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Early-Case Orders that Dictate the End-of-Case Orders: Efficient or Disenfranchising?


Level: Advanced
Runtime: 75 minutes
Recorded Date: July 12, 2019
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Agenda


  • The Bankruptcy Judge's Mindset
  • Making the DIP Financing Presentation
  • Questions to be Prepared to Answer
  • What to Never Tell a Bankruptcy Judge
  • Some Final Pointers
Runtime: 1 hour and 15 minutes
Recorded: July 12, 2019

Description

Cash-collateral, DIP-financing, ? 363 bid-procedure and assumption-of-restructuring-support-agreement orders all enter into the early stages of a chapter 11 case, and all have the potential to dictate how the case will end. Some argue that setting a firm course for the case in the early days promotes efficiency and recognizes the financial realities posed by current capital structures. Others argue that those same orders, fashioned by a small subset of the creditor constituencies, preclude all but those at the top of the capital structure from having an effective voice in the case.

The panelists include people on both sides of that debate, and the discussion will feature such topics as benchmarks in DIP financing and cash-collateral orders, recent developments in bid-procedure orders such as the recent approval by some courts of multiple breakup fees and of a no-shop clause, and just how far a restructuring support agreement can go in a pre-negotiated case.

This program was recorded as part of ABI's 2019 Northeastern Bankruptcy Conference & Consumer Forum on July 12th, 2019.

Provided By

American Bankruptcy Institute
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Panelists

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Stephen L. Coulombe

Managing Director
Berkeley Research Group LLP

Stephen Coulombe is a Managing Director at Berkeley Research Group LLC.

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Hon. Hannah L. Blumenstiel

Judge
U.S. Bankruptcy Court, Northern District of California

Hannah L. Blumenstiel is a judge on the United States bankruptcy court, Northern District of California. She was appointed to the court on February 11, 2013.

From 1997 to 1998, Blumenstiel was an Assistant Attorney General with the Revenue Recovery Section of the Ohio Attorney General's Office where she "represented the State of Ohio's interests in bankruptcy cases." She was also a Law Clerk to Charles M. Caldwell from the United States bankruptcy court, Southern District of Ohio, Eastern Division from 1998 to 2001. She worked as an associate with Winston & Strawn LLP from 2001 to 2008, until she became a partner from 2008 to 2012. In 2013, she was appointed a bankruptcy judge. She also lectures on bankruptcy, commercial litigation and receivership.

Blumensteil received her undergraduate degree from The Ohio State University in 1992 and her J.D. from Capital University Law School in 1997.

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Lisa B. Tancredi

Partner
Gebhardt & Smith, LLP

Lisa Bittle Tancredi is a bankruptcy and creditors’ rights partner working from the firm’s Baltimore and Wilmington, Delaware, offices. Lisa represents a spectrum of clients, including corporations, national banks, community banks, institutions, funds, investors, sureties, high-net-worth individuals and lenders, both inside and outside of the bankruptcy court. In the syndicated loan arena, she works with agents and participating lenders to address distressed debt facilities.

Lisa is a past President of the Bankruptcy Bar Association for the District of Maryland (2014-2015) and a former chair of the Maryland Local Rules Committee (2013-2016). Lisa served as a reporter of bankruptcy cases in the Fourth Circuit for the American Bankruptcy Institute (ABI) and was co-chair of the ABI’s Employee Benefits Committee. She frequently lectures and gives seminars to local and national groups, and she has published several articles.

Lisa earned a B.S. in mechanical engineering from Virginia Tech, cum laude, where she was a member of sorority Kappa Alpha Theta and the Pi Tau Sigma and Tau Beta Pi engineering honor societies. After a brief stint working as a mechanical engineer, Lisa turned to the law. She graduated from the University of Maryland School of Law where she was awarded the American Jurisprudence Awards for Legal Writing and Commercial Paper, the Arnold Bridgewater Prize, and inducted into the Order of the Coif. During law school, Lisa clerked for the Office of the United States Trustee in Baltimore, a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases, and it was during that clerkship that she acquired her affinity for bankruptcy law. Following law school, Lisa served a judicial clerkship for the Honorable James F. Schneider of the United States Bankruptcy Court for the District of Maryland.

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Honorable Robert E. Gerber

United States Bankruptcy Judge
Southern District of New York

Honarable Robert E. Gerber is a United States Bankruptcy Judge for the Southern District of New York. Since his appointment to the bench 10 years ago, Judge Gerber has presided over a wide variety of chapter 11, chapter 7, chapter 15, section 304 and SIPA cases - including PSINet, Ames Department Stores, Global Crossing, Adelphia, Basis Yield Alpha Fund, Lyondell Chemical, BearingPoint, DBSD North America, Chemtura and General Motors.He earned a B.S. degree in industrial engineering, with high honors, from Rutgers University (from which he graduated in 1967), and a J.D. degree, magna cum laude, from Columbia Law School, from which he graduated in 1970, and where, among other things, he was a James Kent Scholar. Before going on the bench, he practiced with the firm of Fried, Frank, Harris, Shriver & Jacobson, specializing in securities and commercial litigation and, thereafter, bankruptcy litigation and counseling. Except for a period of service in the United States Air Force, in 1971 and 1972, he was with Fried Frank for 30 years, 22 as a partner. He is a contributing author to Collier on Bankruptcy, and a Fellow of the American College of Bankruptcy.


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