Anyone involved in the field of creditors rights on a matter involving an LLC that exists solely to hold the principal asset has surely seen the play where, the night before property is scheduled to be sold at a foreclosure auction, the debtor files bankruptcy. For those not familiar with the process, doing so invokes the “Automatic Stay”, which prohibits the secured lender from foreclosing on the property. The debtor then attempts to make their case to the court for reorganization.
But is failing to pay your mortgage really something bankruptcy was meant to solve? If the bank was going to agree to a loan modification, wouldn’t the parties have worked something out by the time the sheriff sale was set? The bankruptcy code recognizes this and therefore has a section devoted to dealing with this specific kind of bankruptcy—the Single Asset Real Estate (“SARE”) case. The goal of this episode is to look into ethical issues surrounding these matters.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/single-asset-real-estate-cases-2021/
5. Disclaimer
The material in this webinar is for informational purposes only. It should not be considered
legal, financial or other professional advice. You should consult with an attorney or other
appropriate professional to determine what may be best for your individual needs. While
Financial Poise™ takes reasonable steps to ensure that information it publishes is accurate,
Financial Poise™ makes no guaranty in this regard.
5
6. Meet the Faculty
MODERATOR:
David Levy - Keen-Summit Capital Partners and Summit Investment Management
PANELISTS:
Matthew Christensen - Angstman Johnson
Robert Richards - Dentons
Christopher Horvay - Sugar Felsenthal Grais & Helsinger LLP
6
7. About This Series
Fairness Issues in Real Estate-Based Bankruptcies
It does not take a complex corporate chapter 11 bankruptcy to encounter serious ethical issues that must
be confronted in a case. In fact, the relative simplicity of a real estate-based bankruptcy will shine the
light on all of the main case details, bringing increased scrutiny to all of the debtor’s actions and
decisions. Real estate-based bankruptcies are some of the most common matters filed. As an attorney,
you are your client’s advocate and need to navigate the waters to provide effective counsel while playing
within rules. In this series we tackle some common ethical scenarios that present themselves in real
estate-focused bankruptcies frequently, including matters related to valuing assets, insider lease
agreements, and Single Asset Real Estate (SARE) cases. At the end you will be better equipped to
answer questions like Is your client being astute or asinine? This this scheme clever or cagey? Under the
rules of bankruptcy, is an inside arrangement shady or shrewd?
Each Financial Poise Webinar is delivered in Plain English, understandable to investors, business owners, and
executives without much background in these areas, yet is of primary value to attorneys, accountants, and other
seasoned professionals. Each episode brings you into engaging, sometimes humorous, conversations designed to
entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that
participants will enhance their knowledge of this area whether they attend one, some, or all episodes.
7
8. About This Webinar
Single Asset Real Estate (SARE) Cases
Anyone involved in the field of creditors rights on a matter involving an LLC that exists solely
to hold the principal asset has surely seen the play where, the night before property is
scheduled to sold at a foreclosure auction, the debtor files bankruptcy. For those not familiar
with the process, doing so invokes the ―Automatic Stay‖, which prohibits the secured lender
from foreclosing on the property. The debtor then attempts to make their case to the court for
reorganization.
But is failing to pay your mortgage really something bankruptcy was meant to solve? If the
bank was going to agree to a loan modification, wouldn’t the parities have worked something
out by the time the sheriff sale was set? The bankruptcy code recognizes this and therefore
has a section devoted to dealing with this specific kind of bankruptcy—the Single Asset Real
Estate (―SARE‖) case. The goal of this episode is to look into ethical issues surrounding
these matters.
8
9. Episodes in this Series
#1: Valuing Real Estate Assets
Premiere date: 1/26/21
#2: Insider Lease Agreements
Premiere date: 3/2/21
#3: Single Asset Real Estate Cases
Premiere date: 3/23/21
9
11. What are Ethics?
Webster: (noun) The discipline dealing with what is good and bad and with moral duty and
obligation; The principles of conduct governing an individual or a group; A guiding philosophy;
A set of moral issues or aspects (such as rightness)
11
12. Legal Ethics
The American Bar Association (ABA) Model Rules of Professional Conduct were adopted by
the ABA House of Delegates in 1983. They supply the general ethical rules which govern the
practice of law which have been adopted by most states and jurisdictions.
