David W. Gaffey

Partner
David W. Gaffey
Falls Church T: 703.280.3374 F: 202.327.6158
Richmond T: 703.280.3374 F: 202.327.6158
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Biography
Mr. Gaffey is a partner in Whiteford’s Business Solutions, Restructuring & Financial Litigation Group. He focuses his practice on bankruptcy and restructuring matters, the purchase and sale of distressed assets, and advising distressed and insolvent companies.  He specializes in representing debtors, secured and unsecured creditors, creditors’ committees, debtor-in-possession financing lenders, trustees, and distressed companies in chapter 11 reorganizations, chapter 7 liquidations, out-of-court workouts, involuntary bankruptcies, bankruptcy litigation, and other insolvency and default matters.  Mr. Gaffey has restructuring experience in multiple industries including healthcare, manufacturing, commercial printing, energy, mining, aerospace, real estate, and retail.
 
Prior to joining Whiteford, Mr. Gaffey worked as an attorney in the Disclosure Unit of the U.S. Office of Special Counsel, the federal agency that handles claims of wrongdoing within the executive branch of the federal government.
 

Recognitions

  • IFLR1000 United States, "Rising Star Partner" in US Restructuring & Insolvency (2021-2022, 2024-2025)
  • The Best Lawyers in America®, Litigation - Bankruptcy (2022-Present), Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (2024-Present)
  • Virginia Super Lawyers®, Bankruptcy: Business (2026)
  • Virginia, District of Columbia, Super Lawyers®, "Rising Star" (2016–2025)
  • American Bankruptcy Institute (ABI), "40 Under 40" Emerging Leader in Insolvency Practice (2023)
  • Awarded 2023 “Industrials Deals of the Year” by The M&A Advisor for the Sale of Masten Space Systems to Astrobotic Technology, Inc. in In re Masten Space Systems, Inc. (Bankr. D. Del. 2022) (Counsel to Astrobotic Technology, the successful stalking horse bidder and debtor-in-possession financing lender)
  • Awarded 2023 “Special Situation M&A Deal of the Year” Turnaround Atlas Award by The Global M&A Network for the Sale of Masten Space Systems to Astrobotic Technology, Inc. in In re Masten Space Systems, Inc. (Bankr. D. Del. 2022) (Counsel to Astrobotic Technology, the successful stalking horse bidder and debtor-in-possession financing lender)
  • Awarded 2021 “Consumer Staples Deal of the Year” by The M&A Advisor for the sale of the assets and business operations of Paper Source, Inc. to Elliott Investment Management in In re Paper Source, Inc. (Bankr. E.D. Va. 2021) (co-counsel to the Debtor)
  • Chambers USA, Bankruptcy/Restructuring, Virginia (2022-present)
  • Virginia Business Magazine, Bankruptcy/Creditors' Rights "Legal Elite" (2021-2025)
  • National Conference of Bankruptcy Judges Next Generation Program (Class of 2018)
 

Memberships & Activities

  • Board of Governors, Virginia State Bar Bankruptcy Section
  • Northern Virginia Bankruptcy Bar Association (Past-President, Board Member, Young Lawyers Division Co-Chair)
  • ABI Southeast Conference, Board Member
  • National Conference of Bankruptcy Judges Next Generation Program Committee
  • Bankruptcy Bar Liaison Committee for the Eastern District of Virginia, Alexandria Division
  • District of Columbia Bankruptcy Pro Bono Panel 
  • Organizing Committee of the Washington D.C. Men’s Event to Benefit the Georgetown Lombardi Comprehensive Cancer Center 
  • Duke University Alumni Admissions Advisory Committee  
  • American Bankruptcy Institute
  • Turnaround Management Association
  • Virginia Bar Association
  • Board of Governors: Virginia State Bar Bankruptcy Section
  • Walter Chandler American Inn of Court (Washington, D.C. chapter)
 

Clerkship

  • Honorable Kevin R. Huennekens, U.S. Bankruptcy Court, Eastern District of Virginia, Richmond Division

