Of Counsel
412-391-8510
eschaffer@stonecipherlaw.com
VCard
*University of Pittsburgh School of Law, 1979, J.D., Order of the Coif
*University of Pittsburgh School of Engineering, Post-graduate studies in chemical engineering
*University of Virginia, 1976, B.A., High Honors, Government and Foreign Affairs, Phi Beta Kappa
I joined Stonecipher in 2021. After a long and enjoyable career at a major international firm, I welcomed the opportunity to join a boutique insolvency and corporate practice.
As part of a small firm, with few conflicts, I can draw upon my experience to serve as a mediator or arbitrator, as an expert witness, as a trustee, receiver, examiner, or bankruptcy plan administrator, and to act as special counsel for indenture trustees and other corporate trust agents in connection with defaulted securities.
SEE ME FOR:
Representation includes matters involving corporate debt securities in connection with investment banking (Lehman Brothers), energy and mining, airlines, mortgage banking, shipping, real estate, communications and publishing, and heavy industry. Representation also includes matters relating to municipal debt issuers across the United States in connection with restructurings, receiverships, bankruptcies, and litigation (including lender liability actions) involving governmental units (such as the Commonwealth of Puerto Rico and County of Jefferson, Alabama), hospitals, airlines, real estate, gaming, hospitality, nursing homes and public housing, schools, waste disposal, and fitness, research, and cultural facilities.
Cross-border representations include matters relating to sovereign debt issued by The Republic of Argentina, The Bolivarian Republic of Venezuela, The Lebanese Republic, the Arab Republic of Egypt, the Republic of Guatemala, and certain Native American tribes; and domestic matters involving laws of the Bahamas, Canada, Croatia, Poland, France, England, and Sukuk financing.
OTHER POINTS OF INTEREST:
- Stonecipher Law Firm, 2021- present (of counsel)
- University of Pittsburgh School of Law, 2019 – present
- Teaching fields: bankruptcy and receivership, international bankruptcy, capital markets, commercial transactions
- Reed Smith, LLP 1979-2020 (partner 1988-2020)
- New York
- Pennsylvania
- Virginia
- U.S. Supreme Court
- Court of Appeals
- Louisiana Supreme Court
- Ohio Supreme Court
- Pennsylvania Supreme Court
- U.S. Court of Appeals – First Circuit
- U.S. Court of Appeals – Second Circuit
- U.S. Court of Appeals – Third Circuit
- U.S. Court of Appeals – Fourth Circuit
- U.S. Court of Appeals – Fifth Circuit
- U.S. Court of Appeals – Sixth Circuit
- U.S. Court of Appeals – Eighth Circuit
- U.S. Court of Appeals – Ninth Circuit
- U.S. Court of Appeals – Tenth Circuit
- U.S. Court of Appeals – Eleventh Circuit
Riddick v. Chex Systems, Inc., No. 2:24-cv-00700 (E.D. Va. filed Dec. 6, 2024);
Credit Suisse Virtuoso SICAV-SIF v. SoftBank Group Corp. Greensill Ltd., et al., [2025] EWHC 2631 (Ch) (Eng.);
Re Shinsun Holdings (Group) Co., Ltd., Grand Court of the Cayman Islands, FSD 192 of 2022 (DDJ) (21 April 2023);
Leading Holdings Group Limited, High Court of the Hong Kong Special Administrative Region HCCW 343/2022 [2023] HKCFI 1770 (23 July 2023);
Cithara Global Multi-Strategy SPC v. Haimen Zhongnan Investment Development (International) Co. Ltd (Claim No. BVIHC(COM) 2022/0183 (19 July 2023);
Extraordinary Administration Proceedings over Agrokor d.d. et al., Commercial Court of Zagreb, File No. 47.St-1138/17 (22 February 2023); and
Belvédère, Cour de cassation, civile, Chambre commerciale, 13 septembre 2011, 10-25.533 10-25.731 10-25.908.
Opinions also submitted in Sobieski sp. z o.o. v. The Bank of New York Mellon, Case file no. XX GC 449/10 (Regional Court in Warsaw) (26 September 2011), and cases in the United States Bankruptcy Court for the Southern District of West Virginia and the District Court of Tulsa County, Oklahoma.