A number of the Model Rules are implicated in bankruptcy cases (as they are in litigation in
general). Examples include the lawyer’s duty to bring meritorious claims, to be truthful with
the Court (and not withhold information relating to criminal or fraudulent enterprises), to be fair
to opposing party/counsel, to refrain from engaging in conduct which would disrupt a
proceeding or seek to exert undue influence on any Judge or party, and to be truthful in
statements to the Court and to others.
12
13. Model Rules of Professional Conduct
Rule 1.7: Conflict of Interest: Current Clients
Rule 3.1 Meritorious retention
Rule 4.3: Dealing with Unrepresented Person
13
15. What is a Single Asset Real Estate (SARE) Case?
Single Asset Real Estate Case (SARE): Real property constituting a single property or
project, other than residential real property with fewer than 4 residential units, which
generates substantially all of the gross income of a debtor who is not a family farmer and on
which no substantial business is being conducted by a debtor other than the business of
operating the real property and activities incidental.
Automatic Stay: An injunction that halts actions by creditors, with certain exceptions, to
collect debts from a debtor who has declared bankruptcy. Under section 362 of the
Bankruptcy Code, the stay begins at the moment the bankruptcy petition is filed.
15
16. What Roles Do Single Asset Real Estate Cases
Play in Bankruptcy Cases?
• Narrower criteria to reorganize
• CMBS credits involve single-purpose entities
• Adequate protection to maintain stay with equity cushion to propose as plan
• Improper venue for a two-party dispute
16
17. Side of the Matter
• Debtor: Buying more time to work out a resolution with lender; restructuring plan could in
fact be viable
• Lender: Does the claimed equity cushion exist? Am I receiving adequate protection?
• Can the Debtor confirm a plan under code?
• Judge:Is this more than a two-party dispute?
17
18. Applicable Bankruptcy Code
Bankruptcy Code Section 327
Bankruptcy Code Section 328: Limitation on compensation of professional persons
Bankruptcy Code Section 101(14)
Bankruptcy Rule 2014
18
20. Matter of Orchard Hills Baptist Church, Inc., 608
B.R. 309, U.S. Bankr. Court, N.D. Georgia,
Newnan Division, October 28, 2019
Orchard Hills Baptist Church, Inc. (the ―Church‖) operated a single Baptist church in Newnan,
Georgia. In 2007, the Church borrowed $3.8 million from Branch Banking & Trust (―BB&T‖) on a
three-year term to construct a new building for its congregation. BB&T secured the loan with a
mortgage on the property and in other minor assets of the Church, in addition to a personal
guaranty from a well-known real estate developer associated with the Church. Over the years as
the Church struggled financially, the loan was modified several times and the balance reduced to
about $2.6 million. In 2018, after 21 months of forbearance, BB&T sold the loan to SummitBridge
National Investments VI, LLC (―SBN‖). In 2019, SBN entered into a new forbearance agreement
with the Church requiring monthly payments of $100,000. However, the Church missed the first
payment and SBN filed for foreclosure. On the day foreclosure was scheduled to occur, the Church
filed for bankruptcy. SBN, among other motions, moved for dismissal of the case for cause.
20
21. Matter of Orchard Hills Baptist Church, Inc., Continued
In the Eleventh Circuit, a case can be dismissed for cause if the debtor files in bad faith, which requires a
finding of bad faith by the debtor with an intent to abuse the judicial process after weighing the totality of
the circumstances. The court ruled that while many factors favored SBN, the Church did not file the case
in bad faith. Weighing towards a ruling of bad faith were the findings that (1) the matter is essentially a
two-party dispute between the Church and SBN, its foreclosing lender, (2) the Church’s primary asset is
the property that is the subject of foreclosure, (3) the Church has no other secured creditors and few
unsecured creditors which hold limited debts, and (4) the Church filed for bankruptcy on the day of the
schedule foreclosure sale. Weighing more strongly against a ruling of bad faith, in the opinion of the
court, were the findings that (1) the filing was the Church’s first bankruptcy filing, (2) SBN made no
allegation of improper conduct by the Church prior to the filing, and (3) the creation by the Church of an
automatic stay by virtue of the bankruptcy filing was not sufficient on its own to indicate bad faith.
Interestingly, while the court declined to dismiss the case, the court did grant SBN relief from the
automatic stay, based on its finding that the Church owed more to SBN than the value of the property.
Are there ethical issues in play here?
