Donald W. Clarke

Donald W. Clarke is a partner in the firm’s Bankruptcy, Restructuring & Creditors’ Rights and Litigation practices. He has extensive experience in a wide range of complex commercial matters concerning bankruptcy, restructuring and state court insolvency.

Don helps debtors-in-possession manage their estates in an effort to retain control of their assets and minimize their liabilities. He assists interested investors in their efforts to fund the acquisition of debtors or their assets through a range of structured financial transactions.  Don represents Chapter 7 and Chapter 11 Trustees in their oversight of the reorganization, liquidation, and administration of bankruptcy estates. He also helps creditors protect their interests in bankruptcy cases, while enforcing their rights to maximize their recoveries.

Don’s extensive experience with complex restructuring matters demands a comprehensive understanding of federal, state, and local laws, including regulatory requirements, across all industries. This experience has enabled Don to assist clients as they navigate such regulatory schemes outside of bankruptcy, including in the cannabis and hemp industry.

Representative Matters

Our firm is proud of the results it has achieved for clients, some of which are noted here.  Of course, each legal matter is unique on many levels, and past successes are not a guarantee of results in any other pending or future matters. 

Certain of the matters below were handled by Don prior to his joining Pashman Stein Walder Hayden P.C.:

• BlockFi Inc. - Local counsel representation for the Official Committee of Unsecured Creditors in the Chapter 11 case of BlockFi Inc., a crypto lending platform, which filed for bankruptcy on Nov. 28, 2022. Since confirmation of the Joint Plan of Reorganization, Don represents the Plan Administrator of the BlockFi Wind-Down Estate.
• LTL Management, LLC (the so-called “Johnson & Johnson Bankruptcy”) – Local counsel representation for the Official Committee of Talc Claimants. The Committee is the largest constituency of creditors and is comprised primarily of individuals claiming to have been injured by J&J’s baby powder product. This is a controversial bankruptcy case that is delaying the ability of many tens of thousands of people to sue J&J (that number is expected to grow for at least the next 60 years). The matters being dealt with in this case are of such significant import that the Third Circuit Court of Appeals has taken matters up on appeal directly from the Bankruptcy Court.
• Affiliated Physicians and Employers Master Trust d/b/a Member Health Plan NJ–Representation of a self-funded multiple employer welfare arrangement (“MEWA”) under the provisions of 29 U.S.C. Ch. 18 (the “Employee Retirement Income Security Act”) and N.J. Stat. § 17B:27C-1, et seq. of the MEWA Act (one of two left in the state of New Jersey). Don serves as bankruptcy counsel to Affiliated in its capacity as a Subchapter V Debtor despite recognizing approximately $230 million in annual gross payments of health care fees. Don’s representation of the MEWA has included appearances in the District of New Jersey and the Superior Court of New Jersey, Morris County, in both the Law Division and Chancery Division on multiple matters of first impression.
• Toys “R” Us, Inc. – Representation of vendors of bicycles and bicycle accessories with $5.5 million dollars in claims in a Chapter 11 filed by world-renowned toy chain. Secured a favorable recovery on outstanding claim as well as critical vendor status moving forward. Played a key role in the formation of an Ad Hoc critical vendor committee whose actions led to the recovery of an additional 10% on allowed administrative claims through the pursuit of the Directors and Officers of Toys “R” Us, Inc.
• Hanjin Shipping Co., Ltd. – Local counsel representation of container and chassis owners and lessors, tugboat operators and other port professionals in a Chapter 15 filed by the 9th largest international shipping company to a main foreign proceeding in South Korea.
• Zucker, Goldberg and Ackerman, LLC. – Representation of Chapter 11 debtor law firm specializing in the representation of lenders and secured parties in foreclosure matters and insolvency proceedings. Prior to filing bankruptcy, Zucker, Goldberg and Ackerman, LLC. was handling in excess of 40% of all foreclosure cases in New Jersey.
• Liberty Harbor Holding, LLC. – Successful reorganization of Chapter 11 debtor with partially developed real estate holdings valued at $400 million dollars along the Jersey City waterfront.
• Marburn Stores, Inc. d/b/a Marburn Curtains/Marburn Curtain Warehouse –Representation of Chapter 11 debtor in the successful sale and pending liquidation of assets of one of approximately two hundred ESOPs (Employee Stock Ownership Plan) in the Metropolitan Area.
• New York Military Academy – Representation of Official Committee of Unsecured Creditors, instrumental in securing the successful $12 million dollar sale and reorganization of one of the oldest military academies in the United States.
• Bakhtaver A. Irani & Aspi K. Irani– Representation of a joint, individual Chapter 11 which resulted in the successful reorganization of numerous personally-owned commercial properties, including a $52 million dollar joint-venture involving the Closter Plaza Shopping Center in Closter, New Jersey.
• LNT Merchandising Co. (Linens–n-Things) – Successful defense of a former vendor in acomplex commercial suit seeking $1.8 million dollars in damages.
• Representation of several entities with hundreds of millions of dollars in real estate holdings in New York and New Jersey in several high-profile bankruptcy cases, including: Big M. Inc. a/k/a Mandee and Annie Sez Stores; CWC Liquidation Inc. f/k/a Coldwater Creek Inc., Getty Petroleum Marketing, Inc., Drug Fair Group, Inc., The Great Atlantic and Pacific Tea Co. (A&P), Borders Group, Loehmann’s, Jennifer Convertibles, Marty’s Shoes and Joyce Leslie, Inc.

Honors & Recognitions

• Selected for inclusion in the list of Best Lawyers, 2025- 2026
• Selected for inclusion in the list of New Jersey Super Lawyers, 2021–2026
• Selected for inclusion in the list of New Jersey Super Lawyers, Rising Stars, 2018

The Best Lawyers list is issued by Woodward/White, Inc. A description of the selection methodology can be found at https://www.bestlawyers.com/About/MethodologyBasic.aspx.

The Super Lawyers list is issued by Thomson Reuters. A description of the selection methodology can be found at http://www.superlawyers.com/about/selection_process.html.

The New Jersey Rising Star list is issued by Thomson Reuters. A description of the selection methodology can be found at http://www.superlawyers.com/about/selection_process.html.

No aspect of this advertisement has been approved by the Supreme Court of New Jersey.

Community & Professional

• The American Bankruptcy Institute
• The Turnaround Management Association, Board Member
• The American Bar Association
• New Jersey State Bar Association - Member, Business and Commercial Litigation Committee
• Essex County Bar Association, Co-Chair, Debtor/Creditor Committee
• The New York State Bar Association
• The New Jersey State Bar Association
• Association of the Federal Bar of New Jersey