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NAFER (the National Association of Federal Equity Receivers) held another wisdom-rich conference in October, this time at the Drake Hotel in Chicago. It was the seventh annual event and attracted 200 attendees. The conference included the Training Camp as well as panel discussions on snares and pitfalls for receivers, cryptocurrency, overseas asset recovery and more. We note gratefully that the proceedings were again overseen and moved along by the witty and time-sensitive Robert P. Mosier. Chicago, our kind of town and hometown, provided ample pleasant settings in which fellow practitioners […]
The economy, stupid. -James Carville The corporate restructuring profession has become, much like the broader economy, increasingly a world of few “haves” and many “have nots.” This is not by accident, and it is not going away. Those who see and accept the industry for what it is—and pivot accordingly—will continue to be winners. Those who possess a limited repertoire of moves and simply hope for economic downturns will continue to fight for limited market share. How We Got Here Chapter 11 Was Once New Technology The Bankruptcy Code is […]
Everybody knows that the dice are loaded: reclamation rights are illusory in bankruptcy cases. Where a supplier ships goods to a company that later files for bankruptcy, section 546(c) of the Bankruptcy Code provides reclamation remedies (i.e., supplier getting the goods back) under certain circumstances (there are time limits, etc.) if the supplier has such rights under state law (e.g., Uniform Commercial Code section 2-702). But most corporate debtors have a secured creditor in place with liens on all property of the debtor, including inventory and proceeds thereof. And most […]
If you are already familiar with the Life Partners Holdings debacle, you may think that the term “Life Partners” should stand for Brian Pardo and his partners in crime who ran that notorious company serving life sentences (instead of just paying massive fines and having some of their assets seized). Such criminals’ loss of liberty may have satisfied justice in a way, but the investors in this Ponzi-like scheme really need to get their money back, or at least as much as possible. With the November 1, 2016 plan confirmation in the […]