Who is Ira Bodenstein? Meet the #PFGBest Trustee

#PFGBest Customers

Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.

Stay tuned to our website for more information.

Listed as a "member" of the law firm of Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, Ira Bodenstein was appointed to be the Chapter 7 Trustee for PFGBest's liquidation.  Most notably for commodities customers, Mr. Bodenstein served as counsel for the Receiver in the liquidation of commodity pool Lake Shore Asset Management in 2007.

Mr. Bodenstein's bio from the Shaw Gussis website:

Business Bankruptcy, Bankruptcy Litigation, Creditors’ Rights, Commercial Litigation




U.S. District Court for the Northern District of Illinois
U.S. District Court for the Central District of Illinois
U.S. District Court for the Northern District of Florida
U.S. Court of Appeals for the Seventh Circuit


J.D., University of Miami School of Law, 1980
B.A., Franklin and Marshall College, 1977


Appointed by former United States Attorney General Janet Reno, Ira Bodenstein served as a United States Trustee for Region 11, which is comprised of the Northern District of Illinois and the State of Wisconsin, from May 1998 through January 2006, when he joined Shaw Gussis. As a United States Trustee, Ira served as head of the Justice Department component with primary responsibility over all bankruptcy cases filed in Region 11.

This tremendous experience gives him a unique perspective and insight when working with his bankruptcy clients. Having been a U.S. Trustee, he has a keen understanding of the trustee process and how to efficiently accomplish what is best for the parties involved. He regularly counsels his clients on the necessity and timing of filing reorganization cases, and the rights of unsecured and secured creditors prior and subsequent to the filing of a bankruptcy. He is experienced in all facets of chapter 11 reorganization cases, including preparing and confirming plans of reorganization in debtor cases, representation of creditors’ committees, opposing a debtor’s plan on behalf of creditors, and representation of creditors and debtors in preference and fraudulent conveyance litigation. He also counsels lenders on their rights as secured creditors.

Ira is now a member of the private panel of chapter 7 bankruptcy trustees.

Ira also represents trustees and receivers in state and federal courts, and has been appointed receiver in SEC actions filed in the federal courts. Examples of his experience include:

  • Representation of senior secured creditor of 765 condominium complex in Panama City Beach, FL, in Laketown Wharf Chapter 11
  • Representation of the bank syndication group led by Citicorp in the chapter 11 restructuring of a 65 million dollar office building in Washington, D.C.
  • Debtor’s counsel for Channel Earth Communications, Demicco Youth Services, Nobart, Inc., and Arthur Machinery Chapter 11 cases
  • Representation of the Unsecured Creditors Committee in the Chapter 11 cases of Process Control, Mactron, Thomas Steel, Dartmoor Homes, National Jockey Club and Hurd Windows.

In addition, Ira has served as counsel to the Receiver in Lake Shore Asset Management (CFTC Action),Dynamic Financial Solutions (FTC Action), Asia Pacific (FTC Action), and appointed receiver in Efoora, Inc. (SEC Action), and Steven W. Salutric (SEC Action).

Ira is a member of the American Bankruptcy Institute and has held many positions for the Chicago Bar Association including serving as Chair for the Young Lawyers Section, the Public Affairs/Media Relations Committee, the Association Meetings Committee and the Membership Committee. He also served as a member of the Board of Managers. He has been given an AV rating by Martindale Hubbell and was also named a Leading Lawyer in Illinois by the Law Bulletin Publishing Company.

#MFGlobal Customers

Are you a customer of MF Global? The CCC formally represents more than 200 clients in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.

Get the latest news on #MFGlboal.

About John Roe 86 Articles
Co-Founder of the CCC and head of BTR Trading and Roe Capital Management.

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  1. NFA to #PFGBest Customers:Wait for Instructions from Trustee
  2. A Primer on Commodity Bankruptcy for #PFGBest

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