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Leslie J. Altus


Provides tax advice to businesses in all industries, including aircraft, rail, energy and consumer products. Extensive bankruptcy and litigation experience.

Leslie provides tax advice to major businesses and investors in complex investment, financing and restructuring transactions, including joint ventures, secured lending, lease financing and enhanced equipment trust certificate offerings and restructurings. She counsels clients in aircraft, rail, power, energy and real estate businesses, as well as pharmaceutical and consumer products businesses.

She has extensive experience in the tax aspects of a wide variety of bankruptcy and out-of-court restructuring matters, including business reorganizations in the consumer products, pharmaceutical, energy, power and transportation industries.

Leslie also has wide experience in tax litigation matters, including federal and state trial and appellate court proceedings, Internal Revenue Service audits and appeals, and alternative dispute resolution proceedings.

She is President of the Penn Law Alumni Society and an ex-officio member of the Penn Law Board of Advisors.

Experience highlights

  • Ad hoc group of secured noteholders in connection with the chapter 11 cases of Cloud Peak Energy Inc. and its affiliates
  • Ad hoc group of GenOn Energy Inc. noteholders in connection with GenOn’s chapter 11 restructuring, including subsidiary power company sale-leasebacks
  • Ad hoc group of bondholders of Puerto Rico’s Government Development Bank in connection with restructuring under PROMESA
  • Related Companies and Oxford Properties in their platform joint venture with José Andrés’ ThinkFoodGroup to develop, own and operate a Spanish style food hall and market
  • Related companies in connection with financing secured by 85 Tenth Avenue in New York City
  • An industrial company in reviewing transactions in which it claimed incentive tax credits and in defending its claims against challenges by the IRS
  • Successfully represented multinational consumer products company in U.S. Tax Court case involving international restructuring and debt/equity issues
  • Successfully represented U.K. Bank before the Court of Federal Claims and Federal Circuit Court of Appeals in U.S.-U.K. tax treaty dispute relating to determination of income attributable to U.S. branch
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J.D., University of Pennsylvania Law School
B.A., Pennsylvania State University
Law Clerk, Hon. Richard C. Wilbur, U.S. Tax Court, 1983-1985
Professional history
  • Counsel, 1997-present
  • Davis Polk since 1985
Qualifications and admissions
  • State of New York
  • U.S. Court of Appeals, Federal Circuit
  • U.S. Court of Federal Claims
  • U.S. District Court, Connecticut
  • U.S. Tax Court
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