2026 VALCON

The Prospect Medical decision treated preservation of the going concern as a form of adequate protection — opening the door to priming DIPs even when equity cushions are thin or nonexistent. Is this the start of a new doctrinal shift, or simply an outlier from the Northern District of Texas? This session examines what the case means for DIP financing, valuation and secured lender rights.Learning Objectives:Attendees will analyze the legal and practical implications of using going-concern value as a basis for adequate protection in priming DIP financing structures.Attendees will evaluate the impact of the Prospect Medical decision on debtor-in-possession financing, valuation disputes, and secured creditor rights.Attendees will assess whether recent case law signals a doctrinal shift in DIP financing standards or represents a limited, fact-specific deviation from established precedent.

This session will focus on the increased scrutiny on the sale of claims and causes of action against insider purchasers. Everyone wants an out-of-court deal — until someone asks for a market test. Is it a vital validation tool, or an obstacle that kills momentum? The panelists will take a candid look at when market checks matter, when they don’t, and how to strike the balance that gets deals across the finish line.Learning ObjectivesAttendees will evaluate the role of market testing in out-of-court transactions, including when it serves as a meaningful validation tool versus when it may hinder deal execution.Attendees will identify legal and practical considerations surrounding the sale of claims and causes of action, particularly in transactions involving insider purchasers.Attendees will develop strategies to balance diligence, transparency, and efficiency in order to successfully structure and close out-of-court deals.

Sale leaseback transactions are often marketed as win-win situations — unlocking capital while allowing companies to retain operational control of critical assets. But beneath the surface, these structures can carry significant and sometimes underestimated risks. This panel will take a hard look at the “dark side” of sale leasebacks, exploring how transactions that appear overly rosy at inception can later become the focal point of financial distress and legal battles. The panelists will examine the operational ramifications of sale leasebacks, including constraints on flexibility, long-term cost burdens, and impacts on liquidity and capital adequacy. The discussion also will address litigation risks, particularly claims tied to solvency, ability to pay debts, and allegations of fraudulent conveyance or improper capitalization. As sale leasebacks continue to gain traction — especially in capital-intensive and distressed environments — the panelists will explore why this structure remains attractive and how it is reflected on a company’s financial statements from an accounting and disclosure perspective.Learning Objectives:Attendees will evaluate the operational and financial implications of sale leaseback transactions, including their effects on liquidity, capital adequacy, and long-term cost structure.Attendees will analyze the potential restructuring and litigation risks associated with sale leasebacks, including solvency challenges, fraudulent conveyance claims, and disputes over capitalization.Attendees will assess how sale leasebacks are structured and presented in financial statements, including key accounting and disclosure considerations that may affect stakeholder interpretation and risk assessment.