"For a successful recovery, the objective is to discover, freeze and seize assets. The best way to achieve this is by reversing the litigation paradigm and focusing on recovering first, not last."
Rick is a partner at HMB and a member of the firm’s Litigation Group. He concentrates his practice on secured creditors’ rights, bankruptcy representation, loan enforcement and international litigation to recover claims and assets.
Rick regularly advises financial institutions, hedge funds, privately-held companies, bankruptcy trustees, receivers, non-bank lenders and high-net-worth individuals on a broad range of workout, restructuring and transactional matters. He helps secured creditors recover pledged collateral through Uniform Commercial Code sales and commercial mortgage foreclosures, as well as prosecute claims based on fraud, non-performing loans and intercreditor disputes. Additionally, he defends creditors against third-party claims when asserted.
Highly-regarded for his knowledge of international legal systems, Rick frequently serves as special counsel to corporations, individuals and their advisors as they navigate complex international banking and fraud matters. His pioneering status as the first U.S. Attorney to employ the Mutual Legal Assistance Treaty in Uruguay, obtain Norwich Pharmacal relief in Vancouver, British Columbia and enforce consent directives in bankruptcy court in the state of Washington make him a sought-after media expert on international asset recovery.
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Doing What’s Best for Your Business
Clients rely on Rick’s unique and expansive knowledge of international law and his business first approach to litigation. Rick focuses on what’s best for your business and what you’re trying to accomplish through litigation. Sometimes it’s best to settle, sometimes it’s best to go to trial. As an accomplished trial attorney, Rick is practical and aggressive.
Education
University of Miami, J.D.
Washington University, B.A.
Admissions
Illinois
Florida
U.S. Court of Appeals, 1st Circuit
U.S. Court of Appeals, 4th Circuit
U.S. Court of Appeals, 7th Circuit
Honors
Best Lawyers in America, 2021
Asset Recovery Lawyer of the Year, 2014
Professional Memberships
- American Bar Association, Commercial & Business Litigation Committee, International Litigation Subcommittee, Co-Chair
- American Bankruptcy Institute, Commercial Fraud Committee, Co-Chair
- Chicago Bar Association, Member
- International Bar Association, Member
- Jewish Community Center of Chicago, Honorary Director
- National Association of Bankruptcy Trustees, Member
- National Association of Federal Equity Receivers, Member
Events
- Rick S. Rein Presents a Webinar with Strafford- "Enforcing U.S. Judgments Outside the U.S" - 9/2/20July 9, 2020
9/2/20 1:00PM-2:30PM ET Join Rick, with a panel of experts, for this CLE webinar that will discuss how to locate and seize offshore assets with which to satisfy a US obligation or judgment. The panel will also address tools to prevent the removal of assets to other countries. The panelists will address issues such as: What countries are the hardest…
- Watch Aaron Hammer and Rick Rein Present "Hot Topics in Cross Border Restructurings" On DemandOctober 14, 2019
On 9/17/19 Aaron Hammer and Rick Rein presented "Hot Topics in Cross Border Restructurings" at the Offices of Gowling WLG LLOP in Toronto, Canada. Aaron and Rick discussed the role of chief restructuring officers and other turnaround professionals in Canadian restructuring, flash points in today's cross border insolvencies, and the cannabis space. This program was intended for lenders, turnaround professionals…
- Aaron Hammer and Rick Rein present "Hot Topics in Cross Border Restructurings" - 9/17/19August 16, 2019
9/17/19 Offices of Gowling WLG LLP Toronto, Canada Aaron Hammer and Rick Rein present "Hot Topics in Cross Border Restructurings" at the Offices of Gowling WLG LLP on September 17th. The discussion will include: The Role of Chief Restructuring Officers and Other Turnaround Professionals in Canadian Restructuring • Would Canadian restructurings benefit from an increased use of CROs, similar to…
- Rick Rein presents "Cross Jurisdiction Enforcement: Getting Paid When The Money is Overseas" - Delaware State Bar Assn & WTC of Delaware - 11/28/18November 27, 2018
University & Whist Club Wilmington, Delaware Moderated by Rafael Zahralddin, International section co-chair and Elliott Greenleaf, P.C. Director & Shareholder, Rick Rein will participate in a panel that will discuss how to domesticate a foreign judgment in Delaware, as well as how to domesticate a Delaware judgment in a foreign jurisdiction. The keynote speaker is The Honorable Eric M. Davis,…
- Rick Rein Presents "The Cryptocurrency Craze" at the ABI Cross-Border Insolvency ProgramSeptember 7, 2018
The use of cryptocurrencies are becoming more prevalent throughout the world. During the early days of Bitcoin there was a relative absence of regulation or control by governments since there is no central issuing authority. Given the increasing use of cryptocurrencies, as well as the increased hacking of these currencies and bankruptcies of cryptocurrency firms, bankruptcy courts will likely have…
Publications
- Force Majeure? It’s Unorthodox, But I’ll Allow It: Bankruptcy Court Excuses § 365(d)(3) Performance Due to CoronavirusJune 10, 2020
In an opinion for our troubled times, Northern District of Illinois Bankruptcy Judge Donald Cassling granted debtor Hitz Restaurant Group (“Hitz”) some reprieve from § 365(d)(3)’s strict requirements due to a combination of COVID-19 shutdown orders and a favorably-worded force majeure clause. Hitz’s landlord, Kass Management Services, Inc. (“Kass”) moved to lift the automatic stay after Hitz stop making its…
- John Guzzardo and Rick Rein Published in NABT American Bankruptcy Trustee JournalJanuary 15, 2019
John Guzzardo and Rick Rein wrote an article for NABT American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets. A consent directive is a "rare bird" investigatory tool that litigants in the US may use to discover assets and information from debtors or third parties located anywhere in the world. Recently, the Ninth Circuit Bankruptcy…
- Challenges in Discovering Perpetrators of International Cryptocurrency FraudsMay 14, 2018
The use of cryptocurrencies is increasing at a staggering pace. As cryptocurrency use becomes mainstream, its use as a form of payment and storage as an asset will increase across industries and among companies and individuals.
