2012 Northeast Bankruptcy Conference

Northeast Bankruptcy Conference

Thursday | Friday | Saturday | Sunday

Thursday, July 12

9:00 a.m.-5:00 p.m.

ABC Exams

2:00 p.m.

ABI Registration Desk and Exhibit Hall Open

5:00-6:00 p.m.

New Member/Ambassador Reception

Sponsored by Nutter McClennen & Fish, LLP

6:00-8:00 p.m.

Opening Reception

Sponsored by AlixPartners LLP, Edwards Wildman Palmer LLP, Epiq Systems, Inc. Greenberg Traurig, LLP, Nixon Peabody LLP and Seabury Group LLC

Friday, July 13

7:30 a.m.

Registration Desk Opens

7:30-8:30 a.m.

Breakfast

Sponsored by Crystal Financial, Murtha Cullina LLP and Summit Investment Management LLC

8:30-10:00 a.m.

Concurrent Sessions

The Onslaught Continues: This Year’s Commercial Fraud Cases You Need to Know About

The past year brought us a fresh barrage of decisions in commercial fraud cases. This panel will review the most significant ones, addressing the many types of claims filed against the perpetrators as well as against professionals, financial institutions and other third parties. The panel will also address the most important defenses asserted against those claims, including good faith, standing and in pari delicto.

Lee Harrington, Moderator

Nixon Peabody LLP; Boston

Prof. Ingrid Michelsen Hillinger

Boston College Law School; Newton, Mass.

Timothy William Mungovan

Proskauer Rose LLP; Boston

Kathy Bazoian Phelps

Danning, Gill, Diamond & Kollitz, LLP; Los Angeles

Hon. Steven W. Rhodes

U.S. Bankruptcy Court (E.D. Mich.); Detroit

Environmental Problems in Bankruptcy

Contemporary bankruptcy cases increasingly rely upon asset sales, liquidating plans and abandonment when sorting out assets. Often commercial debtors—in such areas as manufacturing, petroleum retail and distribution, dry-cleaning retail, and real estate development—face significant liabilities for disposal of hazardous and solid wastes, soil and groundwater contamination and violations regarding wetlands and other land use laws. Individual debtors potentially face a lifetime of responsibility. The program will present experienced EPA and State professionals as well as environmental consultants and private bar speakers to discuss issues such as:

the stay, the exception and compliance issues; permits – administrative expenses

sale orders free and clear – EPA’s regulatory carve out

abandonment – Midlantic – 28 years later

discharge – clean up orders, penalties

successor liability

William R. Moorman, Jr , Moderator

Craig and Macauley PC; Boston

Hon. Robert E. Gerber

U.S. Bankruptcy Court (S.D.N.Y.); New York

Gregor McGregor

McGregor & Associates; Boston

Peter C.L. Roth

New Hampshire Department of Justice; Concord

Stern v. Marshall: One Year Later

In June 2011, the Supreme Court issued its watershed decision in Stern v. Marshall, restricting the scope of bankruptcy court jurisdiction under Article III of the Constitution. Stern has confounded judges, litigants and commentators alike. Although characterized by the Supreme Court as a “narrow” decision, Stern is proving to have widespread implications, the full extent of which remain to be seen as cases work their way through the bankruptcy, district and appellate courts. This panel will survey the contexts in which Stern has posed issues, the decisions construing and applying Stern in the year since it was decided, and the possible legislative responses to the decision.

Robert J. Keach, Moderator

Bernstein Shur, Portland, Maine

Hon. William C. Hillman

U.S. Bankruptcy Court (D. Mass.); Boston

Richard E. Mikels

Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC; Boston

Adam J. Ruttenberg

Looney & Grossman LLP; Boston

Andrew Z. Schwartz

Foley Hoag LLP; Boston

Ethics and the Limits of Zealous Advocacy

One standard by which lawyers are judged is the “duty of zealous advocacy,” a phrase familiar to all lawyers. But that standard may be difficult to define and judged most often by its breach. This panel will discuss the evolution and current trends in that standard, from the national shift in its emphasis under ABA Model Rule 1.3, to the adoption of local rules aimed specifically at delineating the boundary between zeal and inappropriateness. Is there a truly national standard? If so, to what extent does or should it take into account local practice and culture?

Bruce A. Harwood, Moderator

Sheehan, Phinney, Bass + Green; Manchester, N.H.

