Stephen B. Selbst. Bankruptcy and Restructuring Engagements

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1 Stephen B. Selbst Partner Chair, Restructuring & Bankruptcy Group New York (212) PHONE (212) FAX SERVICES Commercial Finance and Lending, Private Investment Funds, Restructuring & Bankruptcy, Real Estate Litigation & Dispute Resolution EDUCATION University of Michigan Law School (J.D., 1980) University of Michigan (B.A., with highest distinction, 1976) ADMISSIONS New York U.S. District Court, S.D. New York U.S. District Court, E.D. New York U.S. District Court, Dist. of Connecticut U.S. District Court, N.D. Illinois U.S. Court of Appeals, 3rd Cir. Stephen Selbst is the chair of Herrick's Restructuring & Bankruptcy Group. He has more than 30 years of experience representing debtors, creditors, official committees, distressed investors and asset purchasers in bankruptcies and out-of-court restructurings. Stephen advises clients from a wide range of industries, including financial services, telecommunications, government agencies and real estate. A skilled commercial litigator, Stephen also has significant experience in district and state courts, where he regularly represents clients in separate litigation arising out of bankruptcy. He is a frequent lecturer on bankruptcy and restructuring topics and has published articles and book chapters on bankruptcy-related topics. He has been frequently quoted in newspaper articles on insolvency related topics and has appeared on CNBC. Bankruptcy and Restructuring Engagements General Growth Properties, Inc. - Citicorp et al.: Represented Oakwood lender group in chapter 11 proceedings of diversified mall operator (S.D.N.Y.) Chrysler LLC - Bridgestone Tire: Represented Bridgestone Tire and Colorado dealers in the chapter 11 proceedings of Chrysler LLC. (S.D.N.Y.) General Motors Corporation - Bridgestone Tire: Represented Bridgestone Tire in the chapter 11 proceedings of General Motors Corporation. (S.D.N.Y.)

2 Lehman Brothers Holding, Inc.: Represented various creditors in Lehman Brothers chapter 11 proceedings, including an investment bank, a re-insurance firm, a Japanese investor, a hedge fund and real estate developers (S.D.N.Y.) Protostar - Intelsat: Represented Intelsat Corporation as successful purchaser of Protostar I satellite for $210 million in bankruptcy auction (D.Del.) Sea Launch - Intelsat: Represented Intelsat Corporation in chapter 11 proceedings of a satellite launch service provider (D.Del.) ALC Holdings, LLC: Represented creditors committee in chapter 11 proceedings of laser skincare clinic (D.Del.) PSN, USA, Inc. - Won defense summary judgment for Intelsat on fraudulent conveyance claim bought by cable television network (S.D.Fla.) Honeywell - North American Refractories Chapter 11: Represented Honeywell International Inc. in asbestos chapter 11 case of North American Refractories Company (W.D.Pa.) Parmalat USA: Represented U.S. affiliates of the international Parmalat group in chapter 11 proceedings. The successful plan of reorganization was confirmed in 15 months with over $1 billion in claims resolved (S.D.N.Y.) Motels of America: Represented operator of 100 motel properties in chapter 11 proceedings. Successfully stabilized operations in chapter 11, commenced litigation against the lender in bankruptcy court, which led to the consensual refinancing of the debtor's operations with a new lender and payment in full to all creditors (N.D.Ill.) AB Dick: Represented Presstek Inc. as the successful bidder for printer manufacturer AB Dick (D.Del.) Kimble Glass: Represented Gerresheimer AG as successful bidder for New Jersey glass manufacturer (D.Del.) Golden Books: Represented Classic Media as winning bidder for Golden Books (D.Del.) We Recycle, LLC: Represented winning bidder for environmental recycling business pursuant to plan of reorganization (S.D.N.Y.) Solar Communications, LLC: Represented private equity firm in acquiring telecommunications provider pursuant to plan of reorganization (W.D.La.) Manhattan Valley: Represented buyer of mortgage debt in 34-property plan of reorganization where mortgagee acquired the properties Memberships & Associations American Bar Association Association of the Bar of the City of New York American Bankruptcy Institute Turnaround Management Association Matters Debtor in Complex Commercial Real Estate Bankruptcy Represented the debtor in a complex bankruptcy involving a closely held corporation whose main asset, a valuable Manhattan commercial property, had been placed under receivership prior to the chapter 11 filing. Our court confirmed reorganization plan resolved all disputes with shareholders and included a new $16.5 million mortgage loan used to satisfy all creditors. Coyne International Enterprises Corp. - Restructuring

