Mass Torts in Bankruptcy: Confirmation Strategies and the Role of Insurance

A live 90-minute CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Wednesday, March 1, 2023

1:00pm-2:30pm EST, 10:00am-11:30am PST

or call 1-800-926-7926

This CLE webinar will discuss emerging strategies for confirming a Chapter 11 plan in a case filed to address mass-tort liability. The panel will address the pivotal role of insurance and channeling injunctions as well as options for dealing with impasses among various constituencies.

Description

For over 40 years, since 1982 when Johns-Manville filed Chapter 11, debtors facing massive liability for personal injuries have turned to bankruptcy to aggregate, manage, settle, and discharge claims. At least one class of impaired claimants must vote to approve the plan, which is difficult to achieve when the case involves numerous classes of complex class claims.

As disputes arise over both the value and validity of claims, the debtors, personal-injury plaintiffs, creditor committees, and insurers often reach an impasse. One option for resolving these cases has been to provide a cash payment and then assign claims against third parties. When the claims being assigned under a plan are claims to insurance proceeds, additional issues arise.

Listen as this experienced panel discusses the intersection of bankruptcy reorganization, tort claims, and insurance and how these issues can affect both large- and small-scale reorganization.

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Outline

  1. Overview of mass torts and channeling injunctions
  2. Sources of funding for mass tort claims
    1. Insurance
    2. Future assets
  3. Roadblocks to Confirmation
  4. Confirmation strategies

Benefits

The panel will discuss these and other key issues:

  • Do insurers have a duty to settle in bankruptcy and are they subject to bad faith claims if they do not?
  • Is the insurance contract an executory contract that can be assumed and assigned under Section 365?
  • To whom are claims against the insurer potentially transferred: individuals or trusts?
  • What law governs?

Faculty

Brownstein, Howard
Howard Brod Brownstein, CTP

President and CEO
The Brownstein Corporation

Mr. Brownstein provides turnaround management and advisory services to companies and their stakeholders, as well as...  |  Read More

Burns, Timothy
Timothy W. Burns

Partner
Burns Bair

Mr. Burns combines a deep understanding of insurance law and the insurance industry with a broad understanding of the...  |  Read More

Malik, C. Anne
C. Anne Malik

Partner
Orrick Herrington & Sutcliffe

Ms. Malik is Partner in Orrick's Washington, D.C., office and a member of the firm's Complex Litigation and...  |  Read More

Parson, Kimberly
Kimberly Parson

Partner
Rebar Kelly

Ms. Parson is the managing partner of the firm’s New Jersey office. She has experience representing clients in...  |  Read More

Scharf, Ilan
Ilan D. Scharf

Partner
Pachulski Stang Ziehl & Jones

Mr. Scharf specializes in financial restructuring and bankruptcy litigation, with a particular focus on representing...  |  Read More

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You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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