Chapter 11 Reorganizations

  • Counsel to Astrobotic Technology, Inc., the successful stalking horse bidder and debtor-in-possession financing lender in In re Masten Space Systems, Inc. (Bankr. D. Del. 2022).  Masten Space Systems was an aerospace manufacturer based in Mojave, California developing vertical takeoff and landing rocket and lunar lander technology.  The sale of Masten’s lunar lander and rocket technology and related assets to Astrobotic Technology was named the 2023 “Industrials Deal of the Year” by The M&A Advisor and the 2023 “Special Situation M&A Deal Of The Year” Turnaround Atlas Award by The Global M&A Network.  
  • Co-counsel to the Debtor in In re Paper Source, Inc. (Bankr. E.D. Va. 2021), a national specialty retailer of gifts, cards, stationery, and other paper products with approximately $100 million in debt.  The chapter 11 sale of the Debtor’s assets and business operations to Elliott Investment Management was named the 2021 “Consumer Staples Deal of the Year” by The M&A Advisor.
  • Counsel to the Debtor in In re Zachair, Ltd. (Bankr. D. Md. 2020), the owner of an undeveloped 423-acre parcel of prime real estate located in Prince George's County, Maryland.
  • Counsel to the Debtor in In re Adams Restaurant Group, Inc. (Bankr. D.D.C. 2019), the owner of a 7,500 square foot high-end restaurant located in Washington, D.C.   
  • Counsel to the Debtor in In re WW Contractors, Inc. (Bankr. E.D. Va. 2018), a Maryland-based government contractor providing facilities management and maintenance services.
 

Creditors Committee Representations

  • Counsel to the Official Committee of Unsecured Creditors in In re Allegiance Coal USA Limited (Bankr. D. Del. 2023), an operator of surface and underground coal mines located in Alabama and Colorado with approximately $70 million in debt. 
  • Counsel to the Official Committee of Unsecured Creditors in In re Foresight Energy LP (Bankr. D. Mo. 2020), an operator of four underground longwall coal mines located in Illinois with approximately $1.4 billion in debt.
  • Co-counsel to the Official Committee of Unsecured Creditors in In re GST AutoLeather, Inc. (Bankr. D. Del. 2017), a manufacturer and global supplier of automotive leather interior products with approximately $200 million in debt.
  • Counsel to the Official Committee of Unsecured Creditors in In re Howrey LLP (Bankr. N.D. Cal. 2011), formerly a global law firm with more than 700 attorneys.
 

Creditor Representations

  • Counsel to secured and unsecured creditors including FUJIFILM North America Corporation, FUJIFILM Healthcare Americas Corporation, The J.M. Smucker Company, Boyd Company, and Active Minerals International, LLC in bankruptcy cases nationwide.  Major representations include In re Phoenix Services Topco, LLC (Bankr. D. Del. 2022); In re LSC Communications, Inc. (Bankr. S.D.N.Y. 2020); In re The McClatchy Company (Bankr. S.D.N,Y, 2020); In re P-D Valmiera Glass USA Corp. (Bankr. N.D. Ga. 2019); In re Specialty Retail Shops Holding Corp. (Bankr. D. Neb. 2019); In re Windsor Marketing Group, Inc. (Bankr. D. Conn. 2018); In re Sears Holdings Corporation (Bankr. S.D.N.Y. 2018); In re Verity Health System of California, Inc. (Bankr. C.D. Cal. 2018); In re Gardens Regional Hospital and Medical Center, Inc. (Bankr. C.D. Cal. 2016).
 

Trustee Representations

  • Counsel to the chapter 7 trustee in In re Delta Career Education Corporation (Bankr. E.D. Va.). 
  • Counsel to the chapter 11 trustee in In re Essex Construction, LLC (Bankr. D. Md.).
  • Counsel to the chapter 11 and chapter 7 trustee in In re MCSGlobal, Incorporated (Bankr. E.D. Va.).
  • Counsel to the chapter 7 trustee in In re RoomStore, Inc., Case No. 11-37790 (Bankr. E.D. Va.).  
  • Counsel to the chapter 7 trustee in In re Howrey LLP (Bankr. N.D. Cal.).
 

Out-of-Court Workouts and Financial restructuring

  • Mr. Gaffey has substantial experience representing debtors and creditors in out-of-court workouts and financial restructuring transactions.

