Restructuring and bankruptcy counsel require a broad and deep skill set to guide their clients through difficult times. Whether representing financial institutions, purchasers of distressed assets, or companies facing challenges, Rick applies his 30 years of experience to help clients chart a path and maximize their outcome.
Rick focuses his practice on the representation of domestic and foreign lenders in connection with in-court and out-of-court workouts and restructurings. He regularly advises agents and lenders in large and middle-market credit facilities in connection with the development of strategies to maximize their recoveries. Rick has extensive experience negotiating forbearance agreements and waivers, amendments, and all other elements of out-of-court restructuring and recapitalization.
Where bankruptcy is necessary, Rick represents lenders and other creditors in all aspects of the case, including negotiating restructuring support agreements and debtor-in-possession financing facilities. His work has regularly included an international component, having represented a number of foreign agents and lenders in the Chapter 11 bankruptcies of their foreign borrowers and the representation of foreign representatives in Chapter 15 proceedings.
In addition to his creditor engagements, Rick has represented distressed companies and members of their boards of directors. This work has included providing advice regarding fiduciary duties, negotiation with various creditor constituencies, and, when needed, the preparation and filing of Chapter 11 cases. He also represents stalking-horse and other bidders in connection with the acquisition of distressed assets, including with respect to secured lenders’ credit bid rights.
Rick is a partner in Crowell & Moring’s Financial Services Practice and resides in the firm’s New York City office. Prior to joining the firm, he was a partner at a major international law firm.
Affiliations
Professional Activities and Memberships
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American Bankruptcy Institute
- Hofstra Law Review, Hofstra University School of Law
Representative Matters
- Representing a leading U.S. bank as agent for a syndicate of lenders in the workout of a $165 million revolving credit facility advanced to one of the world’s largest suppliers of heavy construction and mining equipment. The obligors include subsidiaries in Brazil, Peru, Germany and Canada.
- Representing the agent in complex restructuring of $135 million term loan and revolving credit facility extended to a sponsor-led provider of "last mile" services in the cable and wireless industries.
- Represented one of the world's largest banks as agent in connection with the Chapter 11 bankruptcy of a helicopter leasing company, including in connection with the successful credit bid for the lenders' collateral. The borrower was financed with eight bilateral credit facilities, with distinct lenders and secured by different collateral.
- Represented a major Canadian bank in connection with its exposure in Hertz’ bankruptcy case in Delaware. The bank held approximately $200 million in several series of bonds issued by certain of the Hertz’ non-debtor securitization subsidiaries (and serviced by other debtor-subsidiaries).
- Represented a leading bank as agent in the restructuring of $60 million term loan and revolving credit facility extended to a leading provider of concert lighting systems for domestic and international events, particularly impacted by the pandemic given the industry in which it operates.
- Represented a major money center bank in connection with the Chapter 11 case of a leading costume supplier; the debtors’ business was severely challenged by the uncertainty of the Halloween season during the pandemic; the bank was ultimately paid in full from the proceeds of a sale of the business.
- Represented a major Asian bank in connection with a series of bilateral loans to certain of the debtors and affiliates of a foreign fishing company that filed for bankruptcy in the SDNY; with more than $200 million of exposure, the client was one of the largest creditors to the corporate enterprise, and the cases were filed in an effort to prevent creditors from exercising remedies in foreign jurisdictions.
- Represented the foreign representative of a foreign holding company in connection with (i) the commencement and prosecution of its Chapter 15 Case in the SDNY and (ii) the defense of an arbitration award recognition proceeding in Federal court.
- Represented a major Canadian bank in connection with the workout of approximately $50 million of loans extended to a New Jersey-based real estate developer and the related defense of a "lender liability"-based suit, with the matter ultimately settling to the bank's satisfaction.
- Represented leading bank as agent for club lenders in out-of-court workout and restructuring of $150 million ABL facility and consumer product company.
- Represented a major Japanese bank in connection with certain equipment leasing facilities relating to nuclear power plants, which were assumed by the reorganized debtor in connection with its plan of reorganization.
- Represented a leading bank as agent for a large syndicate of banks, in connection with the pre-petition negotiations and the bankruptcy of a Canadian petroleum company and its U.S. subsidiaries; the client was agent on an unsecured $1 billion revolving credit facility to the operating company and the lenders ultimately received payment in full of their claims, including post-petition interest at the default rate.
- Represented a Taiwanese bank with respect to bilateral loans in an aggregate amount in excess of $500 million in connection with a foreign shipping company's Chapter 11 bankruptcy. The cases addressed significant issues in relation to venue and jurisdiction, conflict of laws, international sanctions, and the reach of the automatic stay.
- Represented a major bank as agent for a large syndicate of banks, in connection with the pre-petition negotiations and bankruptcy of an Oklahoma-based petroleum company and its subsidiaries; the pre-petition $250 million reserve base loan facility was replaced with a down-sized facility on exit.
- Represented a major bank in connection with the restructuring of their loans to the owner of a professional sports franchise, which was in distress due to its connection with the perpetrator of a Ponzi scheme, and was in default under its various loan facilities with the bank. Negotiated and documented a successful restructuring that led to the repayment in full of all facilities.
