District of Columbia State Approved Sessions

This panel will explore the question of whether exemptions may be denied for bad faith and whether debtors may amend their claimed exemptions to assert a different statutory basis after an exemption has been denied, including the impact of potential res judicata and collateral estoppel claims. Case law developments since Law v. Siegel will be reviewed, as well as important strategic considerations for debtors, trustees and creditors.

May a trustee make a distribution to a secured creditor that has not filed a proof of claim? Should trustees or debtors file surrogate claims if secured creditors have not? Does a debtor’s failure to make post‐petition payments to a creditor defeat the debtor’s eligibility for a discharge? This panel will address the emerging case law on whether direct post‐petition payments as required by the plan are considered “payments under the plan” as contemplated by § 1328(a), the growing complications that may arise from a secured creditor’s not filing proofs of claim, and the impact of proposed rule changes on these hot issues.

The trial team in this session will explore strategies to quickly discover essential facts relating to substantive and procedural legal defenses by discussing the use of discovery, the proper use of and best practices for motions for summary judgment and developing the summary judgment record, and strategies for opposing summary judgment in a contested matter to which Part VII of the Federal Rules of Bankruptcy Procedure apply. The context will be an objection to a proof of claim asserting legal defenses, including improper interest charges, based on a hypothetical case. The panelists will conduct several mock strategy sessions and a mock summary judgment hearing, and offer commentary from the trial team members.

Young lawyers frequently learn that they will be working on a new chapter 11 case when they are directed to start drafting pleadings. This session, spearheaded by members of ABI’s Young & New Members Committee, is geared toward gaining an understanding of what precedes that moment by (1) advising and educating the new(er) generation of bankruptcy professionals on the background and “big picture” of a chapter 11 case, and (2) advising and educating the newest generation of bankruptcy professionals on pre-filing strategies. The panel will explore and help identify operational, financing and litigation problems that may be faced by distressed companies, then will explore both short-term and longer-term strategies that can be pursued before a petition is filed.

John W. Lucas, Moderator Pachulski Stang Ziehl & Jones LLP; San Francisco Judicial Debate Resolved: The “disinterestedness” requirement should be strictly enforced under § 327 (no waivers or ethical walls). Pro: Hon. Randall L. Dunn U.S. Bankruptcy Court (D. Or.); Portland Con: Hon. Madeleine C. Wanslee U.S. Bankruptcy Court (D. Ariz.); Phoenix Business Debate Resolved: Acceleration of a debt obligation under a credit agreement should act to prevent the lender from enforcing a prepayment premium Pro: Lori Sinanyan Jones Day; Los Angeles Con: Michael H. Strub, Jr. Irell & Manella LLP; Newport Beach, Calif. Consumer Debate Resolved: Attorneys should be permitted to unbundle services under an engagement agreement with a consumer debtor. Pro: Samuel A. Schwartz The Schwartz Law Firm, Inc.; Las Vegas Con: John R. Bollinger Boleman Law Firm, P.C.; Hampton, Va.

This panel will address disclosure issues relating to disinterestedness, compensation and reimbursement requirements, compensation of fees incurred defending fee applications, and flat-fee arrangements between chapter 7 debtors and counsel, and other issues.

This panel will discuss the first-day orders necessary to keep a casino open (including regulatory interplay), including motions related to chips, loyalty programs and progressive play. Featured will be a discussion of the issues related to valuation and the extent of security interests, including cash as proceeds of gaming collateral and perfection of bankroll, along with issues related to plan confirmation and § 363 sales,‎ including regulatory limitations and protection of customer lists.

With low energy commodity prices the new reality, E&P companies are being forced to restructure their balance sheets — both in and out of court. This panel will discuss legal issues that are crucial to advising a client in E&P restructurings and how those issues may shape your strategy, including oil and gas leases as absolute conveyances and the protection of royalty-holders; ORRIs, NPIs and production payments; plugging and abandonment liability; M&M liens; borrowing bases under RBL credit facilities; and joint operating agreements.

The existence of multiple bondholders can impose uncertainty and gamesmanship in a contest for economic gain from distressed corporate situations. The paper that they hold rarely tells the whole story; bondholders may have competing investments, undisclosed hedges and varying purchase price discounts that make it impossible to determine their true position. This panel will explore issues related to bondholder-led restructurings and takeovers, including the operation of ad hoc committees, the role of indenture trustees, conflicts, disclosures, subordination and deal structures.

This panel will address current ethical topics relating to attorney and client conduct in the context of out-of-court and bankruptcy restructurings.