Insights

Presentations

Panelist:  Subchapter V Issues, 39th Annual Mid-Atlantic Bankruptcy Conference, September 26, 2024

Panelist:  Commercial Breakout Topic 1: Commercial Real Estate Workouts, 38th Annual Mid-Atlantic Bankruptcy Conference, September 15, 2023

Panelist:  Recent Developments, Virginia Bar Association 24th Annual Bankruptcy Law Conference, May 12, 2023

Moderator and Panelist:  Richmond Judges’ Round Table: Supreme Court Cases and Circuit Splits, Northern Virginia Bankruptcy Bar Association, November 17, 2022

Panelist: “We are what we pretend to be, so we must be careful about what we pretend to be”: Fiduciary Duties and Ethical Issues in Chapter 11 Cases, Virginia Bar Association 23rd Annual Bankruptcy Law Conference, May 13, 2022

Panelist:  Something Beats Nothing: Evidentiary Tips, Tricks, and Reminders, American Inns of Court Bankruptcy Series: DC Circuit, March 2022

Panelist: Point-Counterpoint: A Discussion of Recent Circuit Splits, Northern Virginia Bankruptcy Bar Association, November 18, 2021

Moderator and Panelist:  Richmond Judges’ Round Table, Northern Virginia Bankruptcy Bar Association, November 19, 2020

Panelist:  Recent Developments, 35th Annual Mid-Atlantic Institute on Bankruptcy and Reorganization Practice, September 11, 2020

Panelist:  State of the Court and Recent Case Updates, Northern Virginia Bankruptcy Bar Association, September 26, 2019

Panelist: Point-Counterpoint:  A Discussion of Recent Circuit Splits, 27th Annual Hal J. Bonney Jr. Seminar on Bankruptcy Law and Practice, February 22, 2019

Panelist: Point-Counterpoint: A Discussion of Recent Circuit Splits, Northern Virginia Bankruptcy Bar Association, October 4, 2018

Panelist:  Upright Law or Downright Unethical?: The Dangers of the National Consumer Practice Model, Northern Virginia Bankruptcy Bar Association, April 26, 2018

Publications

Co-Author:  Chapter 15 Proceedings, LexisNexis Practical Guidance (2019-2023)

Co-Author:  Compensation for Attorneys and Other Professionals, in BANKRUPTCY PRACTICE IN VIRGINIA Ch. 13 (Hon. Kevin R. Huennekens & H. David Cox eds., 4th ed., 2017)

Co-Author:  Stern v. Marshall in Virginia, 24 Bankr. L. News, no. 10, at 1 (2013)

Co-Author:  Bankruptcy Law, 47 Univ. Richmond L. Rev. 51 (2012)

Author:  Outsourcing Infrastructure: Expanding the Use of Public-Private Partnerships in the United States, 39 Pub. Cont. L.J. 351 (2010)

August 16, 2021 - Articles

The Party Must Go On: Ipso Facto Provisions in Event Contracts

The COVID-19 pandemic has wreaked havoc on many sectors of the US economy.  The hospitality industry has been particularly hard hit, causing many hotels and other conference venues to seek bankruptcy protection.  Such bankruptcy filings can create considerable problems for organizations with conferences and events scheduled at these venues, many of which must be booked and planned years in advance.  Therefore, organizations often include “ipso facto” provisions in their event contracts entitling them to declare a default under the contract or to terminate the contract outright if the venue files a bankruptcy case.
January 5, 2017 - Articles

Bankruptcy Issues: Automatic Stay

A resident filing for bankruptcy can have a serious impact on the financial outlook of a community association.  The financial impact on a community association can go well beyond lost dues, however.  A fundamental purpose of the Bankruptcy Code (11 U.S.C. § 101 et seq.) is to give a person in bankruptcy (a “debtor”) a “fresh start.”  To advance this purpose, the code imposes restrictions on creditors, including community associations, once a resident files for bankruptcy.  One of these restrictions is found in Section 362 of the Bankruptcy Code, which imposes an “automatic stay” upon the filing of a bankruptcy case that prohibits certain actions against a debtor in order to give the debtor time to reorganize its financial affairs.  The scope of the automatic stay is extremely broad.
September 29, 2016 - 12:00 PM - 2:00 PM - Events

Falls Church Managers' Luncheon - Bankruptcy

Dave Gaffey and Kathleen Panagis will lead a presentation on the impact on community associations of a homeowner filing for bankruptcy and tips for limiting your community's potential liability.

