Edwards Wildman Palmer LLP
David Fischer is a partner and Chair of the Restructuring and Insolvency Department of Edwards Wildman. With nearly 35 years of experience focused on the interplay of corporate finance and bankruptcy law, David has a reputation of being a skilled strategist who is highly regarded for structuring innovative business deals and workouts. He is experienced in handling financings, workouts, restructuring, foreclosures and Chapter 11 liquidation from virtually every constituent's perspective. David's practice spans many segments with a particular focus on finance, real estate, insurance and private equity. A trusted adviser, he often has the ability to find the missing piece of the puzzle to maximize the value of a deal to all parties involved, allowing complex problems to be solved quickly and efficiently. For the past several years he has been recognized by Chambers USA as a leader for his work in the area of Restructuring and Insolvency.
- Represented Old Second Bank in the successful sale of a real estate note, after forcing a judicial sale within six months of engagement and causing the subsequent bankruptcy to be dismissed within 70 days of its filing.
- Leads a team in the representation of a large upscale shopping center comprising in excess of 500,000 leasable space, in connection with its day-to-day operations and creditor and real estate issues.
- Represented the largest creditor in the DBSI bankruptcy involving tenants-in-common (TIC) investors, with more than $2 billion in assets at stake.
- Represented a real estate holding company in a Chapter 11, culminating in a workout of approximately $40 million of real estate assets which allowed the debtor and its principal to avoid $60 million of liabilities.
- Represented a disabled adult facility debtor in confirming a plan of reorganization which enabled it to operate free from an oppressive union contract.
- Represents Fifth Third Bank as preferred outside counsel for major real estate workouts in the Midwest, ranging from retirement communities to hospitals with debt ranging from $15-50 million on each project.
- Represents The Northern Trust Company in connection with its special assets (distressed) portfolio and has from time to time been secunded to the Northern Trust law department to oversee that function.
- Represented Continental Casualty Company as surety and credit enhancers on the foreclosure and restructuring of public housing bonds in connection with a 30 project multi-state portfolio consisting of assets in excess of $1 billion. Involved multi-state foreclosure and bankruptcy matters.
- Represented a debtor in the defense of a foreclosure at 1000 S. Michigan in Chicago. Forestalled the foreclosure for two years allowing the debtor to finalize property entitlements enabling the debtor to sell the property for a $30 million profit.
- Represented a tranche B debt holder in litigation against a global financial institution for breach of fiduciary arising from its handling of real estate loans as agent for both tranche A and B debt.
- Represented Equity Residential in connection with the foreclosure of a portfolio of low income housing and taxable bonds totaling in excess of $100 million on projects held by the Artery Group in Virginia and Maryland. Following extensive litigation in state court and the bankruptcy court, the cases were settled through consensual Chapter 11 plans resulting in Equity Residential acquiring title to five valuable properties.
- Serves as lead workout counsel for Merchants and Manufacturers Bank.
- Represented Kemper Insurance Companies in the workout/restructuring of a $100 million loan portfolio.
- Represented a well-known Chicago developer as owner of a landmark office building in the workout and defense of the foreclosure of $90 million of matured acquisition financing. Defended and delayed the foreclosure to enable property to be sold for $118 million allowing the developer to realize the $28 million profit (and avoid $3 million in interest).
- Serves as national bankruptcy counsel for CNA and Broadspire Services, Inc., a Crawford Company.
- Represented GROWMARK, an Illinois agricultural coop, in its acquisition of four divisions of Agway Inc., a debtor whose case was brought in the Eastern District of New York. The transaction involved consideration in excess of $75 million.
- Represented Altus Capital in its acquisition of bridge component manufacturer The D.S. Brown Company from GE Antares. Assets were acquired through a combination of a UCC sale and an Ohio deed in lieu of foreclosure transaction with a sale valued at $50 million.
- Represented MVC Capital as lender or sponsor from a finance and intercreditor perspective in nearly a dozen transactions throughout the U.S. ranging in size from $25-75 million.
- Represented Fidus Capital in the recapitalization/restructuring of its various positions as mezzanine and subordinated debt holder in large freight/shipping company. Recap involved the restructuring of more than $50 million of debt and the introduction of a new equity sponsor.
- Represents PC Homes as a mezzanine lender in distressed acquisitions and dispositions of real estate and real estate partnership.
- Represented various buyers of assets in bidding at 363 sales. In the past year represented the $25 million stalking horse bidder in the Giordano’s §363 sale. Also represented successful bidders in two 363 sales in 2012.
Recent Speaking Engagements and Publications
- Panelist, "Why Workouts Sometimes Don't Workout," Information Management Networks's 4th Annual Bank & Financial Institutions Special Asset Executive Conference on Real Estate Workouts, March 14, 2013.
- A Session Chair, “Why Workouts Sometimes Don’t Work Out,” Information Management Network's 2nd Midwest Bank & Financial Institution Special Asset Executive Conference on Real Estate Workouts, October 9, 2012.
- Speaker, “Exit Strategy Value Maximization: Extend & Pretend vs. Sale vs. Put More Monet In,” Information Management Network's 2nd Annual Bank & Special Asset Executive Forum on Distressed Real Estate, March 2011.
- Co-author, "Redemption Song," The Deal, July 2010.
- Speaker, "What to Avoid in Distressed Debt Investing and Why," iiBIG Distressed and Turnaround Investment Forum, April 2009.
- Speaker, "The State of Markets and What to Expect," International Private Equity and Mezzanine Conference, June 2008.
- Speaker, "Negotiating Intercreditor Agreements," Structuring Private Equity Seminar, June 2007.
Besides Edwards Wildman
Despite living in the Chicago area for more than 35 years, David still considers himself a part-time New Englander and is an active member of the Boston Red Sox Nation. Locally, he is actively involved in various Chicagoland Jewish charities. David was named a 2012, 2010 and 2009 Illinois Super Lawyer by Chicago