Sheppard Mullin's Restructure This!
Sheppard Mullin, with Justin Bernbrock
Subscribe
Sheppard Mullin’s Restructure This! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. Join host Justin Bernbrock, partner in the law firm’s Finance and Bankruptcy group, as he and his guests discuss popular, and sometimes not-so-popular, developments in the wild west of the bankruptcy legal world and high yield deal-making.
Available episodes
Newest first
Oldest first
Mar 2, 2023
Restructure This! Episode 21: Real Estate Restructuring – Views from Another Side with Emily S. Gottlieb
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we delve into real estate development with Emily Gottlieb of AW Properties Global, including discussing commercial-to-residential conversions, redeveloping vacant land, and more.
What We Discussed in This Episode:
*
What got you interested in restructuring?
*
What is your precise role at AW Properties? What does your day-to-day look like?
*
What correlations can you draw between your current role and your former life as a bankruptcy attorney?
*
What are your primary sources of business development or business origination?
*
How is the auction component offered by AW properties unique and different?
*
What are you seeing in the commercial real estate market?
*
Will we see more commercial-to-residential conversions?
*
Why is it so difficult to redevelop vacant land?
*
What can you tell us about a recent Sub 5 case you were involved in?
*
What insights would you offer a bankruptcy attorney looking to transition out of traditional law practice?
About Emily S. Gottlieb
Emily S. Gottlieb has more than 18 years of experience in the restructuring industry. She began her career as a real estate attorney working on large commercial transactions at Faegre Drinker Biddle & Reath and transitioned into a bankruptcy practice. Emily continued her restructuring work at DLA Piper, representing debtors, creditors, committees, financial institutions, Trustees and receivers in all aspects of Chapter 11 and Chapter 7 proceedings, workouts and litigation.
For over a decade, Emily worked for a prominent national bankruptcy and class action administration company as a business development executive and head of Midwest operations, where she managed the Chicago office. Prior to joining AW Properties, she was on the senior leadership team of a major not-for-profit organization in Chicago.
Emily is active in the turnaround community as a member of TMA and IWIRC and previously served on the board of IWIRC Chicago. In addition to being an attorney, she is also a licensed real estate broker and a member of the Chicago Association of Realtors (CAR) and the National Association of Realtors (NAR).
About Justin Bernbrock
Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.
Contact Information:
Emily S. Gottlieb
Justin Bernbrock
Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Feb 10, 2023
Restructure This! Episode 20: 3M: The Controversy of MDL in Chapter 11 with Ashley Barriere
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we welcome Ashley Barriere, partner at Keller Postman LLC, to discuss the 3M Combat Arms Earplug multidistrict litigation and the subsequent Chapter 11 bankruptcy filing by 3M subsidiary Aearo Technologies from the perspective of the plaintiffs she represents: military veterans seeking recovery for injuries related to the earplugs.
What We Discussed in This Episode:
*
The 3M Combat Arms Earplug multidistrict litigation (MDL) and what makes it unique
*
The jurisdictional tension between the multidistrict litigation overseen by an Article III judge versus the Aero Technologies bankruptcy overseen by an Article I judge
*
3M's attempt to use the government contractor defense in the MDL
*
The critical difference between multidistrict litigation and a class action proceeding
*
The reaction by plaintiff’s attorneys and the judge overseeing the MDL on the day that Aero Technologies filed for Chapter 11
*
The reasoning behind the bankruptcy court denial of the debtors' motion to extend the automatic stay to non-debtors, including parent company 3M
*
The implications of the U.S. Appeals Court for the Third Circuit's decision on January 30, 2023 to dismiss the bankruptcy case for Johnson & Johnson’s subsidiary, LTL, as having been filed in bad faith
About Ashley Barriere
As a partner at Keller Postman, Ashley Barriere focuses on product-liability matters, leveraging her experience at an AmLaw25 law firm and knowledge of the intricacies of multidistrict litigation to anticipate opponents' arguments, crafting powerful legal strategies and briefs on behalf of her clients.
Ashley has been appointed to serve on the Plaintiffs’ Executive Committee In the Acetaminophen—ASD-ADHD Products Liability Litigation, where she will lead the Law and Briefing Subcommittee. She is also a member of the court-appointed Plaintiffs’ Steering Committee in the Onglyza and Kombiglyze XR MDL, where she chairs the Law and Briefing Subcommittee. Ashley also represents clients and briefs critical legal issues in the 3M Combat Arms Earplug MDL and the Paragard IUD MDL.