3 Represented Coyne International Enterprises Corp., a leading U.S. commercial laundry service company with nine plants and 15 service centers in 23 states, in a successful auction of its business operations to three industrial laundry companies as part of its Chapter 11 proceedings. The $49.8 million total sale value from the three buyers Cintas Corporation, Prudential Overall Supply Company and Clean Uniforms and More! represented a more than 50-percent premium on starting auction bids. Intelsat Corporation - 11th Circuit Victory in Fraudulent Conveyance Litigation Represented Intelsat in its victory in the 11th Circuit, capping a 7-year litigation during which Herrick's arguments on behalf of Intelsat were upheld at every step. The trustee of the PSN USA Liquidating Trust originally sought to recover more than $7 million in disputed payments. During the discovery phase of the case, Herrick established that approximately $4 million of the payments were indisputably valid, leading the trustee to drop that portion of his claim. As to the remaining $3 million, the 11th Circuit's decision confirmed the decisions of the bankruptcy court and the district court that the payments to Intelsat could not be clawed back. Intelsat - Tribune Company Represent Intelsat Corporation in Chapter 11 proceedings of a diversified media company. (D. Del.) Intelsat - Equity Media Holdings Corp. Represent Intelsat Corporation in connection with Chapter 11 proceedings of a television station operator. (E.D. Ark.) Bridgestone Tire - General Motors Corporation Represent Bridgestone Tire in the Chapter 11 proceedings of General Motors Corporation. (S.D.N.Y.) Bridgestone Tire - Chrysler LLC Represented Bridgestone Tire and Colorado dealers in the Chapter 11 proceedings of Chrysler LLC. (S.D.N.Y.) DNL Industries LLC - Chapter 11 Proceedings Represented DNL Industries LLC, an emerging technology company, in its Chapter 11 restructuring. ALC Holdings LLC - Skin Care Provider Represented official unsecured creditors committee of laser skin care provider. (D.Del.) Great Atlantic & Pacific Tea Company - Grocery Haulers Inc. Representing major trade creditor in large supermarket reorganization. (S.D.N.Y.) Hughes Network Systems - Reorganization Represented Hughes Network Systems LLC in telecommunications reorganization. (S.D.N.Y.) Intelsat - Sea Launch Represented Intelsat Corporation in chapter 11 proceedings of satellite launch service provider (D.Del.) Intelsat - Protostar Represented Intelsat Corporation as successful purchaser of Protostar I satellite for $210 million in bankruptcy auction (D.Del.) Intelsat - Bantel, LLC Represented Intelsat Corporation in chapter 11 proceedings of a satellite telecommunications company (S.D. Fla.). Citicorp el al. - General Growth Properties Inc.

4 Represented Oakwood lender group in chapter 11 proceedings of diversified mall property operator (S.D.N.Y.) Berry-Hill Galleries - $20 Million Mortgage Representation of Berry-Hill Galleries, a prominent New York art gallery, in a $20 million mortgage secured by the company's real estate. (Prior firm experience) RFR Holdings - Salander-O'Reilly Galleries Bankruptcy Representation of RFR Holdings, LLC, the landlord for the Salander-O'Reilly Galleries, which was in Chapter 11. Filed motion for relief from stay and successfully obtained possession of leased premises for landlord. (Prior firm experience) Intelsat - Verestar Bankruptcy Representation of Intelsat Ltd. in connection with its $15 million of unsecured claims and defended $3.5 million of preference claims, which were resolved through negotiation on favorable terms to Intelsat. (Prior firm experience) Berry-Hill Galleries - Chapter 11 Representation of equity holders of a prominent New York art gallery in connection with the negotiation and documentation of a Chapter 11 plan and exit financing, including a $35 million exit financing facility. (Prior firm experience) Grace Industries - Bankruptcy Acquisition Representation of the successful bidder for Grace Industries, a New York City-based asphalt contractor. Negotiated the purchase agreement with the debtor and the creditors' committee and obtained bankruptcy court approval for the transaction. (Prior firm experience) Honeywell - North American Refractories Bankruptcy Representation of Honeywell in the Chapter 11 proceedings of North American Refractories Company, an asbestos case. The plan of reorganization for NARCO was confirmed in 2007; it is currently on appeal to the United States District Court for the Western District of Pennsylvania. (Prior firm experience) American Marine Holdings - $35 Million Refinancing Representation of American Marine Holdings in connection with the refinancing of a Fleet Capital loan with a new $35 million loan from First Capital, LLC. (Prior firm experience) Parmalat USA - Chapter 11 Representation, as co-counsel, of US affiliates of the international Parmalat group in their Chapter 11 proceedings. Case resulted in a successful restructuring from a business and financial perspective. As co-counsel, led the effort to negotiate and obtain cash collateral and DIP financing and restructure all secured debt. Also led effort to investigate and pursue fraudulent conveyance claims against existing lenders, which were successfully satisfied as part of the plan of reorganization. Also ran the investigation into billion-dollar plus claims against Parmalat's Italian parent corporation, and resolved claims of equal magnitude asserted by the parent corporation and its affiliates against the US entities. Lead lawyer for contested Chapter 11 confirmation trial. (Prior firm experience) IESI Corporation - $950 Million Sale Representation of IESI, an integrated waste management company, in its sale to BFI Canada, a Canadian public company, for approximately $950 million. (Prior firm experience) Bayside Capital - $50 Million Bankruptcy Acquisition of Sola Communications

5 Represented Bayside Capital LLC in its $50 million acquisition of Sola Communications LLC in the bankruptcy court for the Western District of Louisiana. (Prior firm experience) Yum! Brands - Hearth Management Group Mediation Representation of Yum! Brands, Inc. and subsidiaries Taco Bell, KFC and Pizza Hut in adversary proceedings arising out of a breach of contract claim. Plaintiffs originally sought in excess of $25 million in damages. Case successfully resolved through mediation for a nominal amount. (Prior firm experience) Presstek Acquisition of AB Dick Company Representation of Presstek, Inc., a leading manufacturer and marketer of high-tech digital imaging solutions, in its acquisition via 363 sale of AB Dick, a graphic arts equipment and supplies business. Negotiated acquisition agreement and DIP financing, led litigation team in discovery and contested hearings. Won approval for acquisition over creditors' committee objections and won all appeals arising from the case. (Prior firm experience) American Marine Holdings - Sale of Minority Interest Represented American Marine Holdings in connection with the sale of a minority interest to a private equity investor. (Prior firm experience)