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Steve Jakubowski is a Shareholder in the Firm’s Chicago office. He is a member of the Insolvency & Financial Law, Commercial Finance, Litigation, and Government, Regulatory & Administrative practice groups, with his main practice concentration being in distressed workouts, bankruptcies, receiverships, and related ancillary litigation.
He has served as lead and co-lead counsel in bankruptcy cases nationwide from Delaware to Hawaii on behalf of chapter 11 debtors, official and ad hoc creditors’ and equity committees, distressed asset acquirors, and post-confirmation litigation trustees. These matters have involved him in a variety of industries, including: biotech; commercial real estate; premium fitness clubs; dairy and pig farms; chicken and beef slaughterhouses; farming; department stores; restaurant chains; convenience stores; metal fabricators; equipment lessors; and wholesale food manufacturing, packaging, and distribution.
Steve has remained a corporate lawyer to several companies following their out-of-court restructuring or bankruptcy reorganization.
He also is the founder of the Bankruptcy Litigation Blog, the internet’s first bankruptcy blog (2005), which has over one million page views to date.
Since 2009, Steve has advocated in the bankruptcy court, the Court of Federal Claims, and the Federal Circuit for estate representatives and severely injured accident victims whose product liability claims against General Motors were left behind to receive pennies on the dollar by the federal government in the GM bailout. https://forgottengmbailoutvictims.org/. The federal legislation he drafted to compensate the accident victims for the losses they sustained in the bailout, titled “The Auto Bailout Accident Victims Recovery Act of 2024,” was introduced in the 118th Congress on a bipartisan basis as H.R. 8440 and is expected to be reintroduced in the 119th Congress.
Awards and Honors
- Martindale-Hubbell – “AV Preeminent” Peer Review Rated 2012-2025
- The Best Lawyers in America® in the area of Bankruptcy & Creditor Debtor Rights, Insolvency & Reorganization Law, 2025 Edition
- Illinois Super Lawyers, Corporate Bankruptcy and Restructuring, 2015-2025
- Chicago Community Kollel, Tree of Life Awardee, 2001
Professional Involvement
- Member, American Bankruptcy Institute
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15
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New Year, New Office Buchalter Opens Office in Chicago, Illinois
Firm News
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January 15, 2025. Buchalter is pleased to announce the opening of its newest office in Chicago, Illinois with addition of lawyers and staff of the […]
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Webinar
Bankruptcy Basics: From the Creditor’s Perspective Sponsored by ISBA
November 18th, 2022
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Publication
Beware the Post-COVID Revenge of the Mezz Lender
June 5th, 2020
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Publication
New Law Makes Chapter 11 Bankruptcy An Attractive Option for Small Businesses in Distress
April 6th, 2020
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Publication
Changes to Federal Bankruptcy Law Will Reduce Your Preference Risk
December 20th, 2019
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Publication
Bankruptcy Litigation Blog 2.0
July 1st, 2018
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Publication
Private Equity Lender Forced to Defend Strict Foreclosure After Court Sustains Multi-Count Complaint
January 1st, 2017
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Publication
2011 Advanced Licensing Agreements
April 27th, 2011
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Presentation
The Continuing Impact of the General Motors and Chrysler Bankruptcies Presented at Perrin Asbestos Conference
June 21st, 2010
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Presentation
Treatment of IP Licenses in Bankruptcy
April 26th, 2010
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Presentation
Legal Ethics and Web 2.0: Revisiting the “Law of the Horse”
April 1st, 2010
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Presentation
Consumer Bankruptcy Case Law Update
June 26th, 2006
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Presentation
Valuation in Bankruptcy
December 1st, 1991
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Publication
Standards for Awarding Attorney’s Fees Under Section 506(c)
May 1st, 1991
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Podcast
Steve Jakubowski Featured on LODGING On Demand Podcast
August 5th, 2020
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Podcast
Steve Jakubowski Featured on Lexis-Nexis Podcast
August 1st, 2009
