Post-confirmation Conversion from 11 to 7: What’s in the Estate?

A problem that continues to divide the courts is what, if any, assets are in the chapter 7 estate when a chapter 11 case is converted to a chapter 7 case after confirmation of a plan of reorganization in the chapter 11 case. The problem arises because §1141(b) and typical plan language provide for vesting of assets in the reorganized debtor and the “disappearance” of the chapter 11 estate upon confirmation.
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Business Reorganization Committee News

WLC Committee CLE Presentation Draws Standing-room-only Crowd
A standing-room-only crowd attended the committee’s presentation at the Winter Leadership Conference in Tucson, Ariz., on Dec. 6, 2002, entitled “Emerging Issues in Hospitality, Entertainment Venue and Gaming Bankruptcies.” Panelists Rudy J. Cerone, McGlinchey Stafford PLLC (New Orleans), Douglas Draper, Heller Draper Hayden Patrick & Horn LLC (New Orleans) and Linda F. Cantor, Pachulski, Stang, Ziehl, Young & Jones PC (Los Angeles) discussed, among other topics, first-day orders unique to such cases and special cash collateral concerns that arise in such reorganizations. For members of the committee who were not able to attend the Tucson session, the panelists’ excellent articles are on the CD-rom of the educational materials for the Winter Leadership Conference, which also contains all of the other written material for the conference’s plenary and committee-level presentations. The CD may be purchased by contacting ABI. The committee will present a CLE program at the Annual Spring Meeting in Washington, D.C., this spring. Look for further details in your mailbox and online in January.