Ashley served as a law clerk for Judge Eldon E. Fallon at the U.S. District Court for the Eastern District of Louisiana. Judge Fallon's work overseeing large multidistrict litigation matters inspired Ashley to join the plaintiffs' bar.
About Justin Bernbrock
Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.
Contact Information
Ashley Barriere
Justin Bernbrock
Thank you for listening! Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Dec 28, 2022
Restructure This! Episode 19: Turnaround and Performance Improvement Strategies with Kobus van der Zel
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we're joined by Kobus van der Zel, the owner of Ravinia Capital Performance Improvement, a financial advisory and investment firm in Chicago. In his conversation with host Justin Bernbrock, Kobus explains what his engineering background, military service in South Africa and the Myers-Briggs personality test has to do with financial turnarounds.
What We Discussed in This Episode:
* Looking back over your 20-year-plus turnaround career, what are some of the significant trends you've observed?
* What could those trends foreshadow for the future?
* At what point might events in the natural world, particularly the impacts of climate change, start driving "winters" in the economic cycle?
* How do trends in the context of credit cycles and special asset groups typically materialize for small family enterprises all the way up to sponsor-backed companies?
* Could advisory, service-based firms in the restructuring industry better use social media and multimedia platforms to drive business development?
* What are some of the challenges and strategies that come into play when exiting a business?
About Kobus van der Zel
With more than 28 years of experience in business improvement, Kobus van der Zel is passionate about helping overleveraged companies reverse the root causes of past underperformance, return to market-share growth, and achieve optimum business value in future sale transactions. As the owner of Ravinia Capital Performance Improvement, he works with business owners to realize higher valuations and effectuate successful turnarounds when they need it most. Over the last several years, Kobus has successfully guided numerous middle-market companies, including Swisher Hygiene, West Coast Commercial Printer, and Cycle Force, through the turnaround process. He is author of the 2011 book, The Forces of Progress, an exploration of the factors that fuel or hamper progress in modern companies.
About Justin Bernbrock
Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.
Contact Information
Kobus van der Zel
Justin Bernbrock
Resources
https://www.rcpi-capital.com/
Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Nov 23, 2022
Restructure This! Episode 18: The Gender Gap in Restructuring with Cullen Drescher Speckhart and Rachel Ehrlich Albanese [Replay]
This episode is a replay of Episode 13 which originally aired on September 7, 2022.
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency, and distressed investing. In this week's episode, we're joined by Cullen Drescher Speckhart, Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office, and Rachel Ehrlich Albanese, Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office, to discuss the ever-present challenge of recruiting, retaining and advancing women lawyers and professionals in the restructuring industry.
What We Discussed in this Episode:
* Men account for a majority of the lawyers and other professionals in the restructuring industry. What explains this lack of parity?
* Is having women in leadership positions important to encouraging other women to aspire to those heights?
* As head of your respective firm's restructuring groups, what are your observations regarding women's experiences in law today?
* Do you spend time, energy and effort helping men in your group understand the contributions women attorneys and professionals can make?
* Can you tell us a bit about your personal development and how you each came to be the woman you are today?
* What has had the most significant impact on your success in the restructuring industry?
* What should law firm leaders focus on as they work to improve gender parity going forward?
Rachel Ehrlich Albanese
Rachel is Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office. She has nearly 20 years of experience representing secured and unsecured creditors, debtors, equity holders, purchasers of distressed assets, and other parties in interest in a wide range of restructuring matters, including cases under chapter 11 of the U.S. Bankruptcy Code, out-of-court workouts, and cross-border insolvency proceedings.
Rachel has been involved in Puerto Rico's current restructuring efforts since their earliest days when she participated in dozens of meetings with U.S. Congress members and staff to develop the law that ultimately became PROMESA. She has subsequently been instrumental in many of DLA Piper's PROMESA-related matters.
About Cullen Drescher Speckhart
Cullen is Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office. She is a top advocate in corporate restructuring and financial litigation, with a diverse practice spanning a range of industries, including healthcare, life sciences, technology, energy, and retail.
