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500Lawdragon Q & A with:Kenneth eCKsteinbY John rYanKenneth Eckstein of Kramer Levin Naftalis& Frankel is one of the nation’s leading bankruptcyattorneys. He was in the eye of the storm headingteams for creditors in both the GM and Chrysler bankruptcies,and he also represented St. Vincent’sCatholic Medical Centers in New York in a creativesolution to its bankruptcy that will lead to the creationof a 24-hour emergency facility. He serves as co-chairof Kramer Levin’s 40-attorney corporate restructuringand bankruptcy practice.LAWDRAGon: Can you describe your practice to our readers,including what type of clients you tend to represent?KennETH ECKSTEIn: I have a diverse practice cuttingacross all aspects of the bankruptcy and restructuringworld. Most of my work is creditor-based, but I have asignificant company-side component to my practice aswell. I have had a leading role in many of the highestprofilebankruptcy cases over the past 30 years, startingin the 1980’s with Texaco and Eastern Airlines. I’vebeen involved in some of the largest mass tort bankruptcycases, including the Dow Corning bankruptcystemming from the breast implant litigations as wellas the Owens Corning asbestos case.I represented the creditors’ committees for GeneralMotors and Chrysler and represented bondholders ofAdelphia. On the company side, I recently representedSt. Vincent’s Medical Center and Bally Total Fitness, thehealth club chain. I have had an interesting and diversepractice, and have been fortunate to be on the frontlines dealing with some of the most cutting-edge issuesthat have defined bankruptcy law.LD: What was 2009 like after being selected as counselin both the GM and Chrysler bankruptcies?KE: Being selected within six weeks for both theChrysler and General Motors creditors’ committees wasa tremendous achievement for the bankruptcy departmentand the entire firm. It was a fantastic opportunityfor Kramer Levin to play a major role in a historic periodin financial restructurings. This was a very intense periodfor our entire department. Both cases proceeded onan extraordinarily expedited basis. Chrysler was accomplishedessentially in 60 days. GM required about 90days. There was about a month of overlap.Our teams were working essentially around the clockto deal with all the issues and the time table beingimposed for the transactions. We mobilized largeteams from throughout the firm – corporate, tax, litigation,pensions. It’s a good example of how our firmdeals with complex restructuring cases. A lot of lawyersthroughout Kramer Levin, including many of ourtop partners, are accustomed to working on thesetypes of cases. So we were able to mobilize peoplequickly and efficiently. Obviously, many, many partieswere involved in these transactions, but we are proudwe were able to make an important contribution to therestructuring of the auto industry in this country.LD: What do you think makes your group attractive toprospective clients?KE: Well, with me and my co-chair, Tom Mayer, you havetwo very experienced, recognized leaders in the practicearea, and we have many other experienced partners anda deep and talented group of associates. Together wehave cutting-edge experience in the widest spectrum ofcases on both the company and the creditors’ side anda tremendous track record in court. We have a verypragmatic, solutions oriented approach, and time andagain we’ve delivered. And since we are such a significantpart of Kramer Levin, we can draw on the best talentthroughout the firm’s practice areas. We assemblethe A team for every one of our cases.LD: How did you come to focus on bankruptcy mattersin your career?KE: Like most law students, bankruptcy was not somethingI was familiar with. My involvement in the practiceis a fortuitous story. When I was a law student,bankruptcy judges did not have permanent law clerks.They had part-time law clerks. I was at NYU and knewsomebody completing a clerkship for Judge JohnGalgay in the Southern District of New York. My friendasked if I was interested in interviewing for the position.I was hired to be a part-time clerk during lawschool – Fridays and two afternoons a week. This wasmy introduction.When I applied for permanent jobs, I was one of thefew candidates with any exposure to bankruptcy, so Iwas encouraged to try it. I began my career at WeilGotshal, which had the largest bankruptcy practice atthe time. I started in 1979, just when the new bankruptcycode was going into effect. The new code introduceda new era of bankruptcy as a strategic corporate tool. Iwas fortunate to enter on the ground floor of a growingpractice area that has become one of the high-profilepractice areas of the last 30 years. I moved to Kramerafter a few years at Weil to take advantage of a greatopportunity, and I never looked back.See the full Q&A at www.lawdragon.com/lawyer-limelights/kenneth-ecksteinL A W D R A G O N 180 I s s u e 13Photo by: Jennifer Pottheiser