Richard J. Lee is a partner in the New York office of Crowell & Moring. He focuses on derivatives, finance, and distressed debt and claims trading. Richard is a CFA® charter holder. He has extensive experience advising investors and lenders in a wide range of alternative credit investments and structured financing transactions.
He represents sell-side and buy-side clients in derivatives transactions and specializes in credit derivatives, including the analysis of credit default swaps and the negotiation of total return swaps. He advises on and negotiates ISDA Master Agreements and related credit support documents, prime brokerage agreements, margin financing arrangements, master repurchase agreements, futures and options agreements, and other trading agreements. Richard also negotiates documentation for equity derivatives transactions, including global equity and equity options master confirmations.
Richard counsels clients on a range of secured financings collateralized by financial assets, including bank loans, claims, and other illiquid assets, as well as traditional margin financing facilities. He also represents investors in commercial litigation funding transactions and other structured financing transactions involving litigation claims.
He represents broker-dealers, hedge funds, and other financial institutions in connection with trading and investing in distressed assets, including corporate bank loans, bankruptcy claims, restructured securities, and litigation claims. He regularly counsels clients in the review and analysis of credit agreements and bond indentures, and advises on bankruptcy and restructuring matters arising in connection with special situations investments.
Prior to joining the firm, he was an attorney with Kibbe & Orbe LLP.
Affiliations
Professional Activities and Memberships
- Chartered Financial Analyst® (CFA)
Representative Matters
- Represented investors in purchasing economic interests in “Risk Corridors” claims under the Affordable Care Act from solvent and insolvent health insurance companies.
- Represented hedge funds analyzing and advocating complex CDS credit events, including Sears, Caesars, Novo Banco, Argentina, and Greece.
- Represented global investment bank providing financing to investment funds purchasing funded and unfunded leveraged loans and making structured loans collateralized by distressed loans, bonds, and related swaps.
- Registered investment funds and hedge funds negotiating margin financing facilities and other prime brokerage financing transactions.
- Represented hedge funds providing liquidity solutions to holders of the Deepwater Horizon economic damages claims using bespoke financing and risk participation structures.
- Represented private equity funds and hedge funds purchasing and restructuring loans and interest rate swap claims against several distressed infrastructure projects, including Indiana Toll Roads and Texas State Highway 130.
- Represented investment banks and investment funds trading billions of dollars of insolvency claims against Lehman Brothers in the U.S., Europe, and Asia.
Publications
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"Cryptocurrency Account Security," Crowell & Moring’s Crypto Digest
(February 22, 2023).
Authors: Richard J. Lee and Alexander Urbelis.
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"ISDA Digital Asset Definitions," Crowell & Moring’s Crypto Digest
(February 1, 2023).
Authors: Jennifer J. Kafcas, Richard J. Lee, Charles Wakiwaka, Lauren J. Blaber and Alvino S. Van Schalkwyk.
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"Genesis’ Race to the Finish Line," Crowell & Moring’s Crypto Digest
(January 23, 2023).
Authors: Frederick "Rick" Hyman and Richard J. Lee.
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"Earn Accounts are Property of the Estate: Celsius Update," Crowell & Moring’s Crypto Digest
(January 17, 2023).
Authors: Richard J. Lee and Matthew Repetto.
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"FTX Contagion – BlockFi Follows FTX and Others Into Bankruptcy," Crowell & Moring’s Crypto Digest
(November 29, 2022).
Authors: Frederick "Rick" Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Crypto Commingling: Celsius Examiner files Initial Report," Crowell & Moring’s Crypto Digest
(November 22, 2022).
Authors: Frederick "Rick" Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Blockchain Analysis by Chainalysis," Crowell & Moring’s Crypto Digest
(November 21, 2022).
Author: Richard J. Lee.
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"Legal Issues for Institutional Investors of FTX," Crowell & Moring’s Crypto Digest
(November 10, 2022).
