Asset Sales

In 2010, at the height of the last economic downturn, there were almost three million foreclosure filings nationwide. It therefore is not surprising that almost all insolvency professionals will confront foreclosure at some point, either representing a lender considering a foreclosure filing or whose claim is affected by one, or a borrower facing threats of foreclosure. This Webinar will provide experienced and novice practitioners alike with the tools needed to advise on these situations. Following a brief overview of foreclosure and how it works, the Webinar will address current trends in foreclosure actions, including UCC issues, impediments to lenders foreclosing (e.g., Bank Secrecy Act, repository issues) and alternatives to foreclosure, and a comparison between foreclosure and bankruptcy (including approaches to asset sales, treatment of prepayment penalties, bad boy guarantees and restrictions on filing for bankruptcy). View Materials

Attorney/Client Privilege and the Crime/Fraud Exception; Busting Up “Bankruptcy Remote” Entities

Presented by the Asset Sales and Unsecured Trade Creditors Committees

Consumer Debate Resolved: An out-of-statute proof of claim violates the FDCPA. Business Debate Resolved: Assets can be sold free and clear of liens in state court receiverships. Judges Debate Resolved: Third-party releases should not be allowed in chapter 11 plans.

Section 363 sales have become a widely accepted, if not preferred, method of monetizing the assets of a debtor in chapter 11 bankruptcy. This expert panel will discuss the hot and emerging topics related to § 363 sales.

Great Debates Paul M. Nussbaum, Moderator Whiteford Taylor Preston, LLP; Baltimore Resolved: A structured dismissal that violates the absolute priority rule should never be permitted. Pro: Craig Goldblatt WilmerHale; Washington, D.C. Con: Hon. Kevin J. Carey U.S. Bankruptcy Court (D. Del.); Wilmington Resolved: Asset sales under § 363 should lawfully be free and clear of successor-liability claims. Pro: Hon. Robert E. Gerber (ret.) U.S. Bankruptcy Court (S.D.N.Y.); New York Con: William P. Weintraub Goodwin Procter LLP; New York

Great Debates Timothy J. Hurley, Moderator Taft Stettinius & Hollister LLP; Cincinnati Resolved: Impairment is a good thing and should be encouraged. Pro: Hon. Kevin J. Carey U.S. Bankruptcy Court (D. Del.); Wilmington Con: Hon. John E. Hoffman U.S. Bankruptcy Court (S.D. Ohio); Columbus, Ohio Resolved: If you get caught hiding assets from the piper, you should pay the piper — with exempt assets. Pro: Hon.Eugene R. Wedoff (ret.) U.S. Bankruptcy Court (N.D. Ill.); Chicago Con: Hon.James M. Carr U.S. Bankruptcy Court (S.D. Ind.); Indianapolis Resolved: You should not be permitted to assert your claim against me. I'm new Jim.Go see Old Jim. Pro: Hon. Robert E. Gerber (ret.) U.S. Bankruptcy Court (S.D.N.Y.); New York Con: Bill Brandt Development Specialists, Inc.; New York

This panel will discuss game theories and claims trading, the private-equity angle, pre-petition debt-buying, due-process issues and information-adequacy issues in first-day sale motions.

Debtors and their counsel want a smooth, quick chapter 7 experience and discharge: a simple no-asset case that will proceed promptly through a short, uneventful first meeting of creditors, to discharge and case closing in a matter of a few months. The chapter 7 trustee stands in the way, though, as he/she looks for discharges to deny and assets to pay creditors. Forewarned is forearmed: This seminar will explore recent skirmishes in the struggle between the impecunious and their trustees, including the important areas of homestead exemption and mortgage-lien avoidance, avoidance of large pre-filing family expense payments, and nondisclosure issues.