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Thomas A. Pitta is Counsel to the firm's Bankruptcy, Financial Reorganization & Creditors' Rights Group. Tom’s practice focuses on the representation of debtors and creditors' committees in Chapter 11 bankruptcies. He has extensive experience assisting creditors' committees in creating value in difficult financial situations, including the following cases:
- Pliant Corporation I and II - In the Pliant II case, Tom was a member of the trial team that successfully argued for termination of the debtors’ exclusivity period. Following the termination of exclusivity, the Committee filed a competing plan to acquire the debtors. The competing plan resulted in a significantly larger recovery for unsecured creditors over the pre-negotiated plan proposed by the debtors.
- Le-Nature’s Inc. - Tom and the Lowenstein team collaborated with the advisors to the Chapter 11 trustee and two ad hoc committees to reach agreement on a consensual plan of liquidation that paved the way for litigation against the parties alleged to have orchestrated and facilitated the fraud in this $500 million Ponzi scheme case.
- Leiner Health Products, Inc. - Unsecured creditors appeared to be “out-of-the-money” in this case. Tom successfully advocated on behalf of the unsecured creditors for a more robust and lengthy sale process. The sale that resulted netted double the expected recovery for the estate and a significant recovery for unsecured creditors. Tom was also actively involved in negotiations with management that led to management guaranteeing a minimum level of recovery for unsecured creditors.
Tom regularly serves as debtor’s counsel in Chapter 11 proceedings, including representation of:
- Velocity Express Corporation - Tom was lead trial counsel in connection with the contested sale of the debtor’s assets. Despite objections from the creditors' committee, Tom successfully led the effort to receive approval of the sale within 40 days of the filing of the Chapter 11 case.
Tom’s experience also includes representation of numerous liquidating trustees and other post-confirmation creditor fiduciaries, including in such cases as:
- Fedders North America, Inc. - Tom investigated and commenced litigation claims against the debtors’ pre-petition lenders, directors and certain officers. The claims are based on, among other things, alleged breaches of fiduciary duties, the aiding and abetting of such breaches and fraudulent transfers.
- Leiner Health Products, Inc. - Tom worked with the trust’s tax advisors to achieve two multi-million dollar tax refunds that will result in unsecured creditors achieving recoveries three times larger than projected in the debtor’s disclosure statement. Tom also coordinated the trust’s claims reconciliation process, which resulted in a more than 10% reduction of total unsecured trade claims against the estate.
Published Decisions
In re Quigley Co., 346 B.R. 647 (Bankr. S.D.N.Y. 2006)
In re Snyders Drug Stores, Inc., 307 B.R. 889 (Bankr. N.D. Ohio 2004)
Speaking Engagements
Bridging the Gap From 363 Sale to a Structured Dismissal, American Bankruptcy Institute Mid-Atlantic Bankruptcy Conference, August 5-6, 2011
Ponzi Schemes and Avoidance Actions, American Bankruptcy Institute Northeast Bankruptcy Conference, July 22-23, 2011
Going My Way - Bankruptcy Rules Update, Thirteenth Annual Hon. William H. Gindin Bankruptcy Bench-Bar Conference, May 13, 2011
Substantive Consolidation in the Third Circuit in Light of Owens-Corning, Tenth Annual Hon. William H. Gindin Bankruptcy Bench-Bar Conference, May 2, 2008
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New York Law School
(J.D., 2000),
magna cum laude, Notes and Comments Editor, Journal of Human Rights
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Hofstra University
(B.A., 1996)
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New York
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New Jersey
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