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Implications of Valuations from the Board of Directors’ Perspective

Valuation can be a squishy thing. This panel examines how valuation analyses and disputes can be shaped and impacted based on the shifting positions and perspectives of directors and their advisors. Minority investors may push back on management's projections; special and independent committees may change board dynamics and influence views regarding valuation inputs; interested parties without a direct line to the board may attempt to influence valuation through litigation or posturing. These and other scenarios can greatly impact how directors view and utilize the valuation process. Such scenarios can also have a significant impact on professionals advising regarding valuation. To whom does the professional owe fiduciary duties? How should the shifting board landscape impact the professional's advice? Must the professional seek direction from parties outside the board?
1 hour 22 minutes 12 seconds

Valuation, Restructuring and Taxes: The Good, the Bad and the Ugly

A bankruptcy reorganization or out-of-court restructuring can significantly impact tax attributes such as NOLS and basis. The existence of and ability to use such attributes after a reorganization or restructuring often affects value. Two common issues must be considered with regard to a transaction’s impact on such items: the reduction of tax attributes and limitations on the ability to use tax attributes. The topics addressing absorption of tax attributes include discharge of indebtedness income, attribute reduction, stock-for-debt exchanges, debt modifications and elections. The loss-limitation overview includes a look at § 382, special bankruptcy § 382 rules and trading restrictions.
1 hour 43 seconds

Multi-National Restructurings: A Comparative View of Select Jurisdictions

The core of restructuring in the United States is the value of the entity at various points in time. The valuation of the post-restructured business plan is one of the most contentious yet essential components of restructuring. In the U.S. valuation takes on a strategic and tactical significance. It impacts the form of restructure, sale v. reorganization, and going concern v. liquidation. This panel contrasts approaches used by other jurisdictions around the world.
1 hour 6 minutes 48 seconds

Keynote Luncheon Presentation: Gallatin’s Revenge: Sovereign Debt Sustainability and Valuation in the Modern Era

Albert Gallatin was the longest-serving U.S. Secretary of the Treasury (1801-1814) and came into office as a professed anti-Federalist, ardent proponent of fiscal responsibility, and vocal opponent of Alexander Hamilton’s financial policies. However, Gallatin failed to accomplish the Jeffersonian objectives of shrinking the national debt and eliminating taxes, as he was forced to finance a war with Great Britain and the purchase of the Louisiana territory. Gallatin also supported the First Bank of the United States and proposed federally financed infrastructure projects. Consolidation, it seems, is complicated. A discussion of the early history of sovereign debt in the U.S., in particular the roll-up of the obligations of the colonies into the newly constituted federal government, the role of the First Bank of the United States, and the political challenges of managing the debt. Sovereign debt sustainability and valuation in the modern era, focusing on governments’ ability and willingness to pay, the role of central banks, and a potential resolution to the euro area crisis, will be addressed.
1 hour 4 minutes 45 seconds

e-Learning Topics

e-learning-topics

Administrative Expense Claims

Reviews processes and requirements for post-petition claims that get priority payment, including professional fees, utilities, and goods received within 20 days of filing.

Alternative Dispute Resolution

Examines mediation, arbitration, and other non-litigation approaches to resolve bankruptcy disputes efficiently and cost-effectively.

Asset Sales

Analyzes issues practitioners may face when completing asset sales in and out of bankruptcy, and best practices for successful outcomes.

Automatic Stay

Explores scope and application of automatic stay protection, including exceptions, violations, and procedures for obtaining stay relief.

Claims

Discusses the evaluation, trading, and resolution of bankruptcy claims. Covers creditor rights and their impact on restructuring.

Bankruptcy Litigation

Studies recent case law and rules of practice, evidence and procedure, connecting professionals engaged in bankruptcy-related litigation.

Certification

Covers professional certification requirements and processes for bankruptcy practitioners, including specialized credentials and continuing education.

Corporate Governance

Analyzes fiduciary duties, management responsibilities, and board oversight during bankruptcy proceedings and restructuring.

Court Administration

Reviews court procedures, filing requirements, and administrative processes in bankruptcy cases.

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