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Elliot R. Stevens

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Elliot R. Stevens is an associate in the Business Solutions, Governance, Restructuring & Bankruptcy Group.

Elliot’s practice focuses on the representation of debtors, creditors’ committees, equity committees, and creditors in chapter 11 cases, out-of-court restructurings, and municipal bankruptcies. His recent engagements include several high-profile matters, including representing the Financial Oversight and Management Board for Puerto Rico as it restructures the debts of the Commonwealth of Puerto Rico and its instrumentalities.

Elliot earned his first law degree at the University of Cambridge, England, where he received over 15 awards for academic excellence and achieved the first place rank in university-wide exams two years running. After graduating from Cambridge, Elliot earned a Masters in Law from Harvard Law School, where, among other things, he worked as a research assistant for Mark J. Roe and provided pro bono legal assistance to budding entrepreneurs as part of the Community Enterprise Project.

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Two recent decisions by U.S. District Courts have rejected attempts to include nonconsensual third party releases in chapter 11 reorganization plans.  These rulings suggest third party releases may be facing increasing push back from the courts.

Traditionally, bankruptcy only operates to eliminate claims held by creditors against the debtor.  Over the last few years, however, corporate debtors have increasingly attempted to include nonconsensual third party releases in chapter 11 plans of reorganization.  These third party releases, when approved by the bankruptcy court, operate to preclude creditors of the debtor from pursuing claims they possess against non-debtor third parties.  Despite being increasingly found in chapter 11 restructurings, however, third party releases have remained controversial and the subject of heated debates, both inside and outside the courtroom.