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| vol 16, num 1 | March 2022 |
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| 2021 Co-Chair Corner/Year in Review |
| Weeeee’re back! After a four-year hiatus, ABI’s FAIB Committee was revitalized in 2021! We are very excited to see the large numbers joining our committee — we are currently up to 152 — and Membership Relations Director Howard Cohen is ready to welcome even more. He and Communications Director Jennifer Taylor have done a great job communicating with ABI members about our committee, and Jennifer has used our listserv to provide authoring and speaking opportunities to members and to recruit fantastic panel speakers from outside of the group.
Although we only assembled our leadership team after the Annual Spring Meeting, thanks to Newsletter Editor Melissa Davis we have already produced three newsletters, including the one attached to this report. The prior two include great articles on topics such as using operating models to prepare for the future, a survey of current break-up fees in § 363 sales, and maximizing value through the DIP budget. Thanks to all contributing authors!
Our Special Projects Leader, Jolene Wee, put on an excellent and very well-attended webinar titled, “Cryptocurrency: Valuation Issues and Market Volatility.” Kudos go to the outstanding panelists for this program. We are shooting for another webinar in May, so stay tuned. Hint: we’ve heard several good ideas for webinars, newsletter articles, and even a special project regarding subchapter V. Please let us know of your ideas for webinar topics. |
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| Best Practices: Staying Out of Trouble with the IRS |
| The Treasury Department’s computer-generated tax notices have increased over the last several years. At the same time, finding knowledgeable personnel at the IRS to discuss bankruptcy tax issues has become increasingly difficult. Knowing the source of potential issues goes a long way toward avoiding the pain they may cause. It is, therefore, important to know the rules, follow the rules as best as you can, and disclose in detail the specific circumstances of a bankruptcy when you cannot provide the information the IRS is seeking because it has not been made available to the trustee or does not exist. |
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| The Death of Large Commercial Business Bankruptcies: What’s an FA/IB to Do? |
| There are many reasons why companies falter and create opportunities for financial advisors and investment bankers: incompetent or inefficient management; rapid expansion (and often loss of quality control); overleveraging of assets (often to support the lifestyle of the principals); failure to shed unprofitable locations, divisions or products; and more. Financial advisors are typically brought in by the distressed company or its counsel, or the primary secured lender or its counsel, to provide financial and operational advice to improve the bottom line, improve cash flow and/or restructure the debt load. Investment bankers may be brought in
by the distressed company, the secured lender or the financial advisor if a determination is made that the company needs to refinance existing debt, take on additional debt, sell assets, sell equity, or a combination thereof. |
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| Save the Date for a Happy Hour Reception at ABI's Annual Spring Meeting |
| Join our committee on the beautiful rooftop deck at Kutak Rock LLP's offices, located at 1625 I St NW #800, Washington, DC 20006, on April 28 at 4:00 PM. More details to come. We look forward to seeing you there!
Announcing Our Committee's Panel at the Annual Spring Meeting!
ABI is pleased to announce the in-person return of the Annual Spring Meeting. Always one of the most significant annual gatherings of bankruptcy and insolvency professionals in the country, ABI's Annual Spring Meeting provides the ultimate in learning and networking opportunities for the insolvency community — both in person and online.
This year, the committee is partnering with the Emerging Industries and Technology Committee for a session titled, "Basics of Blockchain and Impacts on Your Next Restructure." This panel will cover the basics of what blockchain is and the common issues that may arise. As businesses of all sizes continue to embrace blockchain, bankruptcy professionals will need to understand how to deal with debtors' crypto assets and understand what a “smart contract” is.
Speakers for this panel will include:
- What: Meeting of the Financial Advisors and Investment Banking Committee
- Howard Cohen - Fox Rothschild - Wilmington, Del.
- Jolene Wee - JW Infinity Consulting - New York
- Jarrett Hitchings - Duane Morris - Wilmington, Del.
- Peter Barrett - Kutak Rock - Richmond, Va.
- Camille Bent - BakerHostetler - New York
You can register for the Annual Spring Meeting here. |
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