ABI’s 26th Annual Spring Meeting: Committee Educational Session Agenda
ABI's 26th Annual Spring Meeting, the networking and CLE event of 2008, will be held April 3-6 at Washington, D.C.'s Renaissance Hotel in the Nation's Capital! Join us during cherry blossom season for exciting and informative sessions, including a luncheon keynote by Supreme Court Justice Samuel A. Alito, Jr.
The committee will meet jointly with the Commercial Fraud Task Force committee on Friday, April 4, from 4:00 to 5:30 p.m. to discuss, “363 Sales - How Free is Free & Clear? Does new case law, fraud in the process or Loan to Own (or Loan to Buy) Deals, and other recent trends Negate the Ability to Get a 363(m) Order and/or impact successor liability exposure?”
Speakers include: Lawrence A. Katz, Venable LLP; Vienna, Va.; Jo Ann J. Brighton, Kennedy Covington Lobdell & Hickman, LLP; Charlotte, N.C.; Hon. Judith K. Fitzgerald, U.S. Bankruptcy Court; Pittsburgh; and Kenneth A. Rosen, Lowenstein Sandler PC; Roseland, N.J.
Hedge Fund Competition for Distressed Public Companies
Written by: H. Slayton Dabney, Jr.
King & Spalding LLP; New York
James Decker
Alvarez & Marsal; Atlanta
Peter M. Gilhuly
Latham & Watkins LLP; Los Angeles
M. Steven Liff
Sun Capital Partners; Los Angeles
I. Introduction1
While some hedge funds participate minimally in chapter 11 cases by simply trading securities, other hedge funds have become increasingly prominent players in large chapter 11 cases. This involvement can result either from (a) pre-bankruptcy securities trading, refinancing and restructuring agreements, or (b) post-petition efforts to provide exit financing and new equity investments. The funds in question typically do not wander into these cases as a result of pure trading activities. Instead, they have made informed decisions to acquire the distressed businesses with a view to realization of substantial future value. In instances where hedge funds are prominent players in chapter 11 cases, it is often the case that complicated, hotly contested issues arise, requiring substantial professional assistance.