Model Rule: Rule 3.1 Meritorious retention
21
22. Defined Terms
Bad Faith Filing: Filing to delay creditors with no intent to follow through with the case
Numerous factors can indicate that someone is trying to gain an advantage not intended in
bankruptcy, and the court will look at all of them. The courts call this standard the ―totality of the
circumstances such as the frequency and number of prior bankruptcy filings and dismissals,
misrepresentations or omissions in the petition, the feasibility of a repayment plan, any failure to
comply with procedures after filing the case, increasing expenses to qualify for Chapter 7 instead
of Chapter 13 (such as by financing an expensive car), or any other egregious conduct.
Deficiency Claim: That portion of a claim secured by a lien on property that exceeds the value of
the property. In this case, the creditor is granted a secured interest up to the value of its collateral,
while any excess amount of its claim over the value of the collateral is classified as an unsecured
claim. This unsecured portion of the claim is the deficiency claim. This is a particular problem for a
secured creditor when the court assigns a low value to the creditor’s collateral, since this means
that more of its claim is shifted into the unsecured claims classification.
22
23. In re: Fairfield TIC, LLC, Case No. 18-73744-VJ
(U.S. BK Court, E.D. Va. Nov. 20, 2018)
Fairfield TIC, LLC (―Fairfield‖) was a single-purpose entity whose sole asset was a 66.2296%
tenant-in-common interest in a shopping mall in Virginia Beach, Virginia. Three other entities
owned the balance of the interests and all four entered into a tenancy-in-common agreement
governing control of the property. The mall owners, as co-borrowers, entered into a $30
million loan with a ten-year term, secured by the mall. Ten years later, having struggled to find
an exit strategy, the mall owners found themselves $3 million underwater with a quickly
approaching maturity date. A year after the loan was past due, after negotiating a deed in lieu
of foreclosure from one of the mall owners, U.S. Bank National Association, as trustee for the
fund that now owned the mortgage (―U.S. Bank‖), entered foreclosure proceedings against
the mall. Six days before the schedule foreclosure sale, Fairfield filed for bankruptcy. In
response, U.S. Bank moved for dismissal of the bankruptcy case for cause.
23
24. In re: Fairfield TIC, LLC, Case, Continued
In the Fourth Circuit, a case can be dismissed for cause if the debtor files in bad faith, which requires a finding of
―objective futility‖ of the proceedings and subjective bad faith of the debtor after weighing the totality of the
circumstances. This court ruled that Fairfield acted in objective bad faith because the case was ―objectively
futile,‖ finding that (1) Fairfield’s only asset was its real property interest in the mall, which was fully encumbered
by U.S. Bank’s mortgage, (2) Fairfield was a passive investor because its only source of income was its share of
the net cash flow generated by the mall, (3) Fairfield was not a going concern because it did not meaningfully
participate in the management of the mall (a management company was hired by the mall owners), and could
not access the cash flow and management of the entire mall to effect a reorganization, and (4) any plan of
reorganization would require the consent and participation of the other mall owners, but Fairfield did not join the
other parties to the case as debtors or show any likelihood they would cooperate. The court then ruled that
Fairfield acted in subjective bad faith because (1) Fairfield held only one asset and had no ongoing business,
income or employees to protect, (2) the case resembled a two-party dispute between Fairfield and U.S. Bank
because the few other creditors with potential claims were unsecured and in amounts far less than the amount
owed to U.S. Bank, (3) Fairfield filed for bankruptcy less than a week before the scheduled foreclosure sale, and
after it had already lost motions to dismiss the foreclosure and appointment of a receiver in state court, and (4)
Fairfield filed without the joinder or consent of the other mall owners, knowing that their cooperation was
necessary to effect a reorganization plan. Accordingly, the court dismissed the case.
24
25. In re: Fairfield TIC, LLC, Case, Continued
What are the ethical issues in play here?
Model Rule: Rule 4.3: Dealing with Unrepresented Person
Definition:
Single Purpose Entity: A limited liability company or corporation that holds title to real estate
and owes money to a lender as the result of a mortgage on the property, but which has no
other assets or liabilities.
Adequate Protection: Relief created to protect the value of a secured creditor's interests and
liensagainst diminution in value during the bankruptcy proceeding. The relief can be in the
form of, among other things, periodic cash payments, interest payments, or a replacement
lien on other property.
25
26. In re: Intervention Energy Holdings, LLC, Case
No. 16-11247 (KJC)
Background: Creditor that had been granted a single common unit in limited liability
company (LLC) moved to dismiss Chapter 11 case filed on behalf of the LLC on ground
that, pursuant to amended limited liability company agreement, unanimous consent of
all unit holders wasrequired for commencement of bankruptcy petition on LLC's behalf.
