by Don Swanson
Koley Jessen PC,
Omaha, Neb.
In a nondischargeability action under 11 U.S.C. §523(a)(2)(A) against an attorney by his client, the Tenth Circuit Court of Appeals held that attorney Harold Riebesell could not discharge a loan made to him by his client in his chapter 7 case where he failed to disclose his perilous financial condition to his client. Johnson v. Riebesell (In re Riebesell), 586 F.3d 782, (C.A.10 2009). In In re Riebesell, Riebesell, a Colorado attorney, had a continuing attorney-client relationship with client W.A. Johnson wherein legal services were occasionally provided by Riebesell to Johnson, and Johnson made two loans to Riebesell. At the time of the filing, Riebesell’s schedules disclosed that he owed almost $300,000 to Johnson and almost $1 million to Johnson and other clients combined.
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ABI's 15th Annual Rocky Mountain Bankruptcy Conference will take place Jan. 21-22 at the Westin Tabor Center in Lower Downtown Denver. This year's conference will provide attendees with an interactive roundtable format, led by prominent regional and national judges and experienced practitioners. Come for the program (and up to 9 hours of CLE credit) and explore the neighborhood, filled with shopping, museums and entertainment. One of the sessions will be of particular interest to the committee.
Panelists in the session "Straddling the Continental Divide at Rocky Mountain National Park: Ethical and Legal Challenges in Advising Boards of Directors of Distressed Companies (Large and Small)" will discuss challenges that arise with boards such as the definition of client, fiduciary duties of directors and D&O insurance. Annette W. Jarvis of Dorsey & Whitney LLP in Salt Lake City will moderate. Panelists will include Thomas J. Allison of Mesirow Financial Consulting, LLC in Chicago, Daniel E. Armel of Baymark Strategies LLC in Pasadena, Calif., Samuel A. Nolen of Richards, Layton & Finger in Wilmington, Del. and Alfredo R. Perez of Weil, Gotshal & Manges LLP in Houston. Please click the links below to view the materials by Ms. Jarvis, Mr. Nolen and Mr. Perez.
Ethical Challenges in Advising Boards of Directors of Distressed Companies: Defining the Client, Engaging Independent Counsel and Preserving the Attorney-Client Privilege
Advising Directors of Distressed Companies: Fiduciary Duties
Issues Relating to D&O Coverage for a Company in Financial Distress or, What Bankruptcy Counsel Dealing with Directors or Officers Should Know About Their Clients' D&O Liability Insurance
Did you miss the Ethics and Law School Committee session at this year's Winter Leadership Conference? The recording can now be accessed on the Ethics Committee website under the Materials tab. The session, entitled "It's a Small, Small, World: Inherent Conflicts in Representation of Closely-held Entities and Joint Representation" featured Neil B. Glassman of Bayard, P.A. in Wilmington, Del., Stuart A. Gold of Gold Lange & Majoros, PC in Southfield, Mich., August B. Landis of the Office of the U.S. Trustee in Las Vegas and Keith McDaniels of Winston & Strawn LLP in San Francisco. Click here to go there now!