Timothy J. Dacey

Goulston & Storrs, PC; Boston

William K. Harrington

Office of the U.S. Trustee; Boston

Hon. Enrique S. Lamoutte

U.S. Bankruptcy Court (D. P.R.); San Juan

Patricia A. Redmond

Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson, PA; Miami

Do “Out-of-the-Money” Creditors Have Standing?

There are many chapter 11’s filed primarily to sell the collateral for undersecured creditors—meaning that there isn’t any value generated for unsecured creditors or equity. This panel will explore the various issues that result such as basic standing and the appropriateness of forming and maintaining a creditors committee and an equity committee. The panel will also discuss the various arguments put forth to justify a carveout or “gift” for unsecured creditors and the often used “pay-to-play” rule occasionally asserted by out-of-the-money creditor groups. It will also examine ways to identify unencumbered assets early in the case and the possible benefits of keeping them free from post-petition liens granted to DIP Lenders. Lastly, the panel will discuss ways to maximize the Chapter 5 claims and the use of liquidating assets.

Steven D. Pohl, Moderator

Brown Rudnick LLP; Boston

Deryck A. Palmer

Pillsbury Winthrop Shaw Pittman LLP; New York

John D. Sigel

Wilmer Cutler Pickering Hale and Dorr LLP; Boston

Hon. Brian K. Tester

U.S. Bankruptcy Court (D. P.R.); San Juan

Lynnette R. Warman

Hunton & Williams LLP; Dallas

10:00-10:30 a.m.

Coffee Break

Sponsored by Bernstein Shur and Getzler Henrich & Associates LLC

10:30-Noon

Concurrent Sessions

Issues Affecting Private-Equity Firms

This panel will discuss issues facing private equity firms with a financially distressed portfolio company. Topics may include, among others, extension of “single employer” liability under the WARN act; impact of Philadelphia Newspapers in proposing an insider plan; use of Section 546(e) defense in divided recaps; and exposure related to under-funded pension plans.

D. Ross Martin, Moderator

Ropes & Gray LLP; Boston

John R. Buck

Versa Capital Management, LLC.; Philadelphia

Marjorie Kaufman

Getzler Henrich & Associates LLC; Boston

Benjamin Procter

The Watermill Group; Lexington, Mass.

Michael J. Salgat

Candlewood Partners, LLC; New York

Ross Sealfon

LongRoad Asset Management, LLC; Stamford, Conn.

Sharing a Piece of the Pie: Gift Plans, Structured Dismissals and Carve-Outs

Often bankruptcy is the best way for under-secured creditors to optimize collateral recoveries. But the price for bankruptcy relief is that secured creditors must share their recoveries with out-of-the money constituencies. This panel will explore such sharing arrangements in a variety of contexts–carve outs, gift plans and structured dismissals.

Roger A. Clement, Moderator

Verrill Dana LLP; Portland, Maine

Janet E. Bostwick

Janet E. Bostwick, PC; Boston

Hon. Mildred Caban

U.S. Bankruptcy Court (D. P.R.); San Juan

Pamela Smith Holleman

Sullivan & Worcester LLP; Boston

Norman L. Pernick

Cole, Schotz, Meisel, Forman & Leonard, PA; Wilmington, Del.

Is There a Better Way? Alternatives to Bankruptcy Liquidations and Reorganizations

Frequently, bankruptcy is not the right choice for a distressed business. This panel will review state-law alternatives to bankruptcy-assignments, receivership, compositions, trust mortgages and UCC Article sales.

Charles R. Dougherty, Moderator

BR Strategies LLC; Boston

James C. Ebbert

Aurora Management Partners, Inc.; Rockland, Maine

Charles L. Glerum

Edwards Wildman Palmer LLP; Boston

Hon. Joel B. Rosenthal (Ret.)

U.S. Bankruptcy Court (E.D. Mass.); Natick

Hon. Michael A. Silverstein

Rhode Island Superior Court, Providence

The Reaches of the Indubitable Equivalence Test

This panel will explore the outer boundaries of the indubitable equivalence test (11 USC 1129) when a debtor seeks confirmation of a reorganization plan over the objection of a secured creditor. How does this test really differ from the alternative income stream and sales tests codified in the Code? To what extent does it cover negative amortization, substituted collateral, mandatory partial releases, or “dirt for debt” plans? And does it allow a debtor to sell collateral in a plan free and clear of liens when the lender is barred from credit bidding on the assets being sold, a circuit-splitting issue now before the Supreme Court in RadLAXGetway Hotel, LLC v. Amalgamated Bank (No. 11-166).