August 20, 2026 - Honors & Awards

87 Whiteford Attorneys Recognized in Best Lawyers in America 2027

87 lawyers from Whiteford have been selected by their peers for inclusion in The Best Lawyers in America® 2027. The attorneys selected are based in the firm’s Delaware, Florida, Kentucky, Maryland, New York, Virginia and Washington, DC offices. Client comments are posted on the Best Lawyers website, at bestlawfirms.com.
June 4, 2026 - Honors & Awards

Chambers Recognizes Whiteford in a Record 16 Practices

Whiteford is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2026 list of leading firms and business lawyers. This year’s recognition includes 31 attorneys in 16 practice areas at the National and State level.
December 19, 2025 - Honors & Awards

33 Whiteford Attorneys Named Super Lawyers and Rising Stars

Whiteford is pleased to announce that 33 of our attorneys are listed among the 2026 Super Lawyers and Rising Stars in Delaware, the District of Columbia, Florida, Kentucky, Maryland, New York and Virginia. The individual attorneys listed and their areas of recognition are below (*newly recognized in 2026):
August 21, 2025 - News

83 Whiteford Attorneys Listed in Best Lawyers in America 2026

83 lawyers from Whiteford have been selected by their peers for inclusion in The Best Lawyers in America® 2026. The lawyers selected are based in the firm’s Delaware, Florida, Kentucky, Maryland, New York, Virginia and Washington, DC offices. Client comments are posted on the Best Lawyers website, at bestlawfirms.com.
June 5, 2025 - Honors & Awards

Chambers Recognizes Whiteford in a Record 15 Practices

Whiteford is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2025 list of leading firms and business lawyers. This year’s recognition includes 31 attorneys in a record 15 practice areas at the National and State level.
December 15, 2023 - Honors & Awards

36 Whiteford Attorneys Named Super Lawyers and Rising Stars

Whiteford, Taylor & Preston is pleased to announce that thirty-six of its attorneys are listed among the 2024 Super Lawyers and Rising Stars in Delaware, District of Columbia, Maryland, New York, Pennsylvania and Virginia.
October 13, 2023 - Honors & Awards

ABI Names David Gaffey a “40 Under 40”

The American Bankruptcy Institute (ABI) has recognized Whiteford’s David Gaffey as a "40 Under 40" Emerging Leader in insolvency practice.
 
August 17, 2023 - Honors & Awards

A Record 87 Whiteford Attorneys Listed in Best Lawyers in America 2024, Ten Selected as “Ones to Watch”

87 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2024 (copyright 2023 by Woodward/White, Inc., of Aiken S.C.). New practice areas of recognition include CleanTech Law and Entertainment and Sports Law. The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington offices. Client comments are posted on the Best Lawyers website, at bestlawfirms.com.
June 1, 2023 - Honors & Awards

Chambers Honors Whiteford in 14 Practice Areas

Whiteford is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2023 list of leading firms and business lawyers.
August 18, 2022 - Honors & Awards

73 Whiteford Attorneys Listed in Best Lawyers in America 2023, Six Selected as “Lawyer of the Year”

73 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2023 (copyright 2022 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington, D.C. offices. Client comments are posted on the U.S. News & Best Lawyers web site, at bestlawfirms.com.
June 1, 2022 - Honors & Awards

Chambers Honors Whiteford in 14 Practice Areas

Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2022 list of leading firms and business lawyers. This year’s recognition includes 29 attorneys in 14 practice areas at the National and State level.
December 17, 2021 - Honors & Awards

43 Whiteford Attorneys Named Super Lawyers and Rising Stars

Whiteford, Taylor & Preston is pleased to announce that forty-three of its attorneys are listed among the 2022 Super Lawyers and Rising Stars in D.C., Kentucky, Maryland, New York, Pennsylvania and Virginia.
December 1, 2021 - Honors & Awards

Nine Whiteford Attorneys Named Legal Elite by Virginia Business Magazine

Whiteford, Taylor & Preston is pleased to announce that nine of its attorneys have been recognized as Legal Elite-Virginia’s Best Lawyers by Virginia Business Magazine in 2021 including the additional area of Legislative, Regulatory and Administrative. 
August 19, 2021 - Honors & Awards

75 Whiteford Attorneys Listed in Best Lawyers in America 2022, Eight Named “Ones to Watch”

A record 75 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2022 (copyright 2021 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington offices. Client comments are posted on the U.S. News & Best Lawyers web site, at bestlawfirms.com.
December 15, 2020 - Honors & Awards

48 Whiteford Attorneys Named Super Lawyers and Rising Stars

Whiteford, Taylor & Preston is pleased to announce that forty-eight of its attorneys are listed among the 2021 Super Lawyers and Rising Stars in D.C., Delaware, Kentucky, Maryland, New York, Pennsylvania and Virginia