Richard G. Placey

Bankruptcy and Creditors’ Rights 

Richard represents both creditors and debtors in bankruptcies, insolvencies, workouts and state receiverships. He assists debtors in seeking bankruptcy protection and assists creditors in asserting and recovering on claims against business debtors and in defending against claims made by debtors. He also represents buyers acquiring assets or businesses from a debtor.

In 2024, he represented a major Philadelphia university in its bankruptcy and in the preparation for that bankruptcy. Prior to that, he represented three national maritime bunker fuel companies, a Philadelphia-area residential developer and a Philadelphia taxi company in their bankruptcies, and obtained confirmation of Chapter 11 plans in each of those bankruptcies. On the creditor side, he currently represents creditors in negotiating agreements with debtors, pursuing and litigating claims and priority rights, defending suits brought by debtors, and assisting with acquisitions from a debtor. Reported cases of this type in which Richard has participated include:

• Rice Ent. LLC v. Backgroundchecks.com LLC (In re Rice Ent. LLC), 2024 Bankr. LEXIS 1546 (Bankr. W.D. Pa. June 21, 2024) (enforced a forum selection clause in bankruptcy)
• Miller v. Fallas (In re J & M Sales Inc.), 2021 Bankr. LEXIS 2268 (Bankr. D. Del.), later proceedings 2022 WL 532721 and 2022 WL 5265035 (defended a challenge to an acquisition as a fraudulent conveyance)
• Alco Capital Group, Inc., as Assignee for the Benefit of Creditors of Homeclick LLC v. Acceleration Marketing, 2019 WL 13251956 (N.J. Super., Law Div.) (defended claims under the New Jersey assignment for the benefit of creditors statute)
• In re TSAWD Holdings, Inc., 574 B.R. 482 (Bankr. D.Del. 2017) (defeated reclamation claim involving goods shipped internationally)
• In re NE Opco, Inc., 501 B.R. 233 (Bankr. D.Del. 2013) (enforcement of priority claims in bankruptcy)
• In re G-I Holdings, Inc., 308 B.R. 196 (Bankr. D.N.J. 2004), aff’d, No. 04-2772 (Dist. D.N.J. 2005) (enforcement of environmental claims in bankruptcy)

Complex Transactions 

Richard represents both buyers and sellers of businesses in disputes over stock or asset purchase agreements, as well as in disputes over the sale of individual assets. Reported cases of this type in which Richard has participated include:

• Pirito v. Penn Engineering World Holdings, 947 F.Supp.2d 489 (E.D.Pa. 2013) and 833 F.Supp.2d 455 (E.D.Pa. 2011) (obtained a money judgment in favor of the client and dismissal of the claims against the client)
• Zaken v. Camden Gateway, LLC, 2011 WL 4974768 (N.J.Super.App. Div. 2011) (obtained summary judgment in favor of the client and affirmance of that judgment on appeal)
• Certainteed Corp. v. Celotex Corp., 2005 WL 217032 (Del. Chancery 2005) (obtained the dismissal of indemnification claims against the client)

• Aircraft Guar. Corp. v. Strato-Lift, Inc., 103 F.Supp.2d 830 (E.D.Pa. 2000) (obtained judgment for the client after trial of a case involving the sale of a Citation business jet)

Professionals 

Richard represents business and financial professionals in individual actions and class actions. He also represents professionals before administrative agencies, including the U.S. Securities and Exchange Commission, state licensing boards (e.g., State Board(s) of Accountancy and similar boards in other professions) and industry self-regulatory agencies, such as the American Institute of Certified Public Accountants. He recently favorably resolved a claim against a professional and his firm arising out of their work as an expert witness, and successfully resolved professional licensing investigations in Pennsylvania and Delaware. Reported cases of this type in which Richard has participated include:

• Pelullo v. Nat’l Union Fire Ins. Co., 2004 WL 1102782 (E.D.Pa. 2004), aff’d, 131 Fed.Appx. 864 (3d Cir. 2005) (obtained the dismissal of claims asserted against a law firm, and affirmance of that dismissal on appeal)
• McKowan, Lowe & Co. v. Jasmine, Ltd., 295 F.3d 380 (3d Cir. 2002), cert. denied, 537 U.S. 1088 (2002), later proceeding 2005 WL 1541062 (D.N.J. 2005) (obtained a favorable settlement of claims asserted against an auditor)
• Pelullo v. Kerr, Russell & Weber, 1998 U.S. Dist. LEXIS 17371 (E.D.Pa. 1998), appeal dismissed, No. 98-2115 (3d Cir.) (obtained the dismissal of claims against a law firm) 
• Successfully resolved claims, brought in both federal court and in the Commonwealth Court of Pennsylvania, against the auditors of a large insurer that was placed in rehabilitation by the Pennsylvania Insurance Department.

Business, Sports Injury and Product Liability 

Represents both plaintiffs and defendants in a wide variety of other business disputes. In sports injury and product liability disputes, he primarily represents defendants. He represents parties in disputes involving:

• financial transactions
• leases
• royalties
• financial reporting
• shareholder/officer/director claims
• franchisor/franchisee matters
• breaches of contract
• breaches of representations/warranties
• product liability with a focus on pharmaceuticals
• sports injuries
• and/or commercial fraud

Reported cases of this type in which Richard has participated include:

• Winklevoss Capital Fund, LLC v. Shaw, 2019 WL 994534 (Del. Ch. 2019) (investment dispute)
• Shores v. American Medical Systems, Inc., 2010 WL 5551696 (Del. Super. 2010) (forum non conveniens)
• Hodgson v. Kottke Associates, LLC, 2008 WL 2405723 (E.D.Pa. 2008) (CFTC receivership)
• Clark v. Pfizer Inc., 2004 WL 1970138 (E.D.Pa. 2004) (pharmaceutical product liability class action)
• In re Loewen Group, Inc. Securities Litigation, 2001 WL 530544 (E.D.Pa. 2001) (bankruptcy aspects of officer liability)
• Quinn v. Wilmington Trust Co., 1992 WL 382338 (E.D.Pa. 1992) (lender liability)

• Rated a Martindale-Hubbell AV Preeminent Attorney. A description of the selection methodology can be found here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey or the highest court of any other state.

• Member, Delaware State Bar Association
• Certified Mediator, United States Bankruptcy Court for the Eastern District of Pennsylvania