alternative," MorrisAnderson, September 1, 2015   View >
  • "Litigating Fiduciary Duty Claims in Bankruptcy Court and Beyond: Theory and Practical Considerations in an Evolving Environment," Journal of Business & Technology Law, March 27, 2015   View >
  • "Second Circuit and Delaware Bankruptcy Court Take Different Views of Whether a Foreign Debtor Must Have Assets in the United States to Be Eligible for Recognition under Chapter 15," Commercial Insolvency Reporter, April 2014   View >
  • "Is a Foreign Debtor with No Assets in the U.S. Eligible for Chapter 15 Relief?," The Bankruptcy Strategist, February 2014   View >
  • "In What State Is the Harm Felt When a Derivative Suit Is Pursued By Creditors?," The Bankruptcy Strategist, December 2013   View >
  • "TOUSA, USACafes, and the Fiduciary Duties of a Parent's Directors Upon a Subsidiary's Insolvency," Norton's Annual Survey of Bankruptcy Law, November 2011   View >
  • ""Don't Say They Didn't WARN You": Bankruptcy Court's High Threshold for Corporate Affiliates' WARN Act Liability," Delaware Business Court Insider, June 1, 2011   View >
  • "LLC's Are Different: Creditors of Insolvent LLC's Do Not Have Standing to Sue for Breach of Fiduciary Duty, But Can a Creditors' Committee Be Granted Standing?," Norton Journal of Bankruptcy Law and Practice, April 2011   View >
  • "Don't Throw Away Your Deepening Insolvency Materials Just Yet...Damages Under Thabault v. Chait, and Harmonizing Brown Schools with Radnor Holdings and Post-CitX Case Law," Norton Journal of Bankruptcy Law and Practice, August 2009   View >
  • "Who Owns Privileged E-Mails in a §363 Sale Case?  Is Ownership Waived When the Debtor's Computer Servers Are Sold?," American Bankruptcy Institute Journal, February 2009   View >
  • "Did the Delaware Supreme Court Break the 'Directors' Shield'?," The Bankruptcy Strategist, August 2007   View >
  • "Section 546(c) and Reclamation Rights after BAPCPA: A Response to Wilson and LeHane," American Bankruptcy Institute Journal, April 2007   View >
  • "LTV and Post-Petition Deepening Insolvency: The Next Big Wave?," American Bankruptcy Institute Journal, February 2006   View >
  • "Subject Matter Jurisdiction Over Pre-Petition State Law Claims," The Bankruptcy Strategist, January 2006   View >
  • "From Production Resources to Peoples Department Stores: A Similar Response by Delaware & Canadian Courts on the Fiduciary Duties of Directors to Creditors of Insolvent Companies," Annual Review of Insolvency Law, co-author Pamela L.J. Huff, 2006   View >

Presentations

  • "ABI Winter Leadership Conference," December 5, 2015

Awards

  • Chambers USA, since 2009
  • The Best Lawyers in America, 2017, 2016, 2015, 2014, 2013
  • Super Lawyers, 2016, 2015, 2014
  • “Outstanding Young Restructuring Lawyer – 2005,” Turnaround and Workouts

Leadership

  • Lex Mundi, Bankruptcy, Insolvency and Restructuring Group, Former Chair
  • Jewish National Fund/Delaware Chapter, Board of Directors