Beard Audio Conferences

Equitable Subordination and Recharacterization

Claims Protection Strategies for Creditors, Lenders and Traders

Location: Your office or conference room (no need to travel!)

Date : Audio CD Available

Time(s):

  -   Eastern Time
  -   Central Time
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  -   Pacific Time
  -   GMT

Hosted By : Beard Group Law and Business Publishers

This conference will include:

Learn about important developments in equitable subordination and recharacterization law.

This 90-minute Audio CD recording (recorded January 2007) which includes detailed written materials will provide you and your staff with vital training on equitable subordination under Section 510(c) of the Bankruptcy Code. In addition, youll examine the equitable remedy of recharacterization of debt to equity.

Youll discover:

· Key differences between the two remedies
· Circumstances under which each is imposed
· 3 conditions required to equitably subordinate a claim
· How insider status affects the application of each remedy
· Why lenders must be particularly wary of recharacterization risk
· No-Fault Equitable Subordination why and when a court might impose the remedy of equitable subordination, even in situations where a creditor has not engaged in any inequitable conduct

In addition, youll examine major new case law impacting each remedy, including:

· Enron Corp. v. Avenue Special Situations Fund II, a case of special interest to claims traders. The Enron bankruptcy court held that a claim of a creditor engaged in inequitable conduct remains subordinated in the hands of a good faith purchaser who has no knowledge and no reason to suspect the seller had acted improperly,
· Merrimac Paper Co. v. Harrison (In re Merrimac Paper Co.), a recent "no-fault equitable subordination" decision. The Court of Appeals overturned a lower court decision based on existing precedent, holding that claims founded on notes issued in connection with the redemption of equity interests cannot be automatically subordinated under the Bankruptcy Code solely on the basis of their intrinsic nature.

Speaker(s):

Evan C. Hollander
White & Case

Evan C. Hollander is a partner with White & Cases bankruptcy and restructuring group in New York City. He regularly represents both debtors and creditors in complex Chapter 11 cases and out of court restructurings as well as parties interested in acquiring assets of troubled companies. Evan's practice also focuses on the structuring of commercial transactions to reduce or eliminate risk and on the preparation of insolvency related legal opinions.

Recent representations include: numerous aircraft finance parties in the Northwest Airlines and Delta Airlines bankruptcy cases; Deutsche Bank Trust Company Americas, as Administrative Agent in respect of the restructuring of two credit facilities secured by sixteen Boeing 747 freighter aircraft operated by Atlas Air, Inc.; Wilmington Trust Company, in its capacity as Indenture Trustee for in excess of $24 billion of senior unsecured WorldCom bonds and as a member of the Official Committee of Unsecured Creditors in the WorldCom bankruptcy; BNY Western Trust, as Indenture Trustee for in excess of $3.6 billion of First and Refunding Mortgage Bonds of Pacific Gas and Electric Company; the senior secured lenders of The Resort at Summerlin, L.P., the owner and operator of The Regent Las Vegas, a luxury hotel, casino and spa complex in Las Vegas, Nevada; Environmental Systems Products Holdings, Inc., a multinational emissions testing and equipment manufacturer in the out-of-court restructuring of in excess of $600 million of senior secured and unsecured subordinated debt obligations of the company, and in the subsequent refinancings of the restructured debt; the debenture holders of Innovative Clinical Solutions, Ltd., a publicly traded clinical trials and healthcare network management company in connection with the company's pre-packaged Chapter 11 plan; the senior secured lenders of InaCom Corp., which had been a leading single-source provider of information technology products and technology management services, in the company's liquidating Chapter 11 case; the senior secured lenders of Philip Services, Inc., in the US/Canadian restructuring of the integrated metals recovery and industrial services company pursuant to Chapter 11 of the U.S. Bankruptcy Code and the Canadian Companies Creditors' Arrangement Act; and International Wireless Communications Holdings, Inc., an owner of interests in various cellular and other wireless telecommunications companies in Asia and Latin America in its Chapter 11 reorganization.

Equitable Subordination and Recharacterization


Conference Audio CD + Written Materials	US$	35.00	add to cart

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