Judge who oversaw Purdue, Sears bankruptcies to join law firm Skadden
A man arrives at the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, New York, U.S., January 9, 2020. REUTERS/Brendan McDermid Purchase Licensing Rights
(Reuters) - Judge Robert Drain, who retired from the U.S. Bankruptcy Court for the Southern District of New York last year, is joining Skadden, Arps, Slate, Meagher & Flom as of counsel, the law firm said Thursday.
Drain, who oversaw the bankruptcy of OxyContin maker Purdue Pharma LP and approved controversial legal protections for the Sackler family members that owned the company, will be part of the firm's corporate restructuring group in New York.
In his 20 years on the bench in White Plains, New York, Drain oversaw Chapter 11 bankruptcies of Sears Holdings Corp, Hostess Brands Inc, Windstream Holdings Inc, Frontier Airlines, the Minneapolis Star Tribune and Reader's Digest.
Drain faced criticism over releases he approved for Sackler family members in exchange for their $4.5 billion contribution to a settlement trust in the high-profile Purdue case. The Sacklers were accused by many states, municipalities and individuals of fueling the national opioid crisis by pushing Purdue to aggressively market OxyContin while downplaying abuse and overdose risks.
Drain was not immediately available to comment Thursday. He previously told Reuters, when the court announced his intention to retire, that he would be 65 upon his June 30, 2022 retirement and "the time therefore seemed logical."
Drain was a partner at Paul, Weiss, Rifkind, Wharton & Garrison before joining the bench in 2002.
"His deep knowledge of bankruptcy law paired with two decades as a preeminent judge in one of the country’s busiest bankruptcy jurisdictions will be of tremendous value to our clients," Paul Leake, global head of Skadden's corporate restructuring practice, said in a statement.
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