Don’t Miss the ABA Business Bankruptcy Committee’s Education Programs
Here is the slate of excellent programs the American Bar Association’s Business Bankruptcy Committee is putting on at NCBJ:
Pro Bono Service on a Board of a Not for Profit in Crisis/Fulfilling Your Not for Profit’s Mission During Financial Distress. In memoriam of U.S. Bankruptcy Judge Nancy Dreher, District of Minnesota.
Moderator: Andrew Troop, Partner, Pillsbury Winthrop Shaw Pittman LLP, New York, NY
Speakers: Deborah Gutfeld, Senior Counsel, Perkins Coie, Denver, CO; Martha E.M. Kopacz, Senior Managing Director, Phoenix Management Services, Boston, MA; Raymond T. Lyons, Counsel, Fox Rothschild LLP, Princeton, NJ;
Kenneth J. Young, Member, Buerger, Moseley, & Carson, PLC, Franklin, TN;
Parvathy Sree, RPLU, AIM, CIPM, First Nonprofit Group, an AmTrust Financial
Company, Chicago, IL
Description: Not-for-profit organizations, including charities, are often under enormous financial pressure and frequently face numerous challenges in order to keep their doors open. This panel will discuss corporate governance issues faced by the board members of a distressed non-profit, what happens to non-profits in bankruptcy, director and officer insurance issues from the viewpoints of a D&O insurer, and the roles and perspectives of the financial advisor and attorney trying to assist the non-profit through its crisis, a bankruptcy trustee, and the judge presiding over a non-profit’s bankruptcy case.
(Almost) Everything You Wanted to Know About…Executory Contracts.
Moderator: Christopher Combest, Partner, Quarles & Brady LLP, Chicago, IL
Speakers: Honorable Carol A. Doyle, Judge, United States Bankruptcy Court for the Northern District of Illinois, Chicago, IL; Lisa M. Schweitzer, Partner, Cleary Gottlieb Steen & Hamilton LLP, New York, NY; Andrea Coles-Bjerre, Associate Professor, University of Oregon School of Law, Portland, OR; Paul R. Hage, Partner, Jaffe Raitt Heuer & Weiss P.C., Southfield, MI; Ashley Champion, Judicial Law Clerk to Bankruptcy Judge Katharine M. Samson, Southern District of Mississippi
Description: Virtually every bankruptcy requires parties to resolve competing rights and claims under “executory contracts,” a term encompassing agreements as varied as supply contracts, service agreements, leases, licenses, options, and rights of first refusal. From diverse perspectives, the panel will thoroughly review the basic rules for identifying, treating, and disposing of such contracts in bankruptcy; the surprising ways in which contract rights can remain uncertain, even unenforceable, in bankruptcy, and practical strategies for protecting those rights. The panel will also probe more deeply into problems peculiarly associated with certain types of contracts, including intellectual property licenses, real estate leases, and contracts with governmental units.
The Uniform Voidable Transactions Act
Moderator: Bruce Borrus, Principal, Riddell Williams P.S., Seattle, WA
Speakers: Patricia A. Redmond, Shareholder, Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., Miami, FL; Edwin E. Smith, Partner, Bingham McCutchen LLP, Boston, MA and New York, NY
Description: This panel will discuss the proposed amendments to the Uniform Fraudulent Transfer Act.
It’s Not about the Money! (Or is it?): Garnering Support for Bankruptcy Sales without Increasing the Purchase Price
Moderators: Steven N. Cousins, Partner, Armstrong Teasdale LLP, St. Louis, MO
Marc J. Carmel, Of Counsel, Paul Hastings LLP, Chicago, IL
Speakers: Honorable Timothy A. Barnes, United States Bankruptcy Court, Northern District of Illinois; Robert A. Klyman, Partner, Latham & Watkins LLP, Los Angeles, CA; David M. Schulte, Managing General Partner, Chilmark Partners, Chicago, IL; Suzanne S. Yoon, Managing Director, Transaction Development, Versa Capital Management, LLC, Philadelphia, PA; Adam C. Maerov, Partner, McMillan LLP, Calgary, Canada
Description: This highly-entertaining and energized panel boasts experience in all aspects of bankruptcy purchases and sales—Bankruptcy Judge, Attorney, Financial Advisor, and Principal Investor. The panelists will share their real world experiences as they discuss and debate what purchasers can do to increase the likelihood of being the successful bidder for assets in bankruptcy sales and how to execute on a winning strategy, all without increasing the purchase price.
