Offered both in-person and virtually, this all day preconference session comprises six panel sessions whose learning objectives are to enhance the attendees understanding and functional skills on each of the underlying topics.

• -Corporate Tax Considerations in Bankruptcy
• -Bad Debt and Cancellation of Debt Income
• -Tax Claims in Bankruptcy
• -State Tax Issues in Bankruptcy
• -Chapter 7&11 Tax Basics
• -Individual Chapter 11 Cases and the Saga of Postpetition Income

The 2024 Financial Advisors' Toolbox continues AIRA's annual offering of practical sessions, the learning objectives of which are to educate an intermediate practitioner about the intersection of finance and bankruptcy law and practice.  The six session topics include:

Building and Confirming a Disclosure Statement and Plan

Pre-Bankruptcy Distress Management

Contract Issues in Chapter 11

Navigating Chapter 7 Liquidation

Strategic Restructuring for Nonprofits Facing Bankruptcy

Technology in Bankruptcy: Preservation, Platforms, and Digital Currency

ABI’s Bill Rochelle will talk about how the Supreme Court is affecting bankruptcy courts by trimming away equity powers, altering what we thought we knew about jurisdiction and standing, limiting creativity in chapter 11 plans, spelling the doom of equitable mootness, and shunting bankruptcy disputes off into arbitration.

This panel will focus on the ethical implications of implicit bias and a professional’s ability to deliver services in the bankruptcy and restructuring contexts. Specifically, the panel will explore recent studies on bias in the realms of bankruptcy and restructuring, the potential ethical harms associated with implicit bias, and practical solutions to mitigate the potential impact of implicit bias in the world of bankruptcy and restructuring.

Valuation is equal parts art and science.  The learning objectives of this session are i) to recognize several major aspects of a valuation in which the expert may apply artistic methodologies, ii) learn how valuation experts generally support these subjective decisions, and iii) ensure the expert's opinion are admissible given recent amendments to the FRE 702.

The panel will discuss first principles including definitions, eligibility, and limitations of foreign proceeding recognition, relief available upon recognition, and consequences of recognition. The panel will also discuss recent cases including Three Arrows, Global Cord Blood and Silicon Valley Bank.

Learning Objectives – The participant should be able to:

• Have a basic understanding of Chapter 15,
• Understand what a foreign proceeding is,
• What types of entities are covered under Chapter 15 and what other proceedings are available to international companies,
• What the eligibility requirement are for Chapter 15 and other proceedings,
• Understand specific case examples and case law to use in comparison of future projects.

Geared towards the young professional and those in mid-career, this gathering – led by Jack Williams, CIRA, CDBV, AIRA’s Resident Scholar, and David Bart, CIRA, CDBV, former AIRA president – will be an interactive discussion about careers, professionalism, growth, balance, focus, and the meaning of a life spent in bankruptcy.  Jack and David will share stories and advice and will address your concerns and questions.

Explore Baltimore's culinary scene while networking with industry peers! For the first time, we're thrilled to offer you the opportunity of joining a dine around - an intimate dinner experience with a small group of conference attendees. You'll have the chance to choose your top three restaurant preferences from our curated list of eight exquisite dining establishments. Each restaurant will have a designated captain to guide you through the evening's culinary journey.

A $25 deposit is required to secure your spot, and is refundable if cancelled by Monday, June 3rd.

The pre-Chapter 11 filing work sets the stage for the Chapter 11 process. The Arc of the Bankruptcy Process: Part One (of Three) panel will address the legal and financial considerations in preparing for a Chapter 11 filing. The learning objectives of this panel are to provide attendees with (i) issues faced when determining whether or when to file Chapter 11 cases and how to keep the focus of the bankruptcy filing objectives in mind, (ii) acknowledging the human element, communication, and consensus building among key stakeholders (inclusive of the Board of Directors) to successfully prepare for and navigate the planned filing, (iii) an understanding of how to drive intended outcomes with respect to exit strategies. At the conclusion of this panel, the practitioner will have increased skills for practicing in the bankruptcy environment and will be ready for the next panel in the series - Arc of the Bankruptcy Process: Part Two - First Days.

