Irving H. Picard

Irving H. Picard focuses his practice primarily on bankruptcy reorganization cases and out-of-court restructurings. Mr. Picard’s extensive litigation experience includes investigating the financial affairs of debtors and seeking to recover property. His practice is also focused on issues pertaining to substantive consolidation, preference and fraudulent transfers. Mr. Picard has counseled clients on transactional matters, such as the acquisitions of assets from debtors, non-substantive consolidation and true sale opinions. He also advises on bankruptcy remote entities.

Mr. Picard has served as a court-appointed SIPA Trustee under the Securities Investor Protection Act (SIPA) in more than 11 securities brokerage house liquidations since 1984. He is currently the court-appointed SIPA Trustee in the liquidation of Bernard L. Madoff Investment Securities LLC. Prior trusteeships under the SIPA include Jay W. Kaufmann & Company, Norbay Securities, Inc., Investors Center Inc., and Faitos & Co., Inc. Mr. Picard has also served as counsel to trustees under SIPA, counsel for Chapter 11 creditors’ committees, and as a receiver and a disbursing agent.

Mr. Picard’s bar admissions include New York; Massachusetts; U.S. Court of Appeals, First Circuit; U.S. Court of Appeals, Second Circuit; U.S. Court of Appeals, Fourth Circuit; U.S. Court of Appeals, Seventh Circuit; U.S. Court of Appeals, Ninth Circuit; U.S. Court of Appeals, Tenth Circuit; U.S. District Court, Northern District of New York; U.S. District Court, Southern District of New York; U.S. District Court, Eastern District of New York; and the U.S. District Court, District of Massachusetts.

He is a member of the New York and American Bar Associations (ABA Business Law and Business Bankruptcy Committee), the American Bankruptcy Institute, National Association of Federal Equity Receivers, the Federal Bar Council, the Registry of Mediators for the United States Bankruptcy Court (SDNY), and the Turnaround Management Association. He is an associate member of the National Association of Bankruptcy Trustees. 

David J. Sheehan

David. J. Sheehan is a trial lawyer who has tried cases in federal and state courts throughout the country before both judges and juries, principally in the areas of intellectual property, product liability and business litigation. Mr. Sheehan has vast experience in trying complex cases, and he brings a deep and broad understanding of preparing cases for litigation and counseling clients accordingly.

Since December 2008, Mr. Sheehan has served as lead counsel for the global representation of the Securities Investor Protection Corporation (“SIPC”) liquidation of Bernard L. Madoff Investment Securities LLC in connection with one of the largest financial frauds in recorded history. Mr. Sheehan directs the multiple legal teams in connection with the global investigations and litigations seeking tens of billions of dollars in worldwide asset recovery from financial institutions, hedge funds and hedge fund fiduciaries, funds of funds, and investment managers.

In addition to this experience, Mr. Sheehan served as a Lieutenant in The United States Navy Judge Advocate General’s Corps from 1969 to 1973.

Mr. Sheehan is a fellow in the American College of Trial Lawyers and a Life Fellow of the American Bar Foundation. Recognized by his peers as one of the leading trial lawyers in the New York metropolitan area, he was named one of the Top 100 Lawyers in the metropolitan New York area in 2007 and 2011. He has been repeatedly selected as one of the “Best Lawyers in America” for business litigation in the states of New York and New Jersey.

In the pro bono arena, Mr. Sheehan is deeply committed to providing legal services in support of the public interest and citizens’ rights. His career contributions have been acknowledged widely, and he has also been awarded the Thurgood Marshall Award from the Association of the Bar of the City of New York for his work on death penalty cases.

About BakerHostetler
One of the nation’s largest law firms, BakerHostetler helps clients around the world to address their most complex and critical business and regulatory issues. With five core national practice groups – business, employment, intellectual property, litigation, and tax – the firm has nearly 900 lawyers located in 14 offices coast to coast. For more information, visit