The committee met at the Winter Leadership Conference at the Westin Mission Hills Resort in Rancho Mirage, Calif., on Dec. 8, 2007. Conducting the meeting on behalf of the Asset Sales Committee was Weston Anson and Daryl Martin of CONSOR.
The committee presented the educational program entitled “Continuing Turmoil and Crisis in Subprime Mortgages: Challenges and Opportunities of the Sale Process,” which were moderated by Mr. Anson. Panelists included Don D. Grubman, a partner with the New York office of Hahn & Hessen LLP; Van C. Durrer, II, a partner with the Los Angeles office of Skadden, Arps, Slate, Meagher & Flom LLP; and Stuart M. Brown, a partner with the Wilmington, Del., office of Edwards Angell Palmer & Dodge LLP. The panel addressed the challenges facing bankruptcy professionals in the asset sales process. The main discussion topics included:
- Plan vs. Sale Considerations
- Intellectual Property Issues
- Sale Considerations
- Regulatory Impact on Sales
- Auction Issues
- Valuation Issues
- Mortgage Loan Purchase Agreement Terms
- Mortgage Loan Purchase and Servicing Agreement Issues
There was active participation from the committee members in attendance and many excellent ideas and issues were raised and/or discussed. Following the conclusion of the educational panel, Mr. Anson discussed a new concept described as the Major Asset Listing Service (MALS), which would allow ABI members to list appropriate assets for sale on the Asset Sales Committee Web site, subject to the committee’s prior approval. The concept was well received, and a proposal is being drafted to present to the ABI Board of Directors.