The document discusses selling bankruptcy claims and the process involved. It outlines what claims trading is, the documents required for a claims sale including a claims agreement and proof of claim. It warns of potential pitfalls for sellers and advises getting legal counsel to review documents and represent your interests.
The document discusses selling bankruptcy claims and the process involved. It explains what claims trading is, the documents required for a claims sale such as a claims agreement, and requirements under bankruptcy procedure 3001(e). It outlines the process for objections and provides tips to minimize risks when selling a claim.
Real Estate Investment: Tips for Navigating a Bankruptcy RE Sale ProcessCBIZ, Inc.
When forced to liquidate, a retail debtor company’s real estate portfolio is often the most significant non-operating asset that will be sold to pay creditors. Opportunities for real estate value investors abound, but prospective buyers must be aware of nuances specific to bankruptcy sales in pursuing such potential deals.
This document discusses frequently asked questions about short sales in Connecticut. A short sale occurs when a homeowner sells their home for less than the outstanding mortgage balance due to financial hardship. This allows them to avoid foreclosure. Key points covered include benefits like avoiding foreclosure impacts, potential pitfalls like credit effects, the short sale approval process which can take 2-4 months, requirements for all lien holders to approve, and tax implications of forgiven debt.
Distressed asset sales both in bankruptcy and out-of-court alter Feb 2015 Polsinelli PC
Given the economic downturn of recent years, professionals' fees and costs have been a driving factor in conducting the acquisition of distressed assets. A majority of these transactions take place pursuant to section 363 of the Bankruptcy Code. However, out-of-court alternatives such as Receiverships, Assignments for the Benefit of Creditors, and Article 9 of the Uniform Commercial Code have gained momentum to bankruptcy as expeditious and cost-efficient alternatives.
This webinar focuses on the sale of distressed assets under each of these alternatives, including bankruptcy and a special emphasis on the sale or acquisition of distressed health care assets.
Confessions of the Un-lawyered: Understanding Legal Issues that Touch the Fac...Anthony D. Ursino
Presentation: Confessions of the Un-lawyered - Understanding Legal Issues that Touch the Facets of Business by Anthony Ursino (Australian business law). Presentation given to the CPA Sydney Joint City Taxation and Young Professional Discussion Group on 15 June 2016.
When entrepreneurs start businesses they usually have to be across everything and anything. Normally entrepreneurs are concerned with generating cash flow and creating opportunities, it is easy to forget to turn their mind to the legal aspects of different business functions. This presentation will provide a big picture overview of the common legal issues faced by businesses. We will scan across the areas of business including contracting, governance, marketing, HR and delinquent customers. The goal of the presentation is to provide some overarching principles in each area to assist in reducing legal risk. This presentation will equip advisors an understanding of the legal issues that touch the facets of business.
Help, My Business is in Trouble! (Series: Restructuring, Insolvency & Trouble...Financial Poise
When a business becomes financially troubled, the business owner often experiences denial, paralysis, or both. Lenders commonly lose confidence and then trust in the business, as communications tend to break down, deadlines are missed, and promises are broken. Small business owners commonly have issued personal guarantees, so business failure can often lead to personal financial stress. The good news is the business and business owner usually has some options, and even some leverage. This webinar explains what a business owner should- and should not- consider and do when dealing with financial trouble. Specific topics include discussion of bankruptcy (Chapters 7 and 11); assignments for the benefit of creditors; and friendly foreclosures. This webinar provides the business owner and her advisors with an overview of various restructuring and liquidation methods, a framework for how to decide between them, and practical tips for traversing the difficult environment that is financial distress.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/help-my-business-is-in-trouble-2020/
Elderly care conference 2017 - Workshop stream A - the legal framework: share...Browne Jacobson LLP
This presentation covers what the difference between a share sale and an asset sale is. Key documents involved in a transaction, due diligence, how to address risks and limitation of liability.
The document discusses selling bankruptcy claims and the process involved. It explains what claims trading is, the documents required for a claims sale such as a claims agreement, and requirements under bankruptcy procedure 3001(e). It outlines the process for objections and provides tips to minimize risks when selling a claim.
Real Estate Investment: Tips for Navigating a Bankruptcy RE Sale ProcessCBIZ, Inc.
When forced to liquidate, a retail debtor company’s real estate portfolio is often the most significant non-operating asset that will be sold to pay creditors. Opportunities for real estate value investors abound, but prospective buyers must be aware of nuances specific to bankruptcy sales in pursuing such potential deals.
This document discusses frequently asked questions about short sales in Connecticut. A short sale occurs when a homeowner sells their home for less than the outstanding mortgage balance due to financial hardship. This allows them to avoid foreclosure. Key points covered include benefits like avoiding foreclosure impacts, potential pitfalls like credit effects, the short sale approval process which can take 2-4 months, requirements for all lien holders to approve, and tax implications of forgiven debt.
