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Anatomy of a Preference (Series: Bankruptcy Battle Royale)

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Anatomy of a Preference (Series: Bankruptcy Battle Royale)

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Chapter 5 of the Bankruptcy Code creates certain causes of action that arise only upon the filing of a bankruptcy case. Specifically, these provisions enable the debtor or trustee to take actions to bring assets back into the debtor’s estate. Most commonly, these come in the form of preference lawsuits. This webinar discusses the standards for bringing these causes of action and then dives into how to defend against them. The panelists also provide practical tips on how creditors can try to protect and insulate themselves from these attacks ahead of time, by taking certain precautions when dealing with distressed business prior to the filing of a bankruptcy case.

To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/anatomy-of-a-preference-2019/

Chapter 5 of the Bankruptcy Code creates certain causes of action that arise only upon the filing of a bankruptcy case. Specifically, these provisions enable the debtor or trustee to take actions to bring assets back into the debtor’s estate. Most commonly, these come in the form of preference lawsuits. This webinar discusses the standards for bringing these causes of action and then dives into how to defend against them. The panelists also provide practical tips on how creditors can try to protect and insulate themselves from these attacks ahead of time, by taking certain precautions when dealing with distressed business prior to the filing of a bankruptcy case.

To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/anatomy-of-a-preference-2019/

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Anatomy of a Preference (Series: Bankruptcy Battle Royale)

  1. 1. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe Insert the cover image for this webinar on this slide entirely 1
  2. 2. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe Practical and entertaining education for attorneys, accountants, business owners and executives, and investors. 2
  3. 3. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe Thank You To Our Sponsor 3
  4. 4. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe DISCLAIMER The material in this webinar is for informational purposes only. It should not be considered legal, financial or other professional advice. You should consult with an attorney or other appropriate professional to determine what may be best for your individual needs. While Financial Poise™ takes reasonable steps to ensure the information it publishes is accurate, Financial Poise™ makes no guaranty in this regard. About this PowerPoint: if you are looking at this PowerPoint without the benefit of listening to the conversation that surrounded it then you are doing yourself a disservice. This PowerPoint was prepared in contemplation of being viewed in conjunction with listening to a one hour webinar on the topic. 4
  5. 5. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe MEET THE FACULTY Moderator: Mark Melickian – Sugar Felsenthal Grais & Helsinger Panelists: Rafael Zahralddin – Elliott Greenleaf Thad Wilson – King & Spalding LLP Michael Schwarzmann – Independent CRO and Restructuring Advisor Christopher Wick – Hahn Loeser 5
  6. 6. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ABOUT THIS WEBINAR: Anatomy of a Preference Chapter 5 of the Bankruptcy Code creates certain causes of action that arise only upon the filing of a bankruptcy case. Specifically, these provisions enable the debtor or trustee to take actions to bring assets back into the debtor’s estate. Most commonly, these come in the form of preference lawsuits This webinar discusses the standards for bringing these causes of action and then dives into how to defend against them. The panelists also provide practical tips on how creditors can try to protect and insulate themselves from these attacks ahead of time, by taking certain precautions when dealing with distressed business prior to the filing of a bankruptcy case. 6
  7. 7. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ABOUT THIS SERIES: Bankruptcy Battle Royale No matter how you are involved in a Chapter 11 bankruptcy proceeding, there is a real chance you will wind up litigating some issue. Litigating in bankruptcy court, however, is very different than litigating in any other federal or state court because the customs, rules and players are all different. This webinar is designed for the litigator who does not generally find herself in front of a bankruptcy judge As with all Financial Poise Webinars, each episode in the series episode is delivered in Plain English, bringing you into engaging, sometimes humorous conversations designed to entertain as they teach. And, as with all Financial Poise Webinars, each episode in the series is designed to be viewed independently of the other episodes, so that participants will enhance their knowledge of this area whether they attend one, some, or all of the episodes. 7
  8. 8. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe EPISODES IN THIS SERIES 2/26/19 Episode #1: Cash Collateral and DIP Loan Contests 3/26/19 Episode #2: Anatomy of a Preference 4/23/19 Episode #3: Anatomy of a Fraudulent Transfer 5/21/19 Episode #4: Contesting Confirmation 8 Dates shown are premiere dates. All webinars will be available On Demand approximately 4 weeks after they premiere.