Authors: Frederick "Rick" Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Digital Asset Collateral," Crowell & Moring’s Crypto Digest
(October 24, 2022).
Authors: Scott Lessne and Richard J. Lee.
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"Celsius Networks’ Pre-Bankruptcy Warnings Highlighted Crypto Bankruptcy Risks," The Journal of Bankruptcy Law
(September 1, 2022).
Authors: Richard J. Lee, Gregory Gennady Plotko, Frederick Hyman.
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"Cryptocurrency Platforms Three Arrows Capital And Voyager Digital Resort To Bankruptcy For Relief," The Journal of Bankruptcy Law
(September 1, 2022).
Authors: Richard J. Lee, and Frederick Hyman.
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"Cryptocurrency Trading Agreements," The Banking Law Journal
(September, 2022).
Author: Richard J. Lee.
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"Celsius Update," Crowell & Moring’s Crypto Digest
(August 24, 2022).
Authors: Frederick (Rick) Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Voyager’s Bankruptcy Case is Picking Up Steam," Crowell & Moring’s Crypto Digest
(August 16, 2022).
Authors: Frederick (Rick) Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Celsius Networks’ Bankruptcy Case Update: It’s Still Early Days," Crowell & Moring’s Crypto Digest
(August 3, 2022).
Authors: Frederick (Rick) Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Voyager Digital’s Bankruptcy Case: The First 3 Weeks," Crowell & Moring’s Crypto Digest
(July 31, 2022).
Authors: Frederick (Rick) Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Lessons From Recent Cryptocurrency Bankruptcy Case: Cred, Inc." Westlaw
(July 15, 2022).
Authors: Richard J. Lee, Gregory Gennady Plotko, Frederick Hyman.
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"Cryptocurrency Hedge Fund Three Arrows Capital and Platform Voyager Digital Resort to Bankruptcy for Relief," Crowell & Moring’s Crypto Digest
(July 7, 2022).
Authors: Frederick (Rick) Hyman and Richard J. Lee.
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"Celsius Networks’ Warnings Highlight Crypto Bankruptcy Risks," Crowell & Moring’s Crypto Digest
(June 28, 2022).
Authors: Richard J. Lee, Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Lessons from Recent Cryptocurrency Bankruptcy Case: Cred, Inc." Crowell & Moring’s Restructuring Matters
(June 17, 2022).
Authors: Frederick (Rick) Hyman, Richard J. Lee and Gregory Gennady Plotko.
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"Cryptocurrency Trading Agreements," Crowell & Moring’s Crypto Digest
(June 1, 2022).
Authors: Richard J. Lee and John A. Clark.
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"Trends in ESG for Members of the Restructuring Community," Crowell & Moring’s Restructuring Matters
(March 3, 2022).
Authors: Frederick (Rick) Hyman, Richard J. Lee and Gregory Gennady Plotko.
Client Alerts & Newsletters
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"Staying Warm in a Crypto Winter,"
Financial Services Alert
(December 5, 2022).
Contacts: Frederick "Rick" Hyman, Richard J. Lee
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"President Biden Issues Executive Order Directing “Whole of Government” Assessment of Digital Assets,"
Financial Services Alert
(April 5, 2022).
Contacts: Alexander Urbelis, Anand Sithian, Stephanie L. Crawford, Caroline E. Brown, Richard J. Lee, Irina Pisareva, Carlton Greene
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"SEC Announces 2022 Examination Priorities,"
Financial Services Alert
(April 1, 2022).
Contacts: Carlton Greene, Anand Sithian, Irina Pisareva, Richard J. Lee, Nimrod Haim Aviad, Caroline E. Brown, Alexander Urbelis
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"The Resurgence of Loan Total Return Swaps,"
Corporate Alert
(April 29, 2020).
Contacts: Jennifer K. Grady, Richard J. Lee, John A. Clark
Press Coverage
Firm News & Announcements