Attention:

Vote Yourself a Farm: Agriculture Bankruptcy in Chapters 7, 11 and 12


Level: Advanced
Runtime: 81 minutes
Recorded Date: January 23, 2020
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Agenda

        • Outlook for Major Agricultural Commodities
                - Trade Issues/Tariffs
                - Debt Levels
                - Technological Advances
                - Other Variables
        • Advantages and Unique Features of Chapter 11 
        • Advantages and Unique Features of Chapter 12

Runtime: 1 hour, 21 minutes
Recorded: January 23rd, 2020

Description

Join this session for a discussion of all things agriculture, including tariffs and recent legislation changes, and a primer on how farms actually work.

This program was recorded as part of American Bankruptcy Institute's Rocky Mountain Bankruptcy Conference held on January 23rd, 2020.

Provided By

American Bankruptcy Institute

Panelists

Hon. Cathleen D. Parker

Judge
U.S. Bankruptcy Court, District of Wyoming

Cathleen D. Parker is a judge on the United States bankruptcy court, District of Wyoming. She also serves as a bankruptcy judge on the United States bankruptcy court, District of Colorado. She was appointed on June 2, 2015.

According to her court announcement, Judge Parker was previously with the Office of the Attorney General for the State of Wyoming, where she supervised the tax section of the Civil Division and served as head of that Office’s Bankruptcy Unit.

Judge Parker earned her law degree from the University of Wyoming.

Duane H. Gillman

Shareholder
Dentons

Mr. Gillman has represented the prevailing party in over 60 published opinions in the areas of bankruptcy litigation, business and personal reorganizations, or creditors’ rights litigation. Mr. Gillman has served as a trustee in Chapter 7, Chapter 11, and Chapter 12 bankruptcy cases over the last 39 years and distributed over $80 million to creditors and parties in interest. Mr. Gillman maintains an “AV” rating with Martindale-Hubbell, and has been named a Best Lawyer in American, a Super Lawyers, and a member of Utah Legal Elite.

Dr. Norman L. Dalsted

Professor, Dept. of Agriculture and Resource Economics
Colorado State University

The primary areas of research in which I have been involved include costs of production related to crops, vegetables, fruit, and livestock throughout Colorado. I have been involved in developing actual crop enterprise budgets for various crops to include wheat, corn, alfalfa, sugar beets, barley, dry beans, and corn silage on an annual basis since the1983 crop year. Livestock budgets including cow calf, sheep, and stocker/yearling budgets which are prepared less frequently but usually every 3-5 years. Dairy analysis has also become an important industry in Colorado and as such research related to annual operating costs and investment requirements of a dairy are developed periodically as the need arises.

Crop insurance as a tool to protect today’s producers against market and weather risks has become an important topic in production agriculture. The various insurance products being offered such as revenue assurance, multi-peril, and adjusted gross revenue create researchable questions as to what product an individual producer should select to best meet their needs yet be affordable to the business. Efforts between Kansas State University, University of Nebraska, and Colorado State University are on-going to develop educational and training materials for crop insurance agents in these states as well as surrounding states of New Mexico, Oklahoma, South Dakota, and Wyoming. Much of the effort is related to the risk management applications of crop insurance products.

Two additional areas of interest include estate planning and financial analyses to include bankruptcy, particularly Chapter 11 and Chapter 12 reorganizations. Very little research has been done related to the successful application of these reorganization tools that are available to agricultural producers. Estate planning is another topic that is overlooked by many of today’s agriculturalists. Development of the educational materials to assist individuals and families is necessary to provide guidance and direction in the transfer process. Estate tax is for many agricultural operations an important consideration, however, in many situations how to transfer the business to heirs is even a bigger hurdle.

Michael R. Johnson

Shareholder
Ray Quinney & Nebeker

Mr. Johnson is the current chair of the firm’s Bankruptcy and Creditor’s Rights section. His practice is concentrated in bankruptcy, corporate reorganizations, creditor’s rights and commercial and bankruptcy litigation. His practice includes debtor, committee, trustee and commercial representations under Chapters 7, 11 and 13 of the Bankruptcy Code, pre-bankruptcy workout negotiations and transaction structuring, representations involving preference, fraudulent transfer and other avoidance actions, representations involving federal and state court receiverships and real and personal property foreclosures, representations involving general commercial litigation matters, and secured transactions litigation and transaction structuring.

Mr. Johnson has been recognized on several occasions by The Best Lawyers in America© in Bankruptcy and Creditor Debtor Rights/Insolvency, Bet-the-Company Litigation, and Reorganization Law and in Litigation-Bankruptcy, and was recognized by Best Lawyers as “Lawyer of the Year” in Bankruptcy and Creditor Debtor Rights/Insolvency, Reorganization Law and Bankruptcy Litigation (2015-2016, 2018 and 2020). He maintains an AV Preeminent (5.0) rating with Martindale Hubbell, which is the highest rating awarded to attorneys for professional competence and ethics.

Mr. Johnson has also been selected for inclusion in Mountain States Super Lawyers (2007-2019) in the categories of Bankruptcy: Business, Bankruptcy & Creditor/Debtor Rights, Business Litigation, and General Litigation, and has been voted by his peers throughout the state as one of Utah’s “Legal Elite,” as published in Utah Business Magazine (2010-2019).


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