transcript   Transcript

Preparing for Bankruptcy Risks and Industry Issues

Recorded on: Feb. 6, 2017
Running Time: 01:00:19

Full Transcript:

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Taken from the Web Program Recent Developments in Distressed Debt, Restructurings and Workouts 2017 recorded February, 2017 in New York.

Preparing for Bankruptcy Risks and Industry Issues [01:00:19]

Dealing with the Lender's Potential Risks and Claims

  • Fraudulent transfers and section 546(e) defenses
  • Fraudulent transfers and Ponzi schemes – Tousa, LBOs, Madoff, Tribune; Stanford (Golf Channel)
  • Recharacterization of claims
  • Valuation issues
  • Defenses by lenders and the pushback
  • Make-Whole and prepayment premiums in bankruptcy – Momentive Performance, American Airlines, School Specialty
    • Are they unenforceable as disguised claims for “unmatured interest” disallowed in bankruptcy? Are they recoverable as part of a secured claim?
    • Does acceleration upon bankruptcy mean they’re not prepayments?
    • Are lenders with prepayment rights entitled to “expectation damages” if their loans are paid before maturity under a chapter 11 bankruptcy plan?

Speakers:    David M. Hillman, Joseph Samet 

Industry Issues in Structured Finance, Lending and Derivatives

  • Intercreditor Issues
    • Types of intercreditor agreements: Multiple tranche, senior/junior, mezzanine, shared collateral; Unitranche; Treatment of Unitranche loans in bankruptcy – Radio Shack
    • Challenges to out-of-court restructurings under section 316 (b) of the Trust Indenture Act – What are the “sacred rights” of creditors that cannot be modified without consent?What did the court decide in EDMC or Caesars?
  • Collective action
    • Are members of lending syndicates bound by the actions of the agent?
    • The ability of individual syndicate members to exercise rights outside the group

Speakers:    Rick Antonoff, Joseph Samet

(CFE Field of Study: Fraud)

The purchase price of this segment includes the following article from the Course Handbook available online:

  • Fraudulent Transfers
    Michael L. Cook, Brian C. Tong
  • Preference Litigation
    Michael L. Cook, Stephanie Blattmachr
  • Alert: Third Circuit Enforces Post-Acceleration Make-Whole Premium (November 18, 2016)
    Adam C. Harris, Lawrence V. Gelber, Michael L. Cook, Lucy F. Kweskin
  • Alert: Seventh Circuit Limits Bankruptcy Safe Harbor Protection (September 8, 2016)
    David M. Hillman, Michael L. Cook
  • Intercreditor Agreements: Negotiating Bankruptcy Provisions
    Sarah Harnett, Alice Belisle Eaton
  • Syndicated Credit Facilities: Collective Lender Action
    Jared R. Kasner, Alice Belisle Eaton

Presentation Material

  • Intercreditor Issues and Collective Action
    Rick B. Antonoff
Rick B Antonoff ~ Blank Rome LLP
David M Hillman ~ Schulte Roth & Zabel LLP
Joseph Samet ~ Baker & McKenzie LLP (Ret.)
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