Jay A. Steinberg

Of Counsel

Overview

Jay A. Steinberg, of counsel and a business litigation attorney with Foley & Lardner LLP, represents and counsels clients in bankruptcy and real estate tax disputes. He is a member of the firm's Bankruptcy & Business Reorganizations Practice.

Jay has served as trustee for companies in a variety of industries, including insurance, leasing, recreation, heavy equipment manufacturing, and transportation. He has also served as bankruptcy trustee for a nursing home, a funeral home, franchise operations, and investment partnerships.

He has in excess of 40 years of experience representing clients in contesting real estate tax assessments. He has represented owners of diverse properties including shopping centers, hotels, airports, and apartment and office buildings. In addition, he has represented bankruptcy trustees in contesting real estate tax assessments under II U.S.C. 505(b) of the United States Bankruptcy Code.

Representative Experience

  • Chapter II trustee for the Grabill Corporation, wherein he initiated and completed the sale of 13 non-debtor operating companies for more than $72 million
  • Chapter 7 trustee for Energy Cooperative, Inc., which involved the largest dismantling of an oil refinery in a bankruptcy estate and the administration of over $95 million
  • Chapter 11 trustee for the Congress Hotel in Chicago and paid all creditors 100% of their claims plus interest
  • Chapter 7 trustee for Ben Franklin Retail Stores
  • President of LePetomane, Inc. entities that have served as Trustee in environmental response trusts including Fruit of the Loom, ASARCO, Lyondell and the Nevada Environmental Region Trust

Affiliations

More than 40 years ago, Jay was appointed to the original United States Trustee’s Private Panel of Bankruptcy Trustees. He is a past chairman of the panel. He is also a court-appointed receiver in the Circuit Court of Cook County, and the United States District Court for the Northern District of Illinois.

Recognition

In recognition of his achievements, Jay has been Peer Review Rated as AV® Preeminent™, the highest performance rating in Martindale-Hubbell's peer review rating system.*

Education

He received his J.D. degree from DePaul University College of Law in 1971. He has an undergraduate degree in accounting and is a licensed real estate broker.

Admissions and Professional Memberships

Jay is admitted to practice in Illinois and is a member of the Chicago, Illinois, and American Bar Associations.

Presentations

Jay has lectured at the Annual United States Trustee Seminar, the Illinois Institute for Continuing Legal Education, and the Chicago Bar Association.

* The Illinois Supreme Court does not recognize certifications of specialties in the practice of law and no award or recognition is a requirement to practice law in Illinois.