Nebraska

This panel will provide a review and analysis of § 1129(a) and (b) confirmation standards focused on recent and hot topic areas affecting senior and junior secured creditors. Discussed will be Momentive Performance issues, including cramdown interest rates at below-market rates even when market rates exist, the extent of the subordination of senior subordinated noteholders, the enforceability of make-whole payment provisions in chapter 11 plans, and intercreditor and cramdown issues.

The panelists will present a mock hearing during which they will adduce evidence from plaintiff and defense witnesses and make legal arguments on various topical issues that arise in a preference action. Among the matters to be discussed will be timely issues involved in preference actions, including both the new value and ordinary course of business defenses, as well as the use of state law preference actions and safe harbors.

This panel will discuss how lawyers and FAs can work together in creating clear client expectations by defining for the client both the lawyer’s and FA’s work scope. Additionally discussed will be the fee structure involved in the retention of FAs both as company advisors and expert witnesses. Finally, this panel will explain in detail what can be done to make our mutual clients happy with both the lawyers and FAs in the obtained results.

Jeffrey N. Pomerantz, Moderator
ABI Vice President-Education
Pachulski Stang Ziehl & Jones LLP; Los Angeles

Resolved: Curbing pension rights in a chapter 9 case is constitutional.
Con: Babette A. Ceccotti
Cohen, Weiss & Simon LLP; New York

Resolved: Committee member fees are not payable as part of a Chapter 11 plan.
Pro: Nan Roberts Eitel
Executive Office for U.S. Trustees; Washington, D.C.
Con: Dennis F. Dunne
Milbank, Tweed, Hadley & McCloy LLP; New York