  9. 9. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe OVERVIEW • The Bankruptcy Code presumes that the Debtor knows, in the 90 days before it files for bankruptcy, that its ship is sinking. During that period of time (commonly, the “Preference Period”), the Debtor may pay some preferred vendors but not others. Such preferential treatment is unfair to the creditors who are not paid. • Section 547 of the Bankruptcy Code provides the bankruptcy trustee with a cause of action against parties who received preferential payments to avoid and recover the payments, and then redistribute them equitably, under the Bankruptcy Code’s priority scheme. 9
  10. 10. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ELEMENTS • A transfer is prima facie preferential under 11 U.S.C. § 547(b) if it was: 1. A transfer of an interest of the Debtor in property 2. To or for the benefit of a creditor 3. On account of an antecedent debt 4. Made while the debtor was insolvent 5. Made within 90 days before the petition date (1 year for insiders); and 6. Enabled the creditor to receive more than it would have in a Chapter 7 1 0
  11. 11. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe OCCURRENCE OF A TRANSFER • Litigation of this element often relates to the timing of perfection and priority of security interests in the debtor’s property. • § 547(e)(2): If perfection occurs within 30 days after the granting of the security interest, the date of perfection relates back to the date that the security interest was granted. • Federal law controls when the transfer occurred; state law controls when perfection occurred for the 30-day rule. • After-acquired property often cannot benefit from the 30-day rule, and the security interest in such property can often be avoided as preferential. 1 1
  12. 12. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe TRANSFER OF AN INTEREST OF THE DEBTOR IN PROPERTY • Corporate control or bare legal title doesn’t count • Payments made by Debtors under trust agreements generally don’t count • Issues may arise when Debtor deposits funds into escrow • Earmarking: Creditor loans money to debtor for specific purpose of paying another creditor. May not be a preference if Debtor is “mere conduit” 1 2
  13. 13. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe TO OR FOR THE BENEFIT OF A CREDITOR • § 547(b)(1) • Broad definition of “creditor,” includes anyone with a right to payment from estate, or equitable remedy against estate • Direct transfers from Debtor to creditor more easily identifiable • Nonlineal transfers, such as to a creditor’s guarantor, may be considered preferential. 1 3
  14. 14. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ANTECEDENT DEBT • § 547(b)(2) • Transfer preferential only if Debtor incurred debt to creditor before the transfer • Antecedent debts include contingent, unliquidated, or unfixed • Common issue is when timing of when debt was incurred • If debt incurred simultaneously with transfer, there is no antecedent debt, e.g. a concurrent exchange of consideration 1 4
  15. 15. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe INSOLVENCY • § 547(b)(3) • Insolvency means whether the Debtor’s liabilities exceeded its assets on the date of the transfer. • Debtor is presumed insolvent during 90-days pre-petition. This presumption is rebuttable. • If presumption successfully rebutted, expert testimony often determines issue. 1 5
  16. 16. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe PREFERENCE PERIOD • § 547(b)(4) • 90 days pre-petition for most creditors; 1 year for insiders • Form of payment can be an issue. For example, for checks, the date the check clears is generally the operative date, not the date the Debtor delivered the check to the creditor. 1 6
  17. 17. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe INSIDERS • § 547(b)(4)(B) • Preference period extended from 90 days to 1 year for insiders • Insider status determined at time of transfer • Includes not only officers and directors, but also relatives of such persons. • Also includes Debtor’s affiliates. • Most important factor is control 1 7
  18. 18. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe GREATER THAN CHAPTER 7 • § 547(b)(5) • Only a preferential transfer if creditor received more than it would have received in a Chapter 7 liquidation • Court not bound to valuations in Debtor’s schedules; actual facts and circumstances can be considered. • May arise where creditor raised its status from unsecured to partially or wholly secured. 1 8
  19. 19. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe LIMITATIONS • § 546(a) • A complaint to avoid a preferential transfer may not be commenced after the earlier of: ✓ The later of o 2 years after the petition date (in voluntary cases) o 1 year after the appointment of a trustee, under certain circumstances ✓ The time the case is closed or dismissed 1 9
