Attention:

When Adequate Protection is Not Adequate


Level: Advanced
Runtime: 63 minutes
Recorded Date: April 13, 2019
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Agenda


  • Basics of Adequate Protection
  • Valuation of Adequate Protection
  • Foreclosure Value vs. Fair Market Value
  • Aggregate vs. Asset-by-Asset
  • Timing for Valuing Collateral/Measuring Adequate Protection
  • Standard Methods vs. Commodity-Specific
  • Historical vs. Current Pricing Inputs
Runtime: 1 hour and 3 minutes
Recorded: April 13, 2019

Description

This panel will focus on the most important adequate-protection issues, including current cash payments in the form of legal fees for “secured” creditors, how diminution in value claims for different types of assets are determined, how intercreditor agreements may limit junior secured creditors’ rights to demand and receive adequate protection, and the valuation of assets.

This program was recorded as part of ABI's Annual Spring Meeting on April 13th, 2019.

Provided By

American Bankruptcy Institute

Panelists

Michael G. Taylor

Manager
Deloitte

Michael Taylor is a manager at Deloitte.

Mark T. Power

Partner
Hahn & Hessen LLP

Mark has extensive experience in all aspects of financial restructuring and insolvency issues. He represents creditors' committees, debtors, noteholders, lenders and secured creditors in bankruptcy proceedings as well as acquirers of and investors in troubled, distressed and bankrupt companies. His practice also includes counseling management and creditors with respect to insolvency matters and crisis management. He has played a prominent role in large and small restructurings and bankruptcies throughout the United States. His broad-based, well-rounded practice and experience has enabled him to provide clients with unique and innovative solutions to highly complex and litigious matters.

He has also represented sellers and purchasers of debt and equity positions of troubled companies and acquirers of distressed businesses in such industries as telecommunications and integrated communications providers; e-commerce; internet and technology; manufacturing; marketing; retail chains and energy.

Mark has counseled lenders in post-petition financing transactions in such industries as retail, manufacturing, telecommunications, environmental remediation, restaurant chains and hospitality. And he has worked on behalf of creditors and other parties-in-interest in bankruptcy reorganization and liquidation proceedings including the handling of DIP financing or cash collateral motions, relief from the automatic stay and adequate protection matters, the assumption or rejection of unexpired leases or executory contracts, valuation hearings, plan formulation and drafting, and confirmation hearings. Mark also represents plaintiffs or defendants in a variety of adversary proceedings regarding lien and priority issues, preferences, equitable subordination, fraudulent conveyances and/or inter-creditor disputes.

Mark lectures frequently on current restructuring and bankruptcy issues. He also contributes to various publications and seminar materials on a variety of restructuring and bankruptcy topics. He is admitted to practice before the United States Courts of Appeal for the Second and Third Circuits.

Hon. Kevin J. Carey

U.S. Bankruptcy Judge
U.S. Bankruptcy Court District of Delaware

Hon. Kevin J. Carey is a U.S. Bankruptcy Judge for the District of Delaware in Wilmington, first appointed in 2005 and serving as Chief Judge from 2008-11.

He previously served as a U.S. bankruptcy judge for the Eastern District of Pennsylvania, appointed on Jan. 25, 2001. Judge Carey serves on ABI’s Executive Committee as Vice President-Membership and is a past global chairman of the Turnaround Management Association. He is a member of the National Conference of Bankruptcy Judges and also serves as an associate editor for the American Bankruptcy Law Journal.

Judge Carey is the Third Circuit representative on the Administrative Office’s Bankruptcy Judges Advisory Group and is a member of the Third Circuit Judicial Council’s Facilities and Security Committee. He is also a contributing author to Collier on Bankruptcy and Collier Forms Manual. Judge Carey is a part-time adjunct professor in the LL.M. in Bankruptcy program at St. John’s University School of Law in New York and at Temple University’s Beasley School of Law in Philadelphia. He began his legal career in 1979 as law clerk to Bankruptcy Judge Thomas M. Twardowski, then clerked for the U.S. Bankruptcy Court for the Eastern District of Pennsylvania.

Judge Carey received his B.A. in 1976 from Pennsylvania State University and his J.D. in 1979 from Villanova University School of Law.

Julia Frost-Davies

Partner
Morgan, Lewis & Bockius LLP

Julia Frost-Davies focuses her practice on the representation of creditors in complex Chapter 11 cases. A seasoned commercial litigator, she counsels clients facing commercial and bankruptcy litigation and appeals, and regularly represents investors and lenders throughout the capital structure on all aspects of restructuring and related litigation, including debtor-in-possession financing, distressed M&A transactions, claim and plan negotiation and litigation, and out-of-court workouts. Julia works with companies in a variety of sectors and industries including retail, energy, and financial services.

Julia is a frequent panelist for the American Bankruptcy Institute and is the co-author of Debtor in Possession Financing Orders: Line by Line (Aspatore Books). In addition, she serves as treasurer and a director of the Honorable Tina Brozman Foundation.

Ms. Frost-Davies received her J.D. in 1995 from New England School of Law, summa cum laude and her B.A. in 1990 from the University of North Carolina at Chapel Hill.


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