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Other Nonbankruptcy Alternatives: Exchange Offers, Strict Foreclosures and Workouts


Level: Advanced
Runtime: 74 minutes
Recorded Date: July 13, 2019
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Agenda


  • Hypotheticals
  • Restructuring Deb Governed by the Trust Indenture Act
  • Not Just your ABC's: Practical Alternatives to Business Bankruptcy Filing
  • Uniform Commercial Real Estate Receivership Act
Runtime: 1 hour and 14 minutes
Recorded: July 13, 2019

Description

ABCs and state receiverships are not the only chapter 11 alternatives. With even middle-market companies having widely held and tradeable note instruments, the exchange offer provides an out-of-court alternative that, if successful, can provide most of the benefits of a confirmed chapter 11 plan, and if unsuccessful, can still provide the basis for a confirmable prepackaged plan.

The panel will provide an introduction to exchange offers: the goals, mechanics and documents. The panel will also explore the current thinking on the short reach of the Trust Indenture Act in exchange offers after the Second Circuit Court of Appeals’ decision in Marblegate Asset Management vs. Education Management Corp. In addition, the panel will explore opportunities to use strict foreclosure and other consensual, or nonconsensual, workouts, wind-downs and liquidations to maximize value.

This program was recorded as part of ABI's 2019 Northeastern Bankruptcy Conference & Consumer Forum on July 13th, 2019.

Provided By

American Bankruptcy Institute
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Panelists

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Lisa M. Kresge

Attorney
Brennan Recupero Cascione Scungio McAllister LLP

Lisa joined BRCSM in 2011 from the Boston office of Brown Rudnick, where she was a partner. With a focus on commercial finance, she represents businesses and financial institutions — including banks, credit unions, and mortgage servicers — in both transactional work and commercial litigation. She handles corporate restructuring and creditors’ rights matters, representing secured creditors, trade claimants and other parties-in-interest in Chapter 7 and Chapter 11 bankruptcy and receivership cases in jurisdictions across the US. She routinely counsels commercial lenders and borrowers in connection with secured and unsecured credit facilities, asset-based financing, loan workouts, commercial and residential foreclosures and other lending and business transactions.

She oversees the firm’s foreclosure practice including all matters received by BRCSM as approved closing counsel by USFN, the oldest and largest not-for-profit association of mortgage banking law firms and trustee companies in the nation.

Lisa is frequent writer and speaker on bankruptcy, receivership and foreclosure law topics. A court-appointed receiver for the RI Superior Court, she is a member of the Rhode Island Executive Roundtable, the American Bankruptcy Institute, the International Women’s Insolvency & Restructuring Confederation and the Turnaround Management Association.

She was elected to the board of the Rhode Island Women’s Bar Association in May 2018. She serves as an events lead coordinator for Moms Demand Action for Gun Sense in America, South Shore/Southeastern Massachusetts area and is active in the Tri-Town Chamber of Commerce.

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Stefanie B. Greer

Vice President, Corporate Counsel
Prudential Capital Group

Stefanie Greer is the Vice President, Corporate Counsel at Prudential Capital Group.

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William W. Kannel

Member
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C.

Bill is the Section Head for the Bankruptcy & Restructuring Practice. His practice focuses primarily on commercial law, workouts, and corporate reorganization. Bill has represented various institutional lenders, indenture trustees, bondholders, and other creditors, debtors, and trustees in all manner of insolvency proceedings in courts throughout the United States.

His industry experience encompasses municipalities, airlines, hospitals and other health care facilities, retail, telecom, energy and clean tech, waste disposal, military housing, hotels, and educational institutions.

He has substantial experience in all phases of bankruptcy litigation, practice, and case management from both the debtor’s and creditor’s perspective, including relief from stay, adequate protection, valuation, preference, fraudulent transfer, subordination, competing plan, and appellate litigation. One of his specialty areas is in negotiating sales of troubled companies and assets, both in and out of bankruptcy. His practice also includes addressing bankruptcy and documentation issues in securitizations, receivable sales, bond transactions, and structured financings generally.

He is active in the American College of Bankruptcy, American Bankruptcy Institute and the Turnaround Management Association and frequently lectures and writes on insolvency issues in front of these groups and numerous other bar, trade, and industry groups, including the National Federation of Municipal Analysts and the Association of Insolvency Accountants. He served as an editor-in-chief of the American Bankruptcy Institute Health Care Insolvency Manual and served as co-chair of the American Bankruptcy Institute’s Health Care Insolvency Section.

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Craig Jalbert

Prinipcal
Verdolino & Lowey, P.C.

Craig has been a Principal of the firm (and its predecessors) for 20 years with primary responsibility for the completion of all tax and bankruptcy engagements. His duties are business development; accounting and consulting services; business advisory services; bankruptcy matters including: taxation and accounting; valuation and insolvency; search for preference and fraudulent transactions; and expert witness, and records reconstruction. He has been employed as an accountant for Chapter 7 and 11 Trustees, and has been retained as a Liquidating Supervisor and a Liquidating Agent.


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