06 Oct 2014

BMS Client Ira Bodenstein Set to Become New NAFER President

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BMS Client Ira Bodenstein Set to Become New NAFER President


Ira Bodenstein,
Member | Shaw Fishman

Seasoned Federal Equity Receiver Steve Donell (and new BMS client) is preparing to hand over the leadership reigns of the National Association of Federal Equity Receivers (NAFER)  to prominent bankruptcy lawyer Ira Bodenstein.  As his two-year term as President comes to a close, Donell, President, of FedReceiver, Inc., a Los Angeles, California-based firm specializing in equity, real estate and business receivership matters throughout the US, says that his time at the helm of NAFER has been consummately rewarding, professionally as well as personally. “The members of NAFER are among the most accomplished, dedicated group of professionals in the field.  It has been an honor to work beside the receivers, attorneys, accountants and service providers to improve the quality, efficiency and harmonization of receiver practices.  Having reached just four years as an organization, we’ve taken great strides toward our goals in the promotion of excellence in the field of federal equity receiverships and related fiduciary services.”

Steve Donell has steadfastly shepherded the growth of NAFER.  When asked about his experience within Steve Donell’s term as President, Alex Moglia, Receiver and Lead Fraud Recovery Advisor and founder of Moglia Advisors and Board Director, replied, “Steve is a visionary.  He has successfully communicated the value that a highly qualified federal equity receiver brings to those who have been harmed as a consequence of corporate or consumer fraud.”  Moglia continued, “With the help of other NAFER founders, Steve has not only facilitated an increase in NAFER membership, he has facilitated an increased awareness of the Federal Equity Receivers’ vital role within the legal, financial and regulatory fields.”

Looking Forward – Ira Bodenstein, with his extraordinary qualifications, will now take the reigns and continue to build upon the success and momentum that Steve Donell and the founders of NAFER began.  Ira is an experienced federal receiver specializing in the orderly restructuring or liquidation of troubled companies.  He represents both creditors and debtors in proceedings under the Bankruptcy Code, in receiverships and in out-of-court restructuring transactions.  Ira has served as both a receiver and as receiver’s counsel.  He is also a founding member of NAFER.

Currently a member of Shaw Fishman Glantz & Towbin LLC, Ira has practiced as a bankruptcy lawyer in Chicago since 1989.  He regularly counsels 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.  His practice covers 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.  Prior to his return to private practice in 2006, Ira served for eight years as the US Trustee for Region 11, comprising the Northern District of Illinois and the State of Wisconsin.

A noted speaker and lecturer, Ira has made presentations to a wide variety of professional organizations – including NAFER.  He was selected to travel to Belgrade, Serbia in 2006 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.

Ira has served as the bankruptcy trustee or receiver over a number of significant fraud cases.  He has most recently served as the Chapter 7 trustee for Peregrine Financial Group, one of the most notable bankruptcies in 2012.  The Peregrine case involved the collapse of a major future commissions merchant following allegations that its founder had bilked tens of thousands of clients in a scheme that lasted more than twenty years.  As trustee, Ira has distributed $164 million to Peregrine’s former customers.

As a founding member, Ira was proud to help host NAFER’s Second Annual Conference in Chicago last year.  Ira is on the Conference Planning Committee and he will accept the NAFER Presidential gavel from Steve Donell at the Annual Conference later this month in Washington D.C.