Bankruptcy Committees: Strategies to Maximize Distribution to All Creditors
DIP/Cash Collateral Challenges, Ensuring Adequate Disclosures, Opposing Incentive Programs, Blocking Unreasonable Backstop Fees
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will discuss how counsel representing committee members and counsel for committees address recurring and new issues. Official committees, most often unsecured creditors committees, remain critical to reigning in secured lenders, and ad hoc committees provide creditor groups that share a common agenda with a streamlined, cost-effective, and unified voice. The panel will guide counsel for these groups and their members in maximizing distribution.
- Overview of committees, duties, pros and cons, formalities
- Composition of official committees
- Solicitation of members by possible committee counsel
- Potential sources of conflicts
- Selecting counsel for the committee
- Strategies for unsecured creditors committees to maximize distribution
- DIP/cash collateral orders/506(c)/552
- Pre-petition bonuses and payouts
- Claims against insiders
- Ensuring adequate disclosure
- Rights offering and backstop fees
- Strategies for ad hoc committees
- Attorney-client privilege
The panel will review these and other key issues:
- What are the statutory authority and duties for committee members under Section 1102 and 1103 of the Bankruptcy Code?
- Are there limits to a committee's standing to pursue claims against third parties?
- On what major legal matters are committees most influential?
- What plan provisions should the committee be most concerned with?
- How is committee counsel chosen?
- How can counsel corral rogue or burdensome members?
Stephen B. Selbst
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.Close
Steven B. Smith
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.Close