Fraudulent Conveyance Actions: Responding to TOUSA III
Lessons for Lenders in Financing Transactions With Distressed Companies
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Wednesday, July 11, 2012
Recorded event now available
This CLE webinar will provide bankruptcy attorneys with an analysis of the most recent 11th Circuit TOUSA ruling, discuss the impact of the ruling on practices of commercial lenders and other market participants, and outline best practices for secured lenders dealing with distressed companies.
Description
The 11th Circuit Court of Appeal’s recent TOUSA III ruling dealt a blow to lenders' ability to get repaid by distressed borrowers. The court reversed the district court and affirmed the bankruptcy court’s original decision that the TOUSA subsidiaries did not receive reasonably equivalent value for paying the loan obligation of their parent, and that the lenders who received such payments were liable for fraudulent conveyance.
While a victory for unsecured creditors, there are a number of issues in the case that were not subject to this appeal and thus remain to be decided. There are lessons for lenders from this protracted case.
Practitioners must be well versed on the ramifications of the TOUSA developments on rescue financings, liens on subsidiary assets, and the future of fraudulent conveyance suits.
Listen as our authoritative panel discusses the 11th Circuit’s ruling in TOUSA III and its impact on rescue finance transactions, loan documentation, and the future of fraudulent transfer litigation.
Outline
- Overview of TOUSA III ruling
- Reasonably equivalent value
- Savings clauses
- Revolving credit facilities
- Impact of rulings, evaluating future liabilities and mitigating impact
- Commercial lenders
- Commercial borrowers
- Secondary loan market participants
- Lessons for secured lenders
Benefits
The panel will review these and other key questions:
- What challenges and pitfalls remain for lenders to distressed companies after the recent TOUSA ruling?
- What does this decision teach about reasonably equivalent value particularly as it relates to subsidiaries paying obligations of their parent?
- What level of due diligence is required of lenders to a financially distressed borrower concerning the source of funds used to satisfy the loan?
Faculty
Thomas J. Hall, Partner
Chadbourne & Parke, New York
He is Co-Head of the firm’s Commercial Litigation Practice and has extensive experience in complex litigation matters such as banking, securities, project finance, real estate, corporate governance, partnership and contract disputes. Benchmark's 2010 Guide to America's Leading Litigators recognizes him among the 75 leading commercial litigators and 25 leading bankruptcy litigators in the country.
Thomas J. McCormack, Partner
Chadbourne & Parke, New York
He is a trial lawyer with over 25 years of experience handling complex commercial, securities and class action litigations. During the course of his career, he has tried a wide range of cases, involving multi-billion dollar energy supply contracts, bank loans, joint venture agreements, corporate governance and securities claims, drug development projects and many others.
Seven Rivera, Partner
Chadbourne & Parke, New York
His practice involves all aspects of bankruptcy and restructuring representing both secured and unsecured lenders, creditors, debtors and creditor committees in complex and high-profile Chapter 11 cases. He also represents buyers and sellers in sales and other asset dispositions both in and outside formal reorganization proceedings and provides bankruptcy advice concerning corporate transactions.
Ordering
Online CLE - Audio Recording
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CLE:
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CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX*, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID*, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com. (*Indicates that Strafford needs to process the CLE — see below to purchase this option.)
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Program Materials
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Program Materials
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Customer Reviews
I thought the speakers covered a fascinating subject matter very well.
Bob Linton
Dykema
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McGuireWoods
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McAFee & Taft
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O'Reilly Rancilio
I thought the program was excellent.
Michelle Rice
Arkin Kaplan Rice
Bankruptcy Law Advisory Board
Partner
Nixon Peabody
Partner
Potter Anderson & Corroon
Of Counsel
Haynes & Boone
Shareholder
Greenberg Traurig
Partner
Dechert
Shareholder
Vedder Price
Partner
Nixon Peabody
Partner
Edwards Wildman Palmer
Partner
Kaye Scholer
Counsel
Skadden Arps Slate Meagher & Flom
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