In addition to her deep experience in complex insolvency litigation, Cullen has led some of the largest and most significant restructuring engagements in a multitude of jurisdictions, including serving as lead restructuring counsel to official creditor constituencies in Mallinckrodt and LTL Management (Johnson & Johnson), Le Tote, and 24 Hour Fitness.
Contact Information
Cullen Drescher Speckhart
Rachel Ehrlich Albanese
Resources
"Rachel Albanese Speaks On Independent Directors"
Thank you for listening! Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Nov 16, 2022
Restructure This! Episode 17: Tech Company Bankruptcies in a High-Tech World with Heath Gray
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, FTI Consulting Senior Managing Director Heath Gray joins host Justin Bernbrock to discuss current trends in the tech world. Their enlightening conversation touches on a wide range of topics, including Covid's long-term effects on the industry, the future of crypto and how the state of the economy might impact social media companies.
What We Discussed In This Episode:
* What's behind the massive layoffs at major tech companies?
* COVID really underlined the importance of technology, both for remote work versus in-person positions. What were some of the struggles that plagued the tech market vs. other types of businesses?
* The majority of us live our lives on social media. But current economic conditions, especially inflation, have begun placing a great deal of pressure on social platforms. Beyond cost savings actions, what other steps can these platforms take to protect themselves?
* Crypto continues to dominate the news on a regular basis, and we've started seeing lawsuits that raise a range of novel issues, including many that are being resolved in real-time. Have we reached a point where the government needs to decide whether this industry should be regulated differently?
* How could the rise of social media companies and the emergence of more tech-based tech-based impact technology? What sort of pressure will current economic conditions bring to bear on subscriber services?
About Heath Gray
Heath Gray is a senior managing director at FTI Consultancy, where he specializes in advising public and private companies on large-scale transformations, turnarounds and transactions. Mr. Gray regularly serves in interim executive roles and as a senior advisor to management teams, boards of directors, special committees and private equity investors. He has extensive experience with complex international M&A and restructuring matters, crisis management and corporate governance.
About Justin Bernbrock
Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.
Contact Information
Heath Gray
Justin Bernbrock
Thank you for listening! Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Oct 26, 2022
Restructure This! Episode 16: Current Trends in SPACs with Bill Kane
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Sheppard Mullin partner and former Illinois Assistant Attorney General Bill Kane joins host Justin Bernbrock to discuss current trends in Special Purpose Acquisition Company (“SPACs”) deals, including how a cooling economy creates the potential for more SPAC-related litigation and how an uptick in such litigation could ultimately result in more restructuring activity.
What We Discussed In This Episode:
* What’s behind the recent surge in the popularity of SPACs?
* What are some common issues you’re seeing emerge in regards to SPAC litigation?
* How could the overall cooling of financial markets impact disputes over SPAC investments?
* Which SPAC-related claims are most likely to succeed and which are not?
* Going forward, what do you see for restructuring professionals concerning SPACs?
About Bill Kane
As a partner in Sheppard Mullin’s Chicago litigation group, Bill Kane's national litigation practice focuses on complex commercial litigation and advice across industry sectors in corporate governance, director and officer issues, shareholder rights, media/entertainment and regulatory issues. He has more than 30 years of experience representing clients before trial and appellate courts, administrative agencies, private mediations and arbitrations. Bill previously served as an Assistant Attorney General in the Illinois Attorney General’s office where he represented the legislative, executive, and judicial branches of state government.
He actively represents clients in contract disputes, business tort claims, antitrust, and consumer protection issues. Bill further has experience in Special Purpose Acquisition Company or SPAC litigation. In addition to his experience in SPAC-related litigation, Bill also represents clients in contract disputes, business tort claims, antitrust and consumer protection issues. His practice includes representing private equity investors, along with directors and officers in partnership and shareholder litigation.
About Justin Bernbrock
Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.
Contact Information
Bill Kane
Justin Bernbrock
Thank you for listening! Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Oct 5, 2022
Restructure This! Episode 15: ESG & the Working Mom in the Post-Pandemic Economy with Susan E. Lester
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. This week, Susan E. Lester, Global ESG Senior Counsel on the Marketing/IP legal team at McDonald's Corporation, joins us to discuss ESG – environmental, social and governance – in the post-pandemic economy, including the factors driving companies to embrace ESG and sustainability and the legal risk associated with ESG messaging.
