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Maximizing Auction Results in a § 363 Sale


Level: Advanced
Runtime: 54 minutes
Recorded Date: December 07, 2018
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Agenda


  • Asset Sale Process Overview
  • Turnaround Advisors' Perspective
  • Restructuring Counsels' Perspective
  • In Court vs. Out of Court
  • Why a 363 Sale Maximizes Value
  • Typical 363 Sale Timeline
  • Legal Perspectives on Insider/Secured Creditor Big Protections
  • Break-Up Fees
Runtime: 54 minutes
Recorded: December 7, 2018

Description

This panel will explore how to maximize values in an auction section 363 sale for all constituents, and reveal “tricks of the trade” regarding how to generate value for the estate and unsecured creditors in different ways.

This program was recorded as part of ABI's Winter Leadership Conference on December 7th, 2018.

Provided By

American Bankruptcy Institute

Panelists

Leon Szlezinger

Managing Director
Jeffries LLC

Leon Szlezinger is co-head of Jefferies LLC’s Restructuring Department in New York and has more than 25 years of professional experience advising troubled companies and their stakeholders. He has advised company management and boards, secured lenders, bondholders and equityholders in bankruptcy matters and out-of-court restructurings in the U.S. and overseas. Mr. Szlezinger has also provided assistance to underperforming businesses and potential acquirers of distressed assets/entities, and has advised clients on general business issues. His industry specialization includes health care, industrial, real estate, energy and aviation, and he has advised significant stakeholders in such restructurings as Energy Future Holdings, Momentive, KV Pharmaceutical, American Airlines, Eastman Kodak, Quebecor, Delphi, Enron, Parmalat and Federal Mogul, having testified on numerous occasions.

Prior to joining Jefferies, Mr. Szlezinger was a senior managing director at Mesirow Financial Consulting and a corporate recovery partner at KPMG and PricewaterhouseCoopers. A former co-chair of ABI’s Investment Banking Committee, he has frequently been recognized as a top restructuring advisor by The Deal, has been included in the K&A Restructuring Register, been listed in the Bankruptcy Insider as a top creditor advisor, and was featured in Turnaround & Workouts’s “People to Watch.” He also received the 2014 Mega Turnaround of the Year award from the Turnaround Management Association.

John Longmire

Partner
Willkie Farr & Gallagher LLP

John C. Longmire is a partner in the Business Reorganization & Restructuring Department, focusing on bankruptcy, restructuring, workouts, acquisitions of distressed companies, and distressed debt matters.

John has been actively involved in numerous complex restructuring and acquisition matters on behalf of the firm’s clients, including transactions in the retail, entertainment, telecommunications, airline, medical services and other industries.

John has been recognized by Chambers USA among the leading bankruptcy and restructuring law practitioners in New York. He is also ranked by Best Lawyers in America (2015 – 2020) in the area of Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law and is included in Expert Guides’ listing of the leading insolvency and restructuring lawyers in the world.

In 2016, the Global M&A Network honored John at the Turnaround Atlas Awards for his significant role in the chapter 11 cases of Colt Defense (named Upper Mid-Market Turnaround of the Year) and Global Geophysical Services (named Middle Markets Chapter 11 Restructuring of the Year). His work on the Colt Defense case was also recognized in the “Distressed M&A Deal of the Year ($250M to $500M)” category at the 2017 M&A Advisor Turnaround Awards. Additionally, he was named among Global M&A Network’s Top 100 Restructuring and Turnaround Professionals in 2016. In 2015, John was one of only 12 lawyers nationwide to be named to Turnarounds & Workouts’ list of “Outstanding Restructuring Lawyers.” In 2013, the Global M&A Network honored him for his significant role in the out-of-court restructurings of Barneys New York and Kerzner International, which were named Upper Mid Market Turnaround of the Year and Large Market Turnaround of the Year, respectively. Additionally, M&A Advisor honored John’s restructuring of Virginia-based waste management company EnviroSolutions, Inc. with a 2011 Turnaround Award for excellence.

Alpesh A. Amin

Managing Director
Conway MacKenzie, Inc.

Alpesh Amin has over 18 years of experience in the areas of corporate finance, restructuring and management consulting. He has served as an interim manager to companies and as an advisor to both companies and their stakeholders.

Mr. Amin’s background includes corporate turnarounds and restructurings, strategic planning, business plan development and analysis, cash flow and liquidity management, mergers and acquisitions advisory, debt / equity capital raises and transaction services. His industry experience includes automotive, building products, construction equipment, consumer products, direct marketing, distribution, financial services, food and beverage, gaming, grocery, healthcare, manufacturing, metals, packaging, printing and technology.