What Every Distressed Investor Should Ask When Venturing Offshore. Are Chapter 11 Skill Sets and Experience Alive and Well (and Relevant) in Europe?
Speakers: Jay Goffman, Partner and Practice Leader Global Restructuring, Skadden Arps, New York, NY; Simon Granger, Senior Managing Director, FTI Consulting, London, UK; Alan Carr, Partner and Founder, Drivetrain Advisors, NY;
Eckart Budelmann, Partner, Bryan Cave LLP, Hamburg, Germany; Honorable Shelley Chapman Bankruptcy Judge, S. D. N. Y., New York, NY
Description: US based investors are very comfortable with U.S. Bankruptcy Courts, Chapter 11 proceedings and restructuring professionals. How has this perspective impacted on the expectations and experiences of distressed investors when they venture offshore? What happens when principles fundamental to U.S. bankruptcy law, such as favoring debt over equity in insolvent situations, are not universally applied? This program will explore recent developments in offshore restructurings, including how the experience and mindset of U.S. investors and their advisors are playing a vital role in changing the face of distressed investing in Europe and elsewhere and the challenges that every U.S. investor should be aware of when investing outside of the U.S. so as not to be caught by surprise.
Take the First Exit! – Defenses That Can Win a Case Early
Moderators: Sandra A Riemer, Partner, Phillips Nizer LLP, New York, NY; John C. Weitnauer, Partner, Alston & Bird LLP, Atlanta, GA
Speakers: Patrick Darby, Partner, Bradley Arant Boult Cummings LLP, Birmingham, AL; Hon. Martin Glenn, Bankruptcy Judge, United States Bankruptcy Court for the Southern District of New York; Jonathan M. Landers, Member, Scarola Malone & Zubatov LLP, New York, NY; Catherine L. Steege, Partner, Jenner & Block LLP, Chicago, IL
Description: The distinguished panel will discuss the strategic and tactical benefits that can be gained by an early focus on “procedural” and affirmative defenses that could be dispositive in an adversary proceeding, such as the “plausibility standard” enunciated in Bell Atlantic Corp. v. Twombly, standing, res judicata, estoppel and waiver.
Is there Room in the Chapter 11 Ark for Trustees, Examiners, Receivers and CROs?
Moderator: Rafael X. Zahralddin-Aravena, Shareholder and Director, Elliott Greenleaf, P.C., Wilmington, DE
Speakers: Judith W. Ross, Shareholder, Law Offices of Judith W. Ross, Dallas, TX; Benjamin I. Finestone, Partner, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; William K. Harrington, United States Trustee, Region I and II (invited), Boston, MA; Katherine R. Catanese, Senior Counsel, Foley and Lardner LLP, New York, NY; Sheila T. Smith, Americas Restructuring Services Leader, Deloitte, New York, NY
Description: This panel will discuss the underlying common law surrounding receiverships (including federal receivers), case law and statutory authority relating to the appointment of trustees and examiners, and the use of crisis restructuring officers in chapter 11. The panel will focus on recent trends including cases resulting from the use of foreign subsidiaries to access the U.S. market through reverse mergers, cross border fiduciary duties, fraud cases, and cases related to gross mismanagement. Special attention will be paid to the practical limitations of using receivers, CROs, trustees and examiners.
Restaurant Bankruptcies–Should I Make a Reservation Now?
