Michael Stewart has been with Faegre Baker Daniels since 1980, and has served as the head of the firm's finance and restructuring group. He practices primarily in the areas of bankruptcy, secured transactions, creditors' rights and banking law.
Mike represents banks and commercial finance companies in all aspects of structuring, documenting and collecting secured loans. He has significant experience in chapter 11 bankruptcies on a national basis.
Representative engagements include:
- In the Alexander Gallo Holdings bankruptcy in New York, representation of the senior administrative agent
- In the Genmar Holdings bankruptcy in Minnesota, representation of the largest secured creditor regarding its $70 million loan and subsequent debtor-in-possession financing
- Representation of purchasers in Section 363 bankruptcy sales in numerous courts
- In the VeraSun bankruptcy in Delaware, representation of a major lessor and contract party
- In the Pilgrim's Pride bankruptcy in Texas, representation of a major supplier to the debtor
- In the SemCrude bankruptcy in Delaware, representation of a major lender and swap participant with claims in excess of $70 million
- In the Herbst Gaming bankruptcy in Nevada, representation of a major secured lender and cash management provider
- In the People's Choice Home Loan bankruptcy in California, representation of a mortgage warehouse lender with claims exceeding $300 million
- In the Northwest Airlines bankruptcy in New York, representation of major secured creditor, credit card processor, and issuer of co-branded credit cards
- Representation of a major equipment leasing company in the Norvergence bankruptcy in New Jersey, and related regulatory and litigation matters
- Representation of creditors in the Farmland Industries bankruptcy in Missouri, the National Benevolent bankruptcy in Texas, the Calpine Corporation bankruptcy in New York, and the United Airlines bankruptcy in Chicago
- Representation of a major secured creditor in the DVI bankruptcy in Delaware
- In the Conseco bankruptcy in Chicago, representation of a secured lender in connection with its $60 million loan and subsequent debtor-in-possession financing arrangements. At the time, Conseco was the third largest bankruptcy filing in U.S. history
- In the NRG bankruptcy in New York, representation of a cash management bank and pre-petition secured lender
- Representation of bank groups in workouts of a $162 million credit facility to an agricultural producer, a $60 million credit facility to an egg producer, and a $140 million (Canadian) credit facility to a multi-national manufacturing company
- Representation of a bank, which had purchased almost $900 million of high loan to value home equity loans, in connection with the First Plus chapter 11 bankruptcy. Assisted the bank with an additional purchase of approximately $100 million of such loans during the bankruptcy case
- In the Agway bankruptcy in New York, represented the purchaser of Agway's finance subsidiary for approximately $640 million
- Represented a DIP lender in a large bankruptcy case in Nashville and successfully obtained an order "priming" the debtor's $145 million secured creditor
- Represented secured creditors in foreclosures against intellectual property assets, and represented both investors in and creditors of failed dot-com companies
- Represented Official Committee of Unsecured Creditors in Chapter 11 Bankruptcy of First Merchants Acceptance Corporation, venued in Delaware
- Represented a secured creditor in a multi-state foreclosure of liens in the assets of an optical company and affiliates
- Represents commercial finance companies in all aspects of structuring, documenting and collecting secured loans
- Represented investors, trustees and back-up servicers in defaulted securitizations of receivables, including sub-prime receivables
- Represented Official Committee of Unsecured Creditors in Chapter 11 Bankruptcies of Centran Corporation, Ruhr/Paragon, Inc., and the Sportsman's Guide, all venued in Minnesota
- Represented Norwest Bank Minnesota, now known as Wells Fargo Bank, as indenture trustee in pursuing claims totaling more than $1.5 billion in bankruptcy cases across the country, including Mobilemedia Communications, Inc. (Delaware), Reserve Mining Company (LTV) (New York), Gillett Holdings (Colorado), American Continental Corporation (Arizona), G. Heileman Brewing Company (New York), Interco Incorporated (Missouri) and Fair Lanes (Maryland)
- Represented mutual funds owning more than $20,000,000 of secured claims in the Orange County Chapter 9 Bankruptcy
- Represented Wells Fargo Bank or Wells Fargo Capital Finance as largest secured creditor in many bankruptcy cases, including Victor Plastics (Minnesota), Eagle Geophysical (Delaware), Schaak Electronics (Minnesota), Computer Depot (Minnesota), Freymiller Trucking (Oklahoma), Ralph Hamel Forest Products (Wisconsin), and Angel Park Golf Club (Nevada)
Mike has represented secured and unsecured creditors' interests in major chapter 11 bankruptcy cases across the country. In many cases, his representation included service on official unsecured creditors committees. Mike's work for indenture trustees and asset-based lenders has led to work on many defaulted securitization transactions.
Mike's experience in commercial transactions, non-bankruptcy work-outs, and general representation of banks and other secured creditors provide him valuable knowledge and insight in dealing with the myriad issues which arise in commercial finance and in corporate reorganizations.
Mike is the Co-Editor of Bankruptcy Practice in Minnesota, a deskbook published by Minnesota Continuing Legal Education.