- Look Before You Leap: Demystifying Cross-Border RecoveriesOctober 29, 2017
Rick Rein Contributed to an article discussing Local jurisdictions and establishing a plan of action for achieving an international recovery of an asset.
- Mortgage Foreclosure Alert - Alternative Means to Sell Property Under Illinois Mortgage Foreclosure ActMarch 28, 2013
For many foreclosure sales, the typical sale process - selling the property at a court-ordered auction - is sufficient. The result of most such sales is the bank "credit bidding" against its debt. In certain cases, however, a traditional judicial auction may not be appropriate. For example, the bank may not want to take title to the property or the…
News
- Richard M. Horwood, Rick S. Rein and Jeffrey A. Zaluda Named to Best Lawyers in America 2021 ListSeptember 8, 2020
Richard M. Horwood, Rick S. Rein and Jeffrey A. Zaluda were named to Best Lawyers in America 2021. Recognition by Best Lawyers is based entirely on peer review. Their methodology is designed to capture, as accurately as possible, the consensus opinion of leading lawyers about the professional abilities of their colleagues within the same geographical area and legal practice area.…
- Rick S. Rein and Karl E. Analo Secure $4.6 Million Victory in Breach of Commercial Guaranty DisputeJuly 8, 2020
HMB litigators Rick S. Rein and Karl E. Analo secured a complete victory in a recent breach of guaranty dispute. The team obtained summary judgment in their client’s favor on all counts resulting in a total judgment of over $4,600,000 as well as attorneys’ fees. HMB’s client leased certain equipment to a hospital pursuant to a commercial equipment lease. The…
- Chicago Business Law Firm HMB Adds Four Corporate Partners, Significantly Expands Services in Banking, FinanceOctober 19, 2011
CHICAGO, September 13, 2011 - Four highly-experienced partners have joined the Chicago business law firm of Horwood Marcus & Berk Chartered (HMB), expanding the firm's service offerings in the areas of banking, finance, securities, restructuring and bankruptcy, as well as commercial litigation. The four most recently practiced in the Chicago office of a large Detroit-based law firm and prior to that the…
- Chicago Business Law Firm HMB Adds Four Corporate Partners, Significantly Expands Services in Banking, FinanceOctober 19, 2011
CHICAGO, September 13, 2011 - Four highly-experienced partners have joined the Chicago business law firm of Horwood Marcus & Berk Chartered (HMB), expanding the firm's service offerings in the areas of banking, finance, securities, restructuring and bankruptcy, as well as commercial litigation. The four most recently practiced in the Chicago office of a large Detroit-based law firm and prior to that the…
blog
- Current Treatment of Mareva Injunctions in CanadaJanuary 29, 2020
A Mareva injunction freezes a defendant’s assets to avoid their dissipation and to enable a judgment to be later satisfied.
- Developments Offshore In Third Party Disclosures in Wrongdoings (Norwich Pharmacal Relief)January 6, 2020
In the last several years to assist tracing of assets and discovery of perpetrators, courts in English common law countries have shown a willingness to assist victims by ordering third parties to disclose information through discovery about wrongdoings under Norwich Pharmacal relief.
- Recent Circuit Court Decisions Extend The Breadth of Section 1782 U.S. Discovery in Foreign ProceedingsOctober 31, 2019
A federal district court may order discovery under 28 U.S.C. Section 1782 “for use in a proceeding in a foreign or international tribunal” upon application by any “interested person”.
- BVI Scales Back Stand-Alone InjunctionsJune 12, 2019
In 2009 in Black Swan Investment ISA v. Harvest View Limited BHVC (Com) 2009/399, the court established the principle that a court can act in aid of foreign proceedings where it can be shown that there is property situated in BVI which belongs to the defendant in the foreign proceedings and which may be enforced against in the event the foreign proceedings are successful.
- Second Circuit in Madoff Enables Trustee To Recover Under Bankruptcy Code For Fraudulent Transfers Initially Sent Offshore from the U.S.February 28, 2019
On February 25, 2019, the Second Circuit in the Madoff liquidation decided that Sections 548 and 550 of the Bankruptcy Code can be applied extraterritorially to recover fraudulent transfers. There, offshore feeder funds were recipients of investors' fraudulent transfers and contended that U.S. fraudulent transfer law did not apply abroad. Read more here.
