Delaware State Approved Sessions

Cross-examination demonstration of financial experts valuing assets (measuring enterprise value by discounted cash flow, the income and cap rate approaches for real estate, and how such methods can be manipulated).

The absolute priority rule: trials and tribulations of new value. Cram down issues with 1111(b)(2) and Pacific Lumber. Practical considerations when litigating non-debtor releases.

Severance issues, integration issues, defining an executory contract, licenses, trademarks, service marks, immaterial defaults, etc.

Absolute priority rule, § 1115, disposable income, etc.

“Group Privileges”: What are the limits of the attorney-client and work-product privileges that can be asserted by official committees and their members? Ad hoc committees and their members? Bank syndicates and their members; Conflicts: Latest developments in disclosure and disqualification, the use of conflicts counsel, UST Guidelines, etc.; The New U.S. Trustee Guidelines: What ethical concerns are raised by the new UST Guidelines on professional retention and fee applications (including issues relating to attorney/client privilege)? Are there limits on the proper disclosure of a firm’s billing practices and/or “blended” rates?

Discussion of trends and forecasts in energy industry; introduction to the fundamentals of oil and gas investing and relevant legal/business issues

Selection of CRO and establishment of a scope and chain of command; role of CRO and other officers in intercompany disputes in multi-debtor cases; negotiating pre- and post-confirmation equity/incentives for officers and directors; selecting a post-confirmation board of directors; issues and actions constituting “cause” for appointment of trustee or examiner motion; appointment and role of examiner in recent cases (Rescap, Dewey, Dynegy)

Past valuation panels have focused on the three traditional methods for determining the enterprise value of an operating business: DCF, comparable company and comparable transaction. This panel will focus on sources of value or reductions in value that are sometimes disregarded, such as excess cash and working capital, underutilized real estate and hard assets, claims and other contingent assets, insurance claims, intellectual property portfolios, discontinued businesses and NOLs. Normalizing adjustments are also discussed, including those related to above-market compensation, insider contracts, and underinvestment in capital plan and brand equity