Enacted in 2020, the Small Business Reorganization Act has provided small business chapter 11 debtors with a streamlined and efficient chapter 11 process.  This panel will highlight the discretion afforded to presiding Judges and the flexibility of Subchapter V’s provisions.  Speakers will address recent case law and emerging issues, including a debtor’s eligibility, the role of the Subchapter V Trustee, section 363 sales, and unsettled Subchapter V issues.

Learning Objectives:

• Provide an understanding through specific examples and case law of the effectiveness of Subchapter V for those who practice in the traditional Chapter 11 arena and have had little, or minimal, exposure to Subchapter V. 
• Provide insight to financial advisors and Subchapter V debtor’s counsel of how to utilize efficiently a financial advisor, or similar financial professional, in the Subchapter V arena.
• Spark practice tool ideas for more seasoned Subchapter V professionals through examples and discussion of recent caselaw. 

After the decision is made to file a chapter 11 petition, the debtor and its advisors prepare for the “first day” hearings.  The objective of the first day hearings is for the debtor to obtain immediate administrative authority for the company to operate its business while it transitions into the chapter 11 process.  Relief is often granted on an interim basis, until a creditors’ committee can be formed and notice given to appropriate parties that the debtor is requesting final relief for the duration of the case.  Typical first day orders include allowing the debtor to maintain and continue customary business practices, authorizing the debtor to obtain debtor in possession financing on an interim basis, and permitting the debtor to use a secured creditor’s cash collateral.  In Part 2 of the Arc of the Bankruptcy Process, we will (1) talk about the different types of first day orders and the circumstances under which they are appropriate, (2) explore the requirements of debtor in possession financing and the different conditions and levels of proof that a debtor must present to the court, and (3) consider how the procedural posture of a case at the inception of chapter 11 – for example, the debtor has a pre-packaged plan with the support of voting creditors, a pre-arranged plan with the support of senior lenders, a restructuring support agreement with multiple classes of lenders, a stalking horse buyer for a quick sale, or no creditor support – impacts the administration of the estate through the issuance of first day orders.

Even after the end of the COVID-19 pandemic, the senior housing industry has continued to experience heightened distress and a high level of Chapter 11 filings. This panel will explore the causes of this distress and the continued negative outlook for the industry. These learning objectives will cover the contentious issues that repeatedly arise in senior housing bankruptcies, including the tensions between entrance fee refunds, creditor recoveries, and the charitable missions of not for profit providers.

The culmination of the Chapter 11 process is often the confirmation of a Chapter 11 plan.  This panel will address the legal and financial considerations in preparing, supporting, and ultimately confirming (or defeating confirmation) of a Chapter 11 plan.  The learning objectives of this panel are to provide attendees with (i) insight regarding common issues faced by plan proponents and parties objecting to confirmation of a plan, (ii) tips and tools to hone the evidentiary presentation in a contested (or uncontested) confirmation hearing, and (iii) a more fulsome understanding of the relevant evidentiary burdens in the confirmation context and how to ensure such burdens are met.  The panel is honored to be assisted by the Honorable Karen B. Owens who will provide insight into the Bankruptcy Court’s perspective on these issues.

In this session, our panelists will discuss on the ins and outs of wind down alternatives and important key distinctions that factor into the decisions on which alternative to pursue.  Also discussed: Why the assignment of the benefit of creditors is becoming more popular versus Article 9 actions; contemplating venue and forum of the wind down alternative, and, the advantages of receiverships and discussions of bankruptcy inside of receiverships. The learning objective of this session is for the attendees to depart with the understanding ot the full range of alternatives and the "roads" often not taken.

A panel of bankruptcy judges informally answer and discuss practitioners’ questions of dos and don’ts, best practices, their outlook for bankruptcy cases, and other topics that may be of interest to the group.  This session does not qualify for CLE.

This presentation will examine the general state of the commercial real estate market, including the influences of the economy, lingering effects of COVID, and rising interest rates and the processes for dealing with distressed real estate assets (foreclosures, receiverships, UCC sales, and bankruptcy).  The presenters will provide real-world examples from different asset classes of real estate restructurings and work-outs and the strategies and (sometimes creative) solutions implemented in each scenario.