Holding: The Bankruptcy Court, Kevin J. Carey, J., held that agreement between limited
liability company (LLC) and creditor to which it was indebted, as prerequisite to creditor's
forbearance in not exercising its rights in connection with LLC's default, whereby creditor
was granted a single common unit interest in LLC and limited liability company
agreement was amended to require unanimous consent of all common unit holders for
commencement of bankruptcy case on the LLC's behalf, was void as against public policy.
Model Rule 1.7: Conflict of Interest: Current Clients
26
27. Defined Term
Secured Claim: a debt that you owe and a lien (also called a security interest) on a piece of property you own. If
you don’t pay according to the terms of your contract, the lien allows the lender to recover the property, sell it at
auction, and apply the proceeds to the account balance. For instance, a mortgage lender with a lien can recover
real estate in a foreclosure action, and a vehicle loan lender with a lien can recover a car through repossession.
Secured claims are often voluntary. For instance, if you agree to pledge an asset as collateral for the loan (a
common practice when buying a house or car), you voluntarily give the creditor a security interest in your
property.
Creditors can also obtain an involuntary lien against your property without your consent. For instance, a credit
card company can get an involuntary lien after suing you in a collection lawsuit and winning a money judgment.
When you fall behind on your taxes, statutory law gives the IRS the right to a tax lien against your property. A
bankruptcy discharge (the order that wipes out debt) won’t get rid of a lien on your principal residence. It only
eliminates your liability to pay the debt.
Since the lien remains, the creditor can still foreclose or repossess the property if the loan doesn’t get paid. So if
you file for bankruptcy and want to keep property securing a loan, you’ll have to continue making payments to
the lender until you pay off the debt.
27
28. Applicable Bankruptcy Code
Bankruptcy Code Section 327
(a)Except as otherwise provided in this section, the trustee, with the court’s approval, may employ one or
more attorneys, accountants, appraisers, auctioneers, or other professional persons, that do not hold or
represent an interest adverse to the estate, and that are disinterested persons, to represent or assist the
trustee in carrying out the trustee’s duties under this title.
Bankruptcy Code Section 328: Limitation on compensation of professional persons
(a) The trustee, or a committee appointed under section 1102 of this title, with the court’s approval, may
employ or authorize the employment of a professional person under section 327 or 1103 of this title, as
the case may be, on any reasonable terms and conditions of employment, including on a retainer, on an
hourly basis, on a fixed or percentage fee basis, or on a contingent fee basis. Notwithstanding such terms
and conditions, the court may allow compensation different from the compensation provided under such
terms and conditions after the conclusion of such employment, if such terms and conditions prove to
have been improvident in light of developments not capable of being anticipated at the time of the fixing
of such terms and conditions.
28
29. Applicable Bankruptcy Code
(b) If the court has authorized a trustee to serve as an attorney or accountant for the estate under section
327(d) of this title, the court may allow compensation for the trustee’s services as such attorney or
accountant only to the extent that the trustee performed services as attorney or accountant for the estate
and not for performance of any of the trustee’s duties that are generally performed by a trustee without
the assistance of an attorney or accountant for the estate.
(c) Except as provided in section 327(c), 327(e), or 1107(b) of this title, the court may deny allowance of
compensation for services and reimbursement of expenses of a professional person employed under
section 327 or 1103 of this title if, at any time during such professional person’s employment under
section 327 or 1103 of this title, such professional person is not a disinterested person, or represents or
holds an interest adverse to the interest of the estate with respect to the matter on which such
professional person is employed.
29
30. Applicable Bankruptcy Code
Bankruptcy Code Section 101(14)
The term ―disinterested person‖ means a person that— (A) is not a creditor, an equity security
holder, or an insider; (B) is not and was not, within 2 years before the date of the filing of the
petition, a director, officer, or employee of the debtor; and (C) does not have an interest
materially adverse to the interest of the estate or of any class of creditors or equity security
holders, by reason of any direct or indirect relationship to, connection with, or interest in, the
debtor, or for any other reason.
