Monday, May 9, 2005

7:30 am

Registration Desk Open

8:00–8:30 am

Continental Breakfast

8:30–8:45 am

Conference Chairs’ Welcome

• Co-Chair: Robert Rosenberg, Latham & Watkins LLP
• Co-Chair: Mitchell E. Drucker, CIT Business Credit Inc.
• Judicial Chair: Hon. Stuart M. Bernstein, U.S. Bankruptcy Court, S.D.N.Y.

8:45–10:00 am

Opening Judges’ Panel

A discussion with the Bankruptcy Judges of the Southern and Eastern Districts of New York and the United States Trustee for Region 2

10:00–10:15 am

Break

10:15–11:30 am

Concurrent Sessions

How Do You Put an Insolvent Chapter 11 Debtor to Rest? What Are Your Alternatives if You Cannot Confirm a “Normal” Plan?

Exploration of the following traditional and non-traditional ideas, including dismissal; entry of a “bifurcation order;” and officially a “virtual” chapter 7 proceeding in the chapter 11 proceeding; taking a “shot” at operating an administratively insolvent chapter 11 proceeding without a bifurcation order; and confirmation of a plan for an administratively insolvent estate.

Developments in Distressed M&A:

Issues and trends in sale procedures and plan funding within Chapter 11 cases, various strategies for prospective purchasers, exit lenders, and investors, “stalking horse” selection and bidding arrangements, expense reimbursements and break-up fees.

Hey, That’s My Property!

In the vast majority of cases, the debtor’s assets are readily identifiable. This panel will focus on certain situations where questions of ownership are not so clear-cut, including escrows and trusts. The subject of accessing assets of related debtors will be addressed through a discussion of recent developments in substantive consolidation, with a specific focus on the interesting compromise reached in Enron and on the recent Owens Corning decision.

Valuation in All of Its Guises

The increasing importance of valuations, valuation techniques, and valuation timing to financial and operational restructurings, recent cases involving valuation, and developments in financial reporting that will impact how entities and assets are evaluated.

What Is Good Faith in Bankruptcy?

Lack of good faith can get petitions dismissed, plans disapproved and deals dissolved. The term is not defined in the Code, but it is frequently used, and used in several different contexts. What does it mean when it is expressly set forth in the statute? When and how do courts imply a good-faith requirement? And, when is a client’s proposed course of action so lacking in good faith that a professional is ethically obliged to refuse to carry it out? Recent cases will be considered in addressing these issues.

11:30 am–12:45 pm

Repeat of Concurrent Sessions

• How Do You Put an Insolvent Chapter 11 Debtor to Rest?
• Developments in Distressed M&A
• Hey, That’s My Property!
• Valuation in All of Its Guises
• What Is Good Faith in Bankruptcy?

12:45–2:45 pm

Luncheon Program

Prof. Lynn LoPucki responds to critics of his new book, Courting Failure: How Competition for Big Cases is Corrupting the Bankruptcy Courts in a special panel presentation.

2:45–4:00 pm

Concurrent Sessions

Can They Really Do That??? The Enforceability and Protection of NOL Injunctions and Third Party Releases in Reorganization Plans

This program will look at many of the “extraordinary” provisions included fairly routinely in Chapter 11 plans and discuss whether they are any good, should be allowed as a matter of public policy and what’s coming next.

2nd vs. 3rd Circuit Precedents

This panel will compare divergent 2nd vs. 3rd circuit precedents including standards for substantive consolidation and third party releases rejecting collective bargaining agreements; post-petition lockup agreements; assumption of non-assignable executory contracts; severance as an administrative expense under §503(b)(1); tax exemption under §1146(c) for pre-plan transfers; treatment of unexpired real estate leases under §365(d)(3); jurisdiction over disputed pre-petition contracts (core or non-core); indemnification of financial advisors under §328(a); and when a claim arises for bankruptcy purposes.

Pension Liabilities

Dealing with Pension Liabilities: Negotiating with the Pension Benefit Guaranty Corporation, Law and Lore of Termination and Modification, Priority of Claims, Interplay of §§1113 and 1114

Avoidance Actions

This panel will explore recent developments with respect to avoidance actions in a wide variety of contexts, with focus on preferences, fraudulent transfers, exceptions and defenses, issues of standing, DIP loans and related issues.

The Rise of Hedge Funds as Players in Restructuring

The entrance of the hedge funds adds a new and interesting dynamic to restructuring. Is it a good thing or a bad thing?

4:00–4:15 pm

Refreshment Break

4:15–5:30 pm

Repeat of Concurrent Sessions

• Can They Really Do That??? The Enforceability and Protection of NOL Injunctions and Third Party Releases in Reorganization Plans
• 2nd vs. 3rd Circuit Precedent
• Pension Liabilities
• Avoidance Actions
• The Rise of Hedge Funds as Players in Restructuring

5:30 pm

Adjourn