Receiverships, Assignments and Other Bankruptcy Alternatives: What’s the Best Way Out?
Given the economic downturn in recent years, financially distressed businesses are forced to make hasty decisions with permanent consequences. While most of these businesses and their creditors are familiar with the common bankruptcy options, the alternatives to bankruptcy are often overlooked. In this two-hour LIVE Webcast, a panel of key thought leaders will offer an in-depth discussion of the business and legal fundamentals of this significant topic and will explain the benefits and ramifications of receiverships, assignments and other bankruptcy alternatives.
Key topics include:
- Why bankruptcy isn’t always the best option
- Business considerations when selecting an Alternative
- General overview of Alternatives
- Assignment for the Benefit of Creditors
- Article 9 Foreclosure
- Out of Court Work Outs
- Considerations when selecting an Alternative
- The advantages and disadvantages to each Alternative
- Who controls the process
- How each Alternative compares to bankruptcy
Andrew DeCamara, Senior Managing Director
- ABC’S - Business, not legal, perspective
- ABC’S - Assignments for Benefit of Creditors
- UCC disclosures
Evelyn J. Meltzer, Partner
Pepper Hamilton LLP
Jeffrey Testa, Partner
McCarter & English, LLP
- ABC’S - Assignments for Benefit of Creditors
Richard H. Golubow, Shareholder
- Article 9 foreclosure sales
Patrick M. Costello, Principal Attorney
VECTIS LAW GROUP
- advising management when they are trying to choose among the alternatives: ABC, Chapter 7, Chapter 11, receivership, foreclosure (hopefully consensual), good old corporate dissolution process (many attorneys think that you have to pay everyone in full, but you do not), and the “shutter operations and walk away” approach (the early stage of the company, the more likely this is to happen).
Who Should Attend:
- Bankruptcy Lawyers
- Bankruptcy Professionals
- Business Executives
- Sales Executive and Personnel
- Sales Department
- In-house Counsel
- Creditor and Debtors
- Top Level Management
- Multinational Companies
- Private and Public Companies
- Other related/interested Professionals and Organization
Richard H. Golubow is a founding member and the managing shareholder of Winthrop Couchot Professional Corporation (WCPC). Established in 1995, WCPC is one of Southern California’s premier bankruptcy, insolvency and financial restructuring law firms.
Mr. Golubow devotes his practice to and has extensive experience in the areas of financial restructuring, insolvency law, complex bankruptcy and business reorganizations and liquidations, complex bankruptcy litigation, out-of-court workouts, acquisitions and sales of distressed assets, Uniform Commercial Code Article 9 foreclosure sales, general assignments for the benefit of creditors, and receiverships. Mr. Golubow has a diverse client base that includes representation of debtors, creditors, creditor committees, bankruptcy trustees, assignees for the benefit of creditors, receivers and asset purchasers in a wide range of industries.
Mr. Golubow has achieved an ‘AV Preeminent’ Peer Rating, Martindale-Hubbell’s highest peer recognition. He has been selected by his peers as a Super Lawyer, representing the top 5% of practising attorneys in Southern California, and has been the recipient of bankruptcy or financial restructuring attorney of the year awards by several leading international financial publications.
Richard H. Golubow is a founding member and the managing shareholder of Winthrop Couchot Professional Corporation (WCPC). Established in 1995, …
Evelyn J. Meltzer is a partner in the Corporate Restructuring and Bankruptcy Practice Group of Pepper Hamilton LLP, resident in the Wilmington office. Ms. Meltzer focuses her practice on corporate restructuring, bankruptcy and creditors’ rights. Ms. Meltzer has significant experience representing debtors, creditors’ committees, asset purchasers, landlords, liquidating and litigation trusts, assignees in assignments for the benefit of creditors (ABC), receivers, secured and unsecured creditors and shareholders in bankruptcy proceedings. Additionally, she acts as counsel for both plaintiffs and defendants in bankruptcy-related litigation matters.
