News that Patton Boggs added Jeffrey Cohen and his team of associates to the firm’s Denver office was featured in the Denver Business Journal and the National Law Journal’s BLT blog on September 1, 2009.
Mr. Cohen, considered among the nation’s top municipal finance attorneys, represented creditors of 1031 Tax Group in its ongoing Chapter 11 bankruptcy filing in New York. Dozens of Coloradans lost millions when the company filed for bankruptcy. Its founder, Miami businessman Edward Okun, was sentenced last month to 100 years in prison for fraud, the Denver Business Journal reported.
Mr. Cohen currently is lead adviser to one of the nation’s largest municipal bond mutual funds in a federal case involving $4.6 billion of Alabama revenue bonds that are in default.
The Daily Bankruptcy Review, a subscription-only Dow Jones publication, called Mr. Cohen a “municipal finance guru” and featured him as the publication’s “Mover of the Week” on September 18, 2009.
The lesson to be learned, Mr. Cohen told the Daily Bankruptcy Review, is that slices of municipal debt are often divvied up and spread around with little investigation into what they actually mean. And in today’s economic climate that could spell big trouble for the mutual funds and individuals that invest in them, the magazine reported.
“As the tide goes out, you see all the garbage that’s really underneath,” Mr. Cohen told the Daily Bankruptcy Review, explaining that the recession has revealed many of the financial system’s weaknesses. “Unfortunately, a lot of municipal deals are very speculative.”