Legal Series: Bankruptcy Litigation Updates in 2013
Knowing the latest trends in bankruptcy litigation in 2013 and staying abreast of the issues surrounding bankruptcy cases is the key to effectively advise and defend your clients.
The Knowledge Group is producing a LIVE web cast which will explore and explain the significant developments in bankruptcy litigation. Our panel of key thought leaders and experienced practitioners will also provide valuable information and analysis to the following key issues:
- Recent Bankruptcy Cases and Lessons Learned
- The Latest in Bankruptcy Code Section 363 Sales, Credit Bidding and Successor Liability
- Recent Developments and Confirmation of Plans in Chapter 11
- Treatment of Residential Mortgage Backed Securities (RMBS) and Mortgage “Put Back” Claims in Bankruptcy
Nancy A. Peterman, Shareholder, Chair, Business Reorganization & Financial Restructuring Practice,
Greenberg Traurig, LLP
Recent developments and litigation trends relating to Section 363 sales: 363 sales are one of the most common transaction structures in bankruptcy. Given the amount of available money to invest in distressed deals and the limited number of deals, 363 sales are often challenged by competing bidders and creditors. Before approval of the sale, when is the auction really over? Is the buyer’s credit bid valid? And, after the sale, what does it mean to buy free and clear? Does the buyer become liable for any liabilities?
Trevor Hoffmann, Partner,
Haynes and Boone, LLP
Recent developments in chapter 11 plan confirmation litigation: confirmation of a plan of reorganization is generally the goal of the debtor in a successful bankruptcy case. Plans may be confirmed consensually, or non-consensually via the Bankruptcy Code’s “cramdown” provisions. Is artificial impairment a valid strategy by debtors to get to “cramdown”? Can a debtor use an insider to evade the competitive process required for new-value plans? Can an impaired consenting class of one debtor in a multi-debtor bankruptcy be used to cram down creditors of another debtor?
Stefan W. Engelhardt , Partner ,
Morrison & Foerster LLP
Section 510(b) of the Bankruptcy Code directs that any claim for rescission or for “damages arising from the purchase or sale of” a “security of the debtor or of an affiliate of the debtor” is “subordinated to all claims or interests that are senior to or equal the claim or interest represented by such security.” The application of this provision to common stock or other “typical” securities is relatively straightforward, and common. However, its application to securities claims arising from certificates of “bankruptcy remote” RMBS trusts formed by a Debtor is less clear, less settled, and addressed only once before as far as we can tell. The essential questions are whether (1) the certificates underlying the RMBS trusts are securities “of the debtor” for 510(b) purposes even though they represent ownership interests in bankruptcy remote trusts or (2), in the alternative, whether the RMBS trusts are “affiliates” of a debtor, and the certificates representing ownership interests in them are therefore “of an affiliate” and subject to subordination.
Who Should Attend:
– Bankruptcy Lawyers and Practitioners
– Bankruptcy Professionals, and those they serve (lenders, creditor groups, government entities and others)
– Senior Management
Nancy A. Peterman is chair of Greenberg Traurig’s Chicago Business Reorganization & Financial Restructuring Practice. She concentrates her practice on corporate restructurings, bankruptcy and creditors’ rights law, and has a wide range of experience representing debtors, purchasers of assets, committees and secured creditors.
Nancy is a member of the Executive Committee and the Board of Directors of the American Bankruptcy Institute and former chair of the Chicago Bar Association’s Bankruptcy & Reorganization Committee. Nancy assisted in drafting the healthcare bankruptcy provisions of the 2005 amendments to the Bankruptcy Code, which were signed into law by President Bush on April 20, 2005. A frequent speaker and author, Nancy was co-editor in chief of Wiley Bankruptcy Law Update, assistant editor for West’s Norton Bankruptcy Law and Practice treatise, and an assistant editor and a contributing author for the American Bankruptcy Institute’s Health Care Insolvency Manual.