Ms. Meltzer is vice director-regional programming for the International Women’s Insolvency and Restructuring Confederation (IWIRC) and is the past chair of the Delaware IWIRC network. Additionally, Ms. Meltzer organized and chaired the 2013 - 2016 IWIRC at the Shore conferences, the first regional IWIRC conference, and is currently serving as chair for the 2017 conference. Ms. Meltzer is the recipient of the 2016 Melnik Award for an Exceptional IWIRC Member.
Ms. Meltzer is AV Peer Review Rated for Ethical Standards and Legal Ability by Martindale-Hubbell. Ms. Meltzer’s peers have described her as “imaginative, careful attorney who gets results,” “a rising star in the bankruptcy bar. She is a formidable adversary who exhibits the highest level of professionalism when representing her clients,” and “an excellent attorney and is of the finest character.”
Evelyn J. Meltzer is a partner in the Corporate Restructuring and Bankruptcy Practice Group of Pepper Hamilton LLP, resident in …
Andrew De Camara has 25 years experience in strategic planning and financial planning including corporate restructurings, mergers & acquisitions and financial forecasting.
Prior to joining Sherwood in 2001, he was Vice-President of a B2B exchange for an Internet start-up and had previously worked at a major Hollywood studio. Mr. De Camara has assisted in fundraising activities for various privately held companies and has arranged for new senior secured and mezzanine financings as appropriate. While at Sherwood, Mr. De Camara has successfully restructured companies through out-of-court restructurings as well as through Chapter 11 reorganizations. Mr. De Camara has successfully restructured hundreds of millions of dollars of debt in a way that provides improved returns for creditors while allowing a company to continue operations.
In addition, Mr. De Camara has served as a Receiver in both State and Federal Courts and has helped maximize value of assets through Assignments for the Benefit of the Creditors under various state laws.
Mr. De Camara has also worked in business development and operational roles where he has managed global sales teams and has utilized forecasting tools that implement statistical modeling to produce optimal purchase and flow of materials through supply chains so he has significant experience with brick and mortar entities.
Mr. De Camara holds an M.B.A. from the University of Southern California. He earned a Bachelor of Arts degree from Georgetown University.
Andrew De Camara has 25 years experience in strategic planning and financial planning including corporate restructurings, mergers & acquisitions and …
Patrick M. Costello has practiced law for over 30 years, primarily in the areas of insolvency, bankruptcy, creditors' rights, workouts, secured transactions, and commercial law. He has represented debtors, creditors, trustees, creditors' committees, purchasers, licensors, licensees, non-institutional lenders, venture debt funds, officers, boards of directors and investors in bankruptcies, out-of-court workouts, assignments for benefit of creditors, dissolutions and a broad range of highly leveraged and distressed transactions with an emphasis on IP centric companies in transactions ranging from small start-ups to public companies and billion dollar transactions. Mr. Costello has counseled directors, senior management, investors, and creditors concerning potential duties and liabilities to creditors and/or the corporation in the "zone of insolvency" and has advised and represented such parties in state and federal court litigation concerning their conduct in distressed circumstances. He has successfully represented members of management in appeals before the Ninth Circuit.
Mr. Costello received. a B.A., cum laude, from the University of Chicago and his J.D. from Hastings College of the Law.
Mr. Costello has lectured on a range of bankruptcy and insolvency issues before bar associations, corporate law firms and trade groups, and has been a guest lecturer at Santa Clara Law School and the University of California Hass School Of Business. He has served on the Insolvency Law Committee of the Business Law Section of the State Bar of California and as a co-chair of the UCC Committee of the Business Law Section of the State Bar of California.
Mr. Costello has co-authored "Technology Licensing: Protecting Licenses Against the Risk of the Licensor's Insolvency" in the California Business Law Practitioner, Vol. III, No. 2, Spring 1988; "New Bankruptcy Code Section 365(n): Limited Comfort for the Technology Licensee" in California Business Law Reporter, Vol. X, No. 5, January 1989; "Intellectual Property Licenses After the Enactment of Special Legislation: Limited Security" in Business Law News, Vol. 11, No. 3, Winter 1989; and "Now That the Tide Has Turned: The Impact of Bankruptcy on Customers of Technology Licensors and Service Providers" in Technology Access Report, (January 2002).
