Bankruptcy & Restructuring

Corporate

Published: October 2009
Last Updated: November 2010

Recorded on: Jun. 21, 2010

ERIC SLOAN: Good morning. We're going to get started. Welcome back to the second day of finance for lawyers. As with yesterday, we want to keep this interactive and casual so if you have questions or issues you want to explore, just raise your hand ask the panel. They'll repeat the questions so people on the web can hear the question and then they'll answer or dodge it as appropriate. We're going to start today with a panel on restructuring and bankruptcy. The ...

Recorded on: Aug. 11, 2010

Good morning everyone. Hope everyone had a good night last night. Really appreciate you hanging in there, I know we covered a lot of topics yesterday. We have another full day today. So appreciate you guys being here bright and early. And anyone that's coming in after this is going to have to occupy this front row here. We're going to fill this up first. So thanks very much. We're going to get started. Our first session is solvency, restructuring, ...

Recorded on: Jan. 20, 2011

SPEAKER 1: OK, welcome back from your break. On our next topic, we're going to cover Purchase Money Security Interest and Consignments. And for this presentation, I'm proud to introduce Ken Karl from Sheppard Mullin in Los Angeles and I thank him for flying out here. And as you may remember this morning, I introduced one of the speakers and told you that he'd given me my first job out of law school. Well, Ken has done something slightly even more ...

Recorded on: Jan. 31, 2011

Clock in, we're back. We're at the home stretch of the program where we'll be doing setoffs and a few industry issues with Rick Antonoff from Clifford Chance. And then after Rick goes, then we're going to have a combination of web as well as live. We're delighted to have Deirdre Martini on the telephone. Deirdre is a refugee up in Connecticut. She has been stranded and stuck. And we are very fortunate to have her today. Deirdre is Managing Director ...

Recorded on: Jan. 31, 2011

JOSEPH SAMET: OK, we're going to move on a little bit now to talk a bit about some of the distressed debt players and the turnaround and distressed debt opportunities for Bill and Jim to touch on. Who are some of those folks out there? Who are those hedge fund players and other players that have dominated the arena in recent years? WILLIAM Q. DERROUGH: Well, I think there's a couple dynamics that have gone on. So we talked earlier about how the Federal ...

Recorded on: Jan. 31, 2011

JOSEPH SAMET: Glad to be here. A year ago, did a program where unfortunately, I was stuck in Brussels in the midst of volcanic ash. And it was not possible to get back to a program for days, in spite a 27 hour haul from Brussels back to Madrid over land. But this is only a snowstorm. So welcome back. The afternoon segment will start of with the restructuring agreement, a bit on sales, and Alice Eaton will start off. ALICE BELISLE EATON: Thank you. ...

Recorded on: Jan. 31, 2011

SPEAKER 1: PLI contributor, speaker, author, professor at NYU, and has brought a lot to the table in this restructuring practice for many years. Also, I'll introduce Rick Antonoff from Clifford Chance. Rich has been a partner at Clifford Chance, and is a mainstream creditors rights, bankruptcy practitioner. Rich has been involved heavily in the financial crises situation of hedge funds, of representing institutions, parties that hold derivative contracts, ...

Recorded on: Jan. 31, 2011

JOSEPH SAMET: --about that in the last hour. So let's talk just briefly about the state of the restructuring markets, capital markets, wall of debt, default rates. It turns out that there was a lot of talk that there would be major insolvencies in this last year. That hasn't happened. In 2008, there were, and they were the biggest cases. But life has changed. Bill, maybe you have some thoughts about what has transpired in the last couple of years, ...

Recorded on: Jan. 31, 2011

JOSEPH SAMET: We're back now. Alice Eaton is going to spend a few minutes on developments in rule 2019 having to do with who's the creditor, trading, disclosure, et cetera. And those are interesting developments for pre- and post-bankruptcy situations. And then on to the financial advisors. ALICE EATON: OK. So in the area of rule 2019, this is particularly relevant for ad hoc groups and committees and steering committees. Creditors who sort of come ...

Recorded on: Apr. 20, 2011

JOSEPH SAMET: What's the scope of what's going on in the bankruptcy community in terms of numbers of cases? Well, the numbers of cases have gone to from a very low below 1% default rate in public debt about four years ago, and then suddenly shot up to about 12% about two years ago and is back down to the close to 1% now, similar to what it was in about 2007 before the credit crisis of 2008. So as a result of the lower default rates, of course the ...

Recorded on: Apr. 20, 2011

JOSEPH SAMET: Welcome back. We're going to start this segment on First Day Orders, DIP Operations, and DIP Financing with the combination of Michael Cook and Lynn Harrison, who are here. We're delighted to have them. The materials are in your book, and they are quite good and extensive. Mike Cook, who has been a part of this program for many years, as has Lynn. Mike is a partner in the New York office of Schulte Roth & Zabel. He is one of the ...

Recorded on: Apr. 20, 2011

JERRY MUNITZ: Mike, you have automatic stay and avoiding power. MICHAEL COOKE: I know. JERRY MUNITZ: You can expect a direct answer from Mike. MICHAEL COOKE: Yeah. A lot going on-- and speaking of Tribune. Among other things Tribune did-- because of the statute of limitations-- the statute of limitations, by the way, is in 546(a) of the code. Essentially it's two years from the order for relief soon to be brought and Tribune sued anybody who got ...