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Of Debtors and Acquirors
- Represented a debtor in obtaining from the bankruptcy court within nine days after a scheduled 363 sale hearing a permanent injunction compelling the buyer and its parent to close on the buyer’s stalking horse bid for substantially all the debtor’s assets
- Lead co-counsel in fraudulent transfer and breach of duty litigation involving a subprime auto company, resulting in $150 million in total settlements of behalf of bankruptcy estate
- Successful out-of-court workout for large international fitness club group of multistate US-based premium fitness clubs with over $100 million invested and substantial vendor and landlord lease termination claims
- Confirmed investor reorganization plan after effectuating a consent solicitation that removed the entrenched management team who filed for bankruptcy in order to sell the company’s assets in a 363 sale to foreign investors
- Successful out-of-court wind down of 120 year old publisher of parish bulletins which maximized the value of the company’s assets and minimized administrative expense
- Negotiated favorable plan settlements with three separate senior secured lenders to three large development parcels in Hawaii valued at over $75 million following the close of a contested confirmation hearing involving multiple appraisal and zoning experts
- Represented a Chinese publicly traded company that purchased hundreds of legacy pig farms in China worth over $50 million from a US-based public company in a 363 sale
- Represented multiple successful and backup bidders in assignment for the benefit of creditors and 363 bankruptcy sales
- Represented multiple medical practices in negotiations with private equity acquirors
Of Creditors’ Committees and Ad Hoc Creditor and Equity Committees
- Representation of Creditors’ Committees in multiple cases, including in cases involving: a 7,500 cow dairy farm; a major regional snack food manufacturer and distributor; a national branded retail ice cream manufacturer and with multiple retail store outlets; a popular donut franchisor; an EB-5 funded state-of-the-art slaughterhouse, packing, and distribution facility; and a 26,000 acre farming operation and grain dealer operation processed food and agricultural industries, and in all cases obtaining significant carve-outs for the benefit of unsecured creditors despite the senior lender being undersecured in every case
- Represented ad hoc committee of public shareholders in stopping pre-negotiated credit bid sale to private equity group, resulting in consensual plan of reorganization funded with shareholder investment capital
- Represented ad hoc committee of majority shareholders in removing management through a consent solicitation on the eve of a bankruptcy filing that would have resulted in a 363 sale of the company’s assets to a competitor
Of Creditors
- Represented mezzanine lenders in multiple UCC foreclosures of mezzanine borrowers
- Represented asset-based lenders in forbearance negotiations and UCC foreclosures
- Obtained agreed-upon dismissal of Chapter 11 involuntary bankruptcy case filed within 60 days after involuntary petition filed
- Represented Chicago Bulls Hall-of-Famer in recovering $10 million from investment advisor’s bankruptcy estate
- Initiated state receivership proceedings for lender clients
- Represented bondholder trustee in oil and gas bankruptcy
- Represent lender in battle regarding priority to assignment of rents
- Negotiated DIP lending facilities and related cash collateral / adequate protection orders for senior and junior secured lenders
- Litigated multiple contested cash collateral/adequate protection and related lift stay hearings
- Represented Chicago Bulls Hall-of-Famer in recovering $10 million from investment advisor’s bankruptcy estate
Of Defendants in Adversary Proceedings
- Negotiated $150,000 nuisance value settlement of a fraudulent transfer / breach of fiduciary duty action seeking $17 million in damages from German-based clients
- Negotiated favorable settlements and defenses of businesses sued by trustees in numerous cases for avoidance of alleged preferential and fraudulent transfers
Mr. Jakubowski earned his J.D. from the University of Chicago. He earned his B.S. in Biology from Union College in Schenectady, NY.
- United States District Court, Northern District of Illinois (Trial Bar Member)
- United States Court of Appeals, Seventh Circuit
- United States District Court, Central District of Illinois
- United States Court of Appeals, Federal Circuit
- United States Court of Federal Claims
- Member, Plan Commission for Lincolnwood, Illinois: 2010-2024
- Member, Plan Commission and Zoning Board of Appeals, Lincolnwood, Illinois: 2025-present
Additional Specialties
Distressed Financings & Workouts
Chapter 11 Representation of Debtors and Creditors’ Committees