Gordon Z. Novod

Gordon Novod heads Grant & Eisenhofer’s bankruptcy and distressed litigation practice. He has more than 20 years of experience representing litigation trustees, ad hoc and official committees, distressed investors, lenders, indenture trustees, trade creditors, and other parties in some of the most complex landmark restructurings and in litigation matters.

Mr. Novod’s practice focuses on representing litigation trustees as well as institutional investors in litigation matters involving, among other things, bankruptcy avoidance claims, as well as non-bankruptcy fraudulent transfer, fiduciary duty, unlawful dividend, and corporate governance claims. Mr. Novod is the author of Driving the Recovery Bus: Augmenting Creditor Recoveries Through Claims Brought by a Litigation Trustee, published by the American Bankruptcy Institute in April 2024, and Reassessing the Impact of Merit Management after In re IIG Global Trade Finance Fund Ltd., Special Feature at the Creditor Rights Coalition, published December 15, 2024.

Mr. Novod has extensive experience litigating issues related to corporate debt securities in default and distressed situations, including exchange transactions, redemptions, and the Trust Indenture Act. In the bankruptcy context, he has litigated all aspects of Chapter 11 plans of reorganization, valuation, and plan confirmation proceedings, contested debtor-in-possession financing and cash collateral use, the pursuit of fraudulent transfer actions, and other matters involving bankruptcy-related litigation.

Mr. Novod prides himself on providing high quality advocacy to clients, keeping their business objectives in mind. He is able to grasp complex legal and business issues in order to craft and implement innovative yet practical solutions to maximize value for clients.

Mr. Novod has been acknowledged for his work as on numerous occasions, including:

• Named to the Lawdragon 500 Leading Global Bankruptcy & Restructuring Lawyers for 2024;
• Named to the Lawdragon 500 Leading Bankruptcy & Restructuring Lawyers for 2023;
• Named to the Lawdragon 500 Leading Plaintiff Financial Lawyers for the Financial Litigation, esp. Distressed category for 2023-2024;
• Selected to New York Metro Super Lawyers’ list for Bankruptcy from 2013 to 2024;
• Recognized as a winner of the 40 Under 40 East M&A Advisor Recognition Awards in 2012;
• Selected to New York Super Lawyers list of “Rising Stars” for Bankruptcy in 2012;
• Named to Law360’s “Rising Stars” in restructuring, recognizing him as “one of the five bankruptcy attorneys under 40 to watch” in 2011; and
• Named a finalist in the M&A Advisor’s “40 under 40” in 2011.

In addition, currently he is a member of the Federal Bar Council and its Bankruptcy Litigation Committee, the American Bankruptcy Institute, and previously he has served on the New York City Bar Association’s Committee on Bankruptcy and Corporate Reorganization.  

Mr. Novod’s “first chair” trial and appellate work has resulted in opinions of high precedential value, including (among numerous others):

• Halperin v. Richards, et al. (In re Appvion, Inc.), 7 F.4th 534, Case No. 20-2793, 2021 WL 3184305 (7th Cir. July 28, 2021). Mr. Novod represented Alan Halperin and Gene Davis as the Co-Trustees of the Appvion Liquidating Trust, securing reversal of the District Court’s dismissal of the liquidating trustee’s claims against the Appvion debtors’ former directors and officers. Significantly, the Seventh Circuit held that ERISA does not preempt claims asserted by a liquidating trustee against a debtor’s former directors and officers for damages for harm to the debtor’s corporate enterprise and its creditors.  Mr. Novod led all aspects of G&E’s representation from inception through the April 2025 confidential settlement, which resolved the litigation.
• AMCO Insurance Company, et al. v. CoBank, ACB, No. 16-cv-4422-LTS-SLC, 2021 WL 4340540 (S.D.N.Y. Sept. 22, 2021). Mr. Novod secured a win on summary judgement as to liability in a breach of contract action brought by G&E’s thirty-seven (37) institutional investor clients regarding their $304 million principal amount (constituting 75%) of 7.875% Subordinated Notes issued by CoBank following CoBank’s redemption of those notes prior to maturity. This victory is significant insofar as it permitted institutional investors to recover damages from a bond issuer that breached the contractual terms upon which the bonds were issued. Mr. Novod subsequently achieved a confidential resolution of the dispute on behalf of G&E’s clients.
• Diverse Partners, LP and Troy Bank & Trust Company v. AgriBank, FCB, No. 16-CV-9526, 2017 WL 4119649 (S.D.N.Y. Sept. 14, 2017). Mr. Novod secured the denial of AgriBank’s motion to dismiss a breach of contract action brought by the proposed class plaintiff arising from AgriBank’s redemption of $500 million principal amount of 9.125% Subordinated Notes issued by AgriBank following AgriBank’s redemption of those notes prior to maturity. Mr. Novod ultimately achieved a confidential resolution of the dispute on behalf of the Plaintiffs as well as an ad hoc group collectively holding $329 million (constituting 66%) of the 9.125% Notes. This decision is significant insofar as the Court refused to dismiss the action because Plaintiffs were the beneficial owners of 9.125% Notes and not the holder of the Global Note.