Guy Moss, Moderator

Riemer & Braunstein LLP, Boston

Lisa G. Beckerman

Akin Gump Strauss Hauer & Feld LLP; New York

Hon. James B. Haines

U.S. Bankruptcy Court (D. Maine); Portland

Benjamin E. Marcus

Drummond Woodsum, Portland, Maine

Michael J. Pappone

Goodwin Procter LLP; Boston

Litigating the Cramdown Rate

“Cram down” requires full payment of secured classes. This, in turn, requires a present value analysis of the dividends secured creditors will receive under the plan. This panel will review what debtors and secured creditors need to show to establish a cramdown rate and the nuts-and-bolts evidentiary issues joined by cramdown litigation.

John J. Monaghan, Moderator

Holland & Knight LLP; Boston

John Christian Elstad

Murphy & King, PC; Boston

Jay Steve Geller

Law Office of Jay S. Geller; Portland, Maine

Hon. Elizabeth S. Stong

U.S. Bankruptcy Court (E.D.N.Y.); Brooklyn

John Tittle

Tittle Advisory Group, Inc.; New York

Recent Changes in Chapter 13 Practice

What post-BAPCPA issues continue to challenge chapter 13 practitioners, and what challenges lie ahead for debtors, creditors and trustees? This panel will discuss the most recent changes affecting chapter 13 practice: the claims process and Bankruptcy Rule 3002.1, as well as the national settlements involving the largest players in the home mortgage industry.

William J. McLeod, Moderator

U.S. Bankruptcy Court (D. Mass.); Boston

Patricia Antonelli

Partridge, Snow & Hahn, LLP; Providence

William K. Harrington

Office of the U.S. Trustee; Boston

Hon. Louis H. Kornreich

U.S. Bankruptcy Court (D. Maine); Bangor

Nina M. Parker

Parker & Associates; Winchester, Mass.

Optional Events

10:00 am

Morning Horseback Riding

1:00 p.m.

Golf Tournament

Sponsored by BlumShapiro, Finn Dixon & Herling LLP, Neubert, Pepe & Monteith, PC, Reid and Riege, PC, Updike, Kelly & Spellacy, PC and Zeisler & Zeisler, PC

1:00 p.m.

Tennis Tournament

Sponsored by Mesirow Financial Consulting, LLC, Parker & Associates and Raftery Law Offices

1:00 p.m.

Afternoon Horseback Riding

1:00 p.m.

Tour de ABI

Sponsored by Sheehan, Phinney, Bass + Green

1:00 p.m.

Hiking with a Guide

Sponsored by Hinckley, Allen & Snyder LLP and Pepper Hamilton LLP

9:00 p.m.

Bonfire with S’mores

Sponsored by Mirick, O'Connell, DeMallie & Lougee, LLP

7:00-9:30 p.m.

Friday Dinner

Friday Night Entertainment

Sponsored by Duane Morris LLP; K&L Gates LLP; FTI Consulting and WilmerHale

Kids Entertainment

Sponsored by Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC

Kids Buffet

Sponsored by Bingham McCutchen LLP and Deloitte

Saturday, July 14

7:30 a.m.

Registration Desk Open

7:30-8:30 a.m.

Breakfast

Sponsored by Choate, Hall & Stewart LLP; MWI Bankruptcy & Finance ADR Panel and Sullivan & Worcester LLP

8:30-10:00 a.m.

Concurrent Sessions

Issues Affecting Private Equity Firms

Sharing a Piece of the Pie: Gift Plans, Structured Dismissals and Carve-Outs

Is There a Better Way? Alternatives to Bankruptcy Liquidations and Reorganizations

The Reaches of the Indubitable Equivalence test

Litigating the Cramdown Rate

The Onslaught Continues:This Year’s Commercial Fraud Cases You Need to Know About

Filing Your First Individual Chapter 11

10:00-10:30 a.m.

Coffee Break

Sponsored by MWI Bankruptcy & Finance ADR Panel and Murphy & King, PC

10:30 a.m.-12:00 noon

Concurrent Sessions (repeat)

The Onslaught Continues: This Year’s Commercial Fraud Cases You Need to Know About Environmental Problems in Bankruptcy

Stern v. Marshall: One Year Later

The Limits of Zealous Advocacy

Do “Out-of-the-Money” Creditors Have Standing?

Optional Events

10:00 a.m.

Morning Horseback Riding

1:00 p.m.

Saturday Canopy Tour – Zip Line (Multiple Groups)

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