Tronox v. Kerr-McGee: Game Changing Ruling on Fraudulent Transfer and Spin-Offs to Shed Legacy Liabilities
Navigating Complex Issues of Fraudulent Conveyance, Statute of Limitations, Stern v. Marshall Consent and Damages
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide bankruptcy counsel with an in depth review of the key issues in the Tronox ruling. The panel will discuss the application of the laws of fraudulent conveyance (state and Bankruptcy Code) to corporate spin-offs designed to shed legacy liabilities, the applicable statute of limitations, the Stern v. Marshall issue of consent, and the intricacies of damage calculations.
Outline
- History and overview of Tronox v. Kerr-McGee
- Fraudulent transfer analysis
- State vs. Bankruptcy Code fraudulent conveyance laws and statute of limitations
- Stern v. Marshall issue of consent
- Damages
Benefits
The panel will review these and other key questions:
- What facts and circumstances led the court to conclude that the eventual spin-off of Tronox was both an actual and constructive fraudulent transfer?
- What reasonably equivalent value arguments put forth by Kerr-McGee were rejected by the court?
- What statute of limitations issues arose under the state UFTA and Bankruptcy Code fraudulent transfer provisions?
- How did the court rule on the Stern v. Marshall issue of consent when a creditor files a proof of claim?
- What are the complex damages issues yet to be determined?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Faculty

Michael E. Comerford
Of Counsel
Milbank Tweed Hadley & McCloy
Mr. Comerford is a member of the firm’s Financial Restructuring Group and has extensive experience in... | Read More
Mr. Comerford is a member of the firm’s Financial Restructuring Group and has extensive experience in representing debtors and creditors in reorganization cases and out-of-court workouts, as well as acquirers of financially distressed companies. He has acted as counsel to the company, and official and unofficial committees representing key creditor constituencies, such as bondholders, agents for lender syndicates, and large debt holders.
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Cindy Chen Delano
Vice President, Associate General Counsel
AIG Investments
Ms. Delano is an attorney in the legal group of AIG’s asset investment business, which invests assets on behalf... | Read More
Ms. Delano is an attorney in the legal group of AIG’s asset investment business, which invests assets on behalf of various AIG affiliates. Prior to joining AIG Investments, she practiced with top-tier U.S. law firms in their financial restructuring groups. In this capacity, Ms. Delano represented debtors (public, portfolio and privately-held companies) and creditors (secured and unsecured) in complex in-court and out-of-court restructurings.
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