Distressed asset sales both in bankruptcy and out-of-court alter Feb 2015 Polsinelli PC
Given the economic downturn of recent years, professionals' fees and costs have been a driving factor in conducting the acquisition of distressed assets. A majority of these transactions take place pursuant to section 363 of the Bankruptcy Code. However, out-of-court alternatives such as Receiverships, Assignments for the Benefit of Creditors, and Article 9 of the Uniform Commercial Code have gained momentum to bankruptcy as expeditious and cost-efficient alternatives.
This webinar focuses on the sale of distressed assets under each of these alternatives, including bankruptcy and a special emphasis on the sale or acquisition of distressed health care assets.
Confessions of the Un-lawyered: Understanding Legal Issues that Touch the Fac...Anthony D. Ursino
Presentation: Confessions of the Un-lawyered - Understanding Legal Issues that Touch the Facets of Business by Anthony Ursino (Australian business law). Presentation given to the CPA Sydney Joint City Taxation and Young Professional Discussion Group on 15 June 2016.
When entrepreneurs start businesses they usually have to be across everything and anything. Normally entrepreneurs are concerned with generating cash flow and creating opportunities, it is easy to forget to turn their mind to the legal aspects of different business functions. This presentation will provide a big picture overview of the common legal issues faced by businesses. We will scan across the areas of business including contracting, governance, marketing, HR and delinquent customers. The goal of the presentation is to provide some overarching principles in each area to assist in reducing legal risk. This presentation will equip advisors an understanding of the legal issues that touch the facets of business.
Help, My Business is in Trouble! (Series: Restructuring, Insolvency & Trouble...Financial Poise
When a business becomes financially troubled, the business owner often experiences denial, paralysis, or both. Lenders commonly lose confidence and then trust in the business, as communications tend to break down, deadlines are missed, and promises are broken. Small business owners commonly have issued personal guarantees, so business failure can often lead to personal financial stress. The good news is the business and business owner usually has some options, and even some leverage. This webinar explains what a business owner should- and should not- consider and do when dealing with financial trouble. Specific topics include discussion of bankruptcy (Chapters 7 and 11); assignments for the benefit of creditors; and friendly foreclosures. This webinar provides the business owner and her advisors with an overview of various restructuring and liquidation methods, a framework for how to decide between them, and practical tips for traversing the difficult environment that is financial distress.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/help-my-business-is-in-trouble-2020/
Elderly care conference 2017 - Workshop stream A - the legal framework: share...Browne Jacobson LLP
This presentation covers what the difference between a share sale and an asset sale is. Key documents involved in a transaction, due diligence, how to address risks and limitation of liability.
The document summarizes key aspects of the escrow process. It outlines the requirements for a valid escrow including signed escrow instructions, a neutral escrow holder, and conditional delivery of funds and documents. It describes the roles of escrow holders, brokers, and officers. It also explains how escrows work including opening escrow, escrow instructions, financing, proration, fire insurance, title insurance, and key regulations like RESPA.
Webinar Presentation Galligan And Emanuel Aug11 Finalgalligan
This document discusses key issues for business owners to consider from the seller's perspective when contemplating the sale of their business. It addresses whether the transaction will close at the proposed price and terms, whether the seller will receive the negotiated purchase price, and whether the seller will retain the purchase price after closing. Specific factors discussed include conducting due diligence on potential buyers, structuring seller financing terms, defining earn-out metrics, allocating contractual and non-contractual risks, and more. The document provides an overview of important legal and financial considerations for sellers beyond just obtaining the highest sale price.
This document discusses different types of buy-sell agreements that can be funded with life insurance policies. It describes cross purchase and entity purchase buy-sell agreements, where owners or a business purchase a deceased owner's shares. It also covers unilateral, wait and see, and escrowed buy-sell agreements. General tax considerations and the tax consequences for sellers and surviving owners are provided. Factors for selecting a structure and valuing a business are listed. The document aims to help business owners understand options for buy-sell agreements funded with life insurance.
The document provides information on the steps to close a short sale. It begins by defining a short sale as a property sale where the sale proceeds are less than the loan balance and requires consent from both the borrower and lender to avoid foreclosure. The first steps are to determine if the seller qualifies for a short sale by providing financial documents to prove inability to pay, and finding an experienced short sale listing agent. Key questions that need answers include how many liens are on the title and if the seller has contacted the lender about their short sale policies and procedures. The next steps are making an offer, signing a purchase contract, and going through the typical mortgage approval process where the underwriter will want to see a short
Claims by acquirers sellers and unsuccessful biddersPolsinelli PC
This document summarizes key aspects of letters of intent and memoranda of understanding in mergers and acquisitions. It discusses whether parties should use letters of intent and the advantages and disadvantages. Key points covered include how to determine if provisions are binding or non-binding, sample language to use, and remedies if a court finds parties intended to be bound before a definitive agreement. It also discusses creating and disclaiming obligations to negotiate in good faith based on a letter of intent. The document provides an overview of important considerations and best practices for letters of intent in M&A transactions.