Recorded on: Apr. 20, 2011

JOSEPH SAMET: Welcome back. In Volume Two of our book, there are two articles on the duties of officers and directors, one starting at page 485 and Jane's article starting at page 501. Everything you want to know about officers and directors, duties, liabilities, and theories is in there. But we'll amplify and give you more of a sense of that and what the trends are. After spending some time on officer, director, liability, fiduciary duties, we'll ...

Recorded on: Apr. 20, 2011

JOSEPH SAMET: All right. We're back on the subjects of mediation, and a subject near and dear to some of your hearts, attorneys fees. How to collect them, how to keep them. On the subject of mediation, Ken Rosen has been very active in this area, both in the Third Circuit in Delaware and elsewhere. Ken is a partner and leads the firm's bankruptcy practice at Lowenstein Sandler. Ken has gotten many honors in terms of this practice, business development, ...

Recorded on: Apr. 20, 2011

SPEAKER 1: --object of claims, set-offs, recoupment, intercreditor agreements, and the like. And we have Babette Ceccotti who is joining us. She's a partner at Cohen, Weiss, & Simon. She specializes in labor issues in a broad range of case and employee benefit plans, representing unions and others in a significant number of Chapter 11 cases such as United Airlines, Delphi, Chrysler, GM. The Texas Rangers, which we'll touch on later baseball and ...

Recorded on: Apr. 20, 2011

JOE SAMET: Good morning and welcome back. We are now in volume two of the book and starting off with the subjects that'll be covered by Brian Herman, Erica Weinberger and Jerry Munitz on executory contracts, current developments, updates and the like. Let me introduce you to our new speakers. Brian Hermann is a partner in the bankruptcy and corporate reorganization department of Paul, Weiss, Rifkind, Wharton. And Brian has extensive experience in ...

Recorded on: May. 10, 2011

DAVID BRITTENHAM: Alright. Our next panel is restructuring update. We're running a few minutes late so we're going to make our introductions summary. Jasmine Ball to my right is a member of the restructuring group at my firm of Debevoise. And to her right, Eric Rosof from Wachtell Lipton. Both of whom have been here before and we're happy to have them back to give us an update. You're on. JASMINE BALL: Great. We had in our program that we would touch ...

Recorded on: May. 23, 2011

DR. LOTHAR DETERMANN: So welcome back everybody to the IP and business transactions program. We're going to go from worse to worst. We've just talked about taxes and now we're going into bankruptcy. But it's certainly something very important and something that with every transaction at the outside needs to be planned for. I have the great honor to introduce David Kennedy here, who is a rare breed in that he started out as a bankruptcy lawyer and ...

Recorded on: Jun. 6, 2011

ERIC: All right, we are in the homestretch. Two panels to go. I'd like to welcome for the next panel on solvency, restructuring, and bankruptcy our three panelists. In the middle is a colleague, Farley Lee. He is a senior manager in the San Francisco office of Deloitte. He's in our FAS practice, Financial Advisory Services. He focuses on restructurings, particularly representing debtor side. And as he was explaining to me earlier, that typically involves ...

Recorded on: Oct. 12, 2011

MARC MILLER: OK. We're staying on schedule. And we're now on our second to last session. 2:45 to 4:00 PM. Talking about solvency, restructuring, and bankruptcy. We're going to talk more about the concept you've heard, I think, initially yesterday morning around going concern. Hear about earnings, liquidity, financing, restructuring options. Obviously those with regard to solvency issues and the like. So we're pleased to have the following two gentlemen ...

Recorded on: Nov. 21, 2011

Welcome back everyone. I should say it now because I don't know that we mentioned it earlier but for those of you who are in the PLI studio audience here, and for those of you watching at your offices or homes, there is a means by which you can, in the studio, you can raise your hands and ask questions at any point. And for those watching on the webinar, you can also type in on your computer the question you may have, and it comes up on a screen  ...

Recorded on: Nov. 21, 2011

ANDREW DENATALE: OK, we'll get started. Confirmations. Confirmation assumes that the planned proponent has first determined the preferred course to maximize the value of the estate, allocated the value among the constituents, obtained court approval of the disclosure statement, and solicited acceptances to the plan. The final step is to hold a hearing on confirmation of the plan as required by Section 1128(a). The purpose of the confirmation hearing ...

Recorded on: Nov. 21, 2011

HOWARD WEG: Welcome back, everyone, and good morning. Today we are on day two of our journey through learning the nuts and bolts of corporate bankruptcy law, an interesting and fun journey for those of us who practice in the area. I again want to encourage those in the PLI studio audience and those listening on the web to ask questions if you're here and type questions into the computer access that they give you for the web participants, and I will ...

Recorded on: Nov. 21, 2011

HOWARD J. WEG: All right, everyone, welcome back. The last hour and a quarter we're going to be covering the subject of the employee and compensation trustees and professionals in bankruptcy cases. And it's going to expand into the area of talking about when others, other interests, when creditors and the professionals might get compensated and how we treat prepetition claims for attorneys' fees, proofs of claims for them, objections to them as well, ...