1. F. Thomas Rafferty
410-347-7372
Baltimore, Maryland
Experience Tom has more than thirty years’ experience in workouts, reorganization transactions, and
commercial and bankruptcy litigation. He has represented lessors, secured and unsecured
creditors, agents, indenture trustees, shareholders, debtors, DIP lenders, guarantors and
bankruptcy trustees. He handles lease enforcements, confessed judgment lawsuits, suits on
guaranties, collections of judgments, loan workout agreements, Chapter 7, 11 and 13
bankruptcies for individuals and businesses, dischargeability, automatic stay, preference and
fraudulent conveyance litigation, bankruptcy sales and dischargeability litigation. He has
taught collection practice at a local college and has organized and supervised the bankruptcy
collection practices for two local banks.
Tom has represented clients in the purchases and sales of businesses and assets, the acquisition
of a $350 million revenue trucking company, the acquisition of $250 million in partnership
interests from bankrupt relatives’ creditors, the sale of a $115 million extruded plastic
manufacturer with operations in the USA and PRC, the acquisition of a nationally distributed
line of hunting products, the repossession and sale of railcars, vessels, and aircraft in
reorganizations in Delaware, Virginia, North Carolina, Pennsylvania, New York City and
California, representation of trustee for operating and selling an apartment complex,
representation of a bank for state court receivership of a television station, and representation
concerning office buildings, shopping centers, subdivisions and warehouses from Philadelphia
to Texas.
Tom has represented lessors and secured creditors in workouts of synthetic and operating
leases and in Chapter 11 reorganizations enforcing Sections 365 and 1110, consolidating
separately agented real estate and equipment financings for the same resort casino, and
preserving cash collateral rights.
Relevant
Transactions
Representations
See accompanying list.
Admitted to
Practice
Court of Appeals of Maryland
United States Bankruptcy Court for the District of Maryland
United States Courts of Appeals for the Third and Fourth Circuits
United States District Court for the District of Maryland
United States Supreme Court
Pro hac vice in the Bankruptcy Courts for the District of Delaware, Southern and Western
Districts of New York, Middle District of Florida, and others

2. Education University of Maryland School of Law, J.D., 1976, with honors
Maryland Law Review, Notes & Comments Editor, 1975-1976
Maryland Law Forum, Editor-in-Chief, 1974-1975
Student Bar Association Executive Counsel, 1973-1974
Harvard College, A.B., cum laude, 1973
Professional
Organizations
American Bar Association
Maryland State Bar Association
American Bankruptcy Institute
Community
Activities
Adult reading tutor, Strong City Baltimore
State Soccer Referee Committee, Maryland State Soccer Ass’n and Youth Soccer Assn.
Basketball and soccer referee, USSF State Soccer Referee, 2005-14
President, Board Member, Colonnade Condominium Assn.
Inquiry Panel, Peer Review Committee
Maryland Attorney Grievance Commission, 1993-2003
Professional
Background
Ober, Kaler, Grimes & Shriver, Member, 2001 to present
Blum, Yumkas, Mailman, Gutman & Denick, P.A., Member, 1989-2001
Villa Julie College, Paralegal Program, Collection Law and Bankruptcy, Instructor, 1990-1993
Schwartz, Greenblatt & Rafferty, Partner, 1986-1989
Piper & Marbury, Litigation Department, Bankruptcy Group, Senior Counsel, 1984-86,
Associate 1979-1984; Associate, Labor and General Litigation, 1978-1979
United States District Court, Law Clerk to The Honorable James R. Miller, Jr., 1976-1978
Maryland State Senate, Legislative Aid to The Honorable John Carroll Byrnes, 1976
Publications
Presentations
ABI, Means Testing: Schedules I and J and Form B22,
Fact, Presumption, or Both, 2007
ELA, Credit and Collections Conference, Damages Available Under Art. 2A, 2004
Stafford, Bankruptcy Litigation Strategies for Secured Lenders and Other Creditors
(Fraudulent Conveyance and Preference), 2010
MICPEL, Contributing author, Estate Planning and Asset Preservation, 1993
Author, Maryland’s Local Property Tax Circuit Breaker Should Be A Local Income Tax,
MARYLAND LAW FORUM, 1975
Co-author with The Honorable Harry J. McGuirk, Medical Malpractice and the Maryland
Legislature,MARYLAND LAW FORUM, 1976
Kennedy School of Government Seminar, Congress Responds to Planning, Programming and
Budgeting Systems, 1974

