Daniel J. Saval photo
Daniel J. Saval
Lawyer
New York
800 Third Avenue
New York, New York 10022
+1 212 488 1259
New York
800 Third Avenue
New York, New York 10022
+1 212 488 1259

Daniel Saval represents clients across industries in complex multijurisdictional disputes related to insolvency and corporate restructuring matters. Mr. Saval has extensive experience in Chapter 11, Chapter 15 and creditors’ rights proceedings, litigating on behalf of clients in the transportation, energy, financial, gaming, manufacturing, retail, and telecommunications sectors. He regularly works on behalf of stakeholders including debtors, lenders, bond and equity holders, official and ad hoc committees, foreign insolvency representatives, and indenture trustees. Mr. Saval also advises funds on investment strategies in restructuring, liquidation and litigation situations.

Before joining Kobre & Kim, Mr. Saval was part of the Bankruptcy & Corporate Restructuring and International Disputes practices at Brown Rudnick LLP. Before that, he clerked for the Honorable Barbara A. Lenk of the Massachusetts Appeals Court.

Admissions

  • New York
  • Massachusetts
  • U.S. Court of Appeals for the Second Circuit
  • U.S. Court of Appeals for the Third Circuit
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the District of Massachusetts

Education

  • Northeastern University School of Law, JD
  • University of Pennsylvania, BA

Select Engagements

Mr. Saval has experience in high-stakes insolvency and debtor-creditor disputes and represents stakeholders in securing funds and recoveries in cross-border proceedings, including:

  • Under the Puerto Rico Oversight, Management and Economic Stability Act of 2016 ("PROMESA"), served as an independent investigator to the Special Investigation Committee of the Financial Oversight and Management Board for Puerto Rico to perform a comprehensive review of the factors contributing to Puerto Rico's fiscal crisis.
  • Representation of Carl Icahn entities in Trump Entertainment bankruptcy proceedings, during which Mr. Saval litigated plan confirmation issues relating to cramdown interest rates, enforceability of inter-creditor agreement provisions and termination of intellectual property licenses.
  • Representation of the British Virgin Islands liquidators of the largest Madoff feeder fund in cross-border insolvency and litigation proceedings involving cutting-edge issues under Chapter 15 of the U.S. Bankruptcy Code.
  • Representation of the Japanese bankruptcy trustee of Mt. Gox, once the largest bitcoin exchange in the world, in connection with Mt. Gox's Chapter 15 bankruptcy case and various U.S. litigation proceedings.
  • Representation of an ad hoc committee of third-lien lenders in contested plan confirmation proceedings involving the reinstatement of secured debt.
  • Representation of an official committee of equity security holders, as a member of the trial team in 27-day valuation trial, after which the shareholders, who allegedly faced a US $2 billion+ value shortfall, secured a substantial plan recovery.
  • Representation of an ad hoc bondholder committee in successful indenture default litigation in Delaware Chancery Court arising from the issuer's loss of its New Jersey gaming license.
  • Representation of an ad hoc committee of second-lien noteholders in successfully negotiating a Chapter 11 plan treatment for noteholders providing for payment in full in cash, plus accrued interest (a recovery of approximately 120%), in the face of a cramdown threat by junior creditors.
  • Representation of an official committee of unsecured creditors, in achieving settlements of $200 million+ to fund a Chapter 11 plan that compensated victims of a meningitis outbreak caused by the debtor and its operations.
  • Representation of an ad hoc secured lender committee, in negotiating and successfully obtaining confirmation of a Chapter 11 liquidation plan that resolved complex inter-creditor disputes and created a litigation trust to pursue claims arising out of a massive financial fraud.
  • Representation of an indenture trustee for the US $2 billion of convertible bonds, in prosecuting change-of-control litigation in Delaware Chancery Court arising from Bank of America's acquisition of Countrywide, leading to a settlement under which the bondholders were paid close to par.
 

Professional & Community Involvement

  • INSOL International, Fellow
  • International Bar Association Insolvency Section, Officer

Publications & Presentations

  • Speaker, “Impact of Insolvency on Cryptocurrency, Smart Contracts and Initial Coin Offerings” (American Bankruptcy Institute International Insolvency & Restructuring Symposium, October 2018)
  • Moderator, “Regulatory, Ethical and Court-imposed Restrictions on Litigation Finance” (IMN Litigation Finance Conference, May 2018)
  • Moderator, “Restructuring Offshore: The Legal Overlay” (INSOL International Annual Regional Conference, April 2018)
  • Moderator, "International Aspects of U.S. Bankruptcy Cases: Is a U.S. Bankruptcy Court the Proverbial Roaring Deaf Lion in the International Forest?" (ABI Northeast Bankruptcy Conference, July 2016)
  • Contributing author, Bloomberg Law: Bankruptcy Treatise (2016)
  • Co-author, "The Model Law and Asset Recovery in Europe" (Eurofenix, Winter 2016)
  • Author, "In re Fairfield Sentry Limited: The Limits of Comity Under Chapter 15" (The Bankruptcy Strategist, September 2015)
  • Author, "The Times They Are A-Changin': American Bankruptcy Institute Releases Report on Reform of Chapter 11" (INSOL World, March 2015)
  • Co-author, "The Impact of the UNCITRAL Model Law on Cross-Border Insolvency and the European Insolvency Regulation on Distressed M&A Transactions" (Financier Worldwide, January 2014)
  • Co-author, "Second Circuit Raises a Drawbridge to Chapter 15" (Law360, December 2013)
  • Co-author, "Enron District Court Rules That Equitable Subordination and Claim Disallowance Travel with Claim Only When Claim Assigned and Not When Claim Sold" (Journal of Bankruptcy Law, November 2007)

