by Eric E. Walker
Perkins Coie LLP; Chicago
A major trend in insolvency law over the past 10 years is the increase in assets sales through bankruptcy. Instead of confirming a reorganization plan under chapter 11, a majority of debtors market and sell substantially all their assets through a §363 sale. A major challenge for potential buyers in this situation is the ability to accurately value the assets to be purchased. This uncertainty can be especially pronounced when intellectual property (IP) rights, such as trademarks, are involved since their value depends, in large part, on the ability of the owner to enforce its monopoly. Accordingly, a potential IP purchaser will want to know (1) the status of any licensing agreements the debtor may have with respect to the IP (i.e., if it is an executory contract), (2) if the debtor has rejected the licensing agreements, and (3) the effect of that rejection on the licensee.
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The 16th Annual Northeast Bankruptcy Conference will be held in conjunction with the 4th Annual Northeast Consumer Forum July 16-19 at the historic Mount Washington Resort in Bretton Woods, New Hampshire. This year’s program offers more than 8 hours of CLE and features a roster of the best regional speakers. Outdoor enthusiasts and families can take advantage of an array of activities as well. Several of the sessions will be of particular interest to the committee.
Panelists in the session “Outlook for the Restructuring Industry” will discuss the impact of de-leveraging on credit availability, debtor-in-possession financing, the federal stabilization program and economic and non-economic factors that affect chapter 11 reorganizations. Panelists will include Derek R. Crevello of D.E. Shaw & Co. in Bethesda, Md., Jameson J. Grant of Mirus Special Situations Group in Burlington, Mass. and Sheila T. Smith of Deloitte Financial Advisory Services LLP in Boston. Richard E. Mikels of Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC in Boston will moderate. Please click the link below to view the materials.
Outlook for the Restructuring Industry
Panelists in the session “Hedge Fund Workouts and Chapter 11 Cases” will explain common hedge fund structures, the scope of chapter 15 proceedings for offshore hedge funds, payment and valuation of investor redemption claims and fraudulent transfer exposure. Eric A. Henzy of Reid and Riege, PC in Hartford, Conn. will moderate the session. Panelists will include Charles A. Dale, III of K&L Gates, LLP in Boston and Francis C. Morrissey of Edwards Angell Palmer & Dodge LLP in Boston. Please click the link below to view the materials.
Hedge Fund Workouts and Chapter 11 Cases
The session “Industry Focus: Retail and Restaurant Bankruptcies” will delve into BAPCPA amendments that have greatly affected financially troubled retailers and how these amendments have been applied to specific cases since BAPCPA. Panelists will include Craig M. Boucher of CRG Partners in Bethesda, Md., Robert J. Duffy of FTI Consulting, Inc. in Boston and Hon. William C. Hillman of the U.S. Bankruptcy Court (D. Mass.) in Boston. Lee Harrington of Nixon Peabody LLP in Boston will moderate. Please click the link below to view the paper by Mr. Harrington.
Retail Reclamation Claims: "Give Me Back My Stuff (Or at Least Pay Me for It)"
The 14th Annual Southeast Bankruptcy Workshop will be held July 29 – August 1, 2009 at the gorgeous Westin Hilton Head Island Resort & Spa on Hilton Head Island, South Carolina. This year’s program promises to be exceptional and will offer 9 hours of CLE credit, including 2.5 hours of ethics. This piece of South Carolina low country provides a haven of dazzling white-sand beaches, brilliant green salt marshes and rivers and unlimited recreational opportunities. Several of the sessions will be of particular interest to the committee.
Panelists in the session “Jumping the Queue: Administrative, Priority and Reclamation Claims in Chapter 11 Cases” will discuss recent relevant chapter 11 cases as well issues under article 9 of the Uniform Commercial Code. Lawrence R. Ahern, III of Burr & Forman LLP in Nashville, Tenn. will moderate. Panelists will include Paula S. Beran of Tavenner & Beran, PLC in Richmond, Va., Daniel F. Dooley of MorrisAnderson & Associates, Ltd. in Chicago and Hon. Douglas O. Tice, Jr. of the U.S. Bankruptcy Court (E.D. Va.) in Richmond, Va. Please click the link below to view the materials.
Jumping the Queue: Administrative Priority and Reclamation Claims in Chapter 11 Cases
The session “Lenders Under Fire: Strategies for and Defenses to Extracting Money from Lenders in Consumer and Business Cases” will address how the economic climate has prevented troubled businesses from reorganizing. In turn, unsecured creditors and other constituencies are more often faced with the prospect of recovering nothing in insolvency proceedings and must be more aggressive in attempts to collect. Discussion will focus on the current state of the law with respect to primary theories being pursued most vigorously and commonly by creditors and trustees. Panelists will include Eric W. Anderson of Parker, Hudson, Rainer & Dobbs LLP in Atlanta, Thomas W. Anderson of Pilot Mountain, N.C., Rudy J. Cerone of McGlinchey Stafford, PLLC in New Orleans, Hon. Mary Grace Diehl of the U.S. Bankruptcy Court (N.D. Ga.) in Atlanta and Robert M. Hirsh of Arent Fox LLP in New York. Terri L. Gardner of Nelson Mullins Riley & Scarborough, LLP in Raleigh, N.C. will moderate. Please click the link below to view the paper by Eric Anderson.
Lenders Under Fire: Weapons in the Committee Arsenal; Shields for Lenders
Panelists in the workshop “Dead Dealers: Problems and Challenges with Auto-dealer Insolvencies” will discuss setoff and recoupment rights of car manufacturers as they relate to obligations owed to a dealer under franchise agreements as well as the effect that the Clear Channel case has had on 363 sales that are free and clear of liens. Jeffrey W. Kelley of Troutman Sanders LLP in Atlanta will moderate. Panelists will include Keith M. Northern of NachmanHaysBrownstein, Inc. in Narberth, Pa., Charles M. Tatelbaum of Adorno & Yoss LLP in Ft. Lauderdale, Fla. and Hon. James D. Walker, Jr. of the U.S. Bankruptcy Court (M.D. Ga.) in Macon, Ga. Please click the links below to view papers by Mr. Kelley and Mr. Walker.
Recouping Against the Coupe: Auto Manufacturers' Rights to Setoff and Recoupment Against Repurchase and Other Obligations Owed to Their Dealers
Protecting the Validity of 363 Sales Free and Clear of Liens after "Clear Channel"
