Turning the Emergency Escape Valve: the 363 Auction Sale
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LINK
363 Auction
Slideshow.ppt
June 29, 2010
2 PM ET/11 AM PT
The Section 363 auction sale has become a popular bankruptcy tool to sell assets free and clear of liens. The numbers don't lie. In 2009, there were 441 Section 363 sales announced, completed or withdrawn valued at $83.7 billion, according to pipeline.thedeal.com. While 2009 was a record year, experts say these figures will remain strong this year and possibly beyond.
Join The Deal and Faegre & Benson LLP in a 60-minute Webcast on June 29 at 2 p.m. ET titled Turning the Emergency Escape Valve: the 363 Auction Sale. The discussion moderated by Senior Deal Editor Matt Miller and notable dealmaking experts (TBA) will look at why the 363 auction sale has risen as a strategy of choice to acquire distressed assets over the last few years and will likely continue that trend into the foreseeable future.
We'll look at the advantages and risks of a 363 auction sale from both the creditor's and debtor's perspective as well as examine the due diligence process. Our expert panelists will also highlight strategies involved in 363 auction sales and look at some recent specific notable transactions.
After listening to this webcast full of in-depth analysis with our editor and notable dealmaking experts, you'll have a refreshed perspective on the key factors that will make the difference to your firm's future success.
Moderator:
MATT MILLER
Senior Writer
The Deal
Matt Miller has spent more than thirty years in business journalism, with much of that time based in Asia for The Asian Wall Street Journal. Miller opened The Asian Wall Street Journal's New Delhi bureau, was bureau chief in Manila and an investigative reporter based in Hong Kong, where he broke stories on some of the region's biggest financial scandals. He also was the Pacific Rim correspondent for The San Diego Union-Tribune and has contributed to the BBC, National Public Radio, Institutional Investor, Far Eastern Economic Review and the Los Angeles Times.
Most recently at The Deal, Miller has written extensively on cross-border issues, as well as stories on distressed companies and finance. He also has written a number of features investigating the successes and struggles of major metropolitan areas including Boston, Los Angeles and Detroit.
Miller was a Kiriyama Fellow at the University of San Francisco's Center for the Pacific Rim, the first journalist to be awarded this prestigious fellowship. He also taught Asian Studies at San Diego State University. Miller received his Bachelor of Arts degree in Asian studies from Macalester College in St. Paul, Minn., and did post-graduate studies at the University of the Philippines.
Expert Panelists:
Bruce M. ENGLER
Partner
Faegre & Benson LLP
Bruce Engler is chair of the Faegre & Benson mergers and acquisitions practice. He has represented buyers, sellers and institutional investors in many different types of public and private transactions. He has been lead counsel for scores of significant M&A transactions with aggregate transaction values totaling billions of dollars.
For more than 20 years, Engler has represented private equity investors in the purchase, sale, refinancing and restructuring of their portfolio companies. Engler has accumulated extensive experience dealing with the many complex structuring, financing, securities and tax issues that arise in these portfolio company transactions.
Engler has also had primary or significant responsibility for over 45 underwritten public offerings of debt and equity securities in his career. The total offering price of these securities exceeds $4 billion. He has a J.D. (magna cum laude) from the University of Michigan Law School. He also earned a B.A. (summa cum laude) from Creighton University.
MICHAEL STEWART
Partner
Faegre & Benson LLP
Michael Stewart has been with Faegre & Benson since 1980, and has served as the head of the firm's finance and restructuring group. He practices primarily in the areas of bankruptcy, secured transactions, creditors' rights and banking law.
Stewart represents banks and commercial finance companies in all aspects of structuring, documenting and collecting secured loans. He has significant experience in Chapter 11 bankruptcies on a national basis. Representative engagements include:
- In the VeraSun bankruptcy in Delaware, representation of a major lessor and contract party
- In the Genmar Holdings bankruptcy in Minnesota, representation of the largest secured creditor regarding its $70 million loan and subsequent debtor-in-possession financing
- In the Pilgrim's Pride bankruptcy in Texas, representation of a major supplier to the debtor
- In the SemCrude bankruptcy in Delaware, representation of a major lender and swap participant with claims in excess of $70 million
He earned a J.D. from Harvard Law School and a B.A. (summa cum laude) from Cornell College.
RAFAEL KLOTZ
Principal and Managing Director
Gordon Brothers Group
Rafael Klotz is a managing director of Gordon Brothers Group, a global firm focused on dispositions, appraisals, acquisitions and capital solutions across all asset classes. He provides strategic, structuring and legal advice on retail disposition and brand acquisition transactions, both in and outside of bankruptcy.
Klotz also works directly with all of Gordon Brothers Group's brand portfolio companies regarding ongoing licensing, general corporate and M&A matters. He has been closely involved in several significant Gordon Brothers Group transactions, including inventory dispositions for Circuit City, Goody's, Boscov's, Mervyns and Sportsman's Warehouse, and the acquisition of the Polaroid, Linens 'n Things, The Sharper Image, and Bombay Company brands.
Before joining Gordon Brothers Group, he was a partner at Goulston & Storrs in Boston, where he specialized in insolvency and finance law and in M&A and cross-border transactions. Klotz holds a J.D. from Boston College Law School and a BM from Berklee College of Music. He is a frequent speaker at insolvency conferences and is a past co-chair of the Boston Bar Association's Commercial Finance Committee. He is also a board member of Mil Milagros, a Boston-based non-profit committed to improve the health, well-being and educational outcomes of children in Guatemala and other Latin American countries.
JONATHAN B. CLEVELAND
Managaing Director
Houlihan Lokey Howard & Zukin Inc.
Cleveland is a managing director in the Houlihan Lokey Howard & Zukin Financial restructuring group, representing debtors and creditors and investors in out-of-court restructurings and bankruptcies.
Prior to re-joining Houlihan Lokey in 1997, Cleveland was an associate in the law firm of Mayer, Brown & Platt in Chicago, where he practiced corporate and securities law. He was involved in numerous public securities offerings, public tender offers and private repurchase offers for debt and equity securities, and domestic and international acquisition transactions.
Cleveland earned a law degree, magna cum laude, from the University of Minnesota Law School, where he also was a member of the Order of the Coif. Cleveland studied international law at Uppsala University in Uppsala, Sweden and received a B.S. in finance/business economics from the University of Southern California.
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