Fraudulent Transfer Action: An Update in 2016
A fraudulent transfer is an attempt to avoid debt by transferring money to another entity. A transfer is fraudulent if it is made with actual intent to hinder, delay or defraud. A transfer can also be fraudulent without intent, if the debtor received less than reasonably equivalent value in exchange for the transfer.
In this two-hour LIVE Webcast, a panel of key thought leaders and practitioners assembled by The Knowledge Group will offer a discussion on the fundamentals as well as updates regarding the latest and significant issues surrounding Fraudulent Transfer Action. This event also aims to help you avoid common pitfalls and risk issues concerning fraudulent conveyances.
Key topics include:
- Fraudulent Transfer Action – An Overview
- New Developments in Fraudulent Conveyance Law
- Emerging Trends and Recent Cases
- SB Liquidation Trust v. Preferred Bank
- Forman v. Kelly Capital LLC
- Up-to-the-minute Regulatory Developments
David Berliner, Partner
- discuss the difference between actual fraud and constructive fraud, which involves the transfer of an asset of a company for less than adequate consideration or "reasonably equivalent value"
- discuss the 3 factors that can render a transfer constructively fraudulent
- discuss how the money paid to owners through leveraged buyouts (LBOs) can lead to a determination of a constructive fraud.
- discuss the issues and challenges in pursuing and proving a constructive fraud
Daniel L. Gold, Partner
Sovereign Immunity in actions against the IRS
The Indirect Benefit Defense
- Payments for a principal’s personal income taxes as constructively fraudulent in the closely-held company context;
- Indirect benefit defenses to constructively fraudulent transfer actions
Steven A. Roach, Principal
Miller, Canfield, Paddock and Stone, P.L.C.
- Issues and defenses to fraudulent transfers outside of bankruptcy courts
- Badges of fraud and why the still matter
- Court approved transfers and other ways to mitigate the risk of a fraudulent transfer
Kevin Dooley Kent, Partner
- The “Ponzi Presumption” and its collateral effect vis a vis transfer recipients
- Fraudulent transfer claims against investors for fictitious profits
- Fraudulent transfer claims against investors for return of principal for purposes of equitable redistribution among other investor creditors / victims
- Substantive and procedural defenses to such claims.
- Indicia of fraud in the investment context
- Scope of liability for recipients of charitable and political donations
George Minkovsky, Senior Consultant
NERA Economic Consulting
- Fair valuation aspects of the definition (and timing) of insolvency
- Factoring in fair valuations contemporaneous information revealed subsequently through discovery that was knowable as of the date of the valuation
- Discounted Cash Flow analysis and alternative valuation methods when management forecasts are unreliable (due to fraud)
- Avoidance and recovery of fraudulent transfers against lender’s based on the alleged lack of due diligence when extending loans to fraud perpetrators
Who Should Attend:
- Banking & Finance Attorneys
- Bank and Financial Institution Auditors
- Bank and Financial Institution Executives
- Bank Regulation Lawyers
- Bankruptcy Lawyers and Practitioners
- Fraud Analysts
- Fraud Executives at Banks, Financial Institutions and Related Companies
- Corporate Attorneys
- Other Related/Interested Professionals
David Berliner is a Partner in BDO Consulting, a CPA, CIRA and CTP with more than 25 years of experience in matters involving business restructurings, bankruptcy & insolvency, bankruptcy litigation and forensic investigations. He has been involved in bankruptcies and work-out situations representing unsecured creditors, debtors, and lenders, various bankruptcy litigation matters and has provided testimony at depositions and in bankruptcy court. Mr. Berliner has significant experience in bankruptcy and restructuring matters involving the retail, manufacturing, distribution and service industries.
David Berliner is a Partner in BDO Consulting, a CPA, CIRA and CTP with more than 25 years of experience …
Dan Gold is a partner in Wilson Elser’s Miami office. He represents accounting and professional services firms and financial institutions in bankruptcy, receiverships and other commercial cases. He also counsels clients in a variety of related matters involving the sale or other disposition of land, facilities, residential and non-residential real property as well as the negotiation of commercial leases and winding down operations at commercial property. Dan contributes his time to counseling high school and college students about proper credit management skills and the consequences of abusing credit. His efforts and presentations through the CARE Program help young people to avoid incurring excessive debt. Dan earned his J.D. from Boston College Law School (2003), where he was articles editor, Boston College Intellectual Property and Technology Forum, and earned his M.A. from the University of New Mexico, M.A. (2000). He graduated cum laude with his B.A. from Vanderbilt University.
Dan Gold is a partner in Wilson Elser’s Miami office. He represents accounting and professional services firms and financial institutions …
Steven A. Roach applies his 28 years of commercial transaction and litigation experience in restructuring lending relationships and enforcing loan transactions, and provides a unique perspective as both a trial and transactional lawyer when representing and counselling the firm’s financial institution clients.
