What You Need to Know About Fraudulent Conveyance Law in 2014
Overview:Our panel of key thought leaders and practitioners will offer a discussion of the fundamentals as well as updates regarding the latest and significant issues surrounding this topic. This LIVE webcast aims to help you to avoid common pitfalls and risk issues surrounding Fraudulent Conveyance Law in 2014.
This 2-hour webcast will discuss the following key topics:
- New developments in fraudulent conveyance law in 2014
- Emerging trends and recent cases
- Financial expert aspects of insolvency and valuation issues in fraudulent conveyance litigation
Dion W. Hayes
- Recent Developments Regarding Section 546 Safe Harbors in Tribune, Barclays, and Lyondell – Discussion of conflicting bankruptcy court decisions regarding preemptive effect of Section 546 on state law constructive fraudulent transfer claims by individual creditors and possible outcomes in Second Circuit.
- Good faith under Section 548(c) – Discussion of Fourth Circuit’s recent decision in Gold v. First Tenn. Bank Nat’l Assoc. (In re Taneja), 743 F.3d 423 (4th Cir. 2014), holding that good faith under Section 548(c) requires the same analysis as good faith under Section 550(b)(1), which is whether “the transferee actually was aware or should have been aware, at the time of the transfers and in accordance with routine business practices,” and rejecting arguments that transferee must “present evidence that his every action concerning the relevant transfers was objectively reasonable in light of industry standards,” and that third-party expert testimony should have been required to establish the prevailing industry standards. Id. at 430-32 (affirming bankruptcy court’s reliance on testimony from transferee’s own employees regarding prevailing industry standards).
- In re Tronox - Discussion of recent decision in Tronox Inc. v. Kerr McGee Corp. (In re Tronox Inc.), 503 B.R. 239 (Bankr. S.D.N.Y. 2013), including the court’s solvency analysis (in which the court, among other things, rejected proffered market evidence) and the court’s holding that fraudulent transfer recovery is not limited to the amount of unpaid unsecured claims.
Alvarez & Marsal
Joseph T. Gardemal III, CPA
1. About Alvarez & Marsal
2. Fraudulent Conveyance and Role of the Financial Expert
a. Who is the financial expert retained by
b. General role of the financial expert in these types of cases
• Expert witness testimony, internal investigations, damage analysis
c. Scope and work of the financial expert
• Funds tracing, solvency analysis, valuations, fair market value of assets and liabilities
3. A&M Case Summaries
a. Lehman Brothers
• Reviewed preferential transfers prior to bankruptcy
• Avoidance claims
b. Consolidated Meridian v. Prevost Car
• Fraudulent transfer related to alleged Ponzi scheme
• Trustee sues manufacturer/seller of buses to company that received benefits from scheme
c. Las Vegas Monorail (LVM)
• Analyzed the ability of the LVM to meet its obligations under the Reorganization Plan with sufficient liquidity and capital resources to conduct its business
• Valued the LVM
• Valuation Issues
Pepper Hamilton LLP
William R. Wagner
- Structuring Considerations to Avoid Fraudulent Transfer Exposure and Current 546 Safe Harbor Developments
Who Should Attend:- Accountants
- Attorneys (Practice Area: Banking & Finance, Insurance & Related)
- Attorneys in Banking & Finance
- Bank and Financial Institution Auditors
- Bank and Financial Institution Executives
- Bank Executives
- Bank Regulation Lawyers
- Bankruptcy Lawyers and Practitioners
- Fraud Analysts
- Fraud Executives at Banks, Financial Institutions and Related Companies
- Fraud Monitoring
- Corporate Attorneys
- And other Related/Interested Professionals
Dion serves as chair of McGuireWoods’ 40-attorney restructuring and insolvency department. Since 1992, he has focused his practice on insolvency law and financial restructuring, including bankruptcy, out-of-court workouts, distressed asset acquisitions and recapitalizations, and related litigation. He is experienced in representing corporate debtors, official and unofficial committees of creditors or equity holders, asset acquirers, post-confirmation plan administrators, liquidating trustees, indenture trustees, senior lenders, bond holders, and other stakeholders, in bankruptcy courts and other courts throughout the United States. He has recently appeared in bankruptcy courts and other federal courts in Delaware, Florida, New York, Texas, and Virginia. He also has substantial cross-border insolvency experience.
Dion received his JD from William & Mary Law School and his BA from the University of Virginia. He has been selected for inclusion in The Best Lawyers in America for Bankruptcy and Creditor/Debtor Rights, “Super Lawyers” for Bankruptcy & Creditor/Debtor Rights, Banking, Business Litigation, and the "Legal Elite" for Bankruptcy Law.