Susan is also a mother of two and, as such, became a vocal advocate for working parents, particularly mothers, whose struggles came into clear focus during the pandemic. She graciously agreed to share her experience on this critical topic as well.
What We Discussed in This Episode:
* As McDonald's’ Global ESG Senior Counsel, what is your role?
* Why do you think ESG topics have gained such immense traction in the past two years?
* What are the legal risks that companies face in ESG messaging?
* DEI, or diversity, equity and inclusion, is a part of the “S” in ESG. How has the pandemic impacted the inclusion of women in the workforce?
* What can corporations do to support working parents, specifically working moms?
About Susan E. Lester
Susan E. Lester graduated magna cum laude of the University of Illinois College of Law in 2012. Prior to joining McDonald’s’ Corporation, Susan worked at Kirkland & Ellis LLP in the IP Litigation group. She was with McDonald's Corporation for nearly seven years when she transitioned to her current role as Global ESG Counsel with their Marketing/IP team. Susan coordinates legal support for business teams carrying out or reporting McDonald's’ various ESG initiatives.
Thank you for listening! Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Sep 21, 2022
Restructure This! Episode 14: The Intersection of Bankruptcy and Arbitration with Professor Robert M. Lawless
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, Professor Robert Lawless of the University of Illinois College of Law joins us to discuss the intersection of bankruptcy and arbitration, including the enforceability of arbitration agreements in bankruptcy and the frameworks bankruptcy courts should use to determine when such an agreement is enforceable.
What We Discussed in This Episode
* What is the tension between the Federal Arbitration Act and the Bankruptcy Code?
* What framework should the courts use to determine when an arbitration agreement is enforceable in bankruptcy?
* Are there any actions that frequently arise in the bankruptcy context that should or should not be subject to arbitration?
* Is there value in arbitration in bankruptcy where there is no pre-dispute agreement in place? When should courts take that approach?
About Professor Robert M. Lawless
Professor Lawless is the Max L. Rowe Professor of Law and co-director of the Program on Law, Behavior and Social Science at the University of Illinois College of Law. He specializes in bankruptcy, consumer finance and business law.
Professor Lawless also co-authored the ninth edition of Secured Transactions: A Systems Approach, a leading textbook on secured transactions, as well as Empirical Methods in Law, a textbook on empirical methodologies. He administers and contributes to the blog Credit Slips, participates in the Consumer Bankruptcy Project, and serves as an associate editor for the Law & Society Review. Professor Lawless has testified before Congress, and his work has been featured in major media outlets such as C-SPAN, CNN, CNBC, NPR, The New York Times, the Wall Street Journal, Last Week Tonight with John Oliver, ABC News and the Financial Times.
Contact Information
Professor Robert M. Lawless
Thank you for listening! Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.
If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.
This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
playlist_add
Sep 7, 2022
Restructure This! Episode 13: The Gender Gap in Restructuring with Cullen Drescher Speckhart and Rachel Ehrlich Albanese
Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency, and distressed investing. In this week's episode, we're joined by Cullen Drescher Speckhart, Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office, and Rachel Ehrlich Albanese, Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office, to discuss the ever-present challenge of recruiting, retaining and advancing women lawyers and professionals in the restructuring industry.
What We Discussed in this Episode:
* Men account for a majority of the lawyers and other professionals in the restructuring industry. What explains this lack of parity?
* Is having women in leadership positions important to encouraging other women to aspire to those heights?
* As head of your respective firm's restructuring groups, what are your observations regarding women's experiences in law today?
* Do you spend time, energy and effort helping men in your group understand the contributions women attorneys and professionals can make?
* Can you tell us a bit about your personal development and how you each came to be the woman you are today?
* What has had the most significant impact on your success in the restructuring industry?
* What should law firm leaders focus on as they work to improve gender parity going forward?
About Rachel Ehrlich Albanese
Rachel is Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office. She has over 20 years of experience representing secured and unsecured creditors, debtors, equity holders, purchasers of distressed assets, and other parties in interest in a wide range of restructuring matters, including cases under chapter 11 of the U.S. Bankruptcy Code, out-of-court workouts, and cross-border insolvency proceedings.
Rachel has been involved in Puerto Rico's current restructuring efforts since their earliest days when she participated in dozens of meetings with U.S. Congress members and staff to develop the law that ultimately became PROMESA. She has subsequently been instrumental in many of DLA Piper's PROMESA-related matters.
