Hot Topics in Business Bankruptcy Law Seminar Materials - SALE!
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
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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