Nancy is a Fellow in the American College of Bankruptcy, listed in Chambers USA Guide, Legal 500, Best Lawyers in America, and is a Board Certified Business Bankruptcy Lawyer by the American Board of Certification.
She earned her law and undergraduate degrees from the University of Michigan.
Nancy A. Peterman is chair of Greenberg Traurig’s Chicago Business Reorganization & Financial Restructuring Practice. She concentrates her practice on …
Trevor Hoffmann is a partner in Haynes and Boone’s Bankruptcy and Business Restructuring Practice Group. He is based in the firm’s New York office. Trevor has experience representing public and private companies, hedge funds, private equity funds and financial institutions in distressed m&a transactions, workouts, reorganization proceedings, real estate transactions and commercial litigation.
Trevor has been selected for inclusion in Super Lawyers’ New York Rising Stars Metro Edition for the last three years.
Trevor Hoffmann is a partner in Haynes and Boone’s Bankruptcy and Business Restructuring Practice Group. He is based in the …
After over two decades as a successful commercial litigator, Stefan Engelhardt now focuses his practice on bankruptcy litigation as a member of Morrison & Foerster’s Business Restructuring & Insolvency Group. Mr. Engelhardt applies his commercial litigation background, which includes extensive experience litigating commercial contract and commercial fraud cases on behalf of domestic and foreign commercial and financial entities, to assist the firm’s clients in all aspects of bankruptcy-related litigation and restructuring matters.
Mr. Engelhardt has substantial experience with litigation in all phases of a bankruptcy case — from contested early case motions through plan confirmation. He litigates adversary proceedings, claims and contested matters on behalf of both creditors and debtors, with the overarching objective of maximizing the client’s return on the creditor side or protecting debtor assets. He advises clients on the strategic use of litigation to marshal and protect assets, with the goal of reemerging from bankruptcy with a strong, workable plan of reorganization. Mr. Engelhardt also has experience in cross-border insolvency proceedings. Mr. Engelhardt was a member of Phi Beta Kappa at Hamilton College.
After over two decades as a successful commercial litigator, Stefan Engelhardt now focuses his practice on bankruptcy litigation as a …
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About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, full-service law firm with approximately 1750 attorneys serving clients from 36 offices in the United States, Latin America, Europe, the Middle East and Asia. The firm provides integrated, business-focused legal services for clients ranging from Fortune 500 corporations to innovative start-ups. The firm’s multidisciplinary team includes senior lawyers who have served as chief legal officers at major multinational companies and have spent years solving real-world problems in the business, political and legal arenas. The Business Reorganization & Financial Restructuring Practice offers clients the resources and reach of one the country’s largest bankruptcy practices, supported by the firm’s international platform. In 2013, U.S. News – Best Lawyers® named Greenberg Traurig “Law Firm of the Year” in the Bankruptcy & Creditor Debtor Rights / Insolvency & Reorganization Law and Litigation – Bankruptcy categories. For additional information, please visit www.gtlaw.
About Haynes and Boone, LLP
Haynes and Boone is one of the fastest growing law firms in the AmLaw 100, with more than 515 attorneys in 12 offices, three countries and 30 major practice areas. The firm’s diversified practice enables it to offer a broad range of legal solutions to its clients in virtually every area of corporate law. Haynes and Boone represents a wide range of clients including start-ups, mid-market companies and about 20 percent of the companies in the Fortune 500 on a substantial basis. The firm’s growth has been driven by its lawyers’ client service strengths, problem-solving acumen and ability to collaborate.
About Morrison & Foerster LLP
We are Morrison & Foerster—a global firm of exceptional credentials. Our clients include some of the largest financial institutions, investment banks, Fortune 100, technology and life science companies. We’ve been included on The American Lawyer’s A-List for nine straight years, and Fortune named us one of the “100 Best Companies to Work For.” Our lawyers are committed to achieving innovative and business-minded results for our clients, while preserving the differences that make us stronger. This is MoFo. Visit us at www.mofo.com.