Bankruptcy 101

Synopsis

Familiarity with the Bankruptcy Code is crucial in today’s economy. Hear from a panel of lawyers who regularly counsel debtors, lenders, creditors’committees and other key constituencies in today’s most complex bankruptcy cases. They will discuss key tools and provisions of the Bankruptcy Code, including the automatic stay, property of the estate, financing, and various aspects of chapter 11. The panel will provide practical tips as well as discussing the underlying concepts.



Outline

I. Bankruptcy Basics
   A. Commencement of a Case
   B. Jurisdictions
   C. Preemption
   D. Appeals
   E. Key Players
       1. Debtor In Possession
       2. Bankruptcy Court
       3. Unsecured Creditors
       4. Informal and Ad Hoc Committees
       5. United States Trustee 
   F. Automatic Stay
       1. What’s It All About?
       2. Safe Harbor Provisions 
   G. Property
       1. Use, Sale or Lease of Property
       2. Non-Ordinary Course Sales
       3. Sale Process
       4. Section 363(m) 
    H. Executory Contracts
        1. Section 365 Overview
        2. Rejection and Assumption
        3. Assignment and More 
    I. Secured Creditors
        1. Adequate Protection
        2. Valuation
        3. Interest and Fees         
    J. Financing the Estate

        1. DIP Loans
        2. Use of Cash Collateral
    K. Avoidance Actions
        1. Preference
        2. Fraudulent Conveyances   
        3. Actual Fraud vs. Constructive Fraud
        4. More on Fraud
    L. Chapter 11 Plan Process
        1. Exclusivity
        2. Step-by-Step Process
        3. Disclosure Statement
        4. Solicitation
        5. Cramdown Rule
        6. Wrap-Up
How to Obtain a Certificate



Content Provided
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The years following the Civil War were tumultuous ones for New York City, offering many opportunities to the dishonest. Unsavory politicians and errant members of the bench and bar were among those who took advantage of those troubled times. In December 1869, a letter was circulated among some of the city’s lawyers addressing those improprieties. It called for the creation of a new bar association to “sustain the profession in its proper position in the community, and thereby enable it ... to promote the interests of the public ....” More than 200 lawyers responded by signing a declaration of organization and in 1870 The Association of the Bar of the City of New York was born. The young organization quickly made its presence felt. Among its first activities was a campaign to defeat corrupt politicians and judges at the polls and to establish standards of conduct for those in the legal profession.

The association continues to work at political, legal and social reform, and maintaining high ethical standards for the legal profession. The association also continues to implement innovative means by which the disadvantaged may be helped. Much of this work is accomplished through the Association's more than 160 committees, each charged to consider a specific area of law or the profession.

The association has grown to more than 23,000 members. To serve them, the association strives to move ahead in many areas. The library is the largest member-funded law library in the country, and provides members with a “gateway” to online services, including free use of LexisNexis and WestLaw, while continuing to provide more traditional library services. The Small Law Firm Center, Career Management Program and other benefits are constantly evolving to serve members’ needs. More than 150 continuing legal education programs are presented annually.

The public good remains one of the association’s highest priorities. The Legal Referral Service, jointly sponsored by the association and the New York County Lawyers’ Association, provides an array of services directly aimed at serving the needs of the public. The City Bar Justice Center identifies the most pressing legal concerns of New York’s neediest and uses novel approaches to address them, often involving community participation.






Speakers / Authors:

Photo of Jasmine Ball

Jasmine Ball
Debevoise & Plimpton LLP

Jasmine Ball is a partner in the New York office of Debevoise & Plimpton LLP. Ms. Ball regularly represents debtors, investors, creditors and other parties in distressed mergers & acquisitions, debt and equity financings and refinancings, complex restructurings and Chapter 11 bankruptcy proceedings.

Ms. Ball has presented at the American Bar Association, the Practising Law Institute, the American College of Investment Counsel and the Association of the Bar of the City of New York. Ms. Ball has also been recommended by The Legal 500 US (2010).