Steve has represented lenders in a variety of lending structures, including syndications, financing leases, structured debt and equity financings, multi-jurisdictional and international transactions. He has assisted lenders with the liquidation of many different types of collateral that include operational assets, construction equipment, retail and wholesale inventory, real estate, intellectual property, aircraft and ships, with borrowers located in Michigan, throughout the United States, Mexico, Canada, and elsewhere. Steve delivers results both out of court and when litigation is needed.
Steven A. Roach applies his 28 years of commercial transaction and litigation experience in restructuring lending relationships and enforcing loan …
Kevin Kent represents corporations and professionals in a broad range of complex commercial litigation focusing on civil fraud, director and officer liability, professional malpractice, fiduciary, and employment litigation. A substantial portion of Kevin’s practice involves SEC and FTC enforcement actions, frequently representing receivers and similar fiduciaries in the prosecution of civil suits that include fraudulent transfer “clawback” claims and related claims.
Kevin Kent represents corporations and professionals in a broad range of complex commercial litigation focusing on civil fraud, director and …
Mr. Minkovsky is a Senior Consultant in NERA's Securities and Finance Practice. He specializes in fraud investigations and forensic accounting matters, breach-of-contract disputes, valuation and merger and acquisitions analyses, and class action defense matters.
Mr. Minkovsky has directed complex litigation matters regarding fraud and forensic accounting, accounting restatements, securities fraud, accounting irregularities, merger and acquisition disputes, professional liability, bankruptcy and solvency, business valuation, and general damages issues. He has consulted on a variety of breach-of-contract cases spanning multiple industries, and on a variety of class action cases regarding fraud, managerial disclosures, and analysts' recommendations. He has assisted counsel in conducting several high-profile investigations of allegations of fraud and accounting irregularities.
Mr. Minkovsky holds an MSc in accounting from the Northwestern University Kellogg School of Management, where he analyzed topics in capital markets, disclosure, and accounting choice, and an MBA in finance and accounting from Illinois State University. He is a Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Certified Management Accountant (CMA), and Certified Financial Manager (CFM).
Mr. Minkovsky is a Senior Consultant in NERA's Securities and Finance Practice. He specializes in fraud investigations and forensic accounting …
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About BDO Consulting
BDO Consulting, a division of BDO Seidman, LLP (“BDO”), leverages the global industry and accounting knowledge of the BDO International network, providing rapid, strategic advice to assist our clients with financial and operational restructuring, risk management, M&A due diligence transactional support, dispute resolution, and regulatory compliance issues. Our highly experienced and well credentialed professionals draw upon a range of industry knowledge and completed consulting engagements throughout the US and internationally to provide clients with unparalleled service. BDO Consulting provides financial advisory services on behalf of debtors, lenders, bondholders, unsecured creditors, stockholders, investors, trustees and examiners. Our business restructuring services include turnaround, profit improvement, bankruptcy/out-of-court workouts, and litigation services. Interim crisis management services are provided through BDO Consulting Corporate Advisors, LLC, an indirect, wholly owned subsidiary of BDO. Additionally, we provide corporate finance and business valuation services in conjunction with Trenwith Group, LLP, a BDO affiliate company.
About Wilson Elser
Wilson Elser, a full-service and leading defense litigation law firm, serves its clients with nearly 800 attorneys in 30 offices in the United States and one in London. Founded in 1978, it ranks among the top 200 law firms identified by The American Lawyer and is included in the top 50 of The National Law Journal's survey of the nation's largest law firms. Wilson Elser serves a growing, loyal base of clients with innovative thinking and an in-depth understanding of their respective businesses.
About Miller, Canfield, Paddock and Stone, P.L.C.
Miller Canfield is an international law that serves the complex legal needs and business objectives of domestic business entities and foreign multinational companies whose commerce, profits and growth are connected to the increasingly interdependent and expanding world economy. The firm's attorneys have been a presence in international business and trade law for decades, and are called upon to assist foreign and U.S. clients, as well as foreign consulates and trade offices, state agencies and local governmental units with matters involving international law.
About Conrad O'Brien
Conrad O’Brien’s expertise is spotting legal trouble before it happens. Our attorneys work hard to resolve their clients’ matters behind the scenes, and when that is not possible, they litigate the cases effectively and efficiently. Companies, executives, public officials, and AmLaw 100 law firms call upon us to represent them in high stakes matters because we make their problems our problems to solve. Our areas of practice include complex commercial litigation, white-collar criminal defense and internal corporate investigations, intellectual property, class actions, professional liability and complex torts. Our Firm also provides legal services in alternative dispute resolution proceedings and counsels clients in connection with potential disputes, business and employment decisions, government and corporate investigations, and government relations.
About NERA Economic Consulting
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA’s economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation. NERA’s clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence.