This tremendous experience gives him a unique perspective and insight when working with his bankruptcy clients. Having been a U.S. Trustee, he has a keen understanding of the trustee process and how to efficiently accomplish what is best for the parties involved. He regularly counsels his clients on the necessity and timing of filing reorganization cases, and the rights of unsecured and secured creditors prior and subsequent to the filing of a bankruptcy. He is experienced in all facets of chapter 11 reorganization cases, including preparing and confirming plans of reorganization in debtor cases, representation of creditors’ committees, opposing a debtor’s plan on behalf of creditors, and representation of creditors and debtors in preference and fraudulent conveyance litigation. He also counsels lenders on their rights as secured creditors.
Ira is now a member of the private panel of chapter 7 bankruptcy trustees.
On July 11, 2012, Ira was appointed chapter 7 Trustee of Peregrine Financial Group, Inc. Subsequent to his appointment, Ira testified before the Senate Committee on Agriculture, Nutrition and Forestry at a hearing entitled “Examining the Futures Markets: Responding to the Failures of MF Global and Peregrine Financial Group.”
Ira also represents trustees and receivers in state and federal courts, and has been appointed receiver in SEC actions filed in the federal courts. Examples of his experience include:
- Representation of senior secured creditor of 765 condominium complex in Panama City Beach, FL, in Laketown Wharf Chapter 11
- Representation of the bank syndication group led by Citicorp in the chapter 11 restructuring of a 65 million dollar office building in Washington, D.C.
- Debtor’s counsel for Channel Earth Communications, Demicco Youth Services, Nobart, Inc., and Arthur Machinery Chapter 11 cases
- Representation of the Unsecured Creditors Committee in the Chapter 11 cases of Process Control, Mactron, Thomas Steel, Dartmoor Homes, National Jockey Club and Hurd Windows.
In addition, Ira has served as counsel to the Receiver in Lake Shore Asset Management (CFTC Action), Dynamic Financial Solutions (FTC Action), Asia Pacific (FTC Action), and appointed receiver in Efoora, Inc. (SEC Action), and Steven W. Salutric (SEC Action). Ira is also a founding member and current president of the National Association of Federal Equity Receivers.
Ira is a member of the American Bankruptcy Institute and has held many positions for the Chicago Bar Association including serving as Chair for the Young Lawyers Section, the Public Affairs/Media Relations Committee, the Association Meetings Committee and the Membership Committee. He also served as a member of the Board of Managers. He has been given an AV rating by Martindale Hubbell and was also named a Leading Lawyer in Illinois by the Law Bulletin Publishing Company, and has been named in Who’s Who in Americas, 70th Anniversary Edition.
In November 2006, Ira traveled to Belgrade, Serbia to lecture on U.S. bankruptcy law and its similarities to the newly enacted Serbian bankruptcy law on behalf of the United States Department of State through the U.S. Speaker and Specialist Program.
In October 2014 and February 2015, Ira traveled to Morocco as a volunteer for the Financial Services Volunteer Corp. (“FSVC”). In October he met with Ministry of Justice officials, judges, academics and business people to discuss proposed changes to the Moroccan insolvency law. In February, he served as a volunteer instructor for the Ministry of Justice to a class of commercial court judges on how to select, train and compensate Syndics (trustees) in Small and Medium Enterprise insolvency proceedings.