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Ira M. Millstein papers

Call Number

MS 3020

Date

1975-2016 (bulk, 1975-1976), inclusive

Creator

Millstein, Ira M.

Extent

0.63 Linear feet in two document boxes

Language of Materials

The documents in the collection are in English.

Abstract

As a partner in the law firm of Weil, Gotshal & Manges, Ira M. Millstein was a counsel to New York City during its fiscal crisis of the mid-1970s. The collection includes documents related to certain legal aspects of New York City's near-default on its obligations in 1975 and to the subsequent investigation of the city by the Securities and Exchange Commission (SEC), as well as copies of published articles about the matter.

Biographical/Historical Note

Ira M. Millstein was born in New York City on 8 November 1926. He earned his law degree in 1949 from Columbia Law School. By the 1970s, he was a partner at the law firm of Weil, Gotshal & Manges. The firm, including Millstein, served as counsel on bankruptcy matters to New York City during its fiscal crisis of the mid-late 1970s. At the peak of the crisis, in October 1975, New York was approaching due payments but with insufficient funds to pay them. Millstein wrote the filing that was submitted to the state Supreme Court to start the default process. Though the filing was approved and signed by Judge Irving Seybold, it was returned to the lawyers as unneeded as last minute debt relief came from union pension funds. Millstein and his firm continued to provide counsel, including in connection with an investigation launched by the Securities and Exchange Commission in early 1976. This investigation focused on concerns with New York's bond offerings, specifically with regard to misrepresentations and inadequate risk disclosure. The SEC's critical report was released in 1977, shortly before the Democratic Party primary, which incumbent Mayor Abraham Beame lost.

Arrangement Note

The collection is arranged roughly by document type and chronology.

Scope and Contents Note

The collection includes documents related primarily to certain legal aspects of New York City's near-default on its obligations in 1975 and to the subsequent investigation of the city by the Securities and Exchange Commission (SEC). The collection includes the petition of 17 October 1975 submitted by the city to the state Supreme Court, the resulting court order that positioned New York to declare it was defaulting that day (an action that was narrowly averted), and the text of Mayor Beame's prepared, but never used, announcement of the default. The collection includes legal analyses, memoranda and other documents from 1975-1976 related to the possibility and implications of a default by New York. The collection includes memoranda concerning some aspects of the SEC's investigation, such as jurisdictional matters. The collection also holds copies of proposed legislation from 1975 relating to the state's financial emergency act and of various published articles, primarily from law journals, concerning the crisis from a legal perspective.

Access Restrictions

Open to qualified researchers.

Materials in this collection may be stored offsite. For more information on making arrangements to consult them, please visit www.nyhistory.org/library/visit.

Use Restrictions

Taking images of documents from the library collections for reference purposes by using hand-held cameras and in accordance with the library's photography guidelines is encouraged. As an alternative, patrons may request up to 20 images per day from staff.

Application to use images from this collection for publication should be made in writing to: Department of Rights and Reproductions, The New-York Historical Society, 170 Central Park West, New York, NY 10024-5194, rightsandrepro@nyhistory.org. Phone: (212) 873-3400 ext. 282.

Copyrights and other proprietary rights may subsist in individuals and entities other than the New-York Historical Society, in which case the patron is responsible for securing permission from those parties. For fuller information about rights and reproductions from N-YHS visit: https://www.nyhistory.org/about/rights-reproductions

Preferred Citation Note

This collection should be cited as the Ira M. Millstein papers, MS 3020, New-York Historical Society.

Location of Materials

Materials in this collection may be stored offsite. For more information on making arrangements to consult them, please visit www.nyhistory.org/library/visit.

Immediate Source of Acquisition Note

Gift from Ira Millstein, 2017.

Related Archival Materials Note

New-York Historical Society holds the Elizabeth and Felix G. Rohatyn papers, which include some material, mostly clippings and news articles, concerning New York's fiscal crisis (MS 3015).

N-YHS also holds the Henry Walter papers (MS 3016). Walter was a speechwriter for Comptroller and later Mayor Abraham Beame, including throughout the fiscal crisis. Walter's papers provide insight into the public relations aspects of the mayoralty and the fraught financial situation.

Collection processed by

Larry Weimer

About this Guide

This finding aid was produced using ArchivesSpace on 2023-08-21 15:51:26 -0400.
Using Describing Archives: A Content Standard
Language: Description is written in: English, Latin script.

Processing Information Note

The collection was processed in July 2017 by archivist Larry Weimer.

Repository

New-York Historical Society
New-York Historical Society
170 Central Park West
New York, NY 10024