This document provides guidance on successful real estate settlements. It discusses utilizing checklists and timelines to track transactions. It emphasizes providing service beyond basic requirements. Sections cover listing properties, evaluating sellers' positions, contract reviews, buyer and seller services, home inspections, working with appraisers, troubleshooting issues, and conducting settlements. The document stresses proper contract writing, clear communication between all parties, and addressing potential challenges that may arise.
HOM INtro #51: Buyer\'s Agent—A Different Game: Short Sale or REO BuyerMildredWilkins
This document discusses the key differences real estate agents should be aware of when helping clients buy properties involved in foreclosure or owned by banks after foreclosure. It notes that pre-foreclosure or "short sale" listings involve more uncertainty due to being controlled by lenders, while bank-owned or REO properties involve definitive timelines and processes but may require special contract addendums. The document provides tips for agents on how to properly handle offers, negotiations, inspections and closings for these non-traditional property types.
The document discusses different types of real estate listings and agency relationships. It covers employing an agent through a written listing agreement that establishes the broker's right to a commission. Listing types include open, exclusive, net, and multiple listings. The disclosure of agency relationships and obtaining proper consent is also addressed. Steps for preparing, securing, and servicing a listing are provided, including overcoming seller objections, maintaining contact, and providing regular reports.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and oversight of sales agents. A sales agent must be sponsored by a broker. All license holders must put the client's interests first, disclose material information, answer questions, and treat all parties honestly and fairly. A license holder can represent a party as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both with written consent. Agreements between clients and brokers should be in writing and outline duties, payment terms, and how the client will be represented.
TX - Information About Brokerage Services (TAR 2501 (1)Jordan Knight
This document outlines the responsibilities and obligations of different types of real estate license holders in Texas, including brokers, sales agents, and intermediaries. Brokers are responsible for all brokerage activities and ensuring sales agents comply with the law. All license holders must put the client's interests first, disclose all material facts about a property or transaction, and treat all parties honestly and fairly. Agreements between clients and brokers should be in writing and outline duties, payment terms, and how the client will be represented.
This document outlines the responsibilities and obligations of different types of real estate license holders in Texas, including brokers, sales agents, and intermediaries. Brokers are responsible for all brokerage activities and ensuring their sales agents comply with laws. All license holders must put the client's interests first, disclose material facts about a property or transaction, and treat all parties honestly and fairly. Agreements between clients and brokers should be in writing and clarify duties, payment terms, and how the client will be represented.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and sales agents must be sponsored by a broker. Brokers must put the client's interests first, disclose all material information, answer questions, and treat all parties honestly and fairly. A license holder can represent parties as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both. All agreements between clients and brokers should be in writing.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and oversight of sales agents. A broker's minimum duties include putting the client's interests first, disclosing all material facts, answering questions, and treating all parties honestly and fairly. A license holder can represent parties as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both. All agreements between clients and brokers should be in writing and clearly establish duties, payment terms, and how to avoid disputes.
Adam Leitman Bailey and Andrew Jorges were invited to lecture on Common Ways Deals Die and How Brokers Can Bring Them Back to Life for Town Residential.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and oversight of sales agents. Brokers must represent clients' interests above all others and disclose all material information. A license holder can represent parties as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both with written consent. Agreements between clients and brokers should be in writing and clarify duties, payment terms, and how the client will be represented.
The lawyers at Cohen LLP have an extensive track record in corporate and commercial law, mergers and acquisitions, corporate governance, residential real estate, corporate relocations, and Wills and Estates. Contact at (416) 380-7550
Buying Your Home Selttlement Costs and Helpful InformationMadonna Hartley
From The US Department of Housing and Urban Development-HUD.Obtaining a mortgage,settlement costs,defination of terms and other need to know information for the informed consumer.
People selling their homes want to deal with one person. Agents have a system for show requests that is the most convenient for all of the parties involved. A buyers agent will have a fiduciary responsibility to represent the buyers interest and not those of the seller.
This chapter discusses various topics related to real estate investing and brokerage, including why people invest in real estate, the benefits of investing, and the roles brokers can play in helping clients with investment properties, business opportunities, and other specialty areas like property management, escrow, and loan brokerage. It also covers regulations related to topics like syndication, selling businesses, probate sales, and manufactured housing.
