Wisconsin State Approved Sessions

Shutdown orders, shuttered industries and an uncertain future due to COVID-19 have left many municipalities with a diminishing revenue base and significantly increasing costs as they strive to protect the health and safety of their residents. The era of COVID-19 is also the era of protests and renewed demands for racial justice in small and larger cities, historic wildfires and weather events due to climate change, and economic-relief packages in Congress at a stalemate as we approach the November election. This panel will consider the potential impacts of these overlapping events on the financial future of our municipalities. Taking into account the lessons learned from Detroit, Puerto Rico and other municipal insolvencies, this expert panel will consider the hard questions facing community leaders, the municipal debt market, public service employees and retirees, private businesses and citizens, and potentially the courts in this unprecedented time.

Most office employees have been working from home throughout the pandemic, and businesses are increasingly realizing that office space is not as essential as once thought. In addition, retailers are closing their doors permanently or shifting exclusively to online sales. Can corporate real estate survive or reinvent itself?

This session will discuss the impact of extraordinary and unforeseen changes in the economy; feasibility in a COVID-19 world; the split between § 1141 analysis and traditional opt-in/opt-out provisions for third-party releases; the best-interest test in connection with third-party releases; the fate of Till and cramdown; valuation issues such as what happens when projections are totally wrong; exclusivity termination; attempts to put assets beyond the reach of lenders; plan voting/§ 1129(a)(10) and artificial impairment; and estimation for voting purposes.

Is the committee’s role shrinking? This session will cover statutory vs. ad hoc committees; challenging exclusivity; judicial reactions to the use of ad hoc committees; whether all committees have a fiduciary duty, and if so, to whom; how far committees can go in representing different unsecured creditor groups (divergent interests, or multiple committees?); ad hoc lender groups; whether gifting has survived; and the risk of extinction by examining Constellation and the problem of sudden death to committee by conversion on demand.

This session will highlight several of the Rules of Professional Conduct, including RPC 1.5 (Fees); the Alix/McKinsey litigation; RPC 3.3 (Candor to Tribunal); RPC 4.1 (Truthfulness to Others); the U.S. Trustee guidelines concerning retainers; RPC 7.1 (Communications Concerning a Lawyer’s Services); overbilling, RPC 8.4 (Misconduct); fee examiners, RPC 1.3 (Diligence); disclosures, Bankruptcy Rule 2014; RPC 1.7 (Conflict of Interest); and RPC 7.3 (Solicitation of Clients).

Listen in on 2 Debates argued by bankruptcy judges and experts in the industry on the following topics: Debate 1: Resolved - Trustees can claw back transfers by and between foreign transferees. Debate 2: Resolved that the current Code provisions regarding Committees preclude true parties in interest and largest constituents from participating

This panel will focus on the removal and consolidation of tort claims, including those against nondebtors (e.g., Imerys); the aggressive estimation of tort claims for voting purposes (e.g., PG&E and the one-dollar estimation effort); third-party releases (e.g., the effort we are likely to see in BSA to get releases for local councils); channeling injunctions outside of the asbestos context (being used increasingly, but will the bench eventually push back?); the impact of criminal proceedings on a mass tort debtor’s ability to reorganize (e.g., PG&E and some of the pharma cases); the need for multiple committees (e.g., creditors + victims in BSA; the UCC and TCC in PG&E; and the failed effort to appoint a public entities committee in cases); notice and due process issues (e.g., notice to fire victims in PG&E); proposed trust structures; class actions in chapter 11; and Garlock.

Should § 363 sales occur early in a case? Should the Federal Foreclosure Act be invoked? The panelists will discuss these issues, as well as sales in confirmation; circumstances under which a court may preclude or limit credit bidding under § 363(k); whether to push for dismissal, conversion, or a liquidating trust; mootness and appeals; Rule 9019 settlements combined with sales to make them harder to appeal; whether Fulton will further increase the power of secured creditors; and extraordinary changes in the economy (delay or convert?).

ABC sponsored this October 22, 2020, session from the Insolvency 2020 Summit. The expert panel addresses the use of technology by bankruptcy professionals inside and outside of the courtroom. The panel materials include applicable Model Rules of Professional Conduct and feature a section on questionable lawyer behavior. The panelists also suggest best practices for fee applications.

Join the SRS Acquiom team and their panel of experts as they dive into recent transactions involving collateral disputes between lenders and borrowers. The discussion will highlight real-life examples, look back on why the disputes are happening, review the options for lenders, and examine how to prevent disputes from happening in the future.