Karl Schaffer is Of Counsel at Neiger LLP.  Karl has extensive experience in creditors’ rights and Chapter 11 bankruptcy cases, out-of-court restructurings and state and federal court litigation.  His clients include creditors’ committees, individual secured or unsecured creditors, bondholders, bank groups and indenture trustees, among others.  Karl often represents creditors in large, high-profile Chapter 11 cases, such as those of Calpine Corp., Enron Corporation, Northwest Airlines, Inc. and Delta Air Lines, Inc.

An active member of several professional organizations related to creditors’ rights and bankruptcy, Karl is presently the Editor of the Bankruptcy Litigation Committee Newsletter of the American Bankruptcy Institute.  He is also assisting with drafting an annotated version of the Trust Indenture Act for the American Bar Association.

In the Calpine bankruptcy, Karl was involved in the pre-filing litigation involving the use of proceeds in which bondholders had a security interest as well as the subsequent bankruptcy cases of Calpine and its affiliates. He also worked on the out-of-court restructuring of over $3 billion in unsecured debt of Reliant Resources, Inc. and its affiliates where he oversaw extensive analysis of its existing agreements and potential terms of restructuring.

Karl graduated Cornell Law School and the University of Michigan.  At the University of Michigan, he was named a James B. Angell Scholar and awarded Class Honors from  1994 to 1996.  His majors at the University of Michigan were History and German. At Cornell, he was an Associate Editor of the Journal of Law and Public Policy.  Karl speaks fluent German and basic French.

Karl is admitted to the bar in New York and to practice before the United States District Courts for the Southern and Eastern Districts of New York.

Prior to joining Neiger LLP, Karl worked in the New York office of the international law firm of Clifford Chance US LLP and the New York City firm Carter Ledyard & Milburn LLP.