Asset Sales Committee

ABI Committee News

The 27th Annual Spring Meeting

The 27th Annual Spring Meeting:  Washington, DC like you have never seen it before!  Located a few minutes from Capitol Hill, on the historic Potomac River, the Gaylord National Resort & Spa offers the most deluxe meeting and event space in the area.  This year's conference will be held April 1-4 and will have a special focus on the tough policy choices facing the new administration and Congress. Click here to register today! 

The Asset Sales Committee will hold a joint session with the Real Estate Committee and the National Auctioneers Association on Thursday afternoon at 4:00 p.m. entitled "Maximizing the Value of Commercial Real Estate, Machinery and Equipment and Intellectual Property through the Auction Process."  Gary S. Jacobson of Herold and Haines, PA in Warren, N.J. will moderate the session.  Panelists will include David A. Fiegel of GoIndustry USA in Owings Mills, Md., Cathy Rae Hershcopf of Cooley Godward Kronish LLP in New York, Stephen M. Karbelk of National Commercial Auctioneers in Tulsa, Okla. and Daryl Martin of CONSOR Intellectual Asset Management in La Jolla, Calif.

Another session of particular interest to the committee will be, "Selling Strategies - Finding Buyers and Managing an Effective Sale Process."  Panelists will discuss six general alternatives available to a potential acquirer of the stock or assets of a financially distressed company, both in, and outside of, a formal chapter 11 bankruptcy proceeding.  Jonathan P. Friedland of Levenfeld Pearstein, LLC in Chicago will moderate.  Panelists will include Charles C. Reardon of Houlihan Lokey in McLean, Va., Daniel F. Dooley of MorrisAnderson & Associates, Ltd. in Chicago and Thomas J. Salerno of Squire, Sanders & Dempsey, LLP in Phoenix.  Please click the link below to view Mr. Salerno's paper.  The complete Annual Spring Meeting materials will be posted online a week before the conference.

Acquisitions from Financially Distressed Companies - An Overview

 

VALCON 09

VALCON 09 took place February 25-27 at the luxurious Four Seasons Hotel in Las Vegas.  This year's theme was "Risk, Restructurings, Real Estate and Retails," and included premier speakers in distressed debt, restructuring and valuation.  One of the sessions was of particular interest to the committee. 

Panelists in the session "Mid-market Restructurings: What Happens if No One Comes to the Sale?" discussed stalking horse lenders, options to consider when sufficient value cannot be derived from a routine sale of assets and the impact of the Clear Channel case on quick §363 sales in chapter 11 cases.  Robert J. Keach of Bernstein Shur in Portland, Maine and Durc A. Savini of Miller Buckfire & Co. in New York co-moderated the session.  Panelists included Edward T. Gavin of NachmanHaysBrownstein in Wilmington, Del., Michael P. Richman of Foley & Lardner LLP in New York and Roopesh K. Shah of Goldman, Sachs & Co. in New York.  Please click the links below to view the relevant materials.

Stalking Horse Lenders and Good Faith Revisited
Issues Related to Use of Cash Collateral to Provide for Increased Options for Disposition of a Debtor-In-Possession's Assets
The Implications of Clear Channel 

 

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