Join the ABI, Georgetown University Law and 18 bankruptcy judges on October 1, 2010 for the ever-popular Views from the Bench. This program, to take place at the Georgetown University Law Center in Washington, D.C. offers a unique opportunity for bankruptcy practitioners and bankruptcy judges to convene for a day of valuable CLE and networking. Don't miss this ABI favorite. Register today!
Panelists in the session "Intercreditor Issues and Subordinate Financing: 'Tranche Warfare'" will discuss bankruptcy courts' jurisdiction over intercreditor issues. Marc Abrams of Willkie Farr & Gallagher LLP in New York will moderate. Panelists will include Hon. Robert D. Drain of the U.S. Bankruptcy Court (S.D.N.Y.) in White Plains, N.Y., Hon. Arthur J. Gonzalez of the U.S. Bankruptcy Court (S.D.N.Y.) in New York, Hon. James M. Peck of the U.S. Bankruptcy Court (S.D.N.Y.) in New York and Michael L. Bernstein of Arnold & Porter LLP in Washington, D.C. Please click the link below to view the materials.
Bankruptcy Court Jurisdiction over Intercreditor Issues and Subordinate Financing Agreements
by Kizzy L. Jarashow
Friedman Kaplan Seiler & Adelman LLP; New York
Hon. Jack B. Schmetterer of the U.S. Bankruptcy Court for the Northern District of Illinois issued a memorandum opinion dismissing a debtor’s lawsuit to equitably subordinate a secured lender’s claim. In re American Consolidated Transportation Cos. Inc., Adv. No. 10-00154, slip op. (Bankr. N.D. Ill. July 13, 2010). In American Consolidated, the court set forth the pleading requirements for a species of lender liability claim that will effectively prevent future debtors from equitably subordinating a secured lender’s claim absent extreme circumstances. The case is noteworthy because, under the guise of the heightened pleading standards of Twombly[1]and Iqbal,[2] the bankruptcy court held that a lawsuit predicated on the facts of a fairly typical lender-borrower scenario is not a viable lawsuit.
Read the full article.
ABI's 2010 Southwest Bankruptcy Conference will be held at the beautiful Four Seasons Hotel in Las Vegas September 23-25. This year's meeting offers something for everyone. An outstanding faculty of judges, academics and industry leaders will present topics on everything from recent developments in consumer bankruptcy to ethical issues surrounding fiduciary duties and disclosure. Come for the networking and education and stay for the tranquility of the Four Seasons. The hotel itself is a non-gaming sanctuary, but is steps away from world-class gaming, entertainment and nightlife. Two of the sessions will be of interest to the committee.
Panelists in the Great Debate "Resolved: Ad Hoc Committee Members Have a Duty of Disclosure Regarding the Details of the Acquisition of Their Claims and Interests in the Debtor Pursuant to Federal Rule of Bankruptcy Procedure 2019" will debate whether ad hoc groups of creditors qualify as committees under Rule 2019 and discuss recent relevant decisions. Rudy J. Cerone of McGlinchey Stafford, PLLC in New Orleans will moderate the discussion. Paul E. Harner of Paul, Hastings, Janofsky & Walker LLP in Chicago will argue in favor of ad hoc committees and Abid Qureshi of Akin Gump Strauss Hauer and Feld LLP in New York will argue against. Please click the link below to view the materials by Mr. Harner.
Resolved: Rule 2019 Requires Disclosure by Ad Hoc Groups
Panelists in the session "Current Developments in Corporate Chapter 11 Practice" will discuss recent decisions of interest in the realm of corporate chapter 11s. Bradley D. Sharp of Development Specialists, Inc. in Los Angeles will moderate. Panelists will include Victor G. Caruso of Piper Jaffray and Co. in New York, Eric E. Sagerman of Winston & Strawn LLP in Los Angeles and Mark Shinderman of Milbank, Tweed, Hadley & McCloy LLP in Los Angeles. Please click the link below to view the materials by Mr. Sagerman and Mr. Shinderman.
Recent Case Law Developments - Cases of Particular Interest
ABI's 7th Annual Complex Financial Restructuring Program will be held September 20 at the Fordham University School of Law in New York. This program offers a unique opportunity to gain an understanding of the various roles played by investment bankers, financial advisors and others representing stakeholders in today's complex cases. This year's hypothetical case of "Vandelay Industries Inc." will be dramatized by parties-in-interest as they examine strategic alternatives and seek the highest value for a troubled company. Throughout the one-day program, experienced professionals from the fields of finance, investment banking, accounting, law and turnaround play the roles of the constituents - company board, management, secured debt, trade creditors, attorneys and advisors, the government and others. From the decision concerning whether to file for bankruptcy through the exit strategy, the parties grapple with the real-world problems in real-time. Their positions frequently conflict and the debates can be heated, just as in today's cases.
This year will also mark the First Annual Anthony H.N. Schnelling Lecture in Commercial Bankruptcy. The lecture will feature a leading figure in the restructuring world, as a tribute to the memory of Tony Schnelling, a former ABI Vice President-Development. The first lecturer will be Hon. Burton R. Lifland, who, like Tony, is an alumnus of Fordham University School of Law.
Don't miss this unique, interactive event. Register today!
The ABI is pleased to join the New York University School of Law and the NYU Center for Law & Business to present this year's 36th Annual Lawrence P. King and Charles Seligson Workshop on Bankruptcy and Business Reorganization on September 22-23 in New York. This two day-long workshop includes a Basic Program designed for entry-level business bankruptcy lawyers, general practitioners and business professionals, as well as an Advanced Program for experienced practitioners and financial professionals. The program will again address the topics that practitioners need - fundamental business bankruptcy as well as advanced panels covering current issues. Click here to register today.
