Gary S. Lee

Gary S. Lee

Partner

New York, (212) 468-8042

Education

Manchester University (LL.B., 1988)

Bar Admissions

New York
England & Wales

Gary Lee is co-chair of the firm’s Finance Department. He advises clients on domestic and international restructuring and insolvency matters in the United States, United Kingdom, continental Europe, and Asia.

Mr. Lee acted as lead counsel to Residential Capital and its subsidiaries in their chapter 11 cases and represents several hedge funds in restructuring and liquidation proceedings, including several matters in the Madoff SIPA proceedings.  Mr. Lee has been heavily involved in the implementation of foreign liquidations and schemes of arrangement in the United States and has been closely involved with issues arising under chapter 15 of the U.S. Bankruptcy Code. Notably, Mr. Lee represented two of the largest Icelandic banks in their restructuring proceedings in Iceland. Mr. Lee has acted as counsel to the acquirer—in and out of chapter 11—in several major international asset purchases of mining, smelting, and oil and gas operations.

Mr. Lee is a fellow of the American Bar Association, and former co-chair of the Transnational Bankruptcy Committee of the International Insolvency Institute.  Additionally, he is a former member of the City Bar’s Insurance Law Committee, and is the former co-chair of its Insolvency Committee.

Mr. Lee was named an AmLaw Dealmaker of the Year for 2014 in recognition of his work in Residential Capital's chapter 11 case. He is listed as a leading lawyer for Bankruptcy & Restructuring in Chambers USA where he is described as an “incredibly talented” cross-border practitioner and is a highly regarded restructuring expert with notable skills in matters involving multijurisdictional proceedings, and those involving the insurance sector. Turnarounds & Workouts named him an Outstanding Restructuring Lawyer for 2012 and 2013, an honor that is awarded to only twelve attorneys nationwide on an annual basis. The Legal 500 US recommends Mr. Lee as a “highly technical and extremely responsive” corporate restructuring lawyer. He was honored as “Person of the Year” by the Association of Insurance and Reinsurance Run-Off Companies in 2011 for his work on the GTE RE liquidation. Mr. Lee was cited in Euromoney’s Guide to the World’s Leading Lawyers.