About Cullen Drescher Speckhart
Cullen is Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office. She is a top advocate in corporate restructuring and financial litigation, with a diverse practice spanning a range of industries, including healthcare, life sciences, technology, energy, and retail.
In addition to her deep experience in complex insolvency litigation, Cullen has led some of the largest and most significant restructuring engagements in a multitude of jurisdictions, including serving as lead restructuring counsel to official creditor constituencies in Mallinckrodt and LTL Management (Johnson & Johnson), Le Tote, and 24 Hour Fitness.
Contact Information
Cullen Drescher Speckhart
Rachel Ehrlich Albanese
Resources
"Rachel Albanese Speaks On Independent Directors"
playlist_add
May 31, 2022
Restructure This Episode 12: Current Topics Related to Unsecured Creditors’ Committees with Matt Dundon
Sheppard Mullin’s Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency, and distressed investing. In this week’s episode, Matthew Dundon, Principal of Dundon Advisors, LLC, joins us to discuss current topics related to unsecured creditors’ committees. In doing so, Matt shares some of his most memorable experiences serving as an advisor and investor in the restructuring industry. Matt founded Dundon Advisers, LLC in 2016. He and his team manage complex credit and credit-linked assets for institutional clients, provide restructuring advice to creditors, debtors, financiers, and distressed asset purchasers, and act as broker and counterparty advisors in non-securities credit originations and secondary transactions.
Matt has been a global credit, litigation, and distressed investment leader for over 13 years. Prior to founding Dundon Advisors, he served as research head at Miller Tabak Roberts Securities (2006-2010) and portfolio manager at Pine River Capital and Advent Capital (2010-2016). From 1998-2006, he held roles as a corporate finance lawyer and analyst 1998-2006.
Matt attended the University of California at Berkeley as an undergraduate before earning his law degree at the University of Chicago.
What We Discuss In this Episode:
* How Matt got to where he is today;
* What the office of the U.S. Trustee looks for when appointing committee members;
* The role an unsecured creditors’ committee should play in a chapter 11 case;
* The merits of the the Subchapter 5 process; and
* Advice for professionals seeking to advise unsecured creditors’ committees.
Contact Information:
Matthew Dundon
playlist_add
May 17, 2022
Restructure This! Episode 11: Litigation Risks to Private Equity Sponsors in Chapter 11 with Ben Finestone, David Dunn and Cesar Bello
Sheppard Mullin’s Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency, and distressed investing. For this episode, Ben Finestone of Quinn Emanuel, David Dunn from Province, and Cesar Bello of Corbin Capital join us to discuss the litigation risks to private equity sponsors in Chapter 11 bankruptcy, including potential fraudulent transfer and breach of fiduciary duty claims, what triggers prepetition investigation into a sponsor’s conduct, and the role that litigation finance can play in reaching a fair settlement.
Ben Finestone
Ben Finestone is a Partner with Quinn Emanual, a litigation firm with offices in 11 different countries on four continents. As a Partner in the firm’s New York City Office, his areas of practice include Bankruptcy & Restructuring and Lender Liability & Other Banking Financial Institution Litigation.
David Dunn
David Dunn is a Principle at Province, a nationally-recognized financial advi…
playlist_add
May 3, 2022
Restructure This! Episode 10: Challenges Facing Secured Creditors in Asset Sales with Matthew Guill, Maja Zerjal Fink and Jeffery Dutson
This episode of Restructure THIS! features a panel discussion held live April 29th at the American Bankruptcy Institute’s Annual Spring Meeting in Washington, D.C. Guests Matthew Guill of Configure Partners, Maja Zerjal Fink of Arnold & Porter and Jeffery Dutson of King & Spalding discuss the challenges that secured creditors now face in bankruptcy asset sales, including imperfect information and potential caps to credit bidding post-Fisker. They also explore ways that a secured lender can maximize optionality in a sale process, the procedural or regulatory pitfalls that secured lenders may face post-filing, and how to placate other parties in the capital stack (e.g., an unsecured creditors’ committee) that oppose a proposed asset sale.
