Chapter 11 and Independent Directors: Maximizing Recovery; Challenging Conflicts; Defending Director Integrity
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will explore the use and effect on creditor options and payouts of companies bringing on new "bankruptcy directors" as they hurdle toward Chapter 11, the impact of bankruptcy or "independent" directors on the integrity of the bankruptcy system, and what creditors and creditors' committees can do if they claim directors are hijacking the process for the benefit of equity holders. Independent directors will need to best position themselves to refute such accusations and efforts.
Outline
- The emergence of "independent" directors
- Before filing
- After filing
- Arguments in favor of independent directors
- Conflicts of interest
- Creditor and committee responses
- Recent cases
Benefits
The panel will review these and other critical issues:
- What makes a director truly "independent"?
- What showing should bankruptcy courts require before deferring to the debtor board's decisions on investigations and avoidance actions?
- How can creditors and committees enhance recovery for creditors?
Faculty
Michael R. Handler
Partner
King & Spalding
Mr. Handler specializes in representing lenders and bondholders in all aspects of workout and restructuring matters.... | Read More
Mr. Handler specializes in representing lenders and bondholders in all aspects of workout and restructuring matters. Mr. Handler also has significant experience representing financial institutions, institutional investors and large corporations in commercial finance transactions, mergers & acquisitions and other corporate transactions.
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Stephen B. Selbst
Partner
Herrick, Feinstein
Mr. Selbst has more than 30 years of experience representing debtors, creditors, official committees, distressed... | Read More
Mr. Selbst has more than 30 years of experience representing debtors, creditors, official committees, distressed investors and asset purchasers in bankruptcies and out-of-court restructurings. He is a frequent lecturer on bankruptcy and restructuring topics and has published articles and book chapters on bankruptcy-related topics. He has been frequently quoted in newspaper articles on insolvency related topics and has appeared on CNBC.
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Steven B. Smith
Partner
Herrick, Feinstein
Mr. Smith focuses his practice on complex corporate restructuring and creditors' rights, including in court Chapter... | Read More
Mr. Smith focuses his practice on complex corporate restructuring and creditors' rights, including in court Chapter 11 cases and out-of-court workouts. He represents official and ad-hoc creditor committees, secured lenders, administrative agents, and other parties-in-interest in restructuring matters. He is experienced in analysis of true sale, non-consolidation and bankruptcy remoteness principles.
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Arthur J. Steinberg
Partner
King & Spalding
Mr. Steinberg is a senior financial restructuring partner with 36 years of practice representing examiners, trustees,... | Read More
Mr. Steinberg is a senior financial restructuring partner with 36 years of practice representing examiners, trustees, corporate monitors, debtors, creditors’ committees, secured and unsecured creditors groups/individuals, distressed investors and asset buyers, and parties to bankruptcy related litigation. He is a frequent author and lecturer on bankruptcy law topics.
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