  20. 20. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe DEFENSES • § 547(c) has 9 statutory exceptions • If trustee makes prima facie case under § 547(b), it becomes creditor’s burden to plead and prove defense. • Some of the 547(c) exceptions are addressed in the following slides. 2 0
  21. 21. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe CONTEMPORANEOUS EXCHANGE • § 547(c)(1) • Applies where preferential transfer occurs contemporaneously with creditor’s providing new value, and the parties intended that the exchange be contemporaneous. • Overlaps antecedent debt element of prima facie case • Litigation often arises where parties intended that transfer be contemporaneous, but there is a delay between incurring of debt and preferential transfer. 2 1
  22. 22. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ORDINARY COURSE OF BUSINESS • § 547(c)(2) • Applies where the preferential transfer was in payment of debt incurred in the ordinary course of the debtor’s business, and the payment was made either (a) in the ordinary course of business between the parties; or (b) according to ordinary business terms. • The first part compares the preferential transfer with typical transfers made during the pre-preference period (e.g. similar days paid past invoice date, similar amounts, similar form of payment, payment was not the result of coercion by creditor, etc.) • The second part compares the transfer with industry standards. 2 2
  23. 23. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe CALCULATION OF LOOKBACK DATES 2 3
  24. 24. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ENABLING LOANS • § 547(c)(3) • Applies to prevent the avoidance of a security interest to a creditor where the creditor’s earlier loan enabled the debtor to acquire the subject property, provided that the security interest is perfected as of the date the debtor obtains perfection of collateral, or within 30 days thereafter. • Often used to protect creditors who make purchase-money security interests. 2 4
  25. 25. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe SUBSEQUENT NEW VALUE • § 547(c)(4) • Preference amount reduced to the extent the creditor provided “new value” to the debtor after the date of the preferential transfer. • For this defense to apply, the new value cannot be secured by an unavoidable security interest. • Preferential transfer reduced by the amount of the subsequent new value. • Can be a partial or complete defense. • Courts split regarding paid vs unpaid new value. 2 5
  26. 26. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe AFTER-ACQUIRED INVENTORY AND RECEIVABLES • § 547(c)(5) • Provides special exception to creditor who has floating lien over debtor’s inventory and receivables. These two classes of collateral frequently fluctuate in composition and value. • Under 547(e)(3), a transfer that creates a perfected security interest in inventory or receivables may not be avoided as a preference. • But, the transfer can be avoided to the extent that the secured creditor’s position is improved over the course of the preference period. 2 6
  27. 27. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe INDIRECT PREFERENCES • An example: Say Debtor owes money to Vendor. Debtor’s President guaranteed Debtor’s payment. Debtor made a preferential payment to Vendor during the preference period. The trustee may have a cause of action not only against Vendor, but also against President. • President was a creditor of Debtor, on account of her right to contribution from Debtor for President’s guaranty of Debtor’s obligation to Vendor. When Debtor paid Vendor, it made a transfer that benefited President by extinguishing President’s contingent liability on the guaranty. 2 7
  28. 28. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe RECOVERY OF AVOIDED TRANSFERS • § 550 permits bankruptcy trustee to recover property subject to avoided transfers for the benefit of the bankruptcy estate. • Trustee may recover actual property transferred or its monetary value • Value of post-transfer appreciation may also be recoverable • Persons potentially liable include initial transferees, persons for whose benefit transfers were made, immediate (second-level) transferees of initial transferee, mediate (third-level) transferees and beyond 2 8
  29. 29. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe LIMITS TO RECOVERABILITY • Trustee may not recover from a transferee who was a “mere conduit” for a transfer, ie., the transferee did not exercise “dominion and control” of the property. • Transfers also not recoverable from secondary and later transferees who received property in good faith, for value, and without knowledge of the voidability of the transfer. 2 9
  30. 30. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ABOUT THE FACULTY 3 0
