David J. Fischer

David Fischer is a partner in the Business Transactions Department of Wildman Harrold. A very experienced commercial finance and secured creditors’ lawyer, David generally represents corporations, financial institutions, insurance companies, and large institutional real estate entities that face extreme financial difficulties or are involved in particularly complicated and contentious disputes or negotiations. Known for creative legal solutions that help clients solve their business problems in a practical and efficient manner, David has counseled a diverse client base that includes banks, insurance companies, borrowers, trustees, private equity firms, venture capital funds, insurance companies, real estate developers, and real estate investment trusts. Over his thirty-year career, David has represented such national and international clients as JPMorgan Chase, ABN Amro LaSalle, CNA Insurance Companies, Equity Residential, Urban Retail Properties, Hutamaki OY, Westfield Corporation, Kemper Insurance, Broadspire Services Inc., Growmark, Penn Central Corporation, BP Amoco Corporation, and Kehe Foods Distributors. In addition, David represents several private equity firms in matters including negotiation of mezzanine debt agreements and intercreditor agreements with senior lenders. As a bankruptcy practitioner for more than twenty-five years, David has an in depth understanding of the Uniform Commercial Code and the Bankruptcy Code, and has conducted numerous sales on behalf of lenders, assignees, and trustees, helping them liquidate diverse pools of assets ranging from computer software, shop tools, and music dvds to trucks and truck franchises. In his role as counsel to insurance companies, David is particularly knowledgeable at the intersections of the Bankruptcy Code and the insurance codes of various states. David has also represented credit enhancers, indenture trustees, and debt holders from every debt perspective, from the initial lending stage to the workout stage, and involving tax-free and taxable real estate bond debt totaling hundreds of millions of dollars. These representations have involved apartment, mixed-use office, and shopping center projects throughout the United States including Illinois, California, Florida, Virginia, South Carolina, Michigan, Maryland, Texas, Georgia, Washington, Indiana, and New York.

Representative Experience:

Serves as senior counsel to MVC Finance, a publicly traded private equity fund, in connection with its investments and mezzanine loan document transactions
Represented Continental Casualty Company (CCC), as surety and credit enhancer on the foreclosure of public housing bonds in connection with a $1.5 billion portfolio of real estate assets. Over a five-year period CCC ultimately received title or full value for its debt.
Represented Equity Residential in connection with its foreclosure of low-income housing bonds and taxable bonds, securing six significant apartment projects in Maryland and Virginia. Following extensive litigation in and through the bankruptcy court, the cases were resolved through consensual Chapter 11 plans with Equity obtaining title to all six of the properties. The properties were collectively worth in excess of $125 million.
Represented Growmark, an Illinois agricultural co-op, in its acquisition of four divisions from Agway, Inc., a Chapter 11 debtor from a bankruptcy case pending in the Eastern District of New York. The transaction involved consideration in excess of $75 million.
Represented a debtor in its resistance of a foreclosure action against a valuable piece of vacant commercial real estate in downtown Chicago. Despite the maturity of the debt in late 2002, the entry of the foreclosure judgment was forestalled until the middle of 2005. While the bank debt was $15 million, the two-year deferral of the foreclosure judgment and sale enabled the developer to sell the real estate in a non-distressed market transaction for a purchase price in excess of $43 million.
Represents several private equity firms in the negotiation of mezzanine debt agreements and intercreditor agreements with senior lenders. These agreements require a sophisticated knowledge of corporate finance law as well as the Federal Bankruptcy Code and their intersection. In the past two years, involved in over twenty transactions that have ranged in size from $20 million to $200 million.
Leads a team of Wildman Harrold lawyers who collectively represent six large regional shopping centers, each comprising at least 150,000 square feet of rental space, in connection with their day-to-day operational problems and business issues
Serves as general counsel to a nearly $1 billion food distribution business, and is presently involved in restructuring over $100 million of debt to various banks and lessors
Represents the Assignee for the Benefit of Creditors in connection with the liquidation of a large GM and Peterbilt truck franchisee
Represented both private companies and private equity firms in the purchase of distressed business and real estate assets from bankrupt estates. These transactions have ranged in size from $3 million to $90 million.
Currently represents two photographers who challenge the enforceability of certain non-debtor releases contained in the confirmed Chapter 11 plan of Spiegel, Inc. This challenge has been asserted by means of an adversary proceeding filed against the foreign Spiegel affiliates invoking the benefit of the plan release. This case, and the issues raised therein, have constitutional significance and could make new law as to the scope and permissibility of non-debtor releases in the Chapter 11 arena. The matter is currently on appeal to the district court. In re Spiegel, Inc./Russell James and Bico Stupakoff v. Otto (GmbH & Co.), Inc. et al.
Represents The Kemper Insurance Companies and The CNA Insurance Companies in their large risk bankruptcy cases throughout the United States

Reported Decisions:

In re MEI Diversified, 106 F.3d 829 (8th Cir. 1997)

Professional Associations:

American Bar Association

Bar Admissions:

Illinois, 1977

Supreme Court of Illinois

U.S. District Court for the Northern District of Illinois and Central District of Illinois

U.S. Court of Appeals for the Seventh and Eighth Circuits

Personal Information:

David still considers himself a New Englander and is an active member of the Boston Red Sox Nation. Locally, he is actively involved in various Chicagoland Jewish charities.

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