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Guide to the Ira M. Millstein Papers
1975-2016 (bulk, 1975-1976)
 MS 3020

New-York Historical Society
170 Central Park West
New York, NY 10024
(212) 873-3400

New-York Historical Society

Collection processed by Larry Weimer

This finding aid was produced using ArchivesSpace on February 19, 2021 using Describing Archives: A Content Standard

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.