- Represented a major bank in connection with the restructuring of its loans to a New York-based real estate development company, during the real estate crisis; negotiated and documented a successful restructuring that led to the refinancing and repayment in full of all facilities.
- Acted as debtor counsel to an offshore exploration and production company in its Chapter 11 case in Texas. Among other things, represented the debtor in connection with a complex Section 363 sale process pursuant to which the DIP lenders acquired substantially all of the assets pursuant to a credit bid.
- Acted as debtor counsel to a sports equipment manufacturer in connection with its pre-packaged bankruptcy in Delaware.
Publications
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"Continued Pain in the Retail Sector: Coming Enforcement of Forced Labor Laws," Crowell & Moring’s Restructuring Matters
(February 27, 2023).
Authors: Frederick "Rick" Hyman, Evan Y. Chuck and David R. Stepp.
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"6 Considerations For Investors As Recession Looms," Law360
(February 15, 2023).
Authors: Brian Hail, and Frederick Hyman.
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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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"NY Ruling Is A Ch. 15 Reminder For Practitioners Outside US," Law360
(December 19, 2022).
Authors: Gregory Gennady Plotko, and Frederick Hyman.
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"A Line in the Sand: Caymans Proceeding Ineligible for Chapter 15," Crowell & Moring’s Restructuring Matters
(December 9, 2022).
Authors: Frederick "Rick" Hyman and Gregory Gennady Plotko.
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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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"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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"Celsius Contagion?: Another Crypto Miner Expected to File Bankruptcy," Crowell & Moring’s Crypto Digest
(October 28, 2022).
Author: Frederick (Rick) Hyman.
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"Successor Liability and Section 363: A Broad Interpretation of an “Interest in Property”" Crowell & Moring’s Restructuring Matters
(September 30, 2022).
Authors: Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Another Victim of the Crypto Winter," Crowell & Moring’s Crypto Digest
(September 23, 2022).
Author: Frederick (Rick) Hyman.
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"Your Counterparty Filed Chapter 11 — Make Sure to Check These 10 Boxes," ACC Docket
(September 14, 2022).
Co-authors: Greg Plotko and Rick Hyman.
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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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"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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"Merchant Cash Advance Redux: Loan vs True Sale – New York Federal Courts Weigh In," Crowell & Moring’s Restructuring Matters
(August 18, 2022).
Authors: Scott Lessne, Frederick (Rick) Hyman 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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"SDNY Bankruptcy Court Prohibits a Court Appointed Claims Agent from Selling Direct Access to Creditor Claims Register Data to XClaim," Crowell & Moring’s Restructuring Matters
(July 22, 2022).
Authors: Gregory Gennady Plotko and Frederick (Rick) Hyman.
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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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"Revlon May Signal Another Wave of Retail Bankruptcies," Crowell & Moring’s Retail & Consumer Products Law Observer
(June 27, 2022).
Author: Frederick (Rick) Hyman.
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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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"The Continued Growth of Unitranche Financing," Crowell & Moring’s Restructuring Matters
(May 25, 2022).
Authors: Frederick (Rick) Hyman, Gregory Gennady Plotko, Kevin Rubinstein and Scott Lessne.
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"Contractual Ambiguity (or Not) Tested in Sears," Crowell & Moring’s Restructuring Matters
(May 11, 2022).
Authors: Frederick (Rick) Hyman, Gregory Gennady Plotko and Brian Hail.
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"The Use of Litigation Funding in Bankruptcy," Crowell & Moring’s Restructuring Matters
(April 8, 2022).
Authors: Paul B. Haskel, Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Backstops Survive Another Challenge," Crowell & Moring’s Restructuring Matters
(March 30, 2022).
Authors: Frederick (Rick) Hyman and Gregory Gennady Plotko.
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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.
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"Foreign Debtors and Chapter 11 – Seeking Relief from Turbulent Skies," Crowell & Moring’s Restructuring Matters
(February 15, 2022).
Authors: Frederick (Rick) Hyman, Gregory Gennady Plotko, Paul Muscutt and Cathryn Williams.
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"Plan Support Covenants Survive Attack in Aeromexico’s Bankruptcy Proceeding," Crowell & Moring’s Restructuring Matters
(February 8, 2022).
Authors: Andrew M. Martin, Gregory Gennady Plotko, Frederick (Rick) Hyman and Frank P. Jaklitsch.
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"Hertz: The “Solvent Debtor Exception” Loses Some Traction," Crowell & Moring’s Restructuring Matters
(January 6, 2022).
Authors: Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Cordova V. Chicago Could Narrow Fulton Creditor Protection," Law360
(December 16, 2021).
Authors: Frederick Hyman, Gregory Gennady Plotko, Scott Lessne.
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"Lenders Beware: The Supreme Court’s Ruling in Fulton May Not Be the Final Word on Violations of the Automatic Stay," Crowell & Moring’s Restructuring Matters
(December 8, 2021).
