2013

Past valuation panels have focused on the three traditional methods for determining the enterprise value of an operating business: DCF, comparable company and comparable transaction. This panel will focus on sources of value or reductions in value that are sometimes disregarded, such as excess cash and working capital, underutilized real estate and hard assets, claims and other contingent assets, insurance claims, intellectual property portfolios, discontinued businesses and NOLs.

Equitable mootness, releases, resuscitation of discharged claims, etc. (Owens Corning); § 1129(a)(10) in multi-debtor nonconsolidated cases (Charter, Tribune); treatment of make-whole provisions in a plan (Chemtura); facial nonconfirmability; vote designation; post-filing lock-up agreements

Fraudulent conveyance post-TOUSA; direct/indirect benefit; § 550(d); update on in pari delicto; clearing firm as initial transferee in Ponzi scheme (Goldman Sachs v. Bayou); update on case law (e.g., Stern v. Marshall and Madoff); pre-emption (TOUSA, Tribune, Lyondell); safe harbors; insurance issues (sequencing of claims in litigation, policy exclusions, DIP/committee same as pre-petition insured?); venue (Patriot, HMH)

Legal and cultural investor considerations in specific European jurisdictions (e.g., U.K., Germany and Spain); how the option of U.S. chapter 11 influences investor outcomes; update on the status of bankruptcy reforms in European jurisdictions; multi-jurisdictional issues within European restructurings; how the distressed market functions and impacts restructurings (liquidity, transparency, etc.)

How to manage the public side of a chapter 11 case, dealing with customers, vendors, employees, union members, press, shareholders, etc.; use of websites and public relations firms; FAQs; comfort orders and confidentiality restrictions