3. F. Thomas Rafferty
Selected Memorable Public Transactions and Representations
We honor clients’ preferences for closure
and for not seeing some details ever again, anywhere.
Structure and document novel $25 million bankruptcy remote, Delaware Security Deposit Trust, resulting
in First Day surrender to creditor of full deposit and five aircraft
Represent replacement general partner in identifying, documenting, and settling $38 million tax deduction
for theft loss from diversions by prior general partner of contingent guaranty liabilities (without suing the
bankrupt prior general partner)
Lead institutional preferred shareholder, ABL lender, and Plan sponsor through successful Chapter
reorganization of (then) tenth largest, national, over-the-road trucking company with DIP loan, purchase of
bank group term loan, and some resistance from non-bank working capital lender
Recover for family trust approximately $250 million of retail, office, and apartment assets from Chapter 11
bankruptcy estates of prior general partner, spouse beneficiary of family trust, owner entities, and lenders’
enforcement actions
Represent national bank letter of credit issuer in Bankruptcy Court consensual TRO and preliminary
injunction action staying payment
Document letter of credit support program for multi-lender vehicle renewal program for national trucking
company
Defense of selling shareholders from bankruptcy litigation trust’s $28 million leveraged buyout fraudulent
conveyance claim in railroad maintenance industry roll-up and related preference claim and settlement
prior to hearing on initial motion to dismiss for less than cost-of-defense and likely loss amount
Successful defense of lender’s vice president in bankruptcy trustee investigation of gratuities allegedly
improperly given by borrower
Structure and document Section 365(n) bankruptcy protections for licensors of electronic medical records
software and firmware medical devices
Represent real estate investor limited partners in successful non-dischargeability complaint against former
general partner for defalcations and recoveries of related assets from individual’s bankruptcy trustee
Represent investor general partners in Chapter 11 case of startup of for-profit continuing care retirement
community with adverse construction-permanent lender and cooperative limited partner investor group and
subsequent guaranty settlements
Represent individual general partner owners of more than 7,000 residential city investment properties in
Chapter 7 cases with individual discharges and Chapter 11 case with individual discharge, Section 363
sales of surplus units, and right-sizing surviving portfolio
Successful representations of individual owners and Columbia, SC, radio station licensee in parallel
reorganization cases, obtaining ample time for sale and retaining key patent and separate commercial real
estate investments
Successful representation of petitioning creditors in involuntary bankruptcies of North American moped
distributor for German manufacturer and asbestos product manufacturer for judgment creditors seeking
recovery of “spun off” profitable businesses

4. Prosecution and favorable settlement of non-guarantor officer and director for misrepresentations to lender
on financial statements and officer certificates of Chapter 11 debtor
Successfully advise Board of 3,000 employee multi-hospital group in avoiding Chapter 11 and harmonizing
demands of PBGC, bondholders, union, state rate setting commission, and municipal landlord
Document from equipment lessor side the full recovery consolidation of the $70 million syndicated
elevator lease into the bank group $500 million real estate loan in reorganization of newly opened casino
resort
Pre-litigation, full value settlement for ready mixed concrete supplier against international manufacturer of
concrete mix for construction defect claim and consequential damages
Represent indenture trustees in reorganization case of airlines (Midway, Republic) and vessel operating
common carriers (Millenium, International Shipholding)
Represent bankruptcy trustee in operation, partial rehabilitation, and sale of 350 unit apartment complex
Represent equipment lessors (some syndicated leases, some synthetic leases, some “true leases”) in Chapter
11 reorganizations for new hotel-resort-casino elevator system whose opening was stalled by 9/11, truck
transmission assembler, light bulb manufacturer, for-profit technical training school, and others
Represent receivers of Small Business Investment Corporations in wind down and sale of portfolio
companies and their assets
Representation on bankruptcy aspects for borrowers in bankruptcy remote special purpose vehicles for
“true sale” receivable financing and non-substantive consolidation opinion for CMBS transaction
Represent lender in identifying documentation and implementation repairs for “true sale” transaction
possibly insufficiently implemented
Defense and full value settlement in plan of true lease for computer equipment against recharacterization
claim of Chapter 11 debtor in possession
Represent purchasers of distressed businesses in recreational products (deer lure), transportation, NVOCC
logistics, nursing homes, medical devices, insurance brokerage, and other industries
Design, implement, and supervise a consumer lift stay practice for residential mortgages, manufactured
homes, and automobiles for a regional savings bank
Design and continue consulting for a consumer lift stay program for inside counsel for residential
mortgages and automobiles for a large national bank
Serve as counsel for family friend, non-attorney, single arbitrator designated in partnership agreement for
disputes over distributions and final purchase prices for founder’s business and real estate assets
Obtain dismissal of real estate title insurance company arbitration demand for assignee of named insureds
in alleged bankrupt Ponzi scheme
Collect window wall inventory claims of manufacturer’s ABL lender with installer buyer, general
contractor, building owner, and company bonding performance and payment
Representation of chief of orthopedics and orthopedic practice in Chapter 11 of metropolitan hospital
assumption of obligations

5. Recovery and cooperative sales of five industrial cranes from Jacksonville, Florida dealer Chapter 11
without personal guaranties and collection of largest priority administrative expense (except for
professional fees) and largest unsecured dividend for deficiencies
Recovery and pre-Chapter 11 cooperative sales of fracking equipment and vehicles from Louisiana oil
drilling company with personal guaranty and confessed judgment in Pennsylvania
Representation of designated single non-attorney arbitrator in inter-generational family business dispute
over disproportionate cash withdrawals and terms of ownership transfer
Represent real property purchasers in settlement negotiation against insured South Carolina county for its
gross mismanagement of financial guaranty (letter of credit) to secure infrastructure for beach front PUD