ABI’s Cross-Border Insolvency Program, hosted by ABI’s International Committee, will be held at the Dentons US LLP, Midtown Manhattan. The program features a unique gathering of speakers from several nations discussing today’s most relevant cross-border cases and topics.
Wednesday, November 7
Registration and Coffee/Tea
Welcome by Conference Leadership
Claims Trading in a Cross-Border World
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.
Argo Partners, Inc.; New York
Fasken Martineau DuMoulin LLP; Toronto, ON
Davis Polk & Wardwell LLP; New York
Bradley D. Sharp
Development Specialists, Inc.; Los Angeles
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.
Sam J. Alberts
Dentons US LLP; Alexandria, VA
Alex L. MacFarlane
Borden Ladner Gervais LLP; Toronto, ON
Kyle James Ortiz
Togut, Segal & Segal LLP; New York
William P. Weintraub
Goodwin Procter LLP; New York
Sponsored by Deloitte CRG and EisnerAmper LLP
The Cryptocurrency Craze
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.
Rafael X. Zahralddin-Aravena, Moderator
Elliott Greenleaf; Wilmington
Eric S. Rein
Horwood Marcus & Berk Chartered; Chicago
David J. Molton
Brown Rudnick LLP; New York
Erin J. Illman
Bradley Arant Boult Cummings LLP;
Sponsored by Brown Rudnick LLP
Restructuring: Thinking Globally
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.
E. Patrick Shea, Moderator
Gowling WLG (Canada) LLP; Toronto, ON
Eduardo Guimarães Wanderley
BMA | Barbosa Müssnich Aragão; SÃO PAULO
Mark A. Russell
KSG Attorneys; Grand Cayman
Jane A. VanLare
Cleary, Gottlieb, Steen & Hamilton LLP; New York
Sponsored by Development Specialists, Inc.