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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Bankruptcy
  • schedule 90 minutes

Personal Liability Risk for Chapter 11 Management: Key Considerations When Deciding Whether to Stay or Resign

$297.00

This course is $0 with these passes:

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Description

When a company files bankruptcy, it usually wants to keep senior management in place, but doing so carries some increased risk of personal liability despite promised benefits. Whether some or all of management's existing employment terms are enforceable, whether any monies received prior to bankruptcy have to be repaid, and whether promises of post-petition compensation or protection will actually be honored are top of mind for senior management and key employees.

In the past, management's decision may have seemed straightforward, but the prior calculus has to be reexamined in light of Purdue Pharma and other new bankruptcy jurisprudence from the Supreme Court. There are now increased risks and fewer protections for management that continues to operate the debtor post-petition. These individuals need counsel from attorneys well versed in management's obligations to creditors in the lead up to bankruptcy, the availability of D&O coverage, and the increased risk of liability riding through bankruptcy.

Listen as this panel of experienced counsel discusses the issues that counsel to management should consider when advising them on whether to continue with the debtor after Chapter 11 is filed.

Presented By

Frank A. Oswald
Partner
Togut Segal & Segal, LLP

For more than 30 years, Mr. Oswald has focused his practice exclusively on bankruptcy, out-of-court restructurings and creditors' rights matters. He has represented clients in all facets of bankruptcy cases as well as insolvency issues in business transactions. 

Dana R. Quick
Partner
Best Amron

Ms. Quick practices in the area of insolvency and commercial litigation. Her experience includes prosecuting director and officer liability claims; representing trustees, creditors, creditor committees, and debtors in bankruptcy proceedings; state court insolvency litigation; and prosecuting and defending preference actions. Additionally, Ms. Quick has significant experience representing and counseling companies of all sizes on employment issues, including ADA, FMLA, and Title VII matters.

Harvey L. Tepner
Independent Corporate Director
Parent: Village Roadshow Entertainment Group

Mr. Tepner has spent more than 30 years as an investment banker, a private equity/distressed debt investor, and independent corporate director, strategic advisor and private investor.  Most recently, he helps companies work through challenging situations including balance sheet restructurings, complex financings, M&A, and corporate governance matters, often by serving as an independent board member.  Mr. Tepner has served on boards of public and private companies of varying sizes, across numerous industries, and with operations in various countries.  This includes public companies, private equity portfolio companies, and distressed companies going through or exiting from a restructuring/chapter 11 reorganization.  He has served as Chairman and Lead Independent Director of boards, and chaired Audit, Compensation, Finance, and Special Committees.

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


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, January 28, 2025

  • schedule

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

  1. Effect of bankruptcy on pre-petition compensation and benefits
  2. Benefits and risks to key employees of staying
  3. Benefits and risks to key employees of resigning

The panel will review these and other key issues:

  • What is the effect of indemnification agreements from venture or private equity?
  • Can the debtor honor pre-petition compensation obligations?
  • How can directors and officers mitigate their personal liability?