Asset Sales Committee Annual Report

It was another great year for the Asset Sales Committee. The committee has strived to provide ABI members with access to helpful content and the opportunity to engage in discussions relevant to asset sales. Below are a few highlights of the committee’s activities:

Asset Sale of the Year Award

This past spring, in connection with the ABI Annual Spring Meeting, the committee named the inaugural winner of the Asset Sale of the Year Award. The award is given to a sale that was strategic, provided shareholders with value, displayed excellence from start to finish, and had strategic or legal significance and impact. Not surprisingly, there was a large number of applicants, and it was no easy task for the committee to select the winners. The inaugural award went to the asset sale in the Cobalt Energy case [17-36709 TXSB]. If you have not already done so, you can read about the case in the September committee newsletter. The committee also awarded an Honorable Mention to the asset sale in the Playhut, Inc. case [18-15972 CACD], which was also featured in the committee newsletter under the new “Deal Spotlight” category.

Conference Programs

For the 2018 Winter Leadership Conference, the committee partnered with the Financial Advisors & Investment Banking Committee to present a program on the role of disinterested independent directors in asset sales entitled Attorneys and Advisors for All of Us: Representation of Directors and Managers in the Sale of Debtor Assets. Panelists included Robert M. Fishman, Hon. Barbara J. Houser, Harvey L. Tepner and Aparna V. Yenamandra.

For the 2019 Annual Spring Meeting the committee presented Not so Free, Not so Clear: An Ethical Walk Through Asset Sales with Peter Barrett, Scott Cohen, Peter Roberts and Cynthia Romano.

For the 2019 Winter Leadership Conference the committee partnered with the Health Care Committee to present a program on issues arising in the bankruptcy sales of assets in the health care industry, entitled The Top 10 Issues To Be Aware Of When Buying A Health Care Business, And How To Plan For The Inevitable Surprises.

Webinars

In December 2018, the committee hosted a webinar entitled Let’s Make A Deal: Negotiating the Asset Purchase Agreement in Bankruptcy. The webinar is a follow up to an article written by Howard A. Cohen of Gibbons, P.C. and published in the committee’s June 2018 newsletter. The other speakers were Karin H. Berg of Katten Muchin Rosenman LLP and Mary Joanne Dowd of Arent Fox.

On June 11, 2019, the committee hosted a webinar entitled Getting the Best Deal for Your Client: Section 363 Sales vs. Out of Court Sale. The webinar is a follow up to an article written by Bruce Goldstein and published in the Committee’s March newsletter. The other speakers were Dawn Cica and Matt LoCascio.

On October 10, 2019, the committee hosted a webinar entitled I Have to Do WHAT?!? The Importance of Local Rules in Asset Sales. The webinar is a follow up to an article written by Lindsi M. Weber and published in the committee’s August newsletter. The other speakers were Joseph C. Barsalona II and Jordon Kroop.

Newsletters

In 2019, the committee published three newsletters containing a number of well-researched articles on diverse topics involving asset sales. In addition to the articles discussed above, the newsletters included the following articles: (i) Stalking-Horse Bid Protections: Getting The “Credit” You Deserve at the § 363 Auction, by Khaled Tarazi ; (ii) Selling Assets in Chapter 15 Matters: Practical Considerations in Cross-Border Insolvencies, by Bruno de Camargo and (iii) Pension Fund Withdrawal Liability: No Problem for § 363 Sale, by Samuel R. Henninger. The newsletters are available on the Committee’s web page.

Networking Cocktail Party

The Asset Sales Committee teamed up with the Commercial Fraud Committee to host a sponsored networking event/cocktail party at Baby Wale during the ABI Annual Spring Meeting. The committee is hoping to continue that tradition in 2020.

Planning for 2020

As co-chairs, we would like to thank all members for their support and continued participation on the Asset Sales Committee. The committee is really only as good as its members and their contributions. In that vein, the committee is always looking for contributors to its newsletter, suggestions for presentation topics, or help producing new webinar content. If you are interested in contributing to the committee, please reach out to any of the committee leaders. We also invite you to share with us any other questions or thoughts that you may have regarding the Asset Sales Committee or ABI in general. We wish you success and happiness in 2020.

2019 Asset Sales Committee Leadership