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Litigation Finance: Lessons from the Last Financial Crisis for the COVID-19 Downturn


Level: Intermediate
Runtime: 83 minutes
Recorded Date: May 04, 2020
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Agenda

  • The Great Recession 2007-2008
  • What to Expect: COVID-19 Disaster
  • What is Third-Party Litigation Finance?
  • Litigation Finance in Bankruptcy
  • Litigation Trusts
  • Finance for Creditors
  • Finance Claims Held by the Debtor
  • Leveraged Buyouts (LBOs)
  • Funding a Debtor: In re MagCorp
  • What Can Go Wrong: In re Epicenter
  • Q & A
Runtime: 1 hour, 22 minutes
Recorded: May 4, 2020

Description

Hear from leading bankruptcy practitioners on how they used litigation finance, the benefits and potential concerns in litigation and litigation trusts arising from the Great Recession and how litigation finance can be a tool as we confront the economic fall-out from the COVID-19 pandemic.

This program was recorded on May 4th, 2020.

Provided By

American Bankruptcy Institute
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Panelists

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Marc S. Kirschner

Senior Managing Director
Goldin Associates, LLC

Marc S. Kirschner is a Senior Managing Director of the firm and regularly acts as a fiduciary, advises clients on restructuring issues and serves in oversight roles. Marc has been an advisor and court-appointed trustee in major bankruptcy matters, including Refco, Tribune, Millennium Health, Le-Natures, Superior National, and Yellowstone Mountain Club, often working with major alternative investment funds. He is the court-appointed Plan Administrator of Refco Capital Markets and served as the Chief Restructuring Officer of the Zohar Funds.

Marc was previously a Managing Director, the Chief Operating Officer and the General Counsel of Resurgence Asset Management LLC, a distressed-debt investment management company. Marc served on the boards of Spectrum Brands Holdings, Inc., where he was a member of the audit committee, governance committee and a special committee dealing with corporate acquisition issues. He also served on the Boards of several companies in which Resurgence invested, and was the independent director of a receivables finance company during its out of court restructuring.

Prior to working in distressed investing, Marc headed the bankruptcy and reorganization practice in the New York office of Jones Day, specializing in complex bankruptcy litigation and financing matters.

Marc currently is a member of the Trust Advisory Board of Washington Mutual Bank Liquidating Trust and Board Designee on its Special Litigation Committee.

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Cathy Reece

Director
Fennemore Craig, PC

Cathy Reece chairs the financial restructuring, bankruptcy and creditors' rights practice group. She has broad experience in every aspect of corporate workouts and bankruptcies, and also works with clients structuring complex transactions and purchasing distressed assets.

Cathy has held a variety of leadership positions at state and national associations related to bankruptcy, commercial finance and corporate renewal.

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Eric Fisher

Partner
Binder & Schwartz, LLP

Eric Fisher’s practice focuses on bankruptcy litigation and other complex commercial disputes. Mr. Fisher has handled numerous high-stakes bankruptcy litigations, including serving as special counsel to the creditors’ committee in the General Motors bankruptcy proceedings and as plan administrator in the bankruptcy proceedings of DPH Holdings Corporation (formerly known as Delphi Corporation). He has represented creditors’ committees and trusts in multibillion-dollar disputes with large financial institutions.

Mr. Fisher has served as lead counsel in bench and jury trials in the Southern District of New York and other trial courts; argued numerous appeals before the Second Circuit and other appellate courts, including successfully arguing an issue of first impression before the Delaware Supreme Court; and litigated cases in a variety of alternative dispute resolution forums, including AAA, JAMS and FINRA. He has also counseled clients in business breakup, dissolution and buyout situations.

Mr. Fisher served as an Assistant U.S. Attorney in the Southern District of New York from 1999-2002, where he represented the United States in bankruptcy, civil rights, employment and regulatory matters.

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Emily Slater

Managing Director
Burford Capital

Emily Slater is a Managing Director with responsibility for assessing and underwriting legal risk across a broad range of practice areas and for identifying high-value investments in the marketplace. Ms. Slater has nearly a decade of experience structuring and underwriting legal finance deals and has played a significant role in building Burford’s globally recognized, industry-leading investment and underwriting processes. She has assessed thousands of cases involving billions of dollars of legal finance investment.

Ms. Slater speaks frequently about legal finance in the media and at events, including those organized by AIRA, the American Bar Association, ICCA, NYSBA and The Knowledge Group.

Prior to joining Burford, Ms. Slater was a litigator at Debevoise & Plimpton, where she specialized in complex securities and other bet-the-company litigation and regulatory investigations involving billions in damages. Ms. Slater regularly represented financial institutions and public companies before the SEC and DOJ. She also represented the City of New York in the criminal investigation of the 2003 Staten Island Ferry crash and led a landmark pro bono class action litigation regarding mental health treatment in New York City jails, which prevailed in the New York State Court of Appeals. She is a founding member of the Pro Bono Advisory Council of New York Lawyers for the Public Interest and served as a trustee of Brooklyn Heights Montessori School.

Ms. Slater graduated from New York University School of Law, where she was the Colloquium Editor of the Review of Law and Social Change.


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