- Panelist, American Arbitration Association
- Mediator, Western District of Pennsylvania
- Fellow, American College of Bankruptcy (member International Committee)
- Member, International Insolvency Institute
- Chambers USA, Band 1 for Pittsburgh & Surrounds Bankruptcy/Restructuring
- The Best Lawyers in America for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, 2005-2024
- Pennsylvania Super Lawyers Bankruptcy: Business, 2004-2024 Who’s Who Legal USA Insolvency & Restructuring
- IFLR1000—Highly Regarded in United States for Pennsylvania Restructuring and Insolvency
- American Bar Association, Section of Business Law, Corporate Trust Committee
- American Bar Association, Section of Business Law, Task Force on Securities Holding Infrastructure
- Standing Local Rules Committee for the United States Bankruptcy Court for the Western District of Pennsylvania
- 20 and 27 January 2026, American College of Bankruptcy, International Bankruptcy Course (Overview of the United States Bankruptcy Code)
- 5 December 2025, 38th Annual Western District of Pennsylvania Bankruptcy Symposium, “True Sales—Recharacterization of Receivables and Other Transactions as Loans”
- 29 November 2021 American Bankers Association “Enhancing Trustee Protections: Lessons from Cross-Border Litigation Conflicts”
- 4 November 2021 Program Chair, “Bankruptcy after the Pandemic,” Joint Program of the American College of Bankruptcy and the University of Pittsburgh School of Law,
- 28 October 2020 American Bankers Association “Emerging Corporate Trust Default Issues”
- 18 December 2018 American Bankers Association Corporate Trust Telephone Briefing
31 October 2018 American Bankers Association “Holders Are Not Our Friends: Litigating Holder Claims” - 13 April 2018 ABA Section of Business Law Spring Meeting “International Bond Defaults: Navigating the Thicket of Recalcitrant Sovereigns, Aggressive Bondholders and Conflicting Laws”
- 8 September 2016 American Bar Association, Business Law Section Annual Meeting, Boston, Massachusetts “Caught in the Cross-Fire: Recent Litigation Issues Confronting Indenture Trustees in Contentious Distressed Situations”
- 15 December 2015 American Bankers Association Briefing: Year-end Review of Critical Issues Facing Corporate Trust “An Indenture Trustee’s Guide To Plausible Deniability”
- 21 May 2015 Turnaround Management Association’s May Lunch Meeting, Pittsburgh, Pennsylvania “Through the Looking Glass: The Dramatic Story behind the August Wilson Center Receivership”
- 27 October 2015 ABA Corporate Trust Committee Meeting “An Indenture Trustee’s Guide To Plausible Deniability”
- 21 November 2013 Strafford Publications Webinar “Municipal Insolvencies in the Wake of Detroit: Navigating Chapter 9 and Out-of-Court Restructuring”
- 26 September 2013 Pennsylvania Bar Institute’s 18th Annual Bankruptcy Institute, Pittsburgh, Pennsylvania “Hot Topics in Chapter 11 — The Great Debate”
- 14-17 May 2013 New York State Bar Association International Section’s New York Global Law Week 2013, New York, New York “The Argentine Debt Litigation and Its Ramifications”
- 28 February 2013 Emory Law – 10th Annual Emory Bankruptcy Developments Journal Symposium, Atlanta, Georgia “Corporate Panel on Municipal Restructuring”
- 19 October 2012 The Municipal Analyst Group of New York, New York, New York “Bankruptcy: Lessons Learned from Recent Cases”
- 12 October 2012 American College of Bankruptcy Third Circuit Educational Program, Pittsburgh, Pennsylvania “Adventures in Standing: Why and How Debtors Seek to Limit Participation in Bankruptcy Cases”
- 27-28 March 2012 The Bond Buyer’s Symposium on Distressed Municipalities, Philadelphia, Pennsylvania “The Evolving Chapter 9 Landscape”
- 22-24 March 2012 ABA Business Law Section Spring Meeting, Las Vegas, Nevada “Lessons Learned from Around the World – Recent Bondholder and Indenture Trustees issues from the US, Canada, UK, France, Mexico, and Beyond”
- The Meaning of Indemnification in Trust Indentures: Theory and Practice (publication pending)
- Cross-Border Risks for Indenture Trustees: The Limits of Comity and the Need to Adapt Standard Provisions of the Trust Indenture, Capital Markets Law Journal, Volume 17, Issue 1, January 2022, Pages 29–51, https://doi.org/10.1093/cmlj/kmab037
- 6 July 2016 “Lehman Court Changes Course on Flip Provisions and Financial Safe Harbors” Global Restructuring Watch; Co-Authors: David M. Schlecker, Michael J. Venditto
- December 2015 “COMI and get it: international approaches to cross-border insolvencies” Corporate Rescue and Insolvency (Vol. 8, No. 6); Co-Author: Michael J. Venditto 2011 “Collier Bankruptcy Practice Guide” Matthew Bender & Company, Inc., a member of the LexisNexis Group
- 2007 and 2010 “Third Circuit Appellate Practice Manual” PBI Press; Co-Author: Kurt F. Gwynne
- Pittsburgh Civic Light Opera, Board Member
- The Pittsburgh Savoyards Board Member
- Thrift Drug Classic (international professional bicycle race, women’s national championship, and Olympic trials), Executive Director, 1991-97
- Pittsburgh Sports & Festival Federation (organizer of First Night Pittsburgh), board members and officer
- Other non-profit board memberships
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