This document provides an overview and summary of key considerations for mergers and acquisitions (M&A) transactions involving venture capital (VC) investors. It discusses issues such as board consideration of acquisition proposals, director indemnification, M&A planning, transaction structures, selling shareholder implications, litigation expense funds, earn-outs, and appointing a shareholder representative. The summary highlights fiduciary duties of boards, types of M&A transaction structures including taxable and tax-free deals, and complexities that may arise in venture-backed exits.
The document discusses how nano-publications, which are brief statements summarizing scientific knowledge as concept triples, can increase access to and transfer of knowledge. Nano-publications treat annotated concept triples as citations, benefiting both authors through increased citations and publishers by increasing access to knowledge while respecting copyright. Reasoning can then be done with the networked concept triples to derive new insights.
The document summarizes key aspects of the escrow process. It outlines the requirements for a valid escrow including signed escrow instructions, a neutral escrow holder, and conditional delivery of funds and documents. It describes the roles of escrow holders, brokers, and officers. It also explains how escrows work including opening escrow, escrow instructions, financing, proration, fire insurance, title insurance, and key regulations like RESPA.
Webinar Presentation Galligan And Emanuel Aug11 Finalgalligan
This document discusses key issues for business owners to consider from the seller's perspective when contemplating the sale of their business. It addresses whether the transaction will close at the proposed price and terms, whether the seller will receive the negotiated purchase price, and whether the seller will retain the purchase price after closing. Specific factors discussed include conducting due diligence on potential buyers, structuring seller financing terms, defining earn-out metrics, allocating contractual and non-contractual risks, and more. The document provides an overview of important legal and financial considerations for sellers beyond just obtaining the highest sale price.
This document discusses different types of buy-sell agreements that can be funded with life insurance policies. It describes cross purchase and entity purchase buy-sell agreements, where owners or a business purchase a deceased owner's shares. It also covers unilateral, wait and see, and escrowed buy-sell agreements. General tax considerations and the tax consequences for sellers and surviving owners are provided. Factors for selecting a structure and valuing a business are listed. The document aims to help business owners understand options for buy-sell agreements funded with life insurance.
The document provides information on the steps to close a short sale. It begins by defining a short sale as a property sale where the sale proceeds are less than the loan balance and requires consent from both the borrower and lender to avoid foreclosure. The first steps are to determine if the seller qualifies for a short sale by providing financial documents to prove inability to pay, and finding an experienced short sale listing agent. Key questions that need answers include how many liens are on the title and if the seller has contacted the lender about their short sale policies and procedures. The next steps are making an offer, signing a purchase contract, and going through the typical mortgage approval process where the underwriter will want to see a short
Claims by acquirers sellers and unsuccessful biddersPolsinelli PC
This document summarizes key aspects of letters of intent and memoranda of understanding in mergers and acquisitions. It discusses whether parties should use letters of intent and the advantages and disadvantages. Key points covered include how to determine if provisions are binding or non-binding, sample language to use, and remedies if a court finds parties intended to be bound before a definitive agreement. It also discusses creating and disclaiming obligations to negotiate in good faith based on a letter of intent. The document provides an overview of important considerations and best practices for letters of intent in M&A transactions.
This document provides guidance on successful real estate settlements. It discusses utilizing checklists and timelines to track transactions. It emphasizes providing service beyond basic requirements. Sections cover listing properties, evaluating sellers' positions, contract reviews, buyer and seller services, home inspections, working with appraisers, troubleshooting issues, and conducting settlements. The document stresses proper contract writing, clear communication between all parties, and addressing potential challenges that may arise.
HOM INtro #51: Buyer\'s Agent—A Different Game: Short Sale or REO BuyerMildredWilkins
This document discusses the key differences real estate agents should be aware of when helping clients buy properties involved in foreclosure or owned by banks after foreclosure. It notes that pre-foreclosure or "short sale" listings involve more uncertainty due to being controlled by lenders, while bank-owned or REO properties involve definitive timelines and processes but may require special contract addendums. The document provides tips for agents on how to properly handle offers, negotiations, inspections and closings for these non-traditional property types.
The document discusses different types of real estate listings and agency relationships. It covers employing an agent through a written listing agreement that establishes the broker's right to a commission. Listing types include open, exclusive, net, and multiple listings. The disclosure of agency relationships and obtaining proper consent is also addressed. Steps for preparing, securing, and servicing a listing are provided, including overcoming seller objections, maintaining contact, and providing regular reports.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and oversight of sales agents. A sales agent must be sponsored by a broker. All license holders must put the client's interests first, disclose material information, answer questions, and treat all parties honestly and fairly. A license holder can represent a party as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both with written consent. Agreements between clients and brokers should be in writing and outline duties, payment terms, and how the client will be represented.