Mr. Novod’s bankruptcy and distressed litigation highlights include:

• In Bed Bath & Beyond, Inc. (“BBBY”) and its affiliated debtors, and Plan Administrator Michael I. Goldberg, Mr. Novod served as special litigation counsel to BBBY and Mr. Goldberg in litigation against BBBY’s former directors, BBBY’s former CEO and former CFO. Mr. Novod led all aspects of G&E’s BBBY representation, which alleged breaches of fiduciary duties arising from BBBY’s repurchase of its common stock between October 2021 and March 2022 at a time when BBBY’s business and financial condition did not support such share repurchases. Less than a year after filing the action, the parties reached a confidential settlement that resulted in the action being discontinued with prejudice.
• In Dunn v. Barney, et al. (In re GCX Limited), Mr. Novod represented a bankruptcy trustee in an adversary proceeding filed against certain former officers, employees, and directors of GCX Limited, and/or its subsidiaries. This action involved allegations of breaches of fiduciary duties under the laws of Bermuda, France, and Ireland. The lawsuit also alleged fraudulent transfer claims and unauthorized post-petition payments under federal and state laws. In November 2024, the parties agreed to a confidential settlement of the action, and the action was subsequently dismissed with prejudice.
• In re Caesars Entertainment Operating Company, et al.; Danner v. Caesars Entertainment Corporation, et al., Mr. Novod represented the lead plaintiff in a proposed class action against Caesars Entertainment Corp., et al., relating to a series of transactions that attempted to eliminate a parent guarantee. Mr. Novod was deeply involved in the bankruptcy proceedings and related litigation in furtherance of the interests of its client and the class of noteholders. Mr. Novod ultimately achieved a settlement that provided improved bankruptcy plan treatment for the lead plaintiff and absent class members totaling between $14.7 million and $33 million.

Mr. Novod’s prominent ongoing engagements include:

• Amyris, Inc. Creditor Trust (in litigation of claims against Amyris’s former Chief Executive Officer, John G. Melo);
• Appvion Liquidating Trust (in litigation against the debtors’ former directors, officers and others);
• Bed Bath & Beyond, Inc. and its Plan Administrator (in litigation against certain third parties);
• Casa Systems, Inc. Preserved Actions Administrator (in investigation of claims against certain of its former directors and officers, and third parties);
• GBG USA Litigation Trust (in litigation against the debtors’ former controlling shareholders);
• High Ridge Brands Liquidating Trust (in litigation against the debtors’ former directors, sponsor, and sponsor-affiliated lender);
• JoAnn Inc. (ad hoc creditor committee in litigation against certain of the debtors’ former and current officers and employees);
• Kidde Inc. (the States of Maine and Vermont, as well as various other states and municipal water providers);
• Loyalty Ventures Inc. Liquidating Trust (in litigation against the debtors’ former parent company, director, and others);
• Rite Aid Sub-Trust B (in litigation against the debtors’ commercial general liability insurance carriers);
• Roman Catholic Archbishop of Baltimore (certain sexual abuse victims);
• State of Maine (in fraudulent transfer litigation against The Chemours Company, E. I. du Pont de Nemours & Company, DuPont de Nemours, Inc. & Dow, Inc.); and
• State of Vermont (in fraudulent transfer litigation against The Chemours Company, E. I. du Pont de Nemours & Company, DuPont de Nemours, Inc. & Dow, Inc.).