Matthew Guill
As a Director with Configure Partners, Matt has advised companies, lenders, sponsors, and governments on an array of complex financing and restructuring issues, M&A activity, and general strategic advisory assignments. Matt came to C…
playlist_add
Apr 19, 2022
Restructure This! Episode 9: Is it Time to Prohibit Non-Consensual Third-Party Releases in Bankruptcy Proceedings? with Ralph Brubaker
Sheppard Mullin’s Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency, and distressed investing. For this episode, Ralph Brubaker, the James H.M. Sprayregen Professor of Law at the University of Illinois College of Law, joins us to discuss the use of non-consensual third-party releases in bankruptcy proceedings. Professor Brubaker holds four degrees from the University of Illinois, including his J.D. summa cum laude and an M.B.A. He was on the faculty of Emory University School of Law in Atlanta, Georgia, from 1995 until 2004, when he returned to his alma mater. Professor Brubaker served as Interim Dean of the College of Law from 2008-09 after serving as Associate Dean of Student Affairs the previous two years.
Considered one of the leading bankruptcy scholars of his generation, Professor Brubaker is the Editor-in-Chief and a contributing author for West’s Bankruptcy Law Letter. He is also co-author of a bankruptcy…
playlist_add
Apr 5, 2022
Restructure This! Episode 8: Private Credit Intensifies Lender Competition with Stacey Rosenberg
Sheppard Mullin’s Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, we’re joined by Stacey Rosenberg, partner in the Finance & Bankruptcy Group in Sheppard Mullin’s Los Angeles office. We discuss the rise of direct lending and private finance, current trends in middle-market loans, predictions for whether the overall volume will drive restructuring activity in the near future and the role of private debt financing in the motion picture and entertainment industry.
Stacey joined Sheppard Mullin a little over a year ago, and has been representing lenders, borrowers and equity sponsors in a variety of debt finance transactions for more than 25 years. While her practice in recent years has primarily focused on private lending, Stacey’s expertise and experience includes senior secured credit facilities, leveraged buyouts, workouts and out-of-court restructurings, exit fina…
playlist_add
Mar 22, 2022
Restructure This! Episode 7: The Role of the Independent Director in Chapter 11
The appointment of an independent director to the board of a distressed company has become a common strategy in the chapter 11 playbook. What is the role—and value—of an independent director in an in-court restructuring? Oftentimes appointed by parties in interest, are they in fact independent? Today we discuss this topic and related issues with the CEO of a restructuring service provider company, who has served as an independent director for numerous large scale companies in financial distress.
What We Discussed in This Episode:
* The decisions that chief restructuring officers and independent directors typically make when appointed to financially struggling companies
* The driver for the need of independent directors in modern restructurings
* Whether the recent criticisms of independent directors in chapter 11s is warranted
* Whether the filing of retention applications for the independent director or soliciting creditors’ input on who is appointed would address conc…
playlist_add
Mar 8, 2022
Restructure This! Episode 6: Communicating Distress in the Digital Era
The ways that companies connect with their stakeholders has dramatically changed with the rise of digital and social media and a challenge to the concept of shareholder primacy. We speak with Sydney Isaacs and Dan Scorpio of Abernathy MacGregor on how companies can effectively reach their customers, vendors and employees during times of uncertainty such as a corporate restructuring.
With over 17 years at Abernathy, Sydney advises companies on transactions, crises and other times of transition, including restructuring. Dan, who joined Abernathy in 2015, is the head of M&A and activism.
Abernathy MacGregor is a strategic communications advisory firm that provides communications, stakeholder engagement and advocacy expertise to management teams and boards during mergers, social media crises, and distress. Abernathy has advised companies in chapter 11, including, among others, Alpha Media, Valaris, Parker Drilling, Brookstone, J. Crew Group, and Philadelphia Energy Solutions, and has als…
playlist_add
Feb 22, 2022
Restructure This! Episode 5: The Pre- and Post-Pandemic Economy with Gaurav Malhotra
The restructuring industry has been greatly impacted by the uncertainty that the global pandemic has brought. What does this mean for the future of restructuring? Which sectors will have been most severely impacted? We speak with Gaurav Malhotra of Ernst & Young LLP, who is a member of the EY Global Restructuring team and US Restructuring Leader.
With more than 20 years of experience leading financial and operational restructuring assignments, Gaurav has advised leadership of enterprises ranging from Fortune 100 companies to middle market corporations. Gaurav has strategized turnaround plans in sectors including, among others, commercial airlines, and Tier 1 automotive suppliers, as well large scale local government restructurings, including the City of Detroit and Puerto Rico.
