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ACHIEVER AT LAW
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Cousins
finds niche in corporate law at Armstrong Teasdale as first African
American partner and executive committee member.
By Kevin Kipp
Name the self-respecting 40-something St. Louis native who DIDN’T
grow up admiring Bob Gibson. Tough assignment.
Now name the 40-something natives who apply themselves to the task
at hand with the same intensity as Gibson. Somewhere near the top
of that list you’ll find Steven Cousins, chairman and founder of
the financial restructuring, reorganization and bankruptcy department
at Armstrong Teasdale LLP.
“I’ve always been a die-hard Cardinals fan,” Cousins says, “and
when I was younger, I always thought I could pitch like Bob Gibson.
But I was wrong. Still, one can admire his seriousness of purpose
and dedication to setting an exemplary standard. I’ve tried to emulate
his workman-like way of going at the game, to deliver the best result
without frivolity and distraction.”
Kenneth Teasdale, chairman of the firm at Armstrong Teasdale, saw
that from the beginning. “When Steve first got here in 1979, the
Bankruptcy Code had just changed. He devoted himself entirely to
the new field.” “The Bankruptcy Code of 1978 created a level playing
field,” Cousins says. “Those who got to the top would be those who
put in the hours. There were no shortcuts other than the work. And
studying, studying, studying.”
“Bankruptcy was not that big in those days because business was
less complicated,” Teasdale says. “And the old code wasn’t conducive
to reorganization. The new code changed that. It was a wonderful
opportunity for Steve.”
“I was propelled in part by circumstances...this new area of law
called bankruptcy,” Cousins allows. “The new code substantially
altered practice under the Bankruptcy Act. The timing couldn’t have
been better for a young attorney. I was on fire.”
He was on a mission, too, to “amass expertise, demonstrate proficiency
and mastery of the subject, and to drive the firm in this area—as
well as my career—to regional and then national prominence.”
Teasdale points out that Cousins excelled by virtue of inspiration,
as well as perspiration: “Chapter 11 was new, and it called for
innovative arrangements. It was an area of the law that was new
and different, so somebody with Steve’s gifts of creativity and
people skills could excel immediately.”
Like others enjoying overnight success, Cousins attests that his
took years of unremitting commitment: during his early years at
Armstrong Teasdale, he led the firm in billable hours.
If his success was not immediate, at least it arrived ahead of schedule.
“The Apex/Clark Oil case in 1987 was a career- making case,” Cousins
says. It was reported by the Wall Street Journal as the largest
collection of privately held companies to declare Chapter 11.
“It was of such complexity that someone in his 40s—my age now—should
have handled it, not someone who was 32,” Cousins says. “But it
had the effect of forcing me to scale up the learning curve quickly.”
Additionally, representing creditors, Cousins faced opponents who
were what he would become. “The lawyers representing the debtor
were in the pantheon of great bankruptcy lawyers: Barney Shapiro,
Arnold Quittner.”
Playing David to such Goliaths was good for his career though, and
in the midst of that case, he became Armstrong Teasdale’s first
African-American partner. He also serves on the firm’s executive
committee.
Representing interests in other prominent cases (some internationally
so) hoisted Cousins’ star as well: Interco, the Globe-Democrat,
Wisconsin Barge Line, Kroh Brothers Co., Jumping Jack Shoes Inc.,
Wang Laboratories Inc., Phar-Mor Inc., Continental Airlines, Southland
Corporation, Foxmeyer Drug, Venture Stores, Payless Cashways. In
the TWA bankruptcy case, which ultimately led to its acquisition
by AMR (American Airlines) Corp., Cousins represented the City of
St. Louis and played a key role in the case.
Like Bob Gibson, Cousins competes intensely. Unlike Gibson, who
had only one enemy (any batter), Cousins is not in a simple “us–them”
game. “The debtor is at war with secured lenders, and at war with
unsecured creditors. The debtor, moreover, is at war with junk bond
holders, and in some cases at war with equity owners. And the debtor
can be at war with lessors. And all these parties are episodically
at war with each other throughout the case to gain advantage vis-a-vis
other classes and other members within the same class.”
When there’s blood in the water, it’s hard to put bibs on the sharks.
Further complicating matters, Cousins notes, “alliances shift so
today’s friend is tomorrow’s enemy, and vice versa.”
Besides his professional stature, Cousins has gained cache within
his own firm. Teasdale: “There’s a mystique that’s grown up about
how he got here. It started with him coming to the front desk, and
asking to speak to Tom Remington, our managing partner at the time.”
More Teasdale: “Since this is a firm that doesn’t stand on ceremony,
and this was obviously an aggressive, bright, young fellow, the
receptionist called Tom. He came out, they interviewed, Tom thought
Steve was wonderful, and we hired him. Steve is a walk-on.”
Has he been good for the team?
“He’s great 80 different ways. He’s one of the best lawyers in the
firm. He’s a genius in his field, and out of 200 lawyers, he’s consistently
among the top 10 producers at Armstrong Teasdale,” notes the firm’s
chairman.
Teasdale points out that Cousins knows more than Bankruptcy Code.
“He has a superb understanding of business,” Teasdale says, “and
he is a superb judge of business situations.”
A review of Cousins’ resume suggests that this grasp of business
might proceed from the MBA courses he “aced” at the Wharton School
of Business...while earning his J.D. at the University of Pennsylvania
Law School.
The extra courses may say something about his work ethic, too. Sports
icons have their place, but Cousins grew up with a sublime admiration
for his father Frank Cousins, to whom he attributes both his interest
in business and his hyper-motivation.
“He was a great dad and a wonderful role model,” says Steven Cousins.
“Dad believed in himself and grew his business [Allied Exterminators]
into a great success through a work ethic second to none. He had
a sense of destiny that he would take this concept, and starting
from scratch, grow it into a company that would employ people and
offer a world-class product. It was invaluable to grow up in that
environment.”
Above:
Charles Tillman, (left), was an intern in the 1993 St. Louis
Internship Program at law firm Armstrong Teasdale, where Steven
Cousins is a partner.
Cousins also admired other African-American men. “Growing up in
the city and attending Euclid and Cupples Schools, they had pictures
of historical figures like Thurgood Marshall and Ralph Bunche on
the wall. Under their pictures would be a monogram of their accomplishments.
It was something you could relate to, even though they’re larger
than life. That was formative exposure to people who were luminaries
for all the right reasons.”
Thurgood Marshall, the first African American appointed to the U.S.
Supreme Court, argued for Brown in Brown v. Topeka in 1954. Bunche
earned the Nobel Peace Prize in 1950 for his work with Israelis
and Palestinians in the late ’40s.
The Cousins family moved to Pine Lawn in 1968. Steve Cousins attended
Normandy High School, a primarily white school at the time. “The
out-migration of African Americans to the County was just beginning...the
pursuit of the American dream, a house in suburbia. It was a step
up for us, moving out of the hardscrabble area of the City at Wells
and Kingshighway, by the old Sears building.”
(Cousins and his wife Holly have returned to the City, living in
the Central West End. They are raising two daughters, Stephanie,
12, and Heather, 8.)
After graduating from Normandy High, Cousins attended UMSL his first
two years of college. “I was considering my options for lifting
my horizons,” he says. “Someone suggested I talk to Professor Alphonso
Jackson. He had experience attending Ivy League schools and might
have some insight. He and I developed a friendship and mentorship.
“Our strategy led me to apply to Yale. Yale would serve as my passport
to a fine law school, and a fine law school would serve as a passport
to a top tier law firm in St. Louis. Being a student of history,
and observant of the legal scene in St. Louis, I knew I had to come
equipped with the very best credentials.”
Jackson, now Deputy Secretary of HUD in the Bush Administration,
and Cousins remain in contact.
Cousins says Yale “was a chance to compete with students who were
at the top of their form, and to receive instruction from a world-class
faculty.”
But he didn’t pursue much extra-curricular. “I was a man on a mission,
and the mission didn’t have anything to do with anything close to
social trappings. My focus was on equipping myself to offer as much
value and expertise as I could for any employer.”
In law school, he focused on tax law. His appetite for the subject
exhausted Penn’s course offerings, so he persuaded professors to
provide him increasingly sophisticated independent study options.
Cousins also took advantage of his law school’s free cross-enrollment
at its sister college Wharton School of Finance and Commerce. “I
didn’t pursue a business degree,” he says, “but taking the courses
was consistent with my background as the son of a businessman...and
a natural adjunct to my tax studies.”
Wharton and more than two decades of experience have allowed the
bankruptcy practice at Armstrong Teasdale to expand and diversify.
“We do more than bankruptcy,” Cousins says. “On behalf of some clients
we look for distressed companies that could be acquired. We design
strategies to enable our clients to acquire the distressed company
either on a friendly or hostile basis, either in or out of bankruptcy
court.”
Then he chuckles, “We’ve acquired several companies for little or
no money down...which is an art in itself, and makes it fun. We
also represent a number of vulture funds and venture capital funds
that acquire debt to allow them to stake out a position in a company.”
Above:
St. Louis Mayor Francis Slay, (right), and Steven Cousins at
the St. Louis Internship Program kick-off event, June 15, 2001.
Cousins’ savvy has also made him a valuable talent outside the firm.
He is one of eight founding directors of the PrivateBank in St.
Louis.
Since June 2000, that bank has grown to a $100 million institution,
“far exceeding our projections,” says bank president Richard Jensen.
Above:
Missouri’s First Lady, Lori Hauser Holden, (left), and Steven
Cousins at the annual St. Louis Internship Program kick-off event,
June 15, 2001.
“We couldn’t want a better director,” he continues. “Steve understands
his responsibility, and takes it very seriously. Getting the charter
took nine months and a lot of patience; he was very helpful in that.”
There’s more. “Our business is making loans,” Jensen says, “and
we usually see the positive side, because we get information from
the borrower. But Steve’s a bit of a provocateur. He has sounded
cautionary notes and provided insights that have helped us avoid
several land mines.”
Jensen’s admiration for Cousins exceeds banking. “He’s the kind
of guy you can call when he’s out of town, and he’ll call you back
in an hour. He’s a great communicator, a great family guy, and he
is truly committed to St. Louis and has the best interest of promoting
the city and the region.”
Apparently. Cousins served on Mayor Freeman Bosley’s transition
team and Advisory Committee on City Governance, as well as then-Gov.
Kit Bond’s Leadership Advisory Committee and State Advisory Council
on Vocational Education. He served as treasurer of Normandy’s Board
of Education, and has provided volunteer leadership to St. Louis
Public Schools Foundation, Downtown Now!, the Kiel Opera House Commission,
Yale University Alumni Board of Governors, the Red Cross, Downtown
St. Louis, Opera Theater of St. Louis, the Jefferson National Expansion
Memorial Association, the Salvation Army, the Sheldon Arts Foundation
and the United Way.
He currently serves on the boards of Dance St. Louis, the Saint
Louis Art Museum, St. Louis Children’s Hospital, Saint Louis University,
the Inner-City High School Summer Internship Program, and the RCGA
(where he serves as general counsel).
Cousins says he is especially fond of working with organizations
that “make a difference in the lives of kids, particularly African-American
kids, who deserve an opportunity to achieve personal and educational
success. Education is a liberating force. It is a passport to success.”
He doesn’t see his civic contributions as extraordinary. “Every
citizen has a solemn obligation to give back to the community in
equal measure to the opportunities they’ve enjoyed. If I help someone
else, I’m only doing what I’m supposed to do.”
Lee Liberman, chairman emeritus at Laclede Group, serves on Forest
Park Forever, Area Resources for Community Health and Human Resources
and the St. Louis Zoo 2004 campaign with Cousins. Liberman was a
co-chair for the Zoo’s recently completed capital campaign.
“We issued bonds as part of the strategy to finance the expansion,”
he says. “Steve was bond counsel. He distinguished himself by his
knowledge of the payback provisions, which are different for a non-profit
than they are for the corporations he usually works with.”
Liberman notes, “Steve gives you what you ask for forthrightly,
intelligently and quickly.”
In good Gibson fashion.
Kevin Kipp runs Bubble Communications, a creative services and
community relations firm in St. Charles. |
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