TX - Information About Brokerage Services (TAR 2501 (1)Jordan Knight
This document outlines the responsibilities and obligations of different types of real estate license holders in Texas, including brokers, sales agents, and intermediaries. Brokers are responsible for all brokerage activities and ensuring sales agents comply with the law. All license holders must put the client's interests first, disclose all material facts about a property or transaction, and treat all parties honestly and fairly. Agreements between clients and brokers should be in writing and outline duties, payment terms, and how the client will be represented.
This document outlines the responsibilities and obligations of different types of real estate license holders in Texas, including brokers, sales agents, and intermediaries. Brokers are responsible for all brokerage activities and ensuring their sales agents comply with laws. All license holders must put the client's interests first, disclose material facts about a property or transaction, and treat all parties honestly and fairly. Agreements between clients and brokers should be in writing and clarify duties, payment terms, and how the client will be represented.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and sales agents must be sponsored by a broker. Brokers must put the client's interests first, disclose all material information, answer questions, and treat all parties honestly and fairly. A license holder can represent parties as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both. All agreements between clients and brokers should be in writing.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and oversight of sales agents. A broker's minimum duties include putting the client's interests first, disclosing all material facts, answering questions, and treating all parties honestly and fairly. A license holder can represent parties as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both. All agreements between clients and brokers should be in writing and clearly establish duties, payment terms, and how to avoid disputes.
Adam Leitman Bailey and Andrew Jorges were invited to lecture on Common Ways Deals Die and How Brokers Can Bring Them Back to Life for Town Residential.
This document outlines the roles and responsibilities of different types of real estate license holders in Texas. A broker is responsible for all brokerage activities and oversight of sales agents. Brokers must represent clients' interests above all others and disclose all material information. A license holder can represent parties as an agent for the owner/seller, buyer/tenant, or act as an intermediary for both with written consent. Agreements between clients and brokers should be in writing and clarify duties, payment terms, and how the client will be represented.
The lawyers at Cohen LLP have an extensive track record in corporate and commercial law, mergers and acquisitions, corporate governance, residential real estate, corporate relocations, and Wills and Estates. Contact at (416) 380-7550
Buying Your Home Selttlement Costs and Helpful InformationMadonna Hartley
From The US Department of Housing and Urban Development-HUD.Obtaining a mortgage,settlement costs,defination of terms and other need to know information for the informed consumer.
People selling their homes want to deal with one person. Agents have a system for show requests that is the most convenient for all of the parties involved. A buyers agent will have a fiduciary responsibility to represent the buyers interest and not those of the seller.
This chapter discusses various topics related to real estate investing and brokerage, including why people invest in real estate, the benefits of investing, and the roles brokers can play in helping clients with investment properties, business opportunities, and other specialty areas like property management, escrow, and loan brokerage. It also covers regulations related to topics like syndication, selling businesses, probate sales, and manufactured housing.
This document provides an overview and summary of key considerations for mergers and acquisitions (M&A) transactions involving venture capital (VC) investors. It discusses issues such as board consideration of acquisition proposals, director indemnification, M&A planning, transaction structures, selling shareholder implications, litigation expense funds, earn-outs, and appointing a shareholder representative. The summary highlights fiduciary duties of boards, types of M&A transaction structures including taxable and tax-free deals, and complexities that may arise in venture-backed exits.
The document discusses how nano-publications, which are brief statements summarizing scientific knowledge as concept triples, can increase access to and transfer of knowledge. Nano-publications treat annotated concept triples as citations, benefiting both authors through increased citations and publishers by increasing access to knowledge while respecting copyright. Reasoning can then be done with the networked concept triples to derive new insights.
This document summarizes the legal rules regarding direct marketing in the UK, specifically regarding obtaining consent and how to avoid violating data privacy laws. It notes that prior consent is required for email, telephone, fax and automated calling, and discusses the "soft opt-in" exception for email. It also covers requirements for offering opt-outs, using cookies, and handling of personal data. Upcoming changes to EU data protection laws are also briefly outlined.
This document provides a 4-step process for making money on mobile: 1) Get an audience through ad networks and targeted campaigns, 2) Create users through single-click signups using phone numbers to reduce barriers, 3) Make money by charging users small amounts through their phone bills which are collected and paid out after 45 days, and 4) An example of generating over £100 in 24 hours and £3,000 per month through a "Win an iPad" promotional campaign using this process.
This document discusses the potential for Bluetooth and BlueNFC technologies to enable widespread contactless mobile services like NFC. It provides an overview of wireless technologies, compares NFC and Bluetooth adoption rates, and examines use cases where BlueNFC could complement NFC by working on over 80% of existing mobile devices. The document argues that BlueNFC could pave the way for many potential applications by gaining an eight year head start over NFC deployment and working with most phones without hardware changes.
