University of Michigan Law School, J.D., 1980
University of Michigan, B.A., 1976
with high distinction
New York
U.S. District Court, S.D. New YorkU.S. District Court, E.D. New York
U.S. District Court, Dist. of Connecticut
U.S. District Court, N.D. Illinois
U.S. Court of Appeals, 3rd Cir.
American Bar Association
Association of the Bar of the City of New York
American Bankruptcy Institute
Turnaround Management Association
Media Mention
Court reinstates Visteon retiree benefits
July 13, 2010 -- Reuters
Stephen Selbst says the Third Circuit's ruling in Visteon, which prohibited the bankrupt auto parts manufacturer from eliminating retirees' health and life insurance benefits, might go up to the Supreme Court. Stephen said this is the kind of case the Supreme Court is prone to hearing because it has a significant societal layer and because the various federal circuits are divided on the larger issue of whether bankruptcy discharges companies' obligations to pay retirees' benefits.
July 13, 2010 -- Reuters
Stephen Selbst says the Third Circuit's ruling in Visteon, which prohibited the bankrupt auto parts manufacturer from eliminating retirees' health and life insurance benefits, might go up to the Supreme Court. Stephen said this is the kind of case the Supreme Court is prone to hearing because it has a significant societal layer and because the various federal circuits are divided on the larger issue of whether bankruptcy discharges companies' obligations to pay retirees' benefits.
Media Mention
The Bankruptcy Option
June 11, 2010 -- CNBC's Street Signs
Stephen Selbest tells a network audience that if BP files for bankruptcy, it should not do so until it caps the oil spill because damages that arise from spillage that occurs after the filing would not be disposed of in the bankruptcy proceeding.
June 11, 2010 -- CNBC's Street Signs
Stephen Selbest tells a network audience that if BP files for bankruptcy, it should not do so until it caps the oil spill because damages that arise from spillage that occurs after the filing would not be disposed of in the bankruptcy proceeding.
Media Mention
Tribune-creditor pact only delays legal battle
April 9, 2010
Stephen Selbst says a settlement between Tribune Co and its creditors -- aimed at ending the media company's bankruptcy and possibly the liability of its chairman, Sam Zell -- is not certain to be successful, in part because the original deal came at the height of the LBO fervor, failed shortly thereafter, and apparently was overleveraged.
April 9, 2010
Stephen Selbst says a settlement between Tribune Co and its creditors -- aimed at ending the media company's bankruptcy and possibly the liability of its chairman, Sam Zell -- is not certain to be successful, in part because the original deal came at the height of the LBO fervor, failed shortly thereafter, and apparently was overleveraged.
Media Mention
BofA Lawyers Rebuked in Cabi Case
March 10, 2010 -- The Wall Street Journal
Bankruptcy judges tend to look with disfavor on creditors who are overly harsh with borrowers during difficult economic times, and those tactics can backfire, Stephen Selbst says.
March 10, 2010 -- The Wall Street Journal
Bankruptcy judges tend to look with disfavor on creditors who are overly harsh with borrowers during difficult economic times, and those tactics can backfire, Stephen Selbst says.
Media Mention
Capmark highlights woes of commercial real estate
October 13, 2009 -- Reuters
In a story about how Capmark Financial Group's likely demise highlights challenges facing the troubled market for retail and office buildings, Stephen Selbst disputes the notion that commercial real estate woes will not affect the broader economy. He equates the relationship between commercial real estate and the larger economy with the subprime market's woes and the economy, and notes that optimists' predictions that the subprime issues were contained and wouldn't be contageous proved incorrect.
October 13, 2009 -- Reuters
In a story about how Capmark Financial Group's likely demise highlights challenges facing the troubled market for retail and office buildings, Stephen Selbst disputes the notion that commercial real estate woes will not affect the broader economy. He equates the relationship between commercial real estate and the larger economy with the subprime market's woes and the economy, and notes that optimists' predictions that the subprime issues were contained and wouldn't be contageous proved incorrect.
Media Mention
New York Seeks Millions in Tax From Lehman
August 4, 2009 -- New York Times
Lehman's other creditors may object if New York City, which claims that Lehman owes the city more than $600 million in back taxes, attempts to move ahead of other creditors, Stephen Selbst tells the New York Times.
August 4, 2009 -- New York Times
Lehman's other creditors may object if New York City, which claims that Lehman owes the city more than $600 million in back taxes, attempts to move ahead of other creditors, Stephen Selbst tells the New York Times.
Media Mention
Creativity Is The Key To Success
June 1, 2009 -- Mann on the Street
Herrick's bankruptcy practice is profiled in this cover story, focusing on the professional and personal creativity of the practitioners.
June 1, 2009 -- Mann on the Street
Herrick's bankruptcy practice is profiled in this cover story, focusing on the professional and personal creativity of the practitioners.
Media Mention
Obama's Chrysler Hold Up Sets Chilling Precedent
May 19, 2009 -- Fund Strategy
The Obama Administration's actions in the Chrysler bankruptcy -- essentially ignoring the wishes of secured creditors, contrary to bankrtupcy law and precedent -- will have a chilling effect on lenders as they consider whether to lend to entities that might seek protection, Stephen Selbst says. Damage from the fallout may exceed benefit from the expedient handling of Chrysler's woes, he says in an article that was also printed in the publication Real Clear Markets.
May 19, 2009 -- Fund Strategy
The Obama Administration's actions in the Chrysler bankruptcy -- essentially ignoring the wishes of secured creditors, contrary to bankrtupcy law and precedent -- will have a chilling effect on lenders as they consider whether to lend to entities that might seek protection, Stephen Selbst says. Damage from the fallout may exceed benefit from the expedient handling of Chrysler's woes, he says in an article that was also printed in the publication Real Clear Markets.
Media Mention
NHL, Team in Bankruptcy Showdown
May 7, 2009 -- The Wall Street Journal
The creditors of the bankrupt Phoenix Coyotes -- including the current owner -- could prevail over the National Hockey League and its bylaws in a court battle over who will chart the franchise's future, Stephen Selbst says. Although the league generally controls who may own a team and strongly influence where it is located, creditors and bankruptcy judges keep an eye on enlarging the bankruptcy estate, he says.
May 7, 2009 -- The Wall Street Journal
The creditors of the bankrupt Phoenix Coyotes -- including the current owner -- could prevail over the National Hockey League and its bylaws in a court battle over who will chart the franchise's future, Stephen Selbst says. Although the league generally controls who may own a team and strongly influence where it is located, creditors and bankruptcy judges keep an eye on enlarging the bankruptcy estate, he says.
Media Mention
Making (Some) Sense of the Chrysler Bankrutpcy Filing
April 30, 2009 -- Wall Street Journal Law Blog
Stephen Selbst analyzes the legal, political and business angles surrounding Chrysler's filing for Chapter 11 protection.
April 30, 2009 -- Wall Street Journal Law Blog
Stephen Selbst analyzes the legal, political and business angles surrounding Chrysler's filing for Chapter 11 protection.
Media Mention
Chrysler Goes Bankrupt
April 30, 2009 -- CNBC Reports
In a live segment on a panel that also included a Wall Street analyst and two prominent journalists, Stephen Selbst analyzes the legal, business and political layers of Chrysler's Chapter 11 filing. He says that Chrysler will emerge but in far longer than the 30 or 60 days the company -- and the Obama Administration -- hope. He also points out that hedge funds that are creditors will seek a better deal on the debt they hold than the administration was offering.
April 30, 2009 -- CNBC Reports
In a live segment on a panel that also included a Wall Street analyst and two prominent journalists, Stephen Selbst analyzes the legal, business and political layers of Chrysler's Chapter 11 filing. He says that Chrysler will emerge but in far longer than the 30 or 60 days the company -- and the Obama Administration -- hope. He also points out that hedge funds that are creditors will seek a better deal on the debt they hold than the administration was offering.