What We Discussed in This Episode:
* How EY may be unique among the Big Four in the restructuring industry, and how that has affected EY’s growth
* What the Global Financial Crisis of 2008 taught us as…
playlist_add
Feb 15, 2022
Restructure This! Episode 4: Views From the S.D. Texas Bankruptcy Bench with Judges David R. Jones and Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas
In this special installment of ‘Restructure This!’ sponsored by the American Bankruptcy Institute, we welcome Chief Judge David R. Jones and Judge Marvin Isgur from the United States Bankruptcy Court for the Southern District of Texas. The two esteemed jurists collectively have several decades of experience on the bench and have presided over some of the largest chapter 11 filings in recent memory, including Seadrill, J.C. Penney, iHeartMedia, and Ultra Petroleum. As part of today’s conversation, the judges opine on venue reform, third party releases, one day “prepacks,” and the propriety of repeat independent directors in chapter 11.
What We Discussed in This Episode:
* The importance that the judges place on consumer debtor cases
* The basis for the rise of large chapter 11 filings in the Southern District of Texas
* Whether the current venue statute needs reform
* Policy concerns regarding third-party releases
* The circumstances in which expedited chapter 11 c…
playlist_add
Feb 9, 2022
Restructure This! Episode 3: Canada: Cannabis Boom or Bust? with Kathryn Esaw and Susan Newell
Canada legalized recreational cannabis in 2018, but the legal cannabis market continues to struggle even three years later. Observers blame overregulation by both federal and provincial regimes, high taxation, and a thriving black market that continues to sell cannabis at much lower prices. What has this meant for cannabis bankruptcies in Canada, and what lessons can the U.S. learn? We speak with Kathryn Esaw, partner in the Insolvency and Restructuring group at Osler, Hoskin & Harcourt LLP, and Susan Newell, partner in Osler’s Health Industry and Cannabis groups. Kathryn’s practice focuses on proceedings under the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act throughout Canada. She has represented debtors, court officers, creditors, purchasers and lenders. Kathryn also has experience in restructurings under the Canada Business Corporations Act. Susan provides strategic advice to health industry stakeholders in connection with mergers and acquisition…
playlist_add
Jan 19, 2022
Restructure This! Episode 2: Building a Bankruptcy Juggernaut with James (“Jamie”) H. M. Sprayregen
We speak with James (“Jamie”) H. M. Sprayregen, partner at Kirkland & Ellis LLP and founder of the firm’s powerhouse bankruptcy restructuring practice. Few know the story of how Jamie built the practice from humble beginnings starting in 1990. In a frank interview, Jamie describes the vision he had three decades ago, the challenges he encountered along the way, and the banner chapter 11 cases—Zenith Electronics, United Airlines—that he believes helped to shape the then-emerging brand of this premier practice. Jamie is partner in the Chicago and New York offices of Kirkland & Ellis. Under Jamie’s leadership, the Restructuring Group has represented debtors and creditors in some of the most complex Chapter 11 filings in recent history, including Energy Future Holdings Corp., Seadrill Limited, Caesars Entertainment Operating Co. Inc, Toys “R” Us, Inc., Trans World Airlines, Inc., and Conseco, Inc. In October 2013, Jamie was inducted into the Turnaround Management Associatio…
playlist_add
Jan 19, 2022
Restructure This! Episode 1: Inflation and the Search for the Right Interest Rates with Mohsin Meghji
Inflation is here and seems far from “transitory.” Given this, where is the restructuring industry headed? Which sectors are predicted to feel the pain next, and what are governments doing in response to inflationary prices? This episode discusses the impact of inflation on distress as seen from the perspective of a businessperson. It also explores the challenging role of the restructuring advisor—the person seated next to the C-suite managers at a time of stress and distress.
We speak with Mohsin Meghji, managing partner of M3 Partners, LP, a corporate advisory firm experienced in providing financial and operational restructuring. M3 has represented debtors, creditors and equity holders in some of the most complex and contentious restructurings and bankruptcies, including Sanchez Energy, Neiman Marcus, Barneys New York, and Seadrill Partners.
What We Discussed in This Episode:
* The unique challenges of being a chief restructuring advisor, or CRO, in today’s economic envi…
playlist_add