This document summarizes a maternal, newborn and child health summit. It identifies gaps in healthcare delivery such as lack of trained healthcare workers, poor working conditions, and lack of access points. Projects from various organizations aim to address these gaps. There are also issues with maldistribution of healthcare workers and incentives. The document emphasizes not overanalyzing problems and copying solutions from others. Coordination between different levels of government is key. It identifies priority areas and populations to focus on and asks if stakeholders are committed to improving healthcare.
The document discusses functions and their properties. It defines what a function is - a relation where each element of the domain corresponds to exactly one element of the codomain. It also defines key properties of functions like one-to-one, onto, bijective, and inverse functions. The document discusses how to compose functions and calculate the number of possible functions between sets. It concludes by discussing equivalent sets, orders of magnitude, and big-O notation for analyzing functions.
A guest lecture held at the University of Mary Washington on 6 October 2009 regarding trends in openness and licensing of software, music and other types of content.
The document discusses the modulo (mod) function and its applications in hashing, cryptography, and computer security. It defines the mod function and explains that it is useful for hashing because it maps values to integers quickly (goal 1) and produces better distribution with prime number table sizes (goal 2). It also describes how the mod function enables encryption schemes like the Caesar cipher and AES by performing rotations/wraparounds of values.
Bankruptcy Claims Trading (Series: Bankruptcy Transactions: Advice for the Ad...Financial Poise
Claims Trading in bankruptcy cases has advanced and grown in sophistication swiftly in recent history. Companies and their advisors should be prepared before wading into these waters. How will a claim be treated once transferred? What steps should a company acquiring a claim take to ensure the claim is paid? How should a claim be valued? What kind of documentation will be needed to properly transfer the claim? If a dispute arises regarding the claim, how should the acquiring company defend itself? This webinar focuses on understanding these issues and addressing best practices for advanced reorganization practitioners and advisors working on the cutting edge of bankruptcy transactions.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/bankruptcy-claims-trading-2020/
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/bankruptcy-claims-trading-2020/
Claims Trading in bankruptcy cases has advanced and grown in sophistication swiftly in recent history. Companies and their advisors should be prepared before wading into these waters. How will a claim be treated once transferred? What steps should a company acquiring a claim take to ensure the claim is paid? How should a claim be valued? What kind of documentation will be needed to properly transfer the claim? If a dispute arises regarding the claim, how should the acquiring company defend itself? For 2021, do the financial programs initiated under the CARES Act impact claims trading, and if so, how? This webinar focuses on understanding these issues and addressing best practices for advanced reorganization practitioners and advisors working on the cutting edge of bankruptcy transactions.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/bankruptcy-claims-trading-2021/
Claims Trading in bankruptcy cases has advanced and grown in sophistication swiftly in recent history. Companies and their advisors should be prepared before wading into these waters. How will a claim be treated once transferred? What steps should a company acquiring a claim take to ensure the claim is paid? How should a claim be valued? What kind of documentation will be needed to properly transfer the claim? If a dispute arises regarding the claim, how should the acquiring company defend itself? For 2022, do the financial programs initiated under the CARES Act impact claims trading, and if so, how? This webinar focuses on understanding these issues and addressing best practices for advanced reorganization practitioners and advisors working on the cutting edge of bankruptcy transactions.
Part of the webinar series: BANKRUPTCY TRANSACTIONS - 301: ADVICE FOR THE ADVANCED PRACTITIONER 2022
See more at https://www.financialpoise.com/webinars/
Corporate Bankruptcy 101 & Select Bankruptcy Issuesmelissaapena
This document summarizes key topics relating to corporate bankruptcy, including the different chapters of bankruptcy, the chapter 11 bankruptcy process, roles and responsibilities of various parties in a chapter 11 case such as the debtor, professionals, creditors, and the United States trustee. It also discusses first day motions, debtor-in-possession financing, cash collateral usage, executory contracts, claims processes, and other select bankruptcy issues.
Asset Purchase Agreement
The attached draft aircraft purchase agreement has many, many drafting errors. There is legalese, provisions are way too long, and there is a total lack of craftsmanship. Please clean it up. Redraft the agreement to reflect the deal below. There will be a fair amount of revision. Do not use any supplementary sources, other than those distributed to you in our course. Do not draft provisions other than the ones I have specifically asked for or those that are required because of the cascade effect (text pages 342-343). Finally, please draft an agreement from the point of view of your client, the seller.
General Instructions
-
Draft an Agreement for Purchase and Sale of Assets (“Purchase Agreement”) for your client who wants to sell a law practice.
-
Focus on the material covered in class (textbook, class notes, TWEN, articles referenced, these instructions, Assignment, including Chapters 1-12, 14, 16-18 and Chapter 32;
plus
the Material Adverse Condition article on TWEN (“The MAC Clause: An Emperor With No Clothes”), and the following articles in the course reader: Parol Evidence after
Riverisland
; Liquidated Damages Clauses; and the Indemnity Primer.
