Wednesday, November 7
Registration and Coffee/Tea
Welcome by Conference Leadership
Claims Trading in World Markets
Purchasing claims has become more and more prevalent with creditors receiving almost daily offers from various investor parties. The concentration of claims can lead to control blocks as claims traders have different interest than trade creditors, more akin to debenture or bond holders. Starting with the concentration of claims in Eatons way back completely changed the reorganization and arguably resulted in the ultimate failure of the company. How does claims trading work in the more uncertain climate of retail bankruptcies where the reorganization or liquidation of the company is not known for several months? Claims trading is also an issue in the Woodbridge bankruptcy case in Delaware regarding whether the Debtor can be compelled to consent to a transfer of a purchased claim.
Sponsored by Proskauer
Retail Without Borders
It seems every few weeks there is an announcement of another majo retailer filing Chapter 11, including some iconic claims. Frequently, the insolvency involves cross-border aspects and retail operations in Canada. From the initial filing decision--is there a “full blown” or ancillary proceeding in Canada--through to the end result whether it be by way of plan or liquidation there is the need to co-ordinate the cross-border proceedings. Debtor counsel, advisors and stakeholder counsel to discuss some of these issues in the context of recent filings and whether a reorganization of a large retailer is even possible in today’s. We will consider the recent World Importers decision on 503(b)(9) claims issued by the Third Circuit and the impact on debtors and the expanding scope of critical vendor orders to pay certain, but not all, of prepetition suppliers.
Sponsored by Deloitte CRG and EisnerAmper LLP
Who’s Afraid of Cryptocurrency?
The use of cryptocurrencies are becoming more prevalent throughout the world. During the early days of Bitcoin there was a relative absence of regulation or control by governments since there is no central issuing authority. Given the increasing use of cryptocurrencies, as well as the increased hacking of these currencies and bankruptcies of cryptocurrency firms, bankruptcy courts will likely have to weigh in on the various property rights of crypto companies. In the recent case of Hashfast Technologies LLC v. Lowe (In re Hashfest Technologies) (Bankr. N.D. Cal. February 22, 2016), Judge Montali authored one of the first reported decisions in this area. Whether cryptocurrencies constitute a commodity, currency or general intangible is critical for purposes of avoidance action recovery. How cryptocurrencies are viewed in international jurisdictions may differ depending on the property right that the court assigns to them and whether or not those property rights are subject to claw back by bankruptcy companies. A recent IRS ruling stated that bitcoins are “property”, not currency. Judge Montali also concluded that bitcoins are not currency.
Global Outlook for Restructuring Across Borders
The U.S. economy may be booming, but how will tax cuts, tariffs levied against Canada and China, and a potential trade war affect professionals advising stakeholders and companies? East meets West on this panel of experts.
Sponsored by Development Specialists, Inc.
The conference will be held at the Tribeca Conference Room at Dentons US LLP, at 1221 Avenue of the Americas in Manhattan.
5 hours of general CLE credit are pending in states calculating CLE on a 60-minute hour, and 6 hours of general CLE credit are pending in 50-minute-hour states. Credit hours granted are subject to approval from each state. California MCLE: ABI certifies that this activity has been approved for MCLE credit in the amount of 5 hours. NY MCLE: This transitional and non-transitional program has been approved in accordance with the requirements of the CLE Board for a maximum of 6 credit hours. 6 hours of CPE credit are also available.
* ABI offers intermediate-level courses, which assume that attendees will have at least some detailed knowledge of insolvency matters (pursuant to the “Statement on Standards for CPE Programs” established by AICPA and NASBA). ABI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website, www.nasbaregistry.org.
ABI acknowledges that in some instances there will be persons who need to attend an educational seminar for CLE credit who are not able to pay full registration fees. ABI will handle such instances on a case-by-case basis and will work with the individual on alternative solutions. For persons who cannot meet the full registration rate, ABI will offer a reduced rate based on what the individual can reasonably afford to cover the cost of meals and materials. For persons unable to pay a reduced rate, we may allow the individual to work at our registration area for a few hours during attendee check-in, or assist in conference set-up. ABI also has reduced rates for government employees, professors, law clerks and students. For information on tuition assistance, send an e-mail firstname.lastname@example.org.
All fees, except a $75 handling fee, will be refunded if written notice of cancellation is received by October 17, 2018. No refunds will be granted after October 17, but substitutions will be allowed. After October 17, upon written request, a coupon for 20% off the registration fee (not including optional events) will be issued, which can be used (by the canceling registrant only) for any ABI educational program up to one year after this conference, or for this same conference next year.
Gilberto Deon Correa, Jr.
Souto CorreaCesa Lummertz & Amaral Advogados; Porto Alegre, Brazil
E. Patrick Shea
Gowling WLG (Canada); Toronto
Cleary Gottlieb Steen & Hamilton LLP; New York
Allen & Overy LLP; New York
Michael J. Epstein
Deloitte CRG, New York
Davis Polk & Wardwell LLP; New York
Floris B. Iking
Alvarez & Marsal; Mexico City
Norton Rose Fulbright; São Paulo, Brazil
Paul J. Keenan, Jr.
Greenberg Traurig, LLP; Miami
FTI Consulting, Inc.; New York
Christopher R. Mirick
Harvest Power, Inc.; New York
Oksana Koltko Rosaluk
DLA Piper; Chicago
Allen D. Wilen
EisnerAmperLLP; Iselin, N.J.
Rafael X. Zahralddin-Aravena
Elliott Greenleaf; Wilmington, Del.