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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Bankruptcy

Date & Time
  • event Date

    Tuesday, June 28, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE webinar will guide bankruptcy counsel for lenders through increasingly difficult and dizzying valuation issues in business bankruptcies. The program will discuss how to measure the worth of intangible, contingent, and other hard-to-value assets, issues created by more complex financial structures, and challenges with appraising new types of collateral. The panel will offer insights from jurisdictions that have rulings on many of these issues.

Faculty

Daniel Desatnik
Attorney
Proskauer Rose LLP

Mr. Desatnik is an associate in the Business Solutions, Governance, Restructuring & Bankruptcy Group. He earned his J.D. from Columbia Law School, where he graduated as a James Kent Scholar and Harlan Fiske Stone Scholar. Mr. Desatnik practice focuses on the representation of debtors, creditors’ committees, equity committees, and creditors in chapter 11 cases and out-of-court restructurings.

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Matthew Dundon
Principal
Dundon Advisers, LLC

Mr. Dundon founded the firm in 2016. He has been a global credit, litigation and distressed investment leader for over 13 years (research head at Miller Tabak Roberts Securities 2006-2010, and portfolio manager at Pine River Capital and Advent Capital 2010-2016), including dozens of litigation-intensive investments and trading opportunities. Corporate finance lawyer and analyst 1998-2006. University of Chicago JD, University of California at Berkeley BA.

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Nataliya Kalava
Managing Director and Founder
American Valuations

Ms. Kalava is a financial expert with over 12 years of professional experience in the field of finance, including valuation services, public accounting, and financial planning and analysis (FP&A) consulting. She works primarily with private, closely-held companies. Ms. Kalava earned a Master of Science degree in Finance from the University of Tampa and a Bachelor of Science degree in International Business and Management, with minor in Finance. She holds a Certified Valuation Analyst (CVA), Master Analyst in Financial Forensics (MAFF) and Accredited in Business Valuation (ABV) credentials.

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Description

In bankruptcy, valuation drives everything: from first-day orders to solvency analysis in avoidance actions, adequate protection, priming, confirmation, cram up and cram-down. Counsel must assist judges in valuing not only companies, collateral, and securities but may other types of unusual, complex, and hard-to-value assets.

Plans more frequently propose to pay creditors with proceeds of intangible and contingent assets, such as warrants to purchase equity in the new debtor, litigation claims and causes of action, intellectual property, goodwill, insurance recoveries, or other contingent assets. The increasing use of NFTs and highly volatile assets--like bitcoin--further complicate these processes.

Valuation is not an exact science but involves interpreting information using sound judgment, which introduces discretion and uncertainty. In some cases, the valuation may resemble nothing other than educated guesses or predictions. Knowing how to navigate these issues is critical to protecting a creditor's position.

Listen as this seasoned and astute panel of bankruptcy attorneys and valuation experts highlights the latest trends and best strategies for dealing with challenging and ever-more complex issues in valuation.

Outline

  1. Valuation purposes and methodologies
  2. Key junctions in the case for valuation
    1. Causes of action and litigation claims
    2. IP
    3. Intangible assets, such as goodwill
    4. Contingent assets and future value
  3. Industry-specific issues
  4. Issues with financial experts

Benefits

The panel will discuss these and other vital issues:

  • What are best strategies for valuing intangible and contingent interests?
  • What do the parties do with NFTs and other similar assets?
  • How does the debtor's financial structure affect valuation?
  • What should junior lienholders scrutinize?
  • What types of experts are needed?