-
Use the Aircraft Purchase Agreement, which is posted on TWEN, as the base document on which you will incorporate the information and the deal points.
-
Clean up all language used from the form by applying what we have covered (ie, use of “may”, “shall”, active form, no legalese…)
-
Do not include language that is clearly not requested.
-
If given information to specify a date or amount, calculate date or amount to get full credit.
-
13-page maximum for both documents, but the Promissory Note cannot be longer than 1 page.
-
I reserve the right to modify these instructions and deal points up to 1 week before the due date and time. I will accept the latest version you send me before the due date and time.
-
Due no later than 09:00 a.m. Saturday, November 5, 2016 by e-mail to
[email protected]
Deal Overview (may apply to purchase agreement or the Note exhibit)
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Your California client, a limited liability partnership whose legal name is Bar None, LLP, but who does business as (dba) The Top Law Firm, wants to sell substantially all of the assets in connection with a law practice located at the building with an address of 3333 Sunset Blvd, Los Angeles, CA. As an LLP, your client is an entity in which the attorney-owners are partners, but no partner is liable to any creditor of the law firm nor is any partner liable for any negligence on the part of any other partner (i.e., each partner has limited liability). The managing partner is J.D. Advocate. The buyer, on the other hand, is Prince Law, but – because he also wants limited liability – he does not want to practice as a sole proprietor so he will create a California entity called Prince Law, P.C. and register it with the California State Bar and California Secretary of State. The LLP is registere.
The document discusses key issues related to a customer filing for Chapter 11 bankruptcy and selling its business as a going concern. It addresses common questions from creditors regarding whether to continue doing business, the likelihood of getting paid in full, negotiations with the potential new buyer, the role of the unsecured creditors committee, and the risk of payments being deemed preferential. While continuing normal credit terms or agreeing to price decreases may help facilitate a going concern sale, there is no guarantee creditors will be paid in full or that the original buyer will be the ultimate buyer. Sitting on the creditors committee provides opportunities to obtain information and potentially influence the process. Not all past payments need to be returned as preferential depending on the specific circumstances.
2009 Hot Legal Topics.Credit Applicationsguest742b77
The document discusses key concepts regarding commercial sales transactions and contracts under the Uniform Commercial Code (UCC). It explains that the UCC was developed to standardize commercial law and provides default terms if a contract is not fully documented. It also outlines how common documents like purchase orders, invoices, and credit applications function within a UCC framework to establish offer, acceptance, and the terms of a sales agreement.
Creditor\'s Rights and Bankruptcy Issues in Real Estate Lawterigrasmussen
Discusses how creditors should deal with a recently filed case, the automatic stay, leasing, use and sale of assets, and nonbankruptcy remedies available to creditors, including receiverships, foreclosures, creditors\' bill, charging order, and assignments for the benefit of creditors
The basics of the loan purchase and sale process is relatively straight forward, but like any transaction, the devil is in the details. Following are eight steps involved in the purchase and sale of loan assets followed by a discussion of the most common pitfalls to avoid throughout the transaction.
This document summarizes key points from a continuing education course about managing risks related to real estate commissions. It discusses procuring cause issues that can lead to disputes over who is entitled to a commission. The summary explains that procuring cause is determined on a case-by-case basis, considering the entire course of events and whether a broker's actions established continuous contact leading to the successful transaction. It also outlines the arbitration and mediation processes available through boards of realtors to resolve commission disputes.
http://turnkeyinvesting.com - This seller-financing/owner-financing presentation was first created in late 2007 during a special 3-hour session of the Investors Roundtable. I also gave an abbreviated version of this presentation in 2009.
The slides were much wordier than I had intended and meant as a reference afterwards.
This document summarizes strategies for suppliers dealing with debtors, including offering supply agreements or purchase orders to form valid contracts, ensuring terms and conditions are consistently applied, obtaining thorough credit applications, using personal guaranties, requesting adequate assurance of performance if a customer's financial stability is in question, exercising remedies like reclamation or stoppage of goods, dealing with executory contracts in bankruptcy, and strategies for both customers and suppliers in bankruptcy proceedings.
The document summarizes the use of provisional liquidation as a tool for corporate rescue in Hong Kong. It discusses how provisional liquidators can safeguard a company's assets, continue operations, and potentially restructure the company through a scheme of arrangement. It also provides an example of how provisional liquidators marketed and sold a distressed company as a going concern, resulting in full payment to preferential creditors and a substantial distribution to unsecured creditors.
