Post-Annual Spring Meeting is a time of change for ABI, including our committee's leadership! The term of John Hutton, our co-chair for the past several years, has ended, and Brad Sharp has been named as a new co-chair. Shaunna Jones has become our Newsletter Editor. To date, the Listserve Facilitator position remains open. If you are interested in joining the leadership team by filling this role, please email us. We thank those departing leaders who have served us well, and welcome aboard our new committee leaders.
Speaking of the Annual Spring Meeting, the Asset Committee paired with the Real Estate Committee at the conference and put on an excellent program called, “Don’t Restrict My Sale: The Enforceability of Restrictive Covenants and Easements in Asset Sales in Bankruptcy.” It was an outstanding program, with Judge Catherine McEwen as moderator (and creator of some interesting and thought-provoking hypotheticals), and Alec Ostrow, Gregg Hesse and Michael Sirota as panelists/proponents of different positions, pro and con. The program largely centered on the consideration of some hypotheticals (with visual layouts of different hypothetical cases), with each of the panelists taking a position. Alec argued the estate position, asserting arguments that an estate might advocate in favor of selling free and clear of a deed restriction or covenant (hint: Section 363(f)(4) looms large, as might state law notions of abandonment and unreasonable restraints on alienation). Gregg and Michael argued the position of those advocating enforcement and recognition of the restrictions, covenants and licenses (boo, hiss). The interactive format fostered considerable audience participation, and was well received.
The committee also had a preview of the Annual Spring Meeting program, which was presented by way of an all-member call on March 31 at 4 p.m. This was a shorter version of the program, with Alec, Gregg and Michael discussing one real property hypothetical, and making arguments pro and con.
We are also working on upcoming programs for committee calls or webinars. Potential topics include asset sales in oil and gas cases, the recent GM successor liability ruling and the ABI Reform Commission’s proposals on chapter 11 as it pertains to asset sales. We will send out notices when these programs are scheduled, and we encourage you to attend.
As always, we are looking for content for this great newsletter, and we urge you to make submissions. This is a simple way to get published, and our committee has a broad reach. Authors are often selected to speak about the topics covered in the articles they write, so writing is also a good way to get recognized.
We wish you the best for the summer months, and look forward to seeing many of you at the regional conferences that will be happening around the country over the summer.
Franklind Lea
Bradley Sharp
Asset Sales Committee Co-chairs