Mr. Costello is admitted to practice in the State of California, the United States District Court for the Northern, Eastern, and Central Districts of California, and the Ninth Circuit Court of Appeals.
Patrick M. Costello has practiced law for over 30 years, primarily in the areas of insolvency, bankruptcy, creditors' rights, workouts, …
Mr. Testa represents businesses, individuals, debtors, creditors' committees, lenders, chapter 11 and chapter 7 trustees, litigation trustees, receivers, assignees, creditors and defendants in complex bankruptcy proceedings and related litigation throughout the nation.
Mr. Testa is equally skilled in business and civil litigation matters. He has represented corporations and individuals in federal and state court litigation and in arbitrations and mediations in a wide variety of business litigation, construction, and contractual disputes. Mr. Testa is also called upon by clients in times of crisis for leadership and advice on multiple topics including white collar criminal matters and government investigations.
Mr. Testa served as debtors’ co-counsel to Trump Hotels & Casino Resorts Inc. in its successful 2004 and 2009 Chapter 11 bankruptcy proceedings, which resulted in confirmed plans of reorganization. He also served as co-counsel to the Official Committee of Unsecured Creditors of In re GB Holdings, Inc., a case relating to the former Sands Casino in Atlantic City, New Jersey wherein the creditors' committee terminated exclusivity of the debtor and won confirmation of a plan of reorganization.
Mr. Testa has significant experience serving as counsel to both Chapter 11 and Chapter 7 Bankruptcy Trustees in complex cases throughout the nation including: In re Solomon Dwek, a nationally publicized Ponzi case in which Mr. Testa counseled the bankruptcy trustee in his administration of over 80 debtor entities which owned more than 300 commercial, industrial and residential properties located throughout the United States, wherein hundreds of adversary proceedings were commenced by the Trustee, the real estate portfolio liquidated, and wherein a Chapter 11 plan of liquidation was confirmed; In re Pappas Broadcasting, Inc., in which the debtors and their non-debtor affiliates operated the largest privately held commercial television broadcast group in the United States as measured by Nielsen Media Research, wherein Mr. Testa represented the Trustee in the sale of numerous television stations; In re Student Finance Corp, a student loan company whose claims exceeded $1.1 billion; and In re Golden Guernsey Dairy, LLC, wherein Mr. Testa assisted the Trustee in selling the Midwest dairy distribution plant to Lifeway Foods. Mr. Testa also represents state court receivers and assignees in the dissolution of corporations and partnerships. Among his active cases Mr. Testa currently represents the Trustee of Big Island Carbon, a cutting edge bio-fuel company located in Hawaii; Tengion Inc., a publically traded bio-medical research company; Powerwave Technologies, Inc., an international wireless company; the Assignee for the Benefit of Creditors of Sixth Avenue Electronics City, Inc.; and Integrated Packaging Corporation.
Mr. Testa has experience prosecuting and defending a wide range of bankruptcy-related litigation matters including fraudulent conveyances, preferences, Ponzi schemes, directors and officers litigation, derivative employment issues, claims objections, fee auditor disputes, tax disputes, lease rejection, intellectual property, bankruptcy fraud and discharge issues. Mr. Testa frequently counsels clients in both the purchase and sale of distressed assets, including corporations, commercial and residential real estate, intellectual property, loan portfolios, television stations, liquor licenses, equipment, biomedical technologies, and other assets. Mr. Testa also advises secured lenders in bankruptcy proceedings including with regard to DIP and exit financing matters.
Mr. Testa has been recognized in Chambers USA since 2011 – in which clients have stated that he is a “phenomenal lawyer” as well as in New Jersey Super Lawyers from 2006-2016. He was recognized in 2008 by the New Jersey Law Journal as one of the state’s “40 Under 40,” and has spoken on various legal issues as a panel speaker at the New Jersey State Bar Association Annual Meeting and Convention. He also previously served as the alternate municipal prosecutor for the Township of Verona (Essex County, NJ), and was a member of the District VA Ethics Committee.
