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Contact Information

michael.stewart@FaegreBD.com2200 Wells Fargo Center
90 S. Seventh Street
Minneapolis, Minnesota 55402-3901
T: +1 612 766 7928
F: +1 612 766 1600

Education

Harvard Law School
J.D. (1980)
Cornell College
B.A., Phi Beta Kappa, summa cum laude (1977)

Bar Admissions

Minnesota

Court Admissions

U.S. Court of Appeals for the Eighth Circuit U.S. District Court for the District of Minnesota U.S. Supreme Court

Michael R. Stewart

Partner

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.

Pro Bono

  • Bankruptcy
  • Debtor/Creditor

Honors

  • Minneapolis Best Lawyers — Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Lawyer of the Year, 2012
  • The Best Lawyers in America — Bankruptcy and Creditor Rights/Insolvency & Reorganization Law, 1995-2014
  • Super Lawyers — Bankruptcy & Creditor/Debtor Rights, 2003-13
  • American College of Bankruptcy — Fellow

Professional Associations

  • American Bankruptcy Institute
  • American Bar Association — Business Bankruptcy Committee
  • American Bar Association — Business Law Section
  • American Bar Association — Commercial Financial Services
  • Minnesota State Bar Association — Bankruptcy Law Section
  • Minnesota State Bar Association — Business Law Section
  • Minnesota State Bar Association — Uniform Commercial Code Committee
  • Turnaround Management Association — Upper Midwest Chapter, Past President
  • Turnaround Management Association
  • District of Minnesota — Local Bankruptcy Rules Advisory Committee, Past Reporter
  • Minnesota State Bar Association — Bankruptcy Law Section, Past Chairman
  • Minnesota State Bar Association — Bankruptcy Law Section, Past Vice-Chairman
  • Minnesota State Bar Association — Multijurisdictional Practice Task Force
  • Minnesota Receivership Statute Committee