Media Mention
Investors continue with plan to force Madoff into bankruptcy
April 14, 2009 -- USA Today
Creditors' attempts to force Bernard Madoff into bankruptcy against the wishes of the Department of Justice and court-appointed trustee would give indirect investors -- those who invested through feeder funds -- "a central legal forum" they lack otherwise, Stephen Selbst says. He cautions, however, that the on-going criminal investigation may delay a new bankruptcy trustee while prosecutors decide whether to turn over records.
April 14, 2009 -- USA Today
Creditors' attempts to force Bernard Madoff into bankruptcy against the wishes of the Department of Justice and court-appointed trustee would give indirect investors -- those who invested through feeder funds -- "a central legal forum" they lack otherwise, Stephen Selbst says. He cautions, however, that the on-going criminal investigation may delay a new bankruptcy trustee while prosecutors decide whether to turn over records.
Media Mention
Sunwest's distress is boon to some: Restructuring effort may bring more than $15 million in fees for lawyers, business consultants
April 13, 2009 -- Oregon Statesman Journal
Secured creditors, such as banks, dislike the uncertainty of Chapter 11 filings and lack the patience to wait for a protracted turnaround. Stephen Selbst tells Oregon's largest newspaper, which is reporting on that state's largest bankruptcy. Further, Selbst says, creditors resent the increasingly high professional fees, viewing it as money properly due them.
April 13, 2009 -- Oregon Statesman Journal
Secured creditors, such as banks, dislike the uncertainty of Chapter 11 filings and lack the patience to wait for a protracted turnaround. Stephen Selbst tells Oregon's largest newspaper, which is reporting on that state's largest bankruptcy. Further, Selbst says, creditors resent the increasingly high professional fees, viewing it as money properly due them.
Media Mention
GM & Bankruptcy
March 31, 2009 -- CNBC Reports
Stephen Selbst tells a live network audience why bankuptcy for General Motors now makes sense.
March 31, 2009 -- CNBC Reports
Stephen Selbst tells a live network audience why bankuptcy for General Motors now makes sense.
Media Mention
Madoff’s Victims are Mad, Mad, Mad But Do They Have a Right To Be?
February 6, 2009 -- Wall Street Journal Law Blog
Stephen Selbst weighs whether Irving Picard, the Madoff bankruptcy trustee, acted properly in releasing the names of Madoff's victims. Although he understands that victims will not be pleased to be named publicly, Stephen notes that the bankruptcy code encourages openness in such matters because it sometimes can help trustees find more money to enlarge the pot of money from which restitution will be made.
February 6, 2009 -- Wall Street Journal Law Blog
Stephen Selbst weighs whether Irving Picard, the Madoff bankruptcy trustee, acted properly in releasing the names of Madoff's victims. Although he understands that victims will not be pleased to be named publicly, Stephen notes that the bankruptcy code encourages openness in such matters because it sometimes can help trustees find more money to enlarge the pot of money from which restitution will be made.
Media Mention
Chewing Over a Big Three Chapter 11 Filing
December 1, 2008 -- Wall Street Journal Law Blog
Stephen Selbst discusses the difficulties that Big Three automakers would encounter if they file for Chapter 11 protection. He discusses the different agendas that companies have when they file for bankruptcy -- reorganization versus liquidation -- and how Chapter 11 would affect Chrysler, GM and Ford.
December 1, 2008 -- Wall Street Journal Law Blog
Stephen Selbst discusses the difficulties that Big Three automakers would encounter if they file for Chapter 11 protection. He discusses the different agendas that companies have when they file for bankruptcy -- reorganization versus liquidation -- and how Chapter 11 would affect Chrysler, GM and Ford.
Media Mention
What if GM goes broke?