Mr. Testa represents businesses, individuals, debtors, creditors' committees, lenders, chapter 11 and chapter 7 trustees, litigation trustees, receivers, assignees, creditors …
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About Winthrop Couchot
Winthrop Couchot Professional Corporation (WCPC), located in Newport Beach, California, is one of Southern California’s premier bankruptcy law firms. Established in 1995, WCPC limits its practice exclusively to complex bankruptcy, insolvency, business reorganization, related commercial litigation, liquidations, acquisitions, out-of-court workouts and general assignments for the benefit of creditors. The firm’s practice includes pre-bankruptcy petition and post-bankruptcy petition planning and representation. The attorneys at WCPC have extensive experience representing debtors, creditors, bankruptcy trustees, creditors’ committees, asset purchasers and assignees and assignors in the context of a general assignment for the benefit of creditors. Our clients include publicly and closely held companies, as well as high net worth individuals.
The attorneys at WCPC understand that the law is a means to accomplish their clients’ business and personal objectives, not an end in itself. They listen to their clients and take the time to learn about and understand their clients’ business as well as their needs. WCPC provides innovative, responsive and cost-effective legal solutions. For each case, WCPC assembles a team of appropriately experienced attorneys and uses the resources of our legal assistant staff to economically serve our clients’ needs. WCPC places great emphasis on counseling clients on preventative measures, which include mediation and arbitration. This minimizes legal costs and disruption of our clients’ businesses and lives. Should litigation be necessary, however, the firm is committed to its clients by responding aggressively to disputes that cannot be settled by the parties themselves.
About Pepper Hamilton LLP
Pepper Hamilton LLP is a multi-practice law firm with more than 500 lawyers nationally. The firm provides corporate, litigation and regulatory legal services to leading businesses, governmental entities, nonprofit organizations and individuals throughout the nation and the world.
Pepper’s Corporate Restructuring and Bankruptcy Group is an integrated network of more than 35 professionals and support personnel who focus exclusively on all aspects of reorganizations, bankruptcies, restructurings, workouts and buyouts. Our team is national in focus, appearing regularly in bankruptcy courts throughout the country. We are experienced in insolvency matters involving a wide range of industries, with particularly notable experience in the food, asbestos, energy, construction, manufacturing, health care and automotive industries. Our clients include large national and international public and privately held corporations, as well as governmental entities, small businesses and individuals.
About Sherwood Partners
Sherwood Partners, Inc. is a professional services firm, founded in 1992 with a focus on providing senior level operational and financial advisory services to its clients. Sherwood specializes in providing solutions for financially distressed businesses, primarily in middle market and venture backed entities.
Sherwood is adept at devising solutions designed to maintain enterprise value to maximize the value of assets so that business continuity can be maintained. With its’ staff of twenty professional advisors, Sherwood provides hands-on attention by principals in all of its engagements.
About VECTIS LAW GROUP
Vectis Law Group is a Silicon Valley based commercial law firm that advises and represents financially impaired business concerns, their management and investors, and the full range of entities transacting business with them. For more than twenty-five years, the Firm's principal has served his clients by carefully crafting and executing legal stratagems that tackle a broad spectrum of corporate financial problems and global credit risks.
About McCarter & English, LLP
McCarter & English, LLP is a firm of approximately 400 lawyers with offices in Boston, Hartford, Stamford, New York, Newark, East Brunswick, Philadelphia, Wilmington and Washington, DC. In continuous business for more than 170 years, we are among the oldest and largest law firms in America.
Clients come first at McCarter & English. Their goals and priorities are what count. Our job is to listen to our clients, stay on top of the frequent changes that can affect their goals, and implement the strategies that will lead to success. Applying this approach effectively and consistently requires dedication and constant attention to many details. This client-centered philosophy has served our clients well and is responsible for our success and stability.