Thursday, September 26 | 11:15 a.m. - 12:15 p.m.
Center Street C | Sponsored by Omni Agent Solutions
Turnaround Strategy in Sexual Abuse-Related Restructuring Cases
Allegations of sexual abuse and other wrongdoing have prompted bankruptcy filings and other significant financial impacts for large non-profit institutions and other businesses. In this session, experienced attorneys will outline the customary committees, claims processes, and settlement structures in these restructuring cases. Learn more about state legislation impacting look back periods, changes to statutes of limitations, and other issues impacting liabilities owed to victims in this timely session.
1.0 Ethics CLE accredited in Delaware, Illinois, and Pennsylvania. Other jurisdictions pending.
1.0 CLE accredited in Ohio, and Texas
0.8 CPE credits in Business Law, 0.4 CPE credits in Regulatory Ethics
Prerequisites: Basic knowledge of financial and operational restructuring
Who Should Attend: All restructuring professionals are welcome
Advanced Preparation: None
Program Level: Intermediate
Delivery Method: Group Live
Refunds and Cancellation: Notification of cancellation must be submitted via email to firstname.lastname@example.org. Phone cancellations are not accepted. Cancellations received on or before Monday, September 9 will be refunded less a $250 processing fee. Cancellations received after September 9 will not be refunded.Turnaround Management Association (TMA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Scott Markowitz, Tarter Krinsky & Drogin LLP
James Patton, Jr., Young Conaway Stargatt & Taylor, LLP
James Stang, Pachulski Stang Ziehl & Jones
Catherine Steege, Jenner & Block
Moderated by Paul Deutch, Omni Agent Solutions
Scott S. Markowitz co-chairs the Bankruptcy practice at Tarter Krinsky & Drogin LLP. His practice focuses on debtor and creditors’ rights, bankruptcy and out-of-court workouts. Scott counsels clients on:
• Chapter 11 reorganizations
• Complex individual Chapter 7 filings
• Strategies for dealing with financially-troubled entities.
• Buying and selling troubled entities in Chapter 11 and outside of bankruptcy.
• Out-of-court debt composition and settlements.
• Preference and fraudulent conveyance litigation.
• Dealing with leases and executory contracts in bankruptcy proceedings.
Before joining Tarter Krinsky & Drogin LLP in 2008, Scott was a Partner for 10 years at a boutique bankruptcy law firm of Todtman, Nachamie, Spizz & Johns, P.C. Scott was lead bankruptcy counsel to the Christian Brothers, a catholic religious order in its chapter 11 case which was filed in order to resolve numerous sexual abuse lawsuits filed around the country.
In large corporate bankruptcies, certain individuals can be thrust into court-appointed roles for which the duties are as formidable as they are wholly unfamiliar. These individuals — often fiduciaries with no prior bankruptcy experience — welcome the counsel of Jim Patton in navigating the complexities of the restructuring process and their responsibilities within it. Jim helps them make informed decisions in what are, for them, novel and legally fraught situations.
He provides this counsel to individuals in three distinct positions:
- Future Claimants Representatives. Created in response to the proliferation of asbestos lawsuits in the 1990s, Jim was among the first to help guide these fiduciaries in acting on behalf of potential future claimants in mass tort litigation.
- Independent Board Committee Members. In bankruptcies where conflicts of interest on the board of directors are likely to taint the process, Jim helps guide members of the designated independent committee — often a single individual — who are given complete authority over the bankruptcy, advising them of their powers, duties, and legal responsibilities.
- Monitors of Civil Settlements. When the Department of Justice and the New York Attorney General reached massive settlements with three companies implicated in the financial crisis of 2008-9 — Bank of America, Goldman Sachs, and Morgan Stanley — they appointed a single monitor to oversee all ongoing compliance. As counsel to that monitor, Jim advises on a set of responsibilities, procedures, and decision-making issues that are unlike any before.
These three esoteric niches are a culmination of nearly four decades in the forefront of bankruptcy practice. Jim has long been valued for his ability to develop and implement effective bankruptcy strategies, having represented both debtors and creditors in a wide range of restructuring contexts and day-to-day decision-making. He is also known for his capabilities in cross-border bankruptcies, in which he engages local lawyers and coordinates parallel proceedings in multiple countries to achieve favorable outcomes across jurisdictions.
- Representation of debtors, creditors’ committees, equity committees, future claimants representatives, and shareholder groups in out-of-court workouts, complex foreign and domestic restructurings, pre-planned bankruptcies and chapter 11 cases
- Ongoing involvement in complex asbestos bankruptcies
- Corporate restructurings, cross-border insolvencies, and mass tort insolvencies
James Stang, a founding partner of the firm, has broad experience in bankruptcy reorganization. He has represented more than thirteen creditors' committees involving survivors of sexual abuse. Mr. Stang has lectured and written extensively on both bankruptcy and receivership issues. He is a graduate of UC Berkeley and received his J.D. from Hastings College of Law, where he was editor in chief of Hastings International and Comparative Law Review. He holds an AV Peer Preeminent Rating, Martindale-Hubbell's highest recognition for ethical standards and legal ability; has been named "Super Lawyer" in the field of Bankruptcy & Creditor/Debtor Rights every year since 2005 in a peer survey conducted by Law & Politics and the publishers of Los Angeles magazine, an honor bestowed on only 5% of Southern California attorneys; and was selected by Best Lawyers in America. In 2010, the Century City Bar Association named him "Bankruptcy Lawyer of the Year" and in 2011 he was inducted as a fellow into the American College of Bankruptcy. Mr. Stang is admitted to practice in California, and is a resident in our Los Angeles office.
Catherine L. Steege is a partner and co-chair of the Restructuring and Bankruptcy Practice and co-chair of the Bankruptcy Litigation practice. Debtors, creditors, creditors’ committees, 1114 committees, trustees and other parties seek her representation before the bankruptcy courts. She also handles complex litigation arising out of bankruptcy cases and insolvencies.
Ms. Steege is a fellow of the American College of Bankruptcy, an honorary organization of the country’s top insolvency lawyers. Since 2008, Chambers USA has recognized her as a leading lawyer in bankruptcy and restructuring law. In 2014, she was selected by Law360 as one of 10 “Bankruptcy MVPs." Best Lawyers In America has recognized her in bankruptcy and creditor-debtor rights law and litigation bankruptcy. Ms. Steege has spoken on bankruptcy law and other topics at seminars hosted by the American Bankruptcy Institute, PricewaterhouseCoopers, the National Association of Credit Management, the American Bar Association and the Chicago Bar Association. She is AV Peer Review Rated, Martindale-Hubbell’s highest peer recognition for ethical standards and legal ability.
Ms. Steege teaches bankruptcy as an Adjunct Professor at the John Marshall Law School and is a contributing editor to the National Institute of Trial Advocacy’s Commentaries to the Federal Rules of Bankruptcy Procedure. She was also co-chair of the American Bankruptcy Institute’s Bankruptcy Litigation Committee.
Ms. Steege serves on the firm’s Policy Committee and is chair of the Finance Committee.