November 19, 2008 -- MSN Money
Stephen Selbst is quoted on the possible impacts of a bankruptcy filing by General Motors, including diminution of wages and pension payments.
November 19, 2008 -- MSN Money
Stephen Selbst is quoted on the possible impacts of a bankruptcy filing by General Motors, including diminution of wages and pension payments.
Media Mention
Some local auto dealers urge lawmakers to rescue industry
November 14, 2008 -- The Boston Globe
In this story about New England-based auto dealers lobbying lawmakers to rescue the auto manufacturing industry, Stephen Selbst opines that each of the Big 3 has too many dealerships. He predicts that larger auto dealerships will survive but smaller ones will perish.
November 14, 2008 -- The Boston Globe
In this story about New England-based auto dealers lobbying lawmakers to rescue the auto manufacturing industry, Stephen Selbst opines that each of the Big 3 has too many dealerships. He predicts that larger auto dealerships will survive but smaller ones will perish.
Media Mention
Automakers & Bankruptcy
November 11, 2008 -- CNBC Reports
Stephen Selbst is part of a live, primetime panel analyzing what bankruptcy would mean to the Big 3 American automakers and the ancillary industries that supply them. He touches on the need for a government rescue package, possible job loss, ERISA/pension issues, historical perspective, consumer confidence and warranties.
November 11, 2008 -- CNBC Reports
Stephen Selbst is part of a live, primetime panel analyzing what bankruptcy would mean to the Big 3 American automakers and the ancillary industries that supply them. He touches on the need for a government rescue package, possible job loss, ERISA/pension issues, historical perspective, consumer confidence and warranties.
Media Mention
Required: Empathy and Kleenex
November 9, 2008 -- New York Times
In this Fresh Starts column in the Sunday business section, Stephen Selbst examines the restructuring and workout job market for people laid off from financial services positions. He notes that professionals who put together the real estate finance deals that ultimately failed but understand collateral, and M&A bankers who have negotiating and deal-making skills, are best suited for the transition.
November 9, 2008 -- New York Times
In this Fresh Starts column in the Sunday business section, Stephen Selbst examines the restructuring and workout job market for people laid off from financial services positions. He notes that professionals who put together the real estate finance deals that ultimately failed but understand collateral, and M&A bankers who have negotiating and deal-making skills, are best suited for the transition.
Media Mention
Lenders Force Quick Sales In Chapter 11 Amid Credit Crisis
October 13, 2008 -- Dow Jones Newswire
Stephen Selbst is quoted in a story about how lenders are increasingly seeking quick sales of assets by their debtors in Chapter 11 bankruptcy, and how judges are reacting to that.
October 13, 2008 -- Dow Jones Newswire
Stephen Selbst is quoted in a story about how lenders are increasingly seeking quick sales of assets by their debtors in Chapter 11 bankruptcy, and how judges are reacting to that.
Media Mention
Instruments of Finance -- And Confusion
September 28, 2008 -- The Star-Ledger
Stephen Selbst is quoted in a front-page story on issues related to the $700 billion bailout/rescue -- what the fund's prospectus would look like, and the skepticism it would trigger, if there were a prospectus.
September 28, 2008 -- The Star-Ledger
Stephen Selbst is quoted in a front-page story on issues related to the $700 billion bailout/rescue -- what the fund's prospectus would look like, and the skepticism it would trigger, if there were a prospectus.
Press Release
Herrick, Feinstein LLP is bolstering its Financial Restructuring, Bankruptcy & Creditors’ Rights Practice Group with the arrival of partner Stephen Selbst
July 2008 -- Herrick, Feinstein LLP
Stephen brings Herrick’s clients his more than 25 years of bankruptcy and restructuring and general corporate experience.
July 2008 -- Herrick, Feinstein LLP
Stephen brings Herrick’s clients his more than 25 years of bankruptcy and restructuring and general corporate experience.
 |
 |
 |
 |
Copyright 2010, Herrick, Feinstein LLP. All Rights Reserved. An ICVM Group Site