Mr. Mark Berman

Partner, NIXON PEABODY LLP

Member of the Law Council

Council Member Biography

Mark N. Berman is a Partner in the Financial Restructuring & Bankruptcy Practice Group and supports the Securitization and Structured Finance Team, the Leveraged Finance Team and the Public Finance Group at Nixon Peabody in Boston, Massachusetts. Over his more than 30 year career, Mr. Berman has represented virtually every kind of interest that might be involved with a financially troubled business or individual. He also participates in the firm's Hedge Fund Initiative. He supports those groups by applying his bankruptcy expertise to their transactional efforts. Mr. Berman assists in structuring the transaction, drafting appropriate disclosure materials, working with rating agencies to create acceptable bankruptcy remote entities, as well as with "true sale" "nonconsolidation" and other bankruptcy opinions. In that capacity, his work has included the financing of stadiums, regional malls, military housing, tobacco securitizations and gas prepay facilities. Mr. Berman regularly writes about and speaks on bankruptcy and commercial law subjects in various parts of the country, including “LLC Member Interest and Bankruptcy: Courts Begin to Sort Things Out,” “Buying and Selling a Distressed Business,” and "Hedge Funds Meet the Bankruptcy Process." He received his BA from Northwestern University and his JD from Boston College Law School. (This is me - Update Profile)

Employment History

2003 - Unspecified: Partner, NIXON PEABODY LLP
1988 - 2003: Stockholder, HUTCHINS & WHEELER, A PROFESSIONAL CORPORATION
1976 - 1988: Stockholder, Widett, Slater & Goldman, P.C.

GLG News^SM Analyses by Mark Berman(?)

Opinions and analyses expressed in GLG News are solely those of the author. See the Terms of Use for details.

Economy down, bankruptcies up

September 15, 2008

Analysis of:Bankruptcy filings up 28.9 percent | www.dispatch.com

This story is being repeated all over the country. In 2005, when the US economy was humming along and there was a perception that individuals who could afford to repay at least some of what they owed to creditors were taking advantage of overly generous bankruptcy laws, the Bankruptcy Code was amended in major part to make it more difficult for individuals to file chapter 7 bankruptcy cases. As a result, personal bankruptcy filings skyrocketed in advance of the effective date of the amendments. Also, and because of additional burdens mandated by the amendments, the cost of filing a personal bankruptcy increased both for the court system and the individual. Now, with the economy tanking, layoffs increasing, gasoline for the car and home energy costs escalating, real estate values declining thereby eliminating the ability of the homeowner to tap home equity loans for needed cash, and the problems with home mortgages, the incidence of personal bankruptcy filings is increasing.

Second-lien financings pose bankruptcy risks

December 28, 2006

Analysis of:Judge OKs Performance Transportation's bankruptcy plan | www.mlive.com

Second-lien financings have been enjoying a meteoric rise in popularity in recent years. They typically involve loans by both senior and junior syndicates to a common borrower, secured by a common collateral pool. Second-lien financing is attractive to borrowers because the second-lien lenders charge lower interest rates than are generally available from mezzanine or high-yield debt lenders, and the second-lien lenders do not receive equity in the form of warrants or a conversion right. They are also attractive to lenders because second-lien loans get a higher rate of interest than the first lien loan, to compensate for the increase in risk, but they also enjoy the security of a junior lien on assets, a feature not available in a mezzanine or high-yield debt deal. The second-lien loan features lien subordination, i.e. the lien securing the second-lien loan is junior in all respects to the lien held by the first lien lender. However, there is no debt subordination as is the case with mezzanine or high-yield debt structures.

The Bankruptcy Side of the Equation

November 27, 2006

Analysis of:US Air makes $8 billion bid for Delta | money.cnn.com

Increased pressure to improve Delta's stand-alone plan.

Creditors likely to weigh how much better they will be treated under the US Airways bid.

Fireworks before 2/15/07 deadline.

Tower Records Will Auction Assets

September 15, 2006

Analysis of:Tower Records files for bankruptcy again | today.reuters.com

-Initial Speculation about Tower Records Chapter 11 case.
-Identifies some key players including CIT as the secured lender.

Leading institutions connect with Mark Berman through GLG

Engage Mr. Mark Berman and other GLG Legal, Economic & Regulatory Affairs Council experts.: Describe your request

GLG Study Groups with Mark Berman(?)

Study Group Name	No. Members
Experts in the Leisure & Lodging Council	4887
Experts in the Automotive Council	3422
Business Intelligence Software Experts	298
Document Management Software Experts	231
Rating Agency Experts	143