Overview

Rick has extensive experience providing legal, financial advisory, and strategic counseling in restructurings of municipal and corporate debt, as well as equity. Over the past 35 years, he has represented nearly every high yield bond fund, all of the major corporate trustees, and many private hedge funds.

His national practice has spanned bankruptcy and creditors’ rights, public finance, commercial and tax litigation, mergers and acquisitions, corporate securities law, and taxation. Rick has successfully worked on more than 150 restructurings of corporate and public debt, both in and out of bankruptcy. He has appeared in more than 20 Federal Courts of Appeal, District Courts, and Bankruptcy Court, as well as numerous state trial and appellate courts.

A Wharton finance graduate and Certified Public Accountant, Rick brings unique financial and accounting skills to every matter, along with a solutions-driven approach to achieving the best results for his clients. He has advised clients in multiple industries, including cannabis and health care where he has worked out debt for hospitals, nursing homes, continuing care communities, and adult housing across the United States. Rick represented the German government in the City of Detroit bankruptcy case.  Most recently, Rick gained experience on the financial advisory side of the restructuring world, as a managing director with a leading national accounting and consulting firm.

Admitted in California, Illinois, and Pennsylvania; not admitted in Arizona.

  • Experience

    Public and Private Debt Restructurings

    • Represented German government as holder of COPs debt in the Detroit bankruptcy case ($175 million).
    • Represented a biosolids company in a $75 million workout of solid waste disposal bonds
    • Represented Bond Trustee in recent Chapter 9 bankruptcy case involving a California health care district.
    • Represented Bond Trustee in confirmed Chapter 11 bankruptcy case involving Congoleum Corporation.
    • Represented indenture trustee in bankruptcy reorganization of children's psychiatric hospital in Allentown, Pa. ($50 million).
    • Represented indenture trustee in restructuring of CCRC in Gadsden, Ala. ($30 million).
    • Represented indenture trustee in restructuring of Hebrew College in Boston, Mass. ($35 million)
    • Represented bondholders and indenture trustee in restructuring of debt on Hilton hotel in Austin, Tex. ($40 million)
    • Represented indenture trustee and bondholders in restructuring of office building in Harrisburg, Pa. ($90 million)
    • Represented indenture trustee and bondholders in restructuring and bankruptcy of ethanol plant in Pennsylvania ($65 million)
    • Represented indenture trustee in bankruptcy reorganization of hospital in Berkshire, Mass. ($50 million)
    • Represented indenture trustee in bankruptcy reorganization of asbestos flooring manufacturer in New Jersey ($100 million)
    • Represented indenture trustee in failed waste-to-energy plant in West Virginia ($300 million)
    • Represented indenture trustee in restructuring of CCRC in Atlanta, Ga. ($50 million)
    • Represented indenture trustee in restructuring of CCRC in Memphis, Tenn. ($50 million)

    Tax, Securities, and Commercial Litigation

    • $500 million federal tax refund claim for Spang Industries involving complex, novel issues of tax accounting; tried case in U.S. Claims Court and made successful appeal to U.S. Court of Appeals for the Federal Circuit.
    • Complex multimillion-dollar appeal of overhead bridge maintenance claim on behalf of Southeastern Pennsylvania Transportation Authority affecting entire commuter train system. The appeal, to the Commonwealth Court of Pennsylvania, involved first impression issues of federal and state law.
    • Represented PHLX options-trading company in multimillion-dollar suit initiated by options clearing corporation.
  • Credentials

    Education

    • Harvard Law School, J.D., 1976, cum laude
    • University of Pennsylvania, B.S., 1973, summa cum laude
      Benjamin Franklin Scholar
      Herbert S. Steuer Memorial Award
      Beta Gamma Sigma, President
      Beta Alpha Psi

    Bar Admissions

    • California
    • Illinois
    • Pennsylvania
    • U.S. Supreme Court
    • U.S. Court of Appeals for the Federal Circuit
    • U.S. District Court for the Southern District of California
    • U.S. District Court for the Northern District of Illinois
    • U.S. District Court for the Eastern District of Pennsylvania
    • U.S. District Court for the Eastern District of Michigan
    • U.S. Court of Federal Claims
    • U.S. Tax Court

      Professional Memberships

      • American Bar Association
      • National Association of Bond Lawyers
      • American Institute of Certified Public Accountants
      • Turnaround Management Association
      • American Bankruptcy Institute

      Professional Certifications

      • Certified Public Accountant (CPA) - Florida and Arizona
      • FINRA Arbitrator

      Teaching Appointments

      • Thomas Jefferson School of Law, Adjunct Professor (2011-2015)
      • Loyola University Chicago School of Law, Adjunct Professor (2012-2015)
    • Insights

      TITLE
      Event

      The Effect of COVID-19 on the Municipal Bond Industry

      Schiff Hardin LLP and The Tenbar Group

      Location:
      Webinar
      News Release

      Schiff Hardin Continues Growth of National Restructuring Practice With Return of Rick Frimmer

      We announced today that Rick Frimmer has returned as counsel in the firm’s Restructuring Practice. Rick provides strategic financial and legal counsel in restructurings of municipal debt and corporate debt and equity.

      Alert

      Narrowing the Channel into Section 546(e)’s Safe Harbor?

      The Seventh Circuit recently reopened a circuit split by asking the rhetorical question: When you receive a letter from a friend through the mail, do you ordinarily say that the letter was sent by the friend or the post office?

      Alert

      Bankruptcy Alert: Seventh Circuit Broadens Ordinary Course Preference Defense

      The Seventh Circuit expanded the “ordinary course" defense of creditors who have been sued for the avoidance of preferential payments under Section 547 of the Bankruptcy Code.

      Speeches & Presentations

      Rick is a prolific and sought-after speaker, having spent 20 years speaking on public finance and defaulted debt topics for the Practicing Law Institute, National Association of Bond Lawyers, Debtwire, and The Bond Buyer. Most recently, Rick was interviewed in The Wall Street Journal and Forbes.

      • “The Effect of COVID-19 on the Municipal Bond Industry,” (moderator) Schiff Hardin and The Tenbar Group, Webinar (May 8, 2020)