Mr. Novod’s prominent past engagements include:

• Bed Bath & Beyond, Inc. and the Plan Administrator (in litigation against the debtors’ former directors and officers);
• GCX Limited Liquidating Trust (in litigation against the debtors’ former directors and officers);
• GBG USA Litigation Trust (in litigation against the debtors’ former directors and officers);
• Debtors in AN Global, LLC (in investigation of claims against certain of its former directors and officers as well as third parties);
• Boxed Liquidation Trust (in investigation of claims against certain of its former directors and officers as well as third parties);
• Refco Litigation Trust;
• Synergy Pharmaceuticals Litigation Trust (in investigation of claims against certain of its former directors and officers as well as  third parties);
• Erin Energy Corp. (state court litigant and special counsel to a Chapter 7 trustee);
• Diverse Partners LP, et al. v. AgriBank, FCB (plaintiffs and ad hoc noteholder committee);
• AMCO Ins. Co., et al v. CoBank, ACB (plaintiffs and ad hoc noteholder committee);
• State of Delaware (in fraudulent transfer litigation against The Chemours Company, E. I. du Pont de Nemours & Company, DuPont de Nemours, Inc. & Dow, Inc.);
• BlockFi Inc. (unsecured creditor);
• Madison Square Boys & Girls Club, Inc. (sexual abuse victim & member of the creditors’ committee);
• Caesars Entertainment Operating Company, Inc. (unsecured noteholder and proposed class representative);
• Exco Resources, Inc. (secured lender);
• ShengdaTech, Inc. (ad hoc noteholder committee);
• Chesapeake Energy Corp. (unsecured noteholders and proposed class representatives);
• Cliffs Natural Resources (unsecured noteholders and proposed class representatives);
• Vanguard Natural Resources (unsecured noteholders and proposed class representatives);
• Alpha Natural Resources, Inc. (state court litigant);
• CJ Holding, Co. (state court litigant);
• SunEdison, Inc. (state court litigant);
• Tribune Company** (indenture trustee and member of the creditors’ committee);
• Central European Distribution Corporation** (ad hoc committee of convertible noteholders);
• Lyondell Chemical Company** (creditors’ committee);
• Herbst Gaming, Inc.** (creditors’ committee);
• Lehman Brothers** (ad hoc consortium of claimholders of Lehman Brothers Special Financing, Inc.);
• Green Valley Ranch Gaming, LLC** (ad hoc committee of second lien lenders);
• Palm Harbor Homes, Inc.** (indenture trustee and member of the creditors’ committee);
• Equisearch Services, Inc.** (trade creditor);
• General Motors Corporation** (n/k/a Motors Liquidation Company) (creditors’ committee);
• Charter Communications, Inc.** (ad hoc first lien lenders);
• Bridgeport Holdings, Inc.** (f/k/a Micro Warehouse, Inc.) (debtors);
• Midway Games, Inc.** (secured lender);
• Bethlehem Steel Corp.** (creditors’ committee);
• WCI Steel, Inc.** (ad hoc noteholders’ committee and indenture trustee);
• Delphi Corp.** (trade creditor and member of the creditors’ committee);
• Grace Industries, Inc.** (creditors’ committee);
• Wave Wireless Corp.** (secured lender);
• Diomed, Inc.** (licensor and chairman of the creditors’ committee);
• TransCare Corp.** (creditors’ committee);
• Buffets Holdings, Inc.** (ad hoc noteholders’ committee);
• ASARCO LLC** (majority noteholders); and,
• WestPoint Stevens, Inc.** (second lien agent).

