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About Adam D. Stein-Sapir

Adam D. Stein-Sapir

Adam is the co-founder and portfolio manager of Pioneer Funding Group, a bankruptcy trade claim investment fund (http://www.pioneerfundingllc.com/). Adam started his career in the leveraged finance group of investment bank CIBC World Markets. At CIBC he advised companies and private equity sponsors on M&A, LBOs and restructurings and focused on debt and equity capital raising.

Since co-founding Pioneer in 2009, Adam and the team have acquired hundreds of bankruptcy claims across more than 100 bankruptcy cases. Adam has been quoted in the Wall Street Journal, Bloomberg, Forbes, New York Post, New York Daily News, Philadelphia Inquirer and Turnarounds & Workouts magazine. Adam graduated from the University of Pennsylvania’s Wharton School with a B.S. Economics, magna cum laude and an MBA. Adam held Series 7 and 63 securities licenses from the Financial Industry Regulatory Authority (FINRA) during his employment at various investment banks.

Articles by Adam D. Stein-Sapir

Showdown in Spokane

Showdown in Spokane: The Spokane Country Club Bankruptcy Case

The Spokane Country Club bankruptcy case (SCC, the club, or the debtor) is an interesting study. The bankruptcy process was used to disrupt the collection efforts of plaintiff creditors who had been awarded a judgment and to negate the club’s significant policy changes that had been stipulated in a state court proceeding. The club was founded in Spokane, Washington, in 1898. Spokane is located on the far eastern side of Washington State, closer to Missoula, MT, than to Seattle. The city is named after the Native American Spokane people, whose […]

Sears Chapter 11 Rulings Threaten to Upend Administrative Claim Status for Goods Vendors

Application of Section 503(b)(1)(A) and 503(b)(9) in the Sears Chapter 11 Filing Precedent setting rulings in the Sears chapter 11 case could radically alter how vendors support companies who file for bankruptcy in the future. Historically the presumption and practice in the vast majority of bankruptcy cases has been that vendors receive priority status for goods delivered beginning not only 20 days prior to the filing, but also continuing after the filing. Bankruptcy code Section 503(b)(9) applies to goods delivered prior to the petition, and Section 503(b)(1)(A) applies afterwards. Because […]

The Mega RV bankruptcy settlement was a hard lesson for unsecured creditors

Mega RV: Unsecured Creditors Fall Short in Bankruptcy Settlement

An Unfortunate Case for Unsecured Creditors A settlement agreement in the Mega RV Corp. bankruptcy highlighted the interplay between an overzealous lender and a repentant business owner who came together to cooperate and provide a windfall recovery to unsecured creditors. Ultimately, through the machinations of the bankruptcy case, the settlement proved to be insufficient to provide the windfall that was optimistically expected only a short time earlier. Who is Mega RV? Mega RV was founded in 2000 by Mike McMahon as McMahon’s RV. They were in the business of selling […]

Showdown in Spokane: The Spokane Country Club Bankruptcy Case

The bankruptcy case of the Spokane Country Club (“SCC” the “Club” or the “Debtor”) is a very interesting study of how the bankruptcy process has not only been used to disrupt the collection efforts of plaintiff creditors who have already been awarded a judgment, but also to essentially negate significant policy changes for a club that had been stipulated to in a state court proceeding. The Club was founded in Spokane, Washington in 1898. Spokane is located on the far eastern side of Washington State, closer to Missoula, MT than to Seattle. The city […]