  31. 31. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe MARK MELICKIAN – mmelickian@sfgh.com Mark leads Sugar Felsenthal Grais & Helsinger LLP’s restructuring practice. Over the two-plus decades, he has worked primarily on business transactional and litigation matters with a focus on chapter 11 commercial bankruptcy cases and non-bankruptcy distressed situations. His practice includes both debtor- and creditor-side representations and include financial institutions, indenture trustees, trade creditors, asset purchasers, investors, commercial real estate interests, corporate officers, and other parties in interest in chapter 11 cases throughout the country. A significant focus of his practice is the representation of committees and other estate fiduciaries in bankruptcy cases. He has counseled dozens of official and unofficial bankruptcy committees, liquidating trustees, litigation trustees, and plan administrators charged with pursuing and liquidating assets for the benefit of estate creditors. Mark is a Contributing Editor to The Bankruptcy Strategist and has authored several articles for the American Bankruptcy Institute Journal. He is a contributing author to the treatise Reorganizing Failing Businesses: A Comprehensive Review and Analysis of Financial Restructuring and Business Reorganization, Third Edition (American Bar Association, 2018), and has written for Wiley Bankruptcy Law Update, Ginsberg & Martin on Bankruptcy, Norton Bankruptcy Law Adviser, and the Cornell University Legal Ethics Library, as well as dozens of professional conferences and seminars. For several years, he wrote a monthly legal affairs column for Student Lawyer, an America Bar Association publication, for which he received the Peter Lisagor Award for Exemplary Journalism from the Chicago chapter of the Society of Professional Journalists. Mark is a graduate of Colorado State University and Northwestern University School of Law, and studied creative writing for two years at the University of North Carolina-Greensboro. 3 1
  32. 32. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe RAFAEL ZAHRALDDIN – RXZA@elliottgreenleaf.com Rafael X. Zahralddin-Aravena is a Shareholder, Director, and Chair of his firm’s Commercial Bankruptcy and Restructuring Practice. He founded the Elliott Greenleaf Delaware office in 2007, which specializes in business law, as its first Managing Shareholder. He works as a litigator and advises businesses on issues of compliance, corporate formation, corporate governance, insolvency, distressed mergers and acquisition, commercial transactions, cyber law, and international and cross border issues. He has been lead counsel in several significant matters including serving as special litigation counsel in Washington Mutual, the largest bank insolvency in U.S. history. In the Nortel bankruptcies he successfully secured a settlement of more than $50 million for the permanently disabled former employees of the company. The firm and Mr. Zahralddin were named among the firms that received multiple awards in 2014, culminating in the Large Company Transaction of the Year Award from the Turnaround Management Association for their work in the AgFeed USA, Inc. bankruptcy, which involved the sale of the U.S. and China assets of a publicly traded company. Mr. Zahralddin is the co-editor of the American Bar Association’s book, Reorganizing Failing Businesses and has co-authored several chapters in the treatise. He has recently been named one of the Top 50 Latino Lawyers in the United States by Latino Leaders Magazine, a 2019 Philadelphia Inquirer Influencer of Law, and a Pennsylvania Super Lawyer (2019) as a Top Rated Creditor Debtor Rights Attorney. He is rated AV by Martindale-Hubbell and a Fellow of the American Bar Foundation. 3 2
  33. 33. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe THAD WILSON – ThadWilson@KSLAW.com Thad Wilson is a partner in the Atlanta office of King & Spalding and a member of the firm’s Financial Restructuring practice. Thad has represented a broad spectrum of clients in financial restructuring, corporate and insolvency matters, including bankruptcy-related government investigations and appeals. He has represented debtors, secured and unsecured creditors, and other parties in interest in major Chapter 11 bankruptcy cases. Thad has substantial experience representing litigants in contested matters, adversary proceedings and other high stakes litigation in significant Chapter 11 bankruptcy cases and insolvency proceedings involving creditors’ rights, fraudulent transfers, and alter ego, as well as representing buyers and sellers of distressed assets in Chapter 11 bankruptcy proceedings. Thad is a member of the American Bankruptcy Institute, the Turnaround Management Association, the Atlanta Bar Association and the State Bar of Georgia. He is a founding member of the Atlanta chapter of the Turnaround Management Association NextGen organization and is the current president-elect of its board. In 2014, he was elected to the initial class of Barristers of the W. Homer Drake, Jr. Georgia Bankruptcy American Inn of Court, of which he is currently a member. Thad is a frequent lecturer on bankruptcy-related issues before bar groups and in continuing legal education programs. Thad has authored and co-authored numerous articles on bankruptcy-related topics and has been published in numerous publications. Thad received his law degree from the University of Iowa College of Law, with distinction. While in law school, Thad served as the Executive Editor of the Iowa Law Review and as treasurer of McLain Inn of Phi Delta Phi. Thad received his Bachelor of Arts in Economics, magna cum laude, from Furman University in 2005. 3 3