30
31. Applicable Bankruptcy Code
Bankruptcy Rule 2014:
(a) APPLICATION FOR AND ORDER OF EMPLOYMENT. An order approving the employment of attorneys,
accountants, appraisers, auctioneers, agents, or other professionals pursuant to §327, §1103, or §1114
of the Code shall be made only on application of the trustee or committee. The application shall be filed
and, unless the case is a chapter 9 municipality case, a copy of the application shall be transmitted by the
applicant to the United States trustee. The application shall state the specific facts showing the necessity
for the employment, the name of the person to be employed, the reasons for the selection, the
professional services to be rendered, any proposed arrangement for compensation, and, to the best of
the applicant's knowledge, all of the person's connections with the debtor, creditors, any other party in
interest, their respective attorneys and accountants, the United States trustee, or any person employed in
the office of the United States trustee. The application shall be accompanied by a verified statement of
the person to be employed setting forth the person's connections with the debtor, creditors, any other
party in interest, their respective attorneys and accountants, the United States trustee, or any person
employed in the office of the United States trustee.
31
32. Model Rules
Rule 1.7: Conflict of Interest: Current Clients
(a) Except as provided in paragraph (b), a lawyer shall not represent a client if the representation involves
a concurrent conflict of interest.
A concurrent conflict of interest exists if:
(1) the representation of one client will be directly adverse to another client; or
(2) there is a significant risk that the representation of one or more clients will be materially limited by the
lawyer's responsibilities to another client, a former client or a third person or by a personal interest of the
lawyer.
(b) Notwithstanding the existence of a concurrent conflict of interest under paragraph (a), a lawyer may
represent a client if:
(1) the lawyer reasonably believes that the lawyer will be able to provide competent and diligent
representation to each affected client;
(2) the representation is not prohibited by law;
(3) the representation does not involve the assertion of a claim by one client against another client
represented by the lawyer in the same litigation or other proceeding before a tribunal; and
(4) each affected client gives informed consent, confirmed in writing.
32
33. Model Rules
Rule 3.1 Meritorious retention
A lawyer shall not bring or defend a proceeding, or assert or controvert an issue therein,
unless there is a basis in law and fact for doing so that is not frivolous, which includes a good
faith argument for an extension, modification or reversal of existing law. A lawyer for the
defendant in a criminal proceeding, or the respondent in a proceeding that could result in
incarceration, may nevertheless so defend the proceeding as to require that every element of
the case be established.
[1] The advocate has a duty to use legal procedure for the fullest benefit of the client's cause,
but also a duty not to abuse legal procedure. The law, both procedural and substantive,
establishes the limits within which an advocate may proceed. However, the law is not always
clear and never is static. Accordingly, in determining the proper scope of advocacy, account
must be taken of the law's ambiguities and potential for change.
33
34. Model Rules
[2] The filing of an action or defense or similar action taken for a client is not frivolous merely
because the facts have not first been fully substantiated or because the lawyer expects to
develop vital evidence only by discovery. What is required of lawyers, however, is that they
inform themselves about the facts of their clients' cases and the applicable law and determine
that they can make good faith arguments in support of their clients' positions. Such action is
not frivolous even though the lawyer believes that the client's position ultimately will not
prevail. The action is frivolous, however, if the is unable either to make a good faith argument
on the merits of the action taken or to support the action taken by a good faith argument for
an extension, modification or reversal of existing law.
[3]The lawyer's obligations under this Rule are subordinate to federal or state constitutional
law that entitles a defendant in a criminal matter to the assistance of counsel in presenting a
claim or contention that otherwise would be prohibited by this Rule.
34
35. Model Rules
Rule 4.3: Dealing with Unrepresented Person
In dealing on behalf of a client with a person who is not represented by counsel, a lawyer
shall not state or imply that the lawyer is disinterested. When the lawyer knows or reasonably
should know that the unrepresented person misunderstands the lawyer’s role in the matter,
the lawyer shall make reasonable efforts to correct the misunderstanding. The lawyer shall
not give legal advice to an unrepresented person, other than the advice to secure counsel, if
the lawyer knows or reasonably should know that the interests of such a person are or have a
reasonable possibility of being in conflict with the interests of the client.
35
37. About The Faculty
David Levy – dlevy@keen-summit.com
David is head of the Keen-Summit Capital Partners and Summit Investment Management
Chicago office. He responsible for all aspects of business development and execution in
connection with the company’s distressed debt acquisitions and opportunistic credit
transactions, plus real estate brokerage and auction, investment banking, and lease
modification and restructuring services. David has more than 13 year’s experience in real
estate advisory and transaction experience, with particular expertise in workout, bankruptcy,
and other special situations. David holds both the Certified Commercial Investment Member
(CCIM) and Certified Auctioneers Institute (CAI) designations, making one of fewer than fifty
professionals in the United States to hold both. He is a frequent speaker and moderator on
real estate restructuring programs, a member of the Turnaround Management Association
Chicago/Midwest Board of Directors, and has held various leadership roles on the American
Bankruptcy Institute Real Estate Committee.