** denotes Mr. Novod’s representations prior to joining G&E

Mr. Novod has been a featured panelist and/or moderator on topics involving distressed situations, indenture litigation, indenture analysis, fraudulent conveyance litigation, and sexual abuse claims in bankruptcy, including:

• Panelist, “Rules and Ethical Consequences of Non-Disclosure of Conflicts,” Institutional Investor Educational Foundation 2025 Litigation Update (February 4, 2025);
• Presenter, “The Impact of the Supreme Court's Prohibition of Non-Consensual Third Party Releases,” Grant & Eisenhofer Webinar (July 9, 2024);
• Speaker, Bankruptcy and the Archdiocese of Baltimore Litigation, Maryland Association for Justice, Webinar (April 4, 2024);
• Speaker, Bankruptcy and the Archdiocese of Baltimore Litigation, Maryland Association for Justice, Webinar (November 14, 2023);
• Panelist, “Making the Most of a Litigation Trust's Retained Causes of Action,” American Bankruptcy Institute's Annual Winter Leadership Conference (December 9, 2022);
• Discussion Leader, “U.S. Insolvency Trends and the Offshore Impact” and “International Litigation Update,” Institutional Investor Educational Foundation – Grand Cayman Roundtable (November 17, 2022);
• Presenter, “Decoding the Texas Two-Step from a Plaintiff’s Perspective,” Grant & Eisenhofer Webinar (May 3, 2022);
• Presenter, “Business Interruption Insurance Claims in Bankruptcy; An Unappreciated Asset Class for Debtors and Creditors,” Grant & Eisenhofer Webinar (March 9, 2021);
• Presenter, “Current Issues in Fraudulent Transfer Law,” Grant & Eisenhofer Webinar (October 14, 2020);
• Discussion Leader, “In Pari Delicto under U.S. Law,” Institutional Investor Educational Foundation – Grand Cayman Roundtable (February 12, 2020);
• Discussion Leader, “Minority Rights: Strategies for Protecting your rights with respect to Loans, Bonds and Common Shares,” Institutional Investor Educational Foundation – Bankruptcy Litigation Roundtable (October 25, 2019);
• Discussion Leader, “In Pari Delicto,” Institutional Investor Educational Foundation – Bankruptcy Litigation Roundtable (October 25, 2019)
• Discussion Leader, “Director Duties in Restructurings,” Institutional Investor Educational Foundation – Bankruptcy Litigation Roundtable (November 30, 2018);
• Moderator, “Current Issues in Bankruptcy & Antitrust,” Institutional Investor Educational Foundation – 17us Global Shareholder Activism Conference (November 30 - December 1, 2017);
• Speaker, “Out-of-Court Restructuring and the Trust Indenture Act,” Institutional Investor Legal Forum Fall 2016 Roundtable (October 28, 2016);
• Discussion Leader, “E&P Restructurings - A Landscape Unlike Traditional Restructurings,” Institutional Investor Educational Foundation - Bankruptcy Litigation Roundtable (October 6, 2016);
• Discussion Leader, “Fraudulent Conveyance Actions, the Trust Indenture Act and No Action Clauses - New Rights for Bondholders?” Institutional Investor Educational Foundation - Bankruptcy Litigation Roundtable (October 21, 2015).

Mr. Novod’s select publications include:

• Driving the Recovery Bus: Augmenting Creditor Recoveries Through Claims Brought by a Litigation Trustee, American Bankruptcy Institute, April 2024
• “ERISA Pre-Emption Does Not Offer a “Get Out of Jail Free Card” for an ESOP’s D&Os,” American Bankruptcy Institute Journal, November 2021
• “The Next Chapter; When a defendant files for bankruptcy, it triggers a unique set of procedures, standards, and deadlines. Here’s an overview of how the bankruptcy system works and where your client’s claim fits in,” Trial Magazine, May 2021

Prior to joining G&E, Mr. Novod was a partner in the bankruptcy & corporate restructuring group at Brown Rudnick in New York. He also formerly practiced in the corporate restructuring and bankruptcy group at Kramer Levin Naftalis & Frankel LLP.

Mr. Novod received his J.D. from the Benjamin N. Cardozo School of Law at Yeshiva University, and his B.A. from Emory University.