Mr. Amin has advised both companies and their stakeholders involved in complex transformational phases such as business model redesign, profit enhancement, partial or entire company sale, capital raises, and mergers and acquisitions. He has also led several companies on an interim basis during corporate turnarounds and restructurings. He is a Certified Turnaround Professional (CTP) and a member of the American Bankruptcy Institute (ABI) and Turnaround Management Association (TMA).

Prior to joining Conway MacKenzie, Mr. Amin was Managing Director at MorrisAnderson where he specialized in working with underperforming companies and their stakeholders. Prior to MorrisAnderson, he held management consulting positions with Huron Consulting Group where he focused on restructuring and turnarounds and with Bridge Associates, LLC where he specialized in turnaround and interim management services. Mr. Amin was also part of Merrill Lynch’s Investment Banking Group, providing mergers and acquisitions advisory and spent time working in Bank of America’s leveraged finance and syndications groups.

Adam G. Landis

Founding Partner
Landis Rath & Cobb LLP

With more than twenty-five years of experience in corporate bankruptcy and restructuring, Adam’s practice includes first-chair and co-counsel representation of debtors, official and unofficial committees, secured lenders and other secured creditors, indenture trustees and bondholders, unsecured creditors, asset purchasers, officers and directors, equity holders, liquidating trusts and plan administrators in a variety of national bankruptcy cases, primarily in the United States Bankruptcy Court for the District of Delaware.

Admitted to practice in Delaware, New York, and Massachusetts, Adam was an associate at Schulte Roth & Zabel LLP before moving to Delaware in 1995 to join Duane Morris & Heckscher LLP (now Duane Morris LLP), where he became a partner in January 2000. He was a shareholder at Klett Rooney Lieber & Schorling PC (now Buchanan Ingersoll & Rooney PC) from March 2000 to July 2003, when he founded Landis Rath & Cobb LLP with Dan Rath and Rick Cobb.

Adam is recognized in Chambers USA as a Leading Lawyer in Bankruptcy and has held a Band 1 rating since 2010. Honored as a Delaware Super Lawyer from 2007 to the present, Adam lectures and writes frequently on chapter 11 bankruptcy topics. Adam also is very active in the legal and Wilmington communities: he is a past Secretary, Vice Chair, and Chair of the Bankruptcy Section of the Delaware State Bar Association; a founding member and manager of the Coalition for Bankruptcy Fairness, LLC; a volunteer attorney for the Office of Child Advocate; a member of the Executive Committee and Board of Directors of Downtown Visions, a non-profit organization that manages security, cleaning and marketing in Wilmington’s business improvement district; and a member of the Board of Directors of Wilmington Country Club and chairperson of its Tennis Committee.

Jordan A. Kroop

Partner
Perkins Coie

A corporate bankruptcy, restructuring and reorganization attorney, Jordan Kroop represents debtors, official committees, acquirers, and significant creditors in Chapter 11 matters involving publicly traded and privately held companies throughout the nation. His representation of creditors includes secured lenders, committees, lessors and institutional lenders. Jordan is a partner in the Bankruptcy & Restructuring group of the Corporate practice.

Among the prominent Chapter 11 matters Jordan has handled is representing the NHL's Phoenix Coyotes as debtor's counsel and leading the team to its eventual sale. He has also represented the Boston Celtics and Milwaukee Bucks in reorganization matters.

In addition to his background counseling sports franchises, Jordan provides Chapter 11 representation to reorganizing clients in manufacturing, real estate development, construction, hospitality gaming and technology. He has represented a large REIT, a consumer electronics manufacturer, makers of construction materials, and an iconic Manhattan restaurant in its Chapter 11 filing.

Jordan serves as an adjunct professor of law at the Sandra Day O'Connor College of Law at Arizona State University. He also instructs at the American Bankruptcy Institute's litigation skills workshops and has taught at the University of the Pacific’s McGeorge School of Law in Salzburg, Austria.

Since 1998, Jordan has co-authored and regularly updated the two-volume treatise, Bankruptcy Litigation and Practice: A Practitioner’s Guide, now in its fourth edition. He has also co-authored a chapter on Chapter 11 and sports franchises in the Collier Guide to Chapter 11 (LexisNexis 2011, rev’d 2012, 2013) and co-authored The Executive Guide To Corporate Bankruptcy (Beard Books). Jordan has also authored dozens of articles in national publications. He augments his writing with frequent panel and seminar presentations across the nation.

Recognized by Southwest Super Lawyers and The Best Lawyers in America, Jordan was one of a handful lawyers named among the "Outstanding Young Bankruptcy Lawyers" in the U.S. by Turnarounds & Workouts.


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