Business Reorganization

This panel will discuss current trends in energy, from gas production to the coal market to alternative forms. What will the industry look like 10 years from now? Do we need coal? Updates of current markets, as well as recent bankruptcy cases and issues, will be addressed, including the rejection of gathering agreements and the upward trend in requests for equity committees in commodity cases (Breitburn, Penn Virginia, Energy XXI, Horsehead, SandRidge, C&J, Peabody).

This session will focus on the current state of the doctrine and recent criticisms, especially from the Third Circuit (Philadelphia Newspapers, SemCrude, One2One Communications), and its applications (City of Detroit (invoking the doctrine to reject the attempted restoration of pension benefits in the city’s bankruptcy)).

This session will discuss (1) selecting a trust, LLC, plan administrator or other vehicle; (2) ensuring that affirmative claims are preserved post-confirmation; (c) establishing a value/tax basis in litigation claims and other assets transferred to a trust or LLC; (d) key plan provisions such as preserving 2004 discovery rights, creditor oversight, continuing court oversight, required reporting and the retention/transfer of the attorney/client privilege; (e) the trading of interests; (f) provisions for closing the case; and (g) structured dismissals following asset sales as an alternative to a liquidating plan (Jevic). Is it preferable to liquidate outside of chapter 11?

This panel will focus on issues that can arise during an LLC bankruptcy, such as what happens when parties contract out of fiduciary duties and the effect that bankruptcy has on key provisions in an LLC operating agreement, including management and ownership rights and remedies, as well as what happens when a bankruptcy proceeding is initiated against the LLC or one or more of its members. The panel will also discuss Intervention Energy and Lake Michigan, in which the bankruptcy courts refused to enforce LLC agreement provisions requiring the respective LLCs to obtain the unanimous consent of their members in order to seek bankruptcy relief.

Lien-Perfection Issues; Ethical Considerations for Debtors’ Counsel; Authority to File; Creditor Standing to Prosecute Estate Claims; Cash Collateral/Adequate Protection

Representing public figures whose livelihood depends on their public image presents particular challenges for bankruptcy professionals. This panel of lawyers, each with their own experiences representing celebrities and other prominent figures in their bankruptcy cases, will share their thoughts on the process and the issues that are unique in these cases.