This document discusses factoring, which is a financial transaction where a business sells its accounts receivable to a third party called a factor in exchange for immediate cash. There are several types of factoring described, including domestic, international, recourse, non-recourse, maturity, and invoice factoring. The key differences between factoring and a bank loan are also outlined. A case study is then provided showing how a company used export factoring and purchase order financing to fulfill several contracts requiring upfront capital.
This document summarizes negotiating skills and techniques presented by Bart Greenberg. It discusses issues that can arise in negotiations such as unequal bargaining power between parties, personality issues between negotiators, and effective communication methods. Specific techniques are presented for dealing with difficult situations, including outsmarting opponents, staying within your means, and manipulating an opponent's greed. Examples are also provided to illustrate how these techniques can be applied.
This webinar discusses negotiating mergers and acquisitions deals. It will involve panelists acting as buyers' and sellers' counsel negotiating various deal points like representations and warranties, indemnification, purchase price payment mechanisms, and other terms. The panelists are experienced M&A attorneys and deal professionals who will guide the audience through negotiations in key areas like closing conditions, post-closing covenants, choice of law/venue, and dispute resolution. The goal is to provide practical guidance on navigating complex M&A negotiations.
Chapter 15 Condition of property the seller’s disclosures .docxketurahhazelhurst
Chapter 15: Condition of property: the seller’s disclosures 99
After reading this chapter, you will understand:
• the affirmative duty a seller and the seller’s agent have to
inspect and disclose their observations and knowledge about the
property’s condition to a prospective buyer;
• the general duty of the seller and seller’s agent owed to prospective
buyers to prepare a Transfer Disclosure Statement (TDS) presenting
known conditions of property improvements with an adverse
effect on value and hand it to a buyer or buyer’s agent before the
seller enters into a purchase agreement; and
• the role of a home inspection report (HIR) to identify and disclose
property conditions as a warranty of the property’s condition.
Learning
Objectives
Condition of property:
the seller’s disclosures
Chapter
15
The seller of a one-to-four unit residential property completes and delivers to a
prospective buyer a statutory form called a Transfer Disclosure Statement
(TDS), more generically called a Condition of Property Disclosure
Statement.1 [See Figure 1, RPI Form 304]
The seller’s mandated use of the TDS requires it be prepared with honesty and
in good faith, whether or not a seller’s agent is retained to review its content.2
1 Calif. Civil Code §§1102(a), 1102.3
2 CC §1102.7
Mandated on
one-to-four
residential
units
home inspection home inspector
For a further study of this discussion, see Chapter 24 of Real Estate
Practice.
Key Terms
100 Real Estate Principles, Second Edition
When preparing the TDS, the seller sets forth any property defects known or
suspected to exist by the seller.
Any conditions known to the seller which might negatively affect the value
and desirability of the property for a prospective buyer are to be disclosed,
even though they may not be an item listed on the TDS. Disclosures to the
buyer are not limited to conditions preprinted for comment on the form.3
Also, the buyer cannot waive delivery of the statutorily-mandated TDS. Any
attempted waiver, such as an “as-is” provision in the purchase agreement, is
void as against public policy.
3 CC §1102.8
Figure 1
Form 304
Condition
of Property
Disclosure
For a full-size, fillable copy of this or
any other form in this book that may be
used in your professional practice, go to
realtypublications.com/forms
Chapter 15: Condition of property: the seller’s disclosures 101
While it is the seller who prepares the TDS, the TDS is delivered to the buyer
by the agent who directly receives the purchase agreement offer from the
buyer.
The failure of the seller or any of the agents involved to deliver the seller’s
TDS to the buyer will not invalidate a sales transaction after it has closed.
However, the seller and the seller’s broker are both liable for the actual
monetary losses incurred by the buyer due to an undisclosed defect known
to them.4
The TDS is handed to the buyer before the seller a ...
Chapter 15 Condition of property the seller’s disclosures .docxbartholomeocoombs
Chapter 15: Condition of property: the seller’s disclosures 99
After reading this chapter, you will understand:
• the affirmative duty a seller and the seller’s agent have to
inspect and disclose their observations and knowledge about the
property’s condition to a prospective buyer;
• the general duty of the seller and seller’s agent owed to prospective
buyers to prepare a Transfer Disclosure Statement (TDS) presenting
known conditions of property improvements with an adverse
effect on value and hand it to a buyer or buyer’s agent before the
seller enters into a purchase agreement; and
• the role of a home inspection report (HIR) to identify and disclose
property conditions as a warranty of the property’s condition.
Learning
Objectives
Condition of property:
the seller’s disclosures
Chapter
15
The seller of a one-to-four unit residential property completes and delivers to a
prospective buyer a statutory form called a Transfer Disclosure Statement
(TDS), more generically called a Condition of Property Disclosure
Statement.1 [See Figure 