  34. 34. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe MICHAEL SCHWARZMANN– michaelschwarzmann@yahoo.com Michael Schwarzmann has over 20 years’ experience helping identify opportunities to create value for his clients. I have extensive experience working with established companies when they encounter financial difficulties by assisting them in developing solutions to address short term cash needs and longer term profitability. My process includes helping to identify cost savings and value capture scenarios by analyzing historical financial performance along with current operations and projecting optimizing strategies. Utilizing weekly and monthly cash flow statements, budgets, and forecasts, I utilize a focused, data driven approach to identifying opportunities to increase company profitability. Through a broad review of financial, operational and strategic performance, I help guide companies to increased profitability. Working across the organization, vertically and horizontally, uncovers additional solutions and generates greater buy-in of the goals, objectives and action plan, all of which are critical to maximize the impact of proposed changes. I utilize my legal knowledge to seamlessly work with counsel to identify and address legal issues in a more cost effective manner. I have guided the development and evaluation of business plans and formulated successful strategies to preserve or improve asset values. I am a consensus builder. Industry experience includes: health care, manufacturing, agricultural, construction, restaurants and franchising, energy and travel. 3 4
  35. 35. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe CHRISTOPHER WICK – cwick@hahnlaw.com Christopher B. Wick specializes in corporate restructuring and bankruptcy. Chris focuses his practice on corporate reorganizations, workouts, debtors’ and creditors’ rights and corporate transactions across the United States. He has represented parties in the restructuring, reorganization or sale of complex business in various industries, including energy, automotive, agriculture, telecommunications, logistics, manufacturing, real estate and steel. He also has a broad range of transactional experience and has advised clients in connection with a variety of DIP financing facilities, recapitalization transactions and asset dispositions and acquisitions. Chris has substantial experience representing and advising companies, buyers and investors in all aspects of distressed and insolvency situations. He counsels boards of directors, chief executive offices and other members of senior management with respect to their duties and obligations to and exposures in connection with financially challenged companies. Chris received his J.D. from Washington & Lee School of Law in 2000 and his B.A. in Print Journalism and European History from Washington and Lee University in 1997. 3 5
  36. 36. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe QUESTIONS OR COMMENTS? If you have any questions about this webinar that you did not get to ask during the live premiere, or if you are watching this webinar On Demand, please do not hesitate to email us at info@financialpoise.com with any questions or comments you may have. Please include the name of the webinar in your email and we will do our best to provide a timely response. IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education. 3 6
  37. 37. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Receive our free weekly newsletter at www.financialpoise.com/subscribe ABOUT DailyDAC DailyDAC.com is the leading source of information about assignments, article 9, bankruptcy, receiverships, out-of-court workouts and vulture investing, designed for business owners and vulture investors. Visit us at www.dailydac.com. 3 7 Premium Public Notice Service DailyDAC’s Premium Public Notice Service helps market asset sales on behalf of fiduciaries (e.g., Chapter 11 debtors-in- possession and committees, trustees, receivers, assignees), secured lenders selling collateral under UCC Article 9, and auctioneers to a very large and self-selected group of potential bidders and their advisors. The Service also assists with noticing other events, deadlines, and milestones – including tombstones and other press releases. Our free weekly newsletter, DailyDAC contains our latest bankruptcy article, current Public Notices and all opportunistic deals added to our proprietary database that week. Sign up at: https://www.dailydac.com/dacyak-weekly-newsletter-signup/
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