Bare Bone Board Basics Episode #13 - Advising Companies that Are or May Be Insolvent  

02:00 PM - 03:30 PM (Pacific)
03:00 PM - 04:30 PM (Mountain)
04:00 PM - 05:30 PM (Central)
05:00 PM - 06:30 PM (Eastern)

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Overview

Nothing tests a board of directors better than an existential threat to the company. And there is no greater existential threat to a company than its insolvency.

Whether a company is insolvent, however, is often unclear. This is why the phrase “zone of insolvency” is sometimes useful. At the same time, however, the phrase is commonly misunderstood and misused. Consequently, directors and officers often make mistakes that were easily avoidable.

This webinar first provides a grounding in the law with respect to how directors should conduct themselves as the solvency of their company becomes questionable, and how they must conduct themselves when the company becomes clearly insolvent.

The webinar goes beyond this, however, by providing a practical understanding of the various options a financially distressed company has available to it to deal with that financial distress, whether the company is solvent or not.

Options discussed include the assignment for the benefit of creditors, the ‘friendly’ foreclosure, traditional chapter 11, subchapter V of chapter 11, and out-of-court workouts.

As with each episode in this series, the information presented in this webinar will be equally helpful and accessible to company owners/executives as to board members and prospective board members.

Join us as an owner, officer, or board member of a company!

This webinar and the series of which it is a part are co-production of certain chapters (Alabama, Dallas, DC Metro, Nashville, New England, New York Metro, Tampa Bay & Wisconsin) of the Private Directors Association®, Executive Forum™, Private Director Symposium™, ChamberWise™ & Financial Poise™

Thank you to our National Sponsors!

Panelists

Steven Strom Managing Director Odinbrook Global Advisors

Experienced business leader with a successful history in financial services. Skilled in financial restructuring, turnarounds, leveraged finance, company valuation, and M&A. Strong business development professional, firm builder and talent manager with an MBA focused in Finance from the University of Michigan. 

Deirdre O'Connor Managing Director Epiq

Uniquely qualified as a corporate Independent Director, especially for companies successfully emerging from restructuring. As United States Trustee for the Region that included the Southern District of New York (SDNY), proactively monitored some of the nation’s largest and most complex bankruptcy filings. Managed marquee cases, including Delta Airlines, where her high-stakes, 6-day mediation between the airline and its pilots’ union resulted in an agreement on temporary wage givebacks that spared the company a debilitating strike. Rebuilt Epiq’s restructuring business singlehandedly, driving revenue growth from $3 million to $42 million in only 3 years. Positioned Wells Fargo to a place of prominence in the restructuring business through her extensive network of senior-level investment banking contacts. Anticipates challenges and develops effective countermeasures. Strong executive presence and outstanding business acumen. Named 2006 Woman of The Year by the International Women’s Insolvency and Restructuring Confederation, an association of women lawyers, financial advisors and bankers in the turnaround business. Has been a steadfast mentor and advocate for women in business.

Allan Grafman Investment Banker, Oberon Securities, LLC CEO, All Media Ventures

Allan Grafman serves on audit and all other committees and is a SEC ‘financial expert.’ As an investment banker, he raises capital. He is currently Chair of the Audit Committee of a public company and a director of a REIT. Allan has served on 12 boards that were public, private equity and venture sponsored. He chaired public company, audit committee and special sale committees, and he led successful sale as Chairman of a NASDAQ listed company. Previously, Allan was a PE Partner, Chairman of the Board, President Archie   Comics, CEO of VC portco, EVP & CFO of Hallmark, VP at Tribune, VP at ABC Cable, and DJ salesman KSHE.

Moderator

Jonathan Friedland Principal Much Shelist, P.C.

• Jonathan Friedland is a principal with the Much Shelist, P.C. law firm.
• He regularly advises boards of directors and owners of companies in financial distress.
• Jonathan has been representing companies in out-of-court workouts, chapter 11 bankruptcy, and controlled liquidations for more than 25 years. He also has broad and substantial experience in acting as outside general counsel to clients and in running both a wide variety of corporate transactions, and a wide array of commercial litigation.
• He is widely recognized as a leading corporate restructuring and insolvency attorney. He has been rated for many years as AV® Preeminent™ by Martindale-Hubbell, 10/10 by AVVO, and 10/10 by Justia. Jonathan is the principal author of two leading legal treatises, and his scholarship is widely cited by legal scholars. He formerly served stints as an Adjunct Professor of Strategic Management at the University of Chicago’s Graduate School of Business and as a Clayton Center for Entrepreneurial Law Visiting Professor of Business Law at the University of Tennessee College of Law. More information here.

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