37
38. About The Faculty
Matthew Christensen - mtc@angstman.com
Matt Christensen joined Angstman Johnson in 2008 as an associate attorney. Now a member of the firm,
Matt has a civil litigation practice involving commercial law (finance and secured transactions),
bankruptcy, real property, and business matters. He also has a transactional practice involving real
estate, finance and business matters, including franchising. Matt frequently represents bankruptcy
trustees and other fiduciaries in recovering assets and administering estates. Prior to joining the firm, Matt
was a Junior Partner at a Meridian, Idaho, law firm and also established a solo practice. In addition to
practicing law, Matt is an adjunct professor at the University of Idaho College of Law where he teaches
international trade/business, real estate transactions and law practice management courses. Matt
obtained his Bachelor of Arts in International Studies from Brigham Young University in 2002. He earned
his J.D. and LL.M in International and Comparative Law degrees from Duke University School of Law in
2005. While at Duke, he was an Articles Editor for the Duke Journal of Gender Law & Policy.
In addition to practicing law and teaching, Matt also enjoys spending as much time as possible with his
wife and five children and expanding his ever-growing library of books.
To read more, go to: https://www.financialpoise.com/financialpoisewebinars/faculty/matthew-christensen/
38
39. About The Faculty
Robert Richards - robert.richards@dentons.com
Bob Richards is chair of Dentons’ Global and US Restructuring, Insolvency and Bankruptcy
practice groups and practices in the areas of bankruptcy and insolvency-related transactions
and litigation. His practice includes Chapter 11 representations, distressed asset acquisitions,
distressed loan purchases and foreclosure sales, and out of court transactions and transaction
structuring. Bob is recommended by Chambers USA (2018), where he is praised as ―a superb
attorney with great legal skills and a creative mind, someone who gets things done and
overcomes hurdles.‖ He is also recommended in Best Lawyers Illinois (2018) and The Legal
500 US (2014-2015), which notes his ―first rate technical skills as well as first rate business
skills.‖ BTI Consulting Group surveyed in-house counsel and named Bob as a BTI Client
Service All-Star (2015) in recognition of his superior client service.
39
40. About The Faculty
Christopher Horvay - chorvay@sfgh.com
With more than 36 years experience, Christopher J. Horvay has represented senior creditors and asset-based
lenders in complex litigation, workout and bankruptcy matters across the country. His practice also involves the
representation of asset-based lenders in the documentation of complex loan transactions and in litigation
disputes as well as the representation of creditor committees and liquidation trustees in litigation relating to
fraudulent conveyances. Chris has consistently been recognized as an Illinois Super Lawyer since 2006, as well
as an Illinois Leading Lawyer for the last two years in commercial bankruptcies and workouts. Chris’s recent
creditor representations include senior secured lenders in Clark Retail Enterprises and United Airlines, significant
landlord interests in K-Mart Corporation, and as special counsel to plaintiffs in Price v. Phillip Morris. He also
served as debtor’s counsel in a number of significant business bankruptcy cases, including Ben Franklin Stores
in the Northern District of Illinois. Chris has represented numerous asset purchasers, including Newport News,
Inc. and Spiegel Catalog, Inc., and sellers in transactions involving troubled companies as well as assignees for
the benefit of creditors in out-of-court liquidations. He recently defended former directors and officers of troubled
companies in litigation brought against them by bankruptcy trustees.
To read more, go to: https://www.financialpoise.com/webinar-faculty/christopher-horvay/
40
41. Questions or Comments?
If you have any questions about this webinar that you did not get to ask during the live
premiere, or if you are watching this webinar On Demand, please do not hesitate to email us
at info@financialpoise.com with any questions or comments you may have. Please include
the name of the webinar in your email and we will do our best to provide a timely response.
IMPORTANT NOTE: The material in this presentation is for general educational purposes
only. It has been prepared primarily for attorneys and accountants for use in the pursuit of
their continuing legal education and continuing professional education.
41
42.
43.
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45. About Financial Poise
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