The Real Deal

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Lawyers battle in workout wars

Phil Rosen of Weil Gotshal & Manges in his office in the GM Building.

From the November issue: If you happen to take the Van Wyck Expressway to work, you might have seen it for yourself one morning during rush hour last year: In the breakdown lane a few miles past John F. Kennedy International Airport, an amiable-looking man with closely cropped curls, round glasses and a well-tailored suit sat in his black Lexus LS, gesticulating angrily and screaming into a cell phone. That man was Phil Rosen, co-head of Weil Gotshal & Manges' real estate practice; he was trying to save a client from probable ruin. On the other end of the line: A team of attorneys representing creditors. In the wee hours of the morning, they had agreed to multiple restructurings after two days of around-the-clock negotiations. Now, just hours later, the attorneys on the other side wanted out. "This is the deal," Rosen, 53, yelled. "You can't re-trade or you'll end up with nothing." He continued: "This is the deal -- it will not change." It was a high-stakes, emergency roadside rescue job. And, after an hour and a half, Rosen prevailed. more