Credentials

Admissions

  • New York
  • Massachusetts
  • U.S. Court of Appeals for the Second Circuit
  • U.S. Court of Appeals for the Third Circuit
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the District of Massachusetts

Education

  • Northeastern University School of Law, JD
  • University of Pennsylvania, BA

Engagements

Mr. Saval has experience in high-stakes insolvency and debtor-creditor disputes and represents stakeholders in securing funds and recoveries in cross-border proceedings, including:

  • Under the Puerto Rico Oversight, Management and Economic Stability Act of 2016 ("PROMESA"), served as an independent investigator to the Special Investigation Committee of the Financial Oversight and Management Board for Puerto Rico to perform a comprehensive review of the factors contributing to Puerto Rico's fiscal crisis.
  • Representation of Carl Icahn entities in Trump Entertainment bankruptcy proceedings, during which Mr. Saval litigated plan confirmation issues relating to cramdown interest rates, enforceability of inter-creditor agreement provisions and termination of intellectual property licenses.
  • Representation of the British Virgin Islands liquidators of the largest Madoff feeder fund in cross-border insolvency and litigation proceedings involving cutting-edge issues under Chapter 15 of the U.S. Bankruptcy Code.
  • Representation of the Japanese bankruptcy trustee of Mt. Gox, once the largest bitcoin exchange in the world, in connection with Mt. Gox's Chapter 15 bankruptcy case and various U.S. litigation proceedings.
  • Representation of an ad hoc committee of third-lien lenders in contested plan confirmation proceedings involving the reinstatement of secured debt.
  • Representation of an official committee of equity security holders, as a member of the trial team in 27-day valuation trial, after which the shareholders, who allegedly faced a US $2 billion+ value shortfall, secured a substantial plan recovery.
  • Representation of an ad hoc bondholder committee in successful indenture default litigation in Delaware Chancery Court arising from the issuer's loss of its New Jersey gaming license.
  • Representation of an ad hoc committee of second-lien noteholders in successfully negotiating a Chapter 11 plan treatment for noteholders providing for payment in full in cash, plus accrued interest (a recovery of approximately 120%), in the face of a cramdown threat by junior creditors.
  • Representation of an official committee of unsecured creditors, in achieving settlements of $200 million+ to fund a Chapter 11 plan that compensated victims of a meningitis outbreak caused by the debtor and its operations.
  • Representation of an ad hoc secured lender committee, in negotiating and successfully obtaining confirmation of a Chapter 11 liquidation plan that resolved complex inter-creditor disputes and created a litigation trust to pursue claims arising out of a massive financial fraud.
  • Representation of an indenture trustee for the US $2 billion of convertible bonds, in prosecuting change-of-control litigation in Delaware Chancery Court arising from Bank of America's acquisition of Countrywide, leading to a settlement under which the bondholders were paid close to par.

Professional & Community Involvement

  • INSOL International, Fellow
  • International Bar Association Insolvency Section, Officer

Publications & Presentations

  • Speaker, “Impact of Insolvency on Cryptocurrency, Smart Contracts and Initial Coin Offerings” (American Bankruptcy Institute International Insolvency & Restructuring Symposium, October 2018)
  • Moderator, “Regulatory, Ethical and Court-imposed Restrictions on Litigation Finance” (IMN Litigation Finance Conference, May 2018)
  • Moderator, “Restructuring Offshore: The Legal Overlay” (INSOL International Annual Regional Conference, April 2018)
  • Moderator, "International Aspects of U.S. Bankruptcy Cases: Is a U.S. Bankruptcy Court the Proverbial Roaring Deaf Lion in the International Forest?" (ABI Northeast Bankruptcy Conference, July 2016)
  • Contributing author, Bloomberg Law: Bankruptcy Treatise (2016)
  • Co-author, "The Model Law and Asset Recovery in Europe" (Eurofenix, Winter 2016)
  • Author, "In re Fairfield Sentry Limited: The Limits of Comity Under Chapter 15" (The Bankruptcy Strategist, September 2015)
  • Author, "The Times They Are A-Changin': American Bankruptcy Institute Releases Report on Reform of Chapter 11" (INSOL World, March 2015)
  • Co-author, "The Impact of the UNCITRAL Model Law on Cross-Border Insolvency and the European Insolvency Regulation on Distressed M&A Transactions" (Financier Worldwide, January 2014)
  • Co-author, "Second Circuit Raises a Drawbridge to Chapter 15" (Law360, December 2013)
  • Co-author, "Enron District Court Rules That Equitable Subordination and Claim Disallowance Travel with Claim Only When Claim Assigned and Not When Claim Sold" (Journal of Bankruptcy Law, November 2007)