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CASE STUDY: CORPORATE ETHICS AND GOVERNANCE: GOVERNING A COMPANY IN THE ZONE OF INSOLVENCY
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Date:
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Wednesday, November 17, 2010
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Time:
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5:30 to 7:30 pm
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Location:
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 Ruth's Chris Steakhouse
3900 Paradise Road
Las Vegas, NV 89101
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For its November program, the Turnaround Management Association of Nevada will present a timely panel discussion focused on the ethics of governing a company in insolvency. Participants will include:
Michael Bonner, Greenberg Traurig LLP
John Brewer, Greenberg Traurig, LLP
Ted Burr, Sierra Consulting Group, LLC
James Lisowski, the Lisowski Law Firm
TMA Nevada is presenting this panel in response to a growing issue in the state. During the past several years, Nevada bankruptcies and workouts have increased dramatically. When a company crosses the line into insolvency, the duties of its executives and directors change and frequently expand to include many stakeholders besides the stockholders. To further complicate the issue, the line demarcating the zone of insolvency often is difficult to identify.
In this scenario, potential conflicts of interest abound for both directors and company executives. The expert panel will discuss the challenges and best practices corporate fiduciaries need to use to weather the challenges of financially distressed companies.
The cost is $30 for members, $40 for non-members. Registration includes abundant appetizers. Register Online.
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Join TMA Nevada for Holiday Goodwill
Annual TMA Holiday Party
Wednesday, December 1, 2010
5:30 to 8:00 pm
Free to TMA members and guests.
At: Faciliteq
817 South Main Street
Las Vegas, NV 89101
Please plan to join us for this convivial year-end event!
Hosted and sponsored by Faciliteq
Co-sponsored by Cerno Acceptance Group, Inc..
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The State of Nevada's Bankruptcies As Seen By Nevada's Bankruptcy Judges and U.S. Trustee Repeats Standing-Room-Only Success
TMA Nevada's November event featured three of Nevada's bankruptcy judges and its Assistant U.S. Trustee discussing trends and topics in bankruptcy proceedings. Judging by the size and enthusiasm of the standing-room-only crowd, it's a subject that is highly relevant to TMA members and guests. The judicial participants included the Honorable Linda B. Riegle, the Honorable Gregg W. Zive and the Honorable Bruce A. Markell. Assistant U.S. Trustee Augie Landis moderated the discussion.
Augie Landis began the discussion with some statistics. He pointed out that, in 2004, Chapter 11 bankruptcy filings in the District if Nevada numbered 34. By 2010, that number had increased to 312. Chapter 7 and 13 filings also increased, although not by the magnitude of Chapter 11. Those filings approximately doubled, while Chapter 7 filings increased by a factor of about 10 times. Of course, there are many more Chapter 7 and 13 filings to begin with. To date in 2010, for example, Nevada has seen 15,035 Chapter 7 and 4,803 Chapter 13 filings. The general rise in caseload certainly signifies that bankruptcy filings are often an important factor in the process of fixing and growing businesses.
The judges concurred that many of the increased filings aren't actually businesses in the usual sense of the word. Often, the party filing is a small residential or commercial real estate owner, unfamiliar with the rules and regulations of bankruptcy court. Often, too, the attorney representing these clients has little experience with the bankruptcy court system.
The court therefore often finds itself in the role of educator. New and inexperienced people are taking up a great deal of time, just as the number of filings in general is increasing. Turnaround professionals can play an important role in reducing system gridlock and ensuring that cases get adjudicated in a timely fashion.
The three judges shared anecdotal, and often entertaining, examples of the kinds of issues and disputes that arise in bankruptcy court. Asset valuations, prepackaged cases and the evolving concept of "moot issues" were some of the topics discussed.
A lively question and answer period followed the presentation. This very successful TMA evening with Nevada's Bankruptcy judges is likely to be repeated in an upcoming program year.
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From Bill Granda to TMA Nevada Members
"More On Connecting Professionals"
 "A man watches his pear tree, day by day, impatient for the ripening of the fruit. Let him attempt to force the process, and he may spoil both the fruit and the tree. But let him wait patiently, and the ripe pear, at length, falls into his lap."
— Abraham Lincoln
This month on the TMA Chapter Presidents Council teleconference the discussion turned to how chapters can more effectively deliver value to members. Several chapter presidents said they'd surveyed members and found that a very large percentage of members wanted TMA to be a source of business for them; that was the main reason they joined. We haven't polled members, but from informal conversations, that's also the case with TMA Nevada. No surprise there.
In last month's president's letter, I wrote about connecting professionals who fix and grow businesses. Here in Nevada we're focusing on and developing new ways to do that. I also recognize that those members who have worked together and referred each other in to new business have had fairly well-established relationships.
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