Dion serves as chair of McGuireWoods’ 40-attorney restructuring and insolvency department. Since 1992, he has focused his practice on insolvency …
Joe Gardemal is a Managing Director with Alvarez & Marsal Global Forensic and Dispute Services in Washington, D.C. He is a Certified Public Accountant/Accredited in Business Valuation, a Certified Valuation Analyst, and is Certified in Distressed Business Valuation by the Association of Insolvency and Restructuring Advisors. Mr. Gardemal over 25 years of experience in forensic accounting, auditing, investigations, and valuation and damages estimation in commercial litigation and bankruptcy matters. He has worked with clients in a wide variety of industries, including insurance and investments; auto manufacturing, distribution and retailing; defense and aerospace; satellite and cable television; financial institutions; education; and pharmaceuticals. He has provided expert testimony in these areas in U.S. State and Federal Courts and in international matters, and has worked on a large number of prominent bankruptcy-related matters, including Lehman Brothers.
Joe Gardemal is a Managing Director with Alvarez & Marsal Global Forensic and Dispute Services in Washington, D.C. He is …
William R. Wagner is a partner in the Financial Services Practice Group of Pepper Hamilton LLP, resident in the New York office.
Mr. Wagner focuses his practice on complex international and domestic loan workouts, financial restructurings and distressed investments. He has extensive secured and unsecured bank financing experience, including real estate, aircraft, sports lending, acquisition finance, leasing, securitization, structured finance, swaps and derivatives.
Mr. Wagner also represents investment and commercial banks, asset managers, funds and other strategic investors in trades of distressed and par-value loan obligations. He has extensive experience in both foreign and domestic trading markets ranging from individual loan trades to complex portfolio acquisitions and sales.
William R. Wagner is a partner in the Financial Services Practice Group of Pepper Hamilton LLP, resident in the New …
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About McGuireWoods LLP
Since its founding in 1834, McGuireWoods LLP has been a leading and well-respected presence in the practice of law. For more than 175 years, the firm has enhanced our capabilities to keep pace with our clients’ needs — both in the United States, as well as in the global marketplace. Today, the firm has more than 900 lawyers in 19 offices in the United States, United Kingdom, Brussels and elsewhere in Europe.
Restructuring and Insolvency Department Overview
Our restructuring and insolvency practice has 40 attorneys and offers a balanced mixture of transactional strength and litigation experience. We represent corporate debtors, secured creditors and unsecured creditors' committees, as well as lenders and trustees in all types of debt restructuring, litigation and bankruptcy reorganization proceedings, including out-of-court workouts.
Representations range from large regional cases to those of national stature, and our practice extends across industry lines to include retail, transportation, real estate, manufacturing, telecommunications, and many other industries. Our clients include a variety of constituencies, including debtors in workouts and reorganizations, creditors’ committees, manufacturers and trade creditors, and financial institutions such as banks, hedge funds, private equity firms, bondholder committees and asset-based lenders. Major recent cases in which the firm has had either debtor or creditor engagements include Lehman Brothers, Inc., Circuit City, AMF Bowling, LandAmerica, MF Global, Enron, Adelphia, Tribune, ASARCO, and the Rothstein Ponzi scheme case.
About Alvarez & Marsal
About Alvarez & Marsal
Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) when conventional approaches are not enough to activate change.
Privately-held since 1983, A&M is a leading global professional services firm that delivers performance improvement, turnaround management and business advisory services to organizations seeking to transform operations, catapult growth and accelerate results through decisive action. Our senior professionals are experienced operators, world-class consultants and industry veterans who draw upon the firm's restructuring heritage to help leaders turn change into a strategic business asset, manage risk and unlock value at every stage.
Global Forensics and Disputes Overview
Partner with the right expert team to navigate through a crisis or assist with a dispute. Alvarez & Marsal sets the standard for delivering results on critical matters. With an increase in the complexity of corporate investigations, regulatory enforcement actions, and high stakes litigation, that ability is more important than ever. From the boardroom to the court room, A&M professionals draw on their deep skills and experience in business investigations, litigation consulting, forensic technology, and expert testimony to provide clients with the solutions they seek to achieve their goals
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.
Our firm has grown from a two-person law office formed in 1890 in Philadelphia to a sophisticated, large law firm with a national and international practice. While much about Pepper Hamilton is new and different from its beginnings, we retain traditional values passed down through the decades: respect for the rule of law, pride in an excellent work product and commitment to the client's cause. Today, Pepper Hamilton is a diverse firm of men and women from a broad spectrum of backgrounds, united in these values.
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