Business

This session will address common factors that can lead to testimony from damages and valuation experts being excluded, along with recent trends and notable court opinions. The panelists will start by covering the legal standards for the admission of expert testimony, including substantive expertise, relevance, reliability and adequate foundation. Next, we will describe common technical mistakes that have led to exclusion or other problems, such as applying a premise or standard of value not appropriate to the situation at hand (e.g., liquidation value when going-concern value is more appropriate, synergistic value when fair value is the legally required standard, current value when solvency must be evaluated as of a specific prior date), double-counting damages for lost profits and lost business value over the same period of time, offering a valuation based on information that would not have been known or knowable as of the effective date of the valuation, failing to track documents reviewed in accordance with applicable rules, and reliance on privileged materials not available to the opposing party. After covering legal and technical issues, the panelists will use case studies and panel discussion to summarize current trends in the admission or exclusion of expert testimony, including recent opinions in which a federal or state court excluded a financial expert or limited the scope of his or her testimony. Finally, alternative approaches will be presented that might have allowed the experts from our case studies to have offered testimony similar to what was excluded.Learning Objectives:Attendees will analyze the legal standards governing the admissibility of valuation and damages expert testimony, including relevance, reliability, and methodological rigor.Attendees will evaluate common pitfalls that lead to exclusion of expert testimony, including improper assumptions, double-counting of damages, reliance on hindsight, and use of privileged or inadmissible information.Attendees will assess best practices for strengthening expert valuation reports, including documentation, support for assumptions, and alignment with accepted valuation methodologies.

As valuation uncertainty increases, the need to value optionality increases. But what are valuable options, and what are not? All options are opportunities, but not all opportunities are options. This session aims to better enable you to distinguish between valuable options and opportunities, and to provide a framework for valuing them. The panelists measure its success by the number of attendees who are able to draw option-payoff diagrams on cocktail napkins at a happy hour.Learning Objectives:Attendees will analyze the concept of real options and distinguish between general business opportunities and option-like strategic rights with measurable value.Attendees will evaluate frameworks for identifying, structuring, and valuing managerial flexibility under conditions of uncertainty.Attendees will apply real option valuation concepts, including payoff structures and decision trees, to practical restructuring and investment scenarios.

This panel will discuss the benefits and risks of using AI for valuation, the applicability of certain AI tools to class action lawsuits, and the legal aspects of using AI in the context of bankruptcy and valuation.Learning Objectives:Attendees will analyze the benefits and limitations of using artificial intelligence tools in the valuation of companies, including impacts on accuracy, efficiency, and transparency.Attendees will evaluate the legal and evidentiary considerations associated with the use of AI-generated outputs in bankruptcy proceedings and class action litigation contexts.Attendees will assess emerging risks, including bias, reliability, and defensibility concerns, in the application of AI-driven valuation methodologies.

This panel provides an overview of the history of monetization of creative libraries, recent transactions, impact of AI, streaming, and other factors regarding copyright and valuation methodology. Additionally, the panelists provide an introduction into music licensing, specifically who owns each type of copyright and when each type of license is needed; a brief history of selling copyrights, from securitizing (Bowie Bonds) more recent catalog sales, including the recent $1 billion partnership between The Weeknd and Lyric Capital; and a general discussion of how catalog sales are valued.Learning Objectives:Attendees will understand the evolution of music and performance rights monetization, including key historical developments from early copyright structures to securitization and modern catalog sales.Attendees will identify the different types of music copyrights and licenses, including ownership distinctions and when specific licenses are required in practice.Attendees will analyze current valuation methodologies for music catalogs, including the impact of streaming, artificial intelligence, and recent high-profile transactions on pricing and deal structure.

Liability management exercises (LMEs) have become a central feature of the restructuring landscape, offering companies flexible, out-of-court solutions to address balance-sheet stress. Yet as these transactions grow more sophisticated, they increasingly raise a fundamental question: Who determines enterprise value when the deal happens outside chapter 11? Without a court-supervised valuation process, value is shaped through negotiation leverage, capital structure design, cooperation agreements, and financial engineering tools such as uptiers, dropdowns and priming transactions. These techniques can optimize outcomes for participating creditors and companies, but they can also spark valuation disputes, litigation risk and longer-term stakeholder friction. This panel examines how valuation is constructed in out-of-court LMEs, and will provide a framework for evaluating whether an LME enhances enterprise value or merely redistributes it.Learning Objectives:Attendees will analyze how enterprise value is determined in liability management exercises conducted outside of Chapter 11, including the role of negotiation dynamics and capital structure design.Attendees will evaluate the impact of common LME techniques—such as uptiers, dropdowns, and priming transactions—on creditor recoveries and overall enterprise value.Attendees will assess the legal and practical risks associated with out-of-court valuation, including potential disputes, litigation exposure, and intercreditor conflicts

Andrew D. Bishop of Signum Global Advisors examines the evolving global landscape through the lens of the U.S.'s current “America First” policy and its implications for modern economic and political influence. The keynote explores how shifting geopolitical priorities, strategic competition among major powers, and the reemergence of economic nationalism are reshaping global markets and cross-border relationships. Learn how these developments influence financial systems, international investments and the broader restructuring environment to help you navigate an increasingly complex and uncertain world order.Learning Objectives:Attendees will analyze the key drivers behind the shift toward "America First" policies and their impact on global economic and political dynamics.Attendees will evaluate how geopolitical tensions and economic nationalism influence cross-border restructuring, capital flows, and market stability.Attendees will identify emerging risks and opportunities for practitioners arising from changes in the global geopolitical and economic landscape.

This panel presents an insightful and candid discussion with esteemed bankruptcy judges as they address the most pressing and debated issues currently shaping the bankruptcy landscape. From emerging trends in subchapter V cases to the evolving standards for good faith filings, this interactive session provides attendees with a unique opportunity to hear directly from the bench. Whether you’re a seasoned practitioner or new to the field, you'll gain valuable perspectives on how courts are interpreting today’s most complex challenges — and what they can mean for your practice.Learning Objectives:Attendees will analyze recent trends and significant rulings in bankruptcy law by understanding how judges interpret and apply key principles in real-world cases.Attendees will gain practical insights from the bench on how judges approach complex or novel issues, enhancing strategic thinking for case planning and litigation.Attendees will identify emerging topics and challenges in bankruptcy practice through discussion of current developments and potential future directions in the field.

This panel explores the evolving role of valuation across restructuring and corporate governance. The panelists discuss how prediction markets can inform valuation through market-implied probabilities, the downstream impact of valuation on key governance issues such as solvency, distributions and fiduciary claims, and the authority of litigation trustees to pursue litigation finance. Through practical frameworks and recent developments, the session highlights key considerations, benefits and risks for practitioners.Learning Objectives:Attendees will understand how valuation informs restructuring and corporate governance decisions, including solvency assessments, distributions, and fiduciary obligations.Attendees will evaluate the use of prediction markets and other tools in assessing market-implied probabilities for valuation purposes.Attendees will analyze the authority of litigation trustees to pursue litigation finance and the practical implications for corporate restructuring and litigation strategy.

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 Objectives:Attendees 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.