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BUYING AND SELLING DISTRESSED BUSINESSES, PART 1 & PART 2
October 11 & 12 at 1:00 PM. 1 CLE hour each day, 2 total CLE hours
Buying financially distressed companies or assets can offer great opportunities – buying assets at a discounted price with the expectation that they will recover in time. The upside, however, comes with substantial risk beyond making the right business decision. The legal challenge is structuring the transaction to preserve the value of the assets involved while identifying and limiting liability that often attaches to those discounted assets. Assets may be purchased pre-bankruptcy or in a variety of structures through bankruptcy proceedings, or even in a bankruptcy auction. Each type of transaction involves special structuring and procedural considerations. This program will provide you practical guide to advising your clients about buying financially distressed companies and assets before or during the bankruptcy process.
Day 1 – October 11, 2016:
• Overview of the market – distressed loans, assets and operating businesses
• What deals are getting done/not done
• Identifying and quantifying value in distressed businesses
• Legal framework of buying/selling distressed businesses
• Acquiring value while limiting successor liability
• Non-bankruptcy strategies for acquiring/selling businesses
Day 2 – October 12, 2016:
• Bankruptcy framework for buying distresses businesses
• Practical process of negotiating and obtaining approval for an acquisition out of bankruptcy
• Bankruptcy auctions - how they work, the players and traps for those new to the process
• "Loan to own" strategies for acquiring distressed businesses
• Risks and liability issues of buying assets or businesses out of bankruptcy – and techniques to limit
William L. Norton is a partner in the Nashville office of Bradley Arant Boult Cummings, LLP, where he focuses his practice in the business bankruptcy area, dealing in all aspects of bankruptcy cases, creditor rights and insolvency. He is the Managing Editor of Norton Bankruptcy Law and Practice 2d (Thomson West), a premier 12 volume treatise and is the co-author of Norton Creditors' Rights Handbook (Thomson West). He is a Fellow of American College of Bankruptcy and is adjunct professor at Vanderbilt Law School. He formerly served as president of the American Board of Certification, which certifies attorneys who specialize in the areas of creditor rights and bankruptcy law and is a leader in the Business Bankruptcy Committee of the ABA’s Business Section. Mr. Norton received his B.A. from Vanderbilt University and his J.D. from Vanderbilt University Law School.
Jacob A. Brown is a partner in the Jacksonville, Florida office of Akerman, LLP, where his practice focuses primarily on bankruptcy, commercial litigation, and business law representing secured and unsecured creditors, committees, trustees, and debtors. His practice also includes workouts and business reorganizations, as well as the analysis of complex legal and business issues associated with bankruptcy and real estate matters and representation of commercial landlords in bankruptcy cases throughout the United States. Prior to private practice, he served as judicial clerk for Bankruptcy Judge Jerry A. Funk of the Middle District of Florida. Mr. Brown earned his B.S. from North Carolina State University and his J.D. from Samford University School of Law.