Commonwealth of Puerto Rico
Represented ad hoc group of holders of tax-based bonds issued by the Commonwealth of Puerto Rico and certain of its instrumentalities in connection with Puerto Rico’s efforts to improve its fiscal situation.
In re Residential Capital, LLC, et al.
(Bankr. S.D.N.Y.) Acted as lead counsel to Residential Capital and its affiliates, comprising one of the largest residential real estate finance companies at the time of its chapter 11 filing, with assets and liabilities each in excess of $15 billion. The debtors’ business was comprised primarily of loan servicing and origination. Residential Capital was the largest bankruptcy filing of 2012 and the case represents the first time ever that a mortgage servicer was able to successfully continue servicing and originating mortgages in bankruptcy and be sold as a going concern.
In re MF Global Holdings Ltd., et al.
(Bankr. S.D.N.Y.) Advised on various issues in relation to the UK MF Global estates in order to recover assets for the chapter 11 estates, including claims into the estate of MF Global UK Limited in relation to which KPMG was appointed as the Special Administrator under The Investment Bank Special Administration Regulations 2011. This is the first time that the Special Administration Regime has been used; it was implemented in order to address difficulties that were highlighted following the failure of Lehman Brothers.
In re Ambac Financial Group, Inc.
(Bankr. S.D.N.Y.) Representation of the official committee of unsecured creditors in one of the largest chapter 11 cases filed in 2010.
The Resolution Committees of Glitnir Bank hf. and Landsbanki Islands hf.
Representation of two of the largest banks in Iceland, on issues related to securities matters, restructuring of assets, cross-border conflicts of law, and litigation matters as well as providing advice related to the global settlement of claims. In addition, MoFo worked with the Icelandic banks to harmonize their winding-up procedures with those of the United States, the European Union, and Canada.
In Re: GTE Reinsurance Company Limited
As lead lawyer representing the insurance division of the State of Rhode Island’s Department of Business Regulation, successfully obtained approval from a Rhode Island state court for the first-ever proposed discharge and liquidations of the obligations of a solvent insurer in the U.S.
Madoff Proceedings
Representation of the liquidators of several hedge funds that invested directly or indirectly in BMIS in proceedings in the United States, Cayman, BVI and Europe.
In re Apex Silver Mines Ltd.
We represented Sumitomo Corporation in the Apex Silver Mines Limited chapter 11 case as pre-petition secured lender, DIP lender, and acquirer (from Apex's non-debtor subsidiaries) of Minera San Cristobal, the largest silver, zinc, and lead mine in Bolivia.
U.S. Subsidiaries of Hampson Industries
Representation of the U.S. operating subsidiaries of Hampson Industries PLC, a U.K. publicly-traded company and global manufacturer and supplier of engineered products to customers in the aerospace and specialist engineering markets, in connection with their out-of-court restructuring and ultimate sale to American Industrial Partners for approximately $44 million.
Various Cross-Border Telecom Restructurings
Representation of major parties in the restructurings of Genuity, Global Crossing, Ish, Viatel, and Star Telecom, among others.
Commonwealth of Puerto Rico
Represented ad hoc group of holders of tax-based bonds issued by the Commonwealth of Puerto Rico and certain of its instrumentalities in connection with Puerto Rico’s efforts to improve its fiscal situation.
In re Residential Capital, LLC, et al.
(Bankr. S.D.N.Y.) Acted as lead counsel to Residential Capital and its affiliates, comprising one of the largest residential real estate finance companies at the time of its chapter 11 filing, with assets and liabilities each in excess of $15 billion. The debtors’ business was comprised primarily of loan servicing and origination. Residential Capital was the largest bankruptcy filing of 2012 and the case represents the first time ever that a mortgage servicer was able to successfully continue servicing and originating mortgages in bankruptcy and be sold as a going concern.
In re MF Global Holdings Ltd., et al.
(Bankr. S.D.N.Y.) Advised on various issues in relation to the UK MF Global estates in order to recover assets for the chapter 11 estates, including claims into the estate of MF Global UK Limited in relation to which KPMG was appointed as the Special Administrator under The Investment Bank Special Administration Regulations 2011. This is the first time that the Special Administration Regime has been used; it was implemented in order to address difficulties that were highlighted following the failure of Lehman Brothers.
In re Ambac Financial Group, Inc.
(Bankr. S.D.N.Y.) Representation of the official committee of unsecured creditors in one of the largest chapter 11 cases filed in 2010.
The Resolution Committees of Glitnir Bank hf. and Landsbanki Islands hf.
Representation of two of the largest banks in Iceland, on issues related to securities matters, restructuring of assets, cross-border conflicts of law, and litigation matters as well as providing advice related to the global settlement of claims. In addition, MoFo worked with the Icelandic banks to harmonize their winding-up procedures with those of the United States, the European Union, and Canada.
In Re: GTE Reinsurance Company Limited
As lead lawyer representing the insurance division of the State of Rhode Island’s Department of Business Regulation, successfully obtained approval from a Rhode Island state court for the first-ever proposed discharge and liquidations of the obligations of a solvent insurer in the U.S.
Madoff Proceedings
Representation of the liquidators of several hedge funds that invested directly or indirectly in BMIS in proceedings in the United States, Cayman, BVI and Europe.
In re Apex Silver Mines Ltd.
We represented Sumitomo Corporation in the Apex Silver Mines Limited chapter 11 case as pre-petition secured lender, DIP lender, and acquirer (from Apex's non-debtor subsidiaries) of Minera San Cristobal, the largest silver, zinc, and lead mine in Bolivia.
U.S. Subsidiaries of Hampson Industries
Representation of the U.S. operating subsidiaries of Hampson Industries PLC, a U.K. publicly-traded company and global manufacturer and supplier of engineered products to customers in the aerospace and specialist engineering markets, in connection with their out-of-court restructuring and ultimate sale to American Industrial Partners for approximately $44 million.
Various Cross-Border Telecom Restructurings
Representation of major parties in the restructurings of Genuity, Global Crossing, Ish, Viatel, and Star Telecom, among others.

Mr. Lee was named an AmLaw Dealmaker of the Year for 2014 in recognition of his work in Residential Capital's chapter 11 case. He is listed as a leading lawyer for Bankruptcy & Restructuring in Chambers USA where he is described as an “incredibly talented” cross-border practitioner and is a highly regarded restructuring expert with notable skills in matters involving multijurisdictional proceedings, and those involving the insurance sector. Turnarounds & Workouts named him an Outstanding Restructuring Lawyer for 2012 and 2013, an honor that is awarded to only twelve attorneys nationwide on an annual basis. The Legal 500 US recommends Mr. Lee as a “highly technical and extremely responsive” corporate restructuring lawyer. He was honored as “Person of the Year” by the Association of Insurance and Reinsurance Run-Off Companies in 2011 for his work on the GTE RE liquidation. Mr. Lee was cited in Euromoney’s Guide to the World’s Leading Lawyers.

Chambers USA
Described as an “incredibly talented” cross-border practitioner


Legal 500 US
Recommended as a “highly technical and extremely responsive” corporate restructuring lawyer


AmLaw Global Finance Deal of the Year
Named a 2016 Global Finance Deal of the Year winner in recognition of his work in the restructuring of Icelandic Bank Landsbanki


AmLaw Dealmaker of the Year
Named a 2014 Dealmaker of the Year in recognition of his work in Residential Capital’s chapter 11 case


Turnarounds & Workouts
Named an Outstanding Restructuring Lawyer in 2012 and 2013

Email Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

©1996-2017 Morrison & Foerster LLP. All rights reserved.