Emerging Issues in the Retention and Compensation of Professionals - Is the Playing Field Changing?
by Hon. James D. Gregg
U.S. Bankruptcy Court; Grand Rapids; Mich.
Richard A. Chesley
Paul, Hastings, Janofsky & Walker LLP; Chicago
Richard M. Cieri
Kirkland & Ellis LLP; New York
Peter S. Fishman
Houlihan Lokey; San Francisco
Is getting retained and paid becoming so difficult that professionals need to think twice before accepting an engagement? Are changes hurting the companies that most need the assistance of good financial and legal advisors? Is there a bigger risk of fee-collection difficulties in bankruptcy than out-of-court? Is it fair?
Read the full article. (Materials from the 2007 Annual Spring Meeting)
Cash-Flow Statements, Budgets, Financial Reporting: Watch Out for the Catches
by Hon. John E. Hoffman
U.S. Bankruptcy Court; Columbus, Ohio
Alan Lasko
Alan D. Lasko & Associates PC; Chicago
Barry P. Lefkowitz
Virchow, Krause and Company LLP; Southfield, Mich.
Ralph E. McDowell
Bodman LLP; Detroit
The panel will discuss about financial reporting—including the preparation and review of budgets, forecasts, projections and financial statements. The focus will be on financial reporting at the inception of the chapter 11 case, during the pendency of the case and at the disclosure statement/plan confirmation stage of the case, as well as financial reporting issues from the court’s perspective and that of the financial advisors’ and counsel for the different constituents in a chapter 11 case-the debtor, secured creditor(s) and creditors’ committees.
Read the full article. (Materials from the 2007 Central States Bankruptcy Workshop)
Abandoned in a Time of Need: The Odd Behavior of Brokers, Agents and Insurers During Corporate Restructuring
by Michael Toner
Aon Risk Services; Boston
Why is it so hard to get straight answers or simple assistance from professionals in the commercial insurance industry during a period of corporate reorganization? A partial answer requires us to start with a broad understanding of how companies buy insurance.
Corporate “insurance” has two like-sized parts: property & casualty (P&C) and health & welfare. Three main product families dominate the P&C costs of the average company: primary and excess casualty, directors & officers (D&O) liability, and property and business interruption. Typically, the relationship between the company, the broker/agent and the insurers is managed by a single individual at the brokerage or agency (“account executive,” “producer,” “client manager,” etc.). Insurers are often both insurers and collateralized lenders to the company.