Authors: Frederick (Rick) Hyman, Scott Lessne and Gregory Gennady Plotko.
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"Corporate Directors’ Exposure to Breach of Fiduciary Duty Claims," Crowell & Moring’s Restructuring Matters
(December 7, 2021).
Authors: Scott Lessne, Frederick (Rick) Hyman and Brittney Williams.
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"Further Support for Expedited Confirmations with Carlson Travel," Crowell & Moring’s Restructuring Matters
(November 15, 2021).
Authors: Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Venue Reform May Be Gaining Momentum," Crowell & Moring’s Restructuring Matters
(September 29, 2021).
Authors: Frederick (Rick) Hyman and Monique D. Almy.
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"District Court Considers “Overarching Transfer” When Applying Bankruptcy Safe Harbor," Crowell & Moring’s Restructuring Matters
(September 16, 2021).
Authors: Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Fifth Circuit Refuses to Invalidate Personal Guarantee for Undue Duress," Crowell & Moring’s Restructuring Matters
(August 19, 2021).
Authors: Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Delaware Bankruptcy Court Provides Guidance on the Treatment of Appraisal Rights and Section 510(b) of the Bankruptcy Code," Crowell & Moring’s Restructuring Matters
(August 12, 2021).
Authors: Frederick (Rick) Hyman and Gregory Gennady Plotko.
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"Shifting Winds: 2019 Year in Review," ABF Journal
(December 2019).
Contributor: Rick Hyman.
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"Buckle Up in Advance of the Storm—A Landlord's Guide to Mitigating Risks in Tenant Retail Bankruptcies," The Real Estate Finance Journal
(Fall 2017).
Author: Rick Hyman.
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"Considerations When Lending to a Not-for-Profit Entity," The New York Law Journal
(June 22, 2015).
Author: Rick Hyman.
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"Rough Waters Ahead: Non-Performing Shipping Loans—Solutions Are Available," The Banking Law Journal
(July/August 2014).
Contributor: Rick Hyman.
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"In re Fairfield Sentry Ltd.: Second Circuit Provides Guidance to 'COMI' Determinations in Chapter 15 Cases," Bloomberg BNA Bankruptcy Law Resource Center
(August 23, 2013).
Contributor: Rick Hyman.
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"Enforceability of the "Bankruptcy Waiver": Where Are We Now?" Bloomberg Law Reports
(2011).
Contributor: Rick Hyman.
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"Lyondell Case Shows Bankruptcy Loans Are Available for a Price," Bloomberg
(February 4, 2009).
Author: Rick Hyman.
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"Debtor-in-Possession Lending: Why Loans Should Be Made to a Bankrupt Company," Aspatore Special Report, The Viability of Debtor-in-Possession Loans in the Economic Crisis
(December 10, 2008).
Author: Rick Hyman.
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"Credit Default Swaps: What You Need to Know Now," The Secured Lender
(September/October 2007).
Author: Rick Hyman.
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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"Spring into Distress with Restructuring Matters by Crowell & Moring,"
Financial Services Alert
(April 8, 2022).
Contacts: Frederick "Rick" Hyman, Monique D. Almy, Scott Lessne, Randall L. Hagen, Cathryn Williams, Paul Muscutt
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"Receivables Transactions Revisited: Recent Decisions Split on Sale vs. Loan Characterization,"
Corporate Alert
(February 7, 2022).
Contacts: Scott Lessne, Frederick "Rick" Hyman
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"Credit Bidding: A Sword and a Shield,"
Corporate Alert
(October 27, 2021).
Contact: Frederick "Rick" Hyman
Press Coverage
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Transform Victory Good For Buyers, Experts Say
March 16, 2023 — Turnarounds & Workouts
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Retailer Turmoil ‘23
March 16, 2023 — Turnarounds & Workouts
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Bed Bath & Beyond Receives Nasdaq Warning Over Late 10-Q
January 20, 2023 — Retail Drive
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Asset-Based Lenders Didn’t Start The Fire, But They’ll Need to Protect Against It
December 21, 2022 — The ABF Journal
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Madoff, MF Global Offer Guidance As FTX Faces CFTC In Bankruptcy
December 15, 2022 — Bloomberg Law
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Bankrupt Celsius, Customers Gear Up For Crypto Ownership Fight
December 5, 2022 — Bloomberg Law
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Looks Who's Taking A Crash Course In Crypto Bankruptcy
December 5, 2022 — CoinDesk
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Celsius Bankruptcy Filings Hint Retail Customers Will Bear Brunt Of Its Failure
July 18, 2022 — CoinDesk
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Crypto Bankruptcy Plunges The Industry Into Uncharted Territory
July 15, 2022 — Protocol
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On The Bubble: The Year In Review And What’s In Store For 2022
April 5, 2022 — ABF Journal
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Deal Doctors: Crowell & Moring Adds Hyman
August 11, 2021 — The Deal
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Hyman Joins Crowell & Moring as Partner
August 5, 2021 — ABL Advisor
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Crowell Snags More Transactional Expertise in New York
August 4, 2021 — New York Law Journal
Firm News & Announcements