Business

This panel will focus on issues that can arise during an LLC bankruptcy, such as what happens when parties contract out of fiduciary duties and the effect that bankruptcy has on key provisions in an LLC operating agreement, including management and ownership rights and remedies, as well as what happens when a bankruptcy proceeding is initiated against the LLC or one or more of its members. The panel will also discuss Intervention Energy and Lake Michigan, in which the bankruptcy courts refused to enforce LLC agreement provisions requiring the respective LLCs to obtain the unanimous consent of their members in order to seek bankruptcy relief.

The strategy of providing funding to troubled companies or purchasing existing secured debt at a discount in order to obtain ownership (so-called “loans-to-own”) continues to inspire controversy and litigation even as its use by debt financiers and other investors has become more commonplace. This panel will explore the practical considerations, business risks and legal issues associated with loans-to-own, both inside and outside of bankruptcy. Discussion on transactions outside of bankruptcy will include the scope of due diligence, intercreditor issues, insider participation, “bankruptcy-proofing,” and the risks and benefits of a “friendly foreclosure.” Discussion on transactions inside of bankruptcy will include using DIP financing to achieve ownership, potential limits on credit bidding, the impact of including or excluding insiders from the post-closing company, and risks presented by remedies such as equitable subordination and involuntary debt recharacterization.

Hosted by the Bankruptcy Litigation and Young and New Members Committees This session will focus on the limits of avoidance actions by bankruptcy trustees in Ponzi scheme cases, including arguments about the expansion of the look-back period to 10 years, trustee standing, clawbacks from non investor sources, in pari delicto and how trustees decide whom to sue.

This expert panel will discuss different approaches to business development, including lawyer advertising, law firm websites, social media, beauty contests and wining and dining, and factors that may influence the effectiveness of various approaches. Examples will be used to illustrate business-development methods and explain how the Model Rules of Professional Conduct apply to the methods being discussed.

Led by Luis Pabon-Roca, the host of the highest rated political radio show and of a televised political talk show, a panel of professionals involved in the Puerto Rico PROMESA proceedings and a jurist who has presided over a municipal bankruptcy will discuss the current political, social and legal conditions in the Commonwealth and before the court in the largest governmental entity insolvency proceeding in United States history.

Led by Luis Pabon-Roca, the host of the highest rated political radio show and of a televised political talk show, a panel of professionals involved in the Puerto Rico PROMESA proceedings and a jurist who has presided over a municipal bankruptcy will discuss the current political, social and legal conditions in the Commonwealth and before the court in the largest governmental entity insolvency proceeding in United States history.

Hosted by the Business Reorganization and Unsecured Trade Creditors Committees This session will focus on recent case law developments in the area of executory contracts. The panelists will discuss issues concerning gathering agreements and the Sabine Oil decision, collective bargaining agreements, telecommunication agreements and more.

This panel will consider issues related to the preparation and presentation of first-day motions, including strategies for guiding the company through the pre-filing process, efficient and timely collection of relevant data, and the presentation of necessary information to the court.

This panel will discuss avoidance actions, defenses to preference actions and review sixth and seventh circuit cases in relation to each.

In recent years, fiduciary duties have dominated the landscape of bankruptcy cases. Often, claims against officers and directors are the only source of recovery for unsecured creditors. This panel will examine recent trends and case law impacting officers and directors in bankruptcy cases. The panel will also discuss best practices for counsel representing debtor officers and directors.