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This comprehensive, stand-alone publication is direct from a March 2014 seminar.

Copyright © 2014 Virginia Law Foundation. All rights reserved.

Table of Contents

ISSUES AND STRATEGIES IN HEALTH CARE/CONTINUING CARE
RETIREMENT COMMUNITY BANKRUPTCY CASES

Robert H. Chappell, III
Sheila deLa Cruz
Jennifer M. McLemore


I. Overview of How Not-for-Profit Continuing Care Retirement
Communities Operate
    A. CCRCs
    B. Spectrum of Care
    C. Residency Agreements
    D. Entrance Fees
    
II. Financial and Professional Regulation of CCRCs in Virginia
    A. Overview
    B. The Virginia State Corporation Commission
    C. Professional Regulation of CCRCs in Virginia

III. Public Finance of CCRCs
    A. Overview
    B. Two-Tier Construction Financing
    C. Documents

IV. History of Recent CCRC Bankruptcies
    A. Major Issues
    B. Factors Impacting a CCRC Restructuring
    C. Trends Developed in the Courts
    D. Asset Sale Summary
    E. See Appendix

V. Brief Overview of Major Players in a CCRC Bankruptcy
    A. Sponsor or Owner
    B. Indenture Trustee or Bond Trustee
    C. Fixed Rate Bondholders
    D. Number of Bondholders
    E. LOC Banks
    F. Variable-Rate Bondholders
    G. Residents
    H. State Regulators
    I. Trade Creditors or Vendors
    J. Traveling Professionals

VI. The WindsorMeade Case

VII. Communications in a CCRC Bankruptcy

VIII. Preparation and Leg Work Prior to Filing the Chapter 11
    A. Pre-Petition Events from the Public-Finance Angle
    B. Anticipating “First Day Motions”

IX. The Appointment of a Patient Ombudsman
    A. Bankruptcy Code Section 333(a)(1)
    B. VUMHW
    C. The U.S. Trustee’s Office Objected for Several Reasons

X. Plan Confirmation Issues
    A. Review of Public Finance Documents

WHAT TO DO WHEN A CHAPTER 11 CASE GOES BAD
Hon. Robert G. Mayer
Christopher A. Jones
Kenneth M. Misken


I. Appointment of a Chapter 11 Trustee

II. Appointment of Examiner

III. Conversion to Chapter 7

IV. Termination of Exclusivity

V. Structured Dismissal of a Chapter 11 Case

VI. Chapter 22 - From a Bad Faith Filing to Consideration of Changed
Circumstances
    A. A Good Faith/Bad Faith Determination
    B. The Current Approach - The Unforeseeable Changed
    Circumstances Exception

SALE OF ASSETS IN BANKRUPTCY
Hon. Brian F. Kenney
Robert M. Marino
Christopher L. Rogan


I. Benefits of Selling Assets in Bankruptcy
    A. Preservation of Going Concern Value
    B. Automatic Stay
    C. Avoidance of Certain Liens
    D. Sales Free and Clear of Liens
    E. Transfer Tax Exemption
    F. Limitation of Successor Liability
    G. Bankruptcy Court Approval

II. Structured Dismissal Following Sale of Substantially All Assets

III. Ordinary Course Sales

IV. Auction Sales
    A. General Standards for Approval of Bankruptcy Sales
    B. Securing a Stalking Horse Bidder in Advance of an Auction Sale
    C. Procedural Steps
    D. Bidding Procedures
    E. Collusive Bidding

V. Sales Free and Clear of Liens, Claims, and Encumbrances
    A. Statutory Basis
    B. Notice and Service of Process Requirements
    C. Liens and Interests Affected
    D. Rights of Possession
    E. Burden of Proof

VI. Statutory Mootness, Good Faith Purchasers and Section 363(m)

VII. Credit Bidding Rights and Section 363(k)

ETHICAL CONCERNS IN BUSINESS BANKRUPTCY CASES &
RELATED GOVERNMENT CONTRACTING ISSUES

John T. Farnum
Christopher M. Mills


A. Disclosure Obligations
    1. Bankruptcy Rule 2014
    2. Complete and Continuing Disclosure Required

B. Fiduciary Obligations of Estate Professionals

C. Government Contracts, Bankruptcy and the Rules of Professional
Conduct
    1. Overview
    2. Regulatory Background
    3. Selected Virginia Rules of Professional Conduct
    4. Ethical Considerations
    5. Case for Discussion

Authors

Robert H. Chappell, III

Sheila deLa Cruz

Jennifer M. McLemore

Hon. Robert G. Mayer

Christopher A. Jones

Kenneth M. Misken

Hon. Brian F. Kenney

Robert M. Marino

Christopher L. Rogan

John T. Farnum

Christopher M. Mills

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