Presentations

  • MF Global – The Lay of the Land and Lessons Learned
    American Bar Association Spring Meeting of the Business Law Section, Las Vegas, NV, 2012
  • New Bankruptcy Developments Affecting Real Estate Attorneys and Seven Important Bankruptcy Problems Every Real Estate Lawyer Should Understand
    Real Estate Institute, Minnesota Continuing Legal Education St. Paul, MN, 2012
  • Bankruptcy "Clawbacks" – Preferences and Fraudulent Transfers
    First American Title National Commercial Services Webinar, June 2012
  • Fraudulent Transfers: Overview of the Law and Practical Guidance
    Faegre Baker Daniels Webinar, October 2012
  • Alternatives to Chapter 11 (Receiverships, Assignments, Friendly Foreclosures, UCC Sales)
    National Conference of Bankruptcy Judges, Tampa, FL, 2011
  • Ouch! That Really Hurts! Bankruptcy "Clawbacks" — Preferences and Fraudulent Transfers
    Real Estate Institute, Minnesota Continuing Legal Education, St. Paul, MN, 2011
  • Representing the Secured Creditor in a Real Estate Workout: Options and Alternatives
    Minnesota State Bar Association, Business Law and Real Property Sections, Minneapolis, 2011
  • War Stories: Challenges Arising From Commodity Price Volatility in the Agribusiness Economy
    Financing Panel, National Grain and Feed Association 115th Annual Convention, San Diego, Calif., 2011
  • ABC vs. Chapter 11: The Use of Assignments for the Benefit of Creditors as an Alternative to Single-Asset Chapter 11 Cases
    35th Annual Judge Alexander L. Paskay Seminar on Bankruptcy Law and Practice, Tampa, Fla., 2011
  • Ten Key Things When Representing a Lender on Lienholder During a Bankruptcy
    2010 Real Estate Institute, Minnesota Continuing Legal Education, St. Paul, Minn.
  • Seven (at least) Critical Developments in the Business Bankruptcy Business
    2010 Bankruptcy Institute, Minnesota Continuing Legal Education, Minneapolis
  • Potential Sources of Lender Liability: Dealing with Distressed Companies in This Recession
    Hennepin County Bar Association, Minneapolis
  • What Goes Up, Must Come Down: Managing the Challenges and Volatility in the Agribusiness Economy
    Food, Agriculture & Biofuels National Conference, Minneapolis, 2010
  • Distressed Company M&A: Section 363 Sales and Other Transaction Alternatives
    2009 Faegre & Benson M&A Conference, Minneapolis
    Webcast Sponsored by The Deal, 2010
  • Liquidating Chapter 11s: New Rules of the Road — Will Composition Agreements Resurface as a Viable Alternative?
    2009 Winter Leadership Conference, American Bankruptcy Institute, La Quinta, Calif.
  • What Goes Up, May Come Down; Managing Commodity Price Risk in Uncertain Times
    2009 American Bar Association Spring Meeting of the Business Law Section, Vancouver, British Columbia
  • Financially Distressed Vendors, Customers and Clients
    2009 In-House Counsel Crash Course, Minnesota Continuing Legal Education Minneapolis
  • Structured Financings in Bankruptcy: Recent Challenges and Developments
    2008 Bankruptcy Institute, Minnesota Continuing Legal Education Minneapolis
  • Real Estate Workouts
    2008 Banking Law Institute, Minnesota Continuing Legal Education, Minneapolis
  • Chapter 11 Roundtable
    2007 Banking Institute, Minnesota Continuing Legal Education, Minneapolis
  • Commonly Negotiated Provisions in Intercreditor Agreements
    2007 Banking Law Institute, Minnesota Continuing Legal Education, Minneapolis
  • Small Business
    Chapter 11s and Other Chapter 11 Changes Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, 2005
  • The 20th Annual Advanced Bankruptcy Seminar
    Oklahoma Bar Association, Oklahoma City, Okla.
  • Key Provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
    2005 Real Estate Institute, Minnesota Continuing Legal Education, St. Paul, Minn., 2005
  • Norvergence, the Continuing Saga
    American Bar Association Annual Meeting, ABA Equipment Leasing Subcommittee, Chicago, 2005
  • First Day Orders
    2004 Bankruptcy Institute, Minnesota Continuing Legal Education, Minneapolis
  • Current Developments in Bankruptcy and Lender Liability
    2004 Banking Law Institute, Minnesota Continuing Legal Education, Minneapolis
  • New Developments in Preferences
    2003 Bankruptcy Institute, Minnesota Continuing Legal Education, Minneapolis
  • Performance and Success Fees, Section 328 vs. Section 330 Review of Compensation
    19th Annual Restructuring Conference of the Association of Insolvency and Restructuring Advisors, San Francisco, 2003
  • Purchasing at the Bankruptcy Court Bazaar
    2002 Business Law Institute, Minnesota Continuing Legal Education, Minneapolis
  • Beyond Source Code Escrow — Really Thinking About Bankruptcy Considerations
    2001 Computer Law Institute — The Law of Technology, Minnesota Continuing Legal Education, Minneapolis
  • Changes to Bankruptcy and Workouts Under Revised Article Nine
    Revised Article 9 of the Uniform Commercial Code, Minnesota Institute of Legal Education, Minneapolis, 2001
  • Debtor In Possession Financing
    Commercial Practice Institute, Minnesota Institute of Legal Education, Minneapolis, 2001
  • Tax Liens
    Debtor/Creditor Rights and Remedies, Minnesota Continuing Legal Education, Minneapolis, 1999, 2000, 2002, 2004, 2006, 2008, 2010

Published Articles

  • Bankruptcy Practice in Minnesota Deskbook
    Co-editor, Minnesota Continuing Legal Education, 2012
  • Managing Counterparty Default
    The Art of Grain Merchandising, Stipes Publishing Company, 2010
  • Agricultural Commodity Price Increases: Spurring a New Farm Crisis?
    Feedstuffs Magazine, September 2008; The Nebraska Lawyer, Fall 2008; Trends, 2008
  • Buy It Cheap, Buy It Right; Purchasing Assets Out of Bankruptcy
    Bloomberg Corporate Law Journal, Volume 1, Issue 3, Summer 2006
  • What You Need to Know About the New Bankruptcy Reform Bill
    Trends, 2005
  • Is Your Software Investment At Risk?
    Trends, 2002
  • Weak Link — How to Protect Your Business When Technology Companies Fail
    Trends, 2001
  • Workouts and Bankruptcy, Chapter 54
    Successful Partnering Between Inside and Outside Counsel, West Publishing, 2000 (Updated, 2002-2011)
  • Tax Claims and Tax Liens
    Ch. 17 of 8th Ed., Minn. CLE, Debtor Creditor Handbook, 1999 (Updated, 2002, 2004, 2006, 2008 and 2010 and 2012)