- Restructuring & Insolvency
- Bankruptcy Law
|Contact Info||Telephone: 602.256.0400|
|University ||Rutgers University, B.A., summa cum laude, 1979 Phi Beta Kappa|
|Law School||University of Notre Dame, J.D., cum laude, 1982 Law Review|
|Admitted||1982, Arizona; U.S. Supreme Court; U.S. Court of Appeals, Fifth Circuit; U.S. Court of Appeals, Ninth Circuit; Supreme Court of Arizona; U.S. District Court, Arizona|
American Bankruptcy Institute, Past Director and Executive Committee Member
American Bankruptcy Board of Certification, Inc., Past Director
Bankruptcy Section of the State Bar of Arizona, Past Chair
American College of Bankruptcy Fellow
|Born||Jersey City, New Jersey, 1957|
Thomas J. Salerno is the senior shareholder in the Arizona office, and a member of the firm's Business Restructuring & Bankruptcy Department. He has been involved in restructurings in the United States, the United Kingdom, Germany, France, Switzerland and the Czech and Slovak Republics. In addition, Mr. Salerno teaches Comparative International Insolvency at the University of Salzburg.
Mr. Salerno has extensive experience representing distressed companies, acquirers and creditors in financial restructurings and bankruptcy proceedings, pre- and post-bankruptcy workouts, and corporate recapitalizations. He has represented clients in diverse industries such as casinos, resort hotels, real estate, high-tech manufacturing, electricity generation, agribusiness, construction, healthcare, airlines and franchised fast-food operations. Mr. Salerno has also served as an expert witness on U.S. insolvency law in litigation in Germany.
Mr. Salerno has represented parties in insolvency proceedings in 30 states and five countries. He headed the U.S. delegation to the Czech Republic in advising the Czech Government in the historic revamping of its bankruptcy law, which took effect in January 2008. Mr. Salerno has also advised on revamping insolvency laws in the Dominican Republic and Costa Rica. He is a member of the UNCITRAL working group on its Insolvency Law Reform Project, completed in early 2007.
Mr. Salerno served as a director of the American Bankruptcy Institute, where he also served on the executive committee, and formerly was a director of the American Bankruptcy Board of Certification, Inc. He is a past chair of the Bankruptcy Section of the State Bar of Arizona and a fellow of the American College of Bankruptcy.
Acting as lead counsel for the landmark Phoenix Coyotes Chapter 11 case.
Restructuring counsel for Snyder's Drug Stores, Inc. involving a nationwide chain of retail drug stores.
Restructuring counsel for Unison HealthCare, Inc., an NYSE nationwide owner/operator of nursing homes and assisted living facilities.
Restructuring counsel for Rural/Metro Corp., an NYSE owner/operator of emergency fire and ambulance services for counties and municipalities.
Restructuring counsel to Industrias Nucleares do Brasil S/A, the Brazilian nuclear regulatory agency, in insolvency proceedings in the United States and Switzerland.
Mr. Salerno was named as one of 12 Outstanding Bankruptcy Attorneys in 1998 and 2000 by Turnarounds & Workouts, a newsletter published by Beard Group, Inc. in Washington DC, and is a member of the select group of insolvency professionals listed in the K&A Restructuring Professionals Registry. He has been listed in The Best Lawyers in America since 1993 and was selected by his peers for inclusion in Southwest Super Lawyers, a distinction honoring the top 5 percent of lawyers in the region. Mr. Salerno is also recognized by Az Business Leaders in the area of Bankruptcy Law. In 2009, he was selected as Best Lawyers' Phoenix Bankruptcy and Creditor-Debtor Rights Lawyer of the Year and as Best Lawyers' Phoenix Bankruptcy Litigation Lawyer of the Year in 2014. Mr. Salerno was also one of three Arizona-based lawyers to be listed in The International Who's Who of Insolvency & Restructuring Lawyers. Mr. Salerno is an AV/Preeminent Attorney as rated by Martindale-Hubbell.
Best Lawyers in America, Bankruptcy and Creditor-Debtor Rights Law - 1993-2014
Best Lawyers in America, Litigation - Bankruptcy - 2011-2014
Best Lawyers in America, Lawyer of the Year: Bankruptcy, Phoenix - 2010
Best Lawyers in America, Lawyer of the Year: Litigation - Bankruptcy, Phoenix - 2014
Best Lawyers in America, Lawyer of the Year: 2009
Southwest Super Lawyers, 2007-2014
The International Who's Who of Insolvency & Restructuring Lawyers, 2009
The International Who's Who of Business Lawyers, 2009 and 2011
Lawdragon's Leading Lawyers in America, 2010
Who's Who Legal 100, 2012
AV/Preeminent Attorney as rated by Martindale-Hubbell
In addition to numerous articles in both national and international journals, Mr. Salerno is the author of An Overview of the Restructuring Process, which appeared in Best Practices for Corporate Restructuring, published in 2006 by Aspatore Books. He is also the co-author of Chapter 11 Cases Involving Professional Sports Franchises in the Collier Guide to Chapter 11: Key Topics and Selected Industries published by LexisNexis in 2011; co-author of the Executive Guide to Corporate Bankruptcy - Second Edition published by Beard Publications; co-author and an executive editor of the three-volume treatise Advanced Chapter 11 Bankruptcy Practice, published by Aspen Law Publications; co-author of Chapter 11 Cases Involving Sports Franchise, published in Collier's On Bankruptcy; and co-author of the two volume Bankruptcy Litigation and Practice; A Practitioners' Guide - 4th Edition, also published by Aspen Law Publications.
