Drew Cardonick co-chairs the firm's National Financial Institutions Practice. His practice focuses primarily on the representation of commercial banks and other financial institutions, as well as select private equity funds, in large and mid-sized asset-based, cash flow, and unsecured syndicated, club, and single bank credit facilities, including debtor-in-possession and bankruptcy exit financings, restructurings, and bankruptcies throughout the country.
Drew has spoken widely on various bankruptcy and related topics, including cash collateral, debtor-in-possession financing, bankruptcy sales, fraudulent conveyance structuring issues, and the Perishable Agricultural Commodities Act. He also has wide-ranging experience in the field of lender liability, including equitable subordination and fraudulent conveyance law, as well as the areas of substantive consolidation and the WARN Act. Drew has written, spoken, and been widely quoted on lender liability issues and other topics in national publications.
Areas of Concentration
· Asset-based and cash flow lending and financial services
· Financial institutions
· Restructurings
· Business reorganization and bankruptcy
· Lender liability, equitable subordination, fraudulent conveyance litigation and substantive consolidation
· Financial services litigation
· Bank defense litigation
Significant Representations
· Lead counsel in connection with a myriad of secured and unsecured credit facilities, restructurings, and bankruptcies in a wide variety of market segments, including agricultural, retail, wholesale, distribution, and manufacturing.
· Lead counsel to an agent for a bank group in connection with a $1 billion debtor-in-possession financing.
· Lead counsel to a lender in connection with a $110 million loan to a credit finance company in both a bankruptcy case and related lender liability litigation in Delaware and the Fourth Circuit.
· Lead counsel to an agent for a bank group in connection with an approximately $150 million loan to a steel company, including representation in bankruptcy case and in connection with a guarantee request to the Federal Steel Loan Board.
· Primary counsel to two major financial institutions in connection with the liquidation of their remaining portfolios.
· Primary counsel to the Commercial Finance Association in both the Third Circuit and the U.S. Supreme Court in connection with an appeal of the substantive consolidation decision issued by the District Court in Owens Corning.
· Lead counsel to various lenders in connection with WARN Act negotiations with federal and state agencies and leaders.
· Lead counsel to various lenders in connection with claims of creditors under the Perishable Agricultural Commodities Act and the Packers and Stockyards Act.
*Certain of the above representations were handled by Drew prior to his joining Greenberg Traurig, LLP.
Professional & Community Involvement
· Advisory Board Member, Commercial Finance Association Education Foundation
· Member, Turnaround Management Association
- Past Co-Chair, Public Relations Committee, TMA Chicago Chapter
Awards & Recognition
· Listed, Chambers & Partners USA Guide, an annual listing of the leading business lawyers and law firms in the world, 2010-2011
· Selected by Super Lawyers magazine, 2011 - 2012
· Selected by Leading Lawyers Network, 2012
Clerkship
· Clerk, U.S. District Judge Robert E. Ginsberg, United States Bankruptcy Court, Northern District of Illinois, 1992 - 1993
Articles, Publications, & Lectures
Articles
· Author, "How Lenders Can Avoid Equitable Subordination," The Secured Lender, November/December 2008
· Author, "Let the Lender Beware: The Perishable Agricultural Commodities Act," The Secured Lender, May/June 2002
Books
· Executive Editor, Ginsberg & Martin on Bankruptcy, Fourth Edition