Ms. Ball is a member of the American Bar Association, the New York State Bar Association and the Association of the Bar of the City of New York and a member of its Committee on Bankruptcy and Corporate Reorganization. She is also a member of the firm’s Diversity Committee and is active in various Asian legal associations, including Asian American Legal Defense and Education Fund and Asian American Bar Association activities.

Ms. Ball received her B.S. from Princeton University in 1996 in Civil Engineering and Operations Research, with a Certificate in Engineering and Management Systems, and her J.D. from the University of Michigan in 1999, where she was an Executive Editor of the Journal of International Law.

Ms. Ball is a member of the Bar of the State of New York and is admitted to practice before the United States District Court for the Southern District of New York.

 

Photo of Shaunna D. Jones

Shaunna Jones
Wilkie Far & Gallagher LLP

Shaunna Jones is a Senior Associate in the Business Reorganization and Restructuring department of Willkie Farr & Gallagher LLP. Ms. Jones’ practice includes the representation of debtors, creditors, and other constituents and participants in large chapter 11 cases and out-of-court restructurings.

Her engagements have involved not only large, national corporations but also complex, international, cross-border matters. Her debtor clients have included Angiotech, Spheris, EnviroSolutions, Journal Register Company, The Winter Group, Ampex Corporation, International Outsourcing Services, and Teksid Aluminum. In those matters, Ms. Jones has taken the lead in counseling boards of directors and senior management through all aspects of restructuring.

Ms. Jones serves on the firm’s Marketing Committee. She is a member of the New York City Bar Committee on Bankruptcy and Corporate Reorganization and has authored and presented CLE seminars on various bankruptcy topics for the firm.

Ms. Jones received her J.D. from New York University School of Law and her A.B., cum laude, from Harvard-Radcliffe College. She is admitted to the New York Bar and the U.S. District Courts of the Southern and Eastern Districts of New York.

Photo of Michael Kessler

Michael Kessler
Dewey & Leboeuf LLP

Michael Kessler is a partner in the Business Solutions and Governance Department in the New York office of Dewey & LeBoeuf LLP. Mr. Kessler’s practice is primarily in the bankruptcy representation of large public company Chapter 11 debtors, including most recently Capmark Financial Group, Inc., Lehman Brothers and SemGroup. He also frequently represents large creditors, creditors’ committees and equity interests in bankruptcy proceedings, and in such capacities has been involved in the Chapter 11 cases of Delphi Corporation, Pacific Gas and Electric Company, Avianca Airlines, Federal Mogul Corporation, Metromedia Fiber Network, Inc. and others.

Mr. Kessler has extensive experience in complex litigation in bankruptcy cases, including litigation involving substantive consolidation, lender liability, claim objections and other complex bankruptcy issues. He has also been involved in securities fraud litigation, real estate litigation and general contract litigation.

Mr. Kessler’s representative matters include: Capmark Financial Group, Inc. Currently represent this large commercial mortgage servicing company and its many affiliates with aggregate debt in excess of $20 billion; SemGroup, et al. Represented a large group of affiliated Chapter 11 debtors engaged in the midstream oil and gas business with debt obligations in excess of $3 billion; Lehman Brothers. As debtors' counsel, primary responsibility for the debtors' real estate portfolio; and General Motors Corporation. Delphi Corp. Chapter 11 Case. Represented General Motors, the largest customer of Delphi Corporation and a creditor in an amount in excess of $9 billion.

Mr. Kessler received his J.D. from the University of Houston Law Center in 1973, his M.B.A. from the University of Michigan in 1970 and his B.Com. from Concordia University in 1968. His bar admissions include New York and the District of Columbia.

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Details

Course Code : 773105
Release Date : 9/1/2011 12:00:00 AM
Recorded Date : 3/3/2011
Length : 2hr 42min
Format Type : Video

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