In the News
Gordon Silver Hires Super Lawyers
Gordon Silver is pleased to announce that three recent additions to the firm were named Super Lawyers in 2014.
Posted on: Jul 22nd, 2014 Posted In: Press Releases Source:
Goldberg, Karasik and Salerno Noted in Troubled Company Reporter
The Troubled Company Reporter covered Gordon Silver's announcement that three highly regarded bankruptcy and restructuring partners are joining the firm. Eric D. Goldberg, Eve H. Karasik, and Thomas J. Salerno, will be joining our firm as shareholders and members of the firm's Business Restructuring & Bankruptcy practice group.
Posted on: Jun 19th, 2014 Posted In: GS In the News Source: Troubled Company Reporter
Thomas Salerno Moves to Gordon Silver's Phoenix Office
Thomas J. Salerno has moved to Gordon Silver, and will head the Phoenix office. He has been involved in high-profile and national bankruptcy cases and is also well versed in international bankruptcy law.
Posted on: May 23rd, 2014 Posted In: GS In the News Source: Phoenix Business Journal
Goldberg, Karasik and Salerno Join Gordon Silver
Gordon Silver adds three highly regarded bankruptcy and restructuring partners to the firm. Eric D. Goldberg and Eve H. Karasik have joined as shareholders in the Los Angeles office. Goldberg and Karasik are nationally known for their work on prominent bankruptcies. Thomas J. Salerno has joined our firm as a shareholder and administrative partner in charge of our Phoenix office. Salerno has represented parties in insolvency proceedings in 30 states and five countries.
Posted on: May 11th, 2014 Posted In: GS In the News Source: VegasInc
Thomas Salerno Quoted in Am Law Daily
Thomas J. Salerno quoted in Am Law Daily / American Lawyer Media regarding why he left Squire Sanders to move to Gordon Silver.
Posted on: May 09th, 2014 Posted In: GS In the News Source: American Lawyer Magazine - Am Law Daily
Three Prominent Lawyers Move To Gordon Silver
Gordon Silver is pleased to announce that three highly regarded bankruptcy and restructuring partners are joining the firm. Eric D. Goldberg and Eve H. Karasik will be joining as shareholders. They will be opening the firm's first California office in Los Angeles, effective May 1, 2014. Goldberg and Karasik are nationally known for their work on prominent bankruptcies.
Posted on: Apr 29th, 2014 Posted In: Press Releases Source:
Esteemed Attorney, Thomas J. Salerno, Moves To Gordon Silver
Gordon Silver is pleased to announce that Thomas J. Salerno will be joining our firm as a shareholder and administrative partner in charge of our Phoenix office. He will be a member of our Business Restructuring & Bankruptcy practice group.
Posted on: Apr 23rd, 2014 Posted In: Press Releases Source:
|Reported Cases||Representative Cases; Historic Pro Sports Bankruptcy Case; While the owner of the National Hockey League's Phoenix Coyotes waded through an historic bankruptcy proceeding in 2009, Mr. Salerno helped lead the way toward an unprecedented resolution. The Coyotes had moved to Arizona from Winnipeg, Manitoba, Canada in 1996. Since then, the team (through a series of owners including his client, Coyotes Hockey LLC) had lost more than US$300 million. The client entered into negotiations to sell the team to Jim Balsillie (founder of Research in Motion, makers of BlackBerry devices), who wished to move the team to Hamilton, Ontario for the 2009-2010 season. In May 2009 the Coyotes filed a Chapter 11 case in Phoenix to effect the transaction. The NHL opposed any move of the team out of Arizona, as did the city of Glendale, Arizona, which would be left with an arena lacking its only tenant, as well as a broken 30-year lease between the city and the Coyotes. The NHL cited its constitution and bylaws, which require NHL approval (through a majority vote of its member teams) to transfer a team, as well as a unanimous vote to relocate a team to within 50 miles of another NHL team. The proposed new site in Hamilton, Ontario is 47 miles from where the Toronto Maple Leafs play. An antitrust action against the NHL was filed, asserting that the unanimous vote requirement for a relocation violated antitrust laws, amounting to a veto by any team (in this case, the Maple Leafs). Based on this lawsuit, the Coyotes sought Bankruptcy Court approval for a transfer of the team to Balsillie, and approval of the relocation to Canada, through the bankruptcy process. The case culminated in a two-day evidentiary hearing in the Bankruptcy Court in which Mr. Salerno briefed complex issues of first impression on an extremely truncated timeline and marshalled both expert and non-expert evidence. The NHL adamantly denied that any team had a veto for a relocation. It promised the court there would be numerous buyers for the team (albeit at much lower purchase prices) that would keep the team in Arizona. Not surprisingly, given the economic losses the team had suffered since moving to Arizona, no buyer surfaced who would keep the team in Arizona without material concessions by the city of Glendale on its lease, concessions the city was unwilling to give. As a scheduled auction neared at which the only bidder would be Balsillie, the NHL took the unprecedented step of submitting its own offer to buy the team - for US$100 million less than Balsillie's offer. Several weeks later, the court issued a ruling denying both the Balsillie bid (finding the court could not, under bankruptcy law, order the team moved over the NHL's objection) and the NHL bid for violating the Bankruptcy Code. Under the circumstances, with the NHL funding operational losses of close to US$1 million per week, our client agreed to a modified NHL bid allowing the NHL to acquire the team, and the sale closed on November 2, 2009. This transaction marked the first time in the NHL's 90-year history that the league purchased one of its own teams.|
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