Moderators: Ryan T. Schultz, Partner, Fox, Swibel, Levin & Carroll, LLP, Chicago, IL
Speakers: Bobby Guy, Partner, Frost Brown, Nashville, TN; Phillip Martino, Partner, Quarles & Brady, Chicago, IL; Mario Ponce, Principal, Partners in Hospitality, Chicago, IL; Patricia Rynn, Partner, Rynn & Janowsky, Newport Beach, CA; Jennifer Scuher, Executive Counsel Restructuring Bankruptcy, GE Capital, Chicago, IL
Description: Industry reports project an increase in the number of restaurants filings, especially by casual dining restaurants. Restaurant bankruptcies raise a number of complex issues that are not found in the typical manufacturer case or in cases involving other service businesses.
Discovery and Judicial/Legislative Developments in Mass Torts and Asbestos Trusts
Moderators: Hon. Judith K. Fitzgerald (Ret.), Professor of Law, Indiana Tech Law School, Fort Wayne, Indiana; Of Counsel, Tucker Arensberg, P.C., Pittsburgh, PA
Speakers: Leslie A. Davis, Counsel, Crowell & Moring LLP, Washington, DC; Charles H. Mullin, PH.D., Partner, Bates White LLC, Washington, DC; Trevor Swett III, Member, Caplin & Drysdale, Chartered, Washington, DC
Description: Asbestos trusts established pursuant to confirmed plans of reorganization currently hold in excess of $30 billion in assets. They resolve and process large numbers of asbestos personal injury tort claims. Asbestos claims filed with an asbestos trust, unlike claims filed in the tort system, are not publicly filed, and there is an issue as to whether lack of transparency in the trust system has led to abuse of the trusts and of the tort system–as recently illustrated by the Garlock bankruptcy court decision on claim estimation. In Garlock it was found that claimants gave materially different work histories to trusts from which they recovered payments, on the one hand, and to Garlock, in connection with the bankruptcy, on the other–which the court found to show a “startling” “pattern of misrepresentation.” 504 B.R 71, 86 (Bankr. W.D.N.C. 2014). The panel will focus on the need for trust discovery in asbestos bankruptcies, legislative proposals as to trust transparencies, and judicial and rule responses to the issue.
Herding Clients: Working with Multiple Secured Creditors
Moderators: Susan M. Freeman, Partner, Lewis Roca Rothgerber, LLP, Phoenix, AZ
Speakers: Bryant D. Barber, Partner, Lewis Roca Rothgerber LLP, Phoenix, AZ;
Jeanne P. Darcey, Partner, Sullivan & Worcester, Boston, MA; Jennifer C. Hagle, Partner, Sidley Austin LLP, Los Angeles, CA; William P. Smith, Partner, McDermott Will & Emery LLP, Chicago, IL
Description: Panelists regularly representing indenture trustees, hedge funds and financial institutions will discuss issues arising in restructurings and Chapter 11 cases when secured creditor clients have constituent groups, including communications with participants and beneficiaries, driving consensus on interim and exit strategies, obtaining direction from majorities and meeting rights of minorities, funding bridge or DIP financing, decision-making on credit bidding, and plan voting logistics.
Moderators: Martin J. Bienenstock, Partner, Proskauer Rose LLP, New York, NY
Speakers: Michael R. Enright, Partner, Robinson & Cole LLP, Hartford, CT; Martin J. Bienenstock, Partner, Proskauer Rose LLP, New York, NY; Robert B. Millner, Partner, Dentons, Chicago, IL; Monique D. Hayes, Associate, Genovese Joblove & Battista, PA, Miami, FL; Jennifer R. Hoover, Partner, Benesch, Friedlander, Coplan & Aronoff LLP, Wilmington, DE
Description: This popular panel, led by Martin Bienenstock, will discuss current developments in the areas of claims, exemptions, priorities and Chapter 11.