Participants will learn:

• How the economy generally and specific economic indicators affect the commercial real estate market as a whole and by asset class
• What strategies are available to address distressed real estate assets
• How to develop creative solutions for addressing real-world problems with distressed real estate assets

Chapter 11 is often viewed through the lens of the debtor and its plan to reorganize or liquidate its business through an agreement with its creditors.  From a creditor’s perspective, however, a successful outcome in chapter 11 requires not only an effective negotiation with the debtor, but also a strategy to optimize the creditor’s position vis-à-vis other creditors.  Creditors may hold one or more positions of unsecured debt, prepetition secured debt (junior and senior), and postpetition super-priority debt—each jockeying for maximum value in the restructuring.  In this session, the panel will include perspectives of a judge, financial advisor, and attorneys, who will discuss trends, strategies, and recent examples of creditors exercising rights against other creditors before and during a chapter 11 case, with the following learning objectives: (i) understanding the mechanics and responses to up-tier, drop-down, and double-DIP transactions; (ii) conducting or responding to an effective investigation and challenge of senior debt and liens, and (iii) the outlook on the credit environment and potential ramifications for creditor-on-creditor violence in bankruptcy court.

A merchant cash advance is a type of business funding that repays advances by taking a portion of the company's debit or credit card collections. The learning objectives for the session are to understand:

1. The economics of Merchant Cash Advances and why they have become so prevalent in the marketplace
2. Treatment under the laws of New York and other states, and best practices when your clients encounter them
3. Bankruptcy implications, including whether they qualify as loans or sales of receivables under the code

Private Equity Firms seeking to extend debt are finding they must persuade not-so-eager lenders with additional equity cushions, even for portfolio companies meeting or exceeding business plan.  Meanwhile, PE Firms are loath to monetize their portfolio companies and return money to investors during an extended inopportune market cycle.  The overall private equity and family office industry has been in a slump since the Federal Reserve began raising interest rates in 2022.  Are sunnier days ahead?  The learning objectives of this session encompass a look into the crystal ball:  attendees will better understand the interaction of economic trends, sources of data, leverage turns, indemnification caps, baskets, sources of middle market comparables, and impact on the restructuring industry.

Climb aboard the Urban Pirates Ship for an interactive and fun happy hour sailing adventure on the Inner Harbor!  With the lively crew, you'll learn to talk, dance, and play games like a pirate and navigate treacherous waters to discover vast treasures.  Arrgh!

The cost of this excursion includes drinks and light snacks.

Join the group for dinner at a local restaurant following the Urban Pirates boat excursion.  Even if you don't go on the boat you can meet up with the group for dinner at 7:30.  Restaurant to be announced.  Each participant will pay for the cost of their dinner.

The learning objectives of this program are to provide attendees with an overview and a primer on the Chapter 9 bankruptcy process.  At the conclusion of the session the attendees will have an understanding of state-by-state differences in eligibility and process for relief in Chapter 9 bankruptcies.  The program will also cover some of the unique aspects that make this type of reorganization unlike typical Chapter 11 restructurings.  Finally, the program will cover the unique political challenges associated with practicing in Chapter 9 matters.

This panel discussion delves into ethical issues pulled from today’s headlines, with a discussion of real-world ethical dilemmas arising in bankruptcy practice. The panel will discuss current developments in the area of disclosure requirements for estate professionals; springing conflicts; and evolving rules around the use of artificial intelligence. They will also address current developments concerning estate professionals’ disclosure obligations, including connections and disinterestedness factors, identification of potential conflicts, and use of artificial intelligence, as well as other related professional obligations.

The learning objectives of the session are to provide attendees with an understanding of the current state of certain legal requirements, including disclosure of connections and conflicts and requirements surrounding the use of AI.  The panel will seek to equip participants to identify areas requiring disclosure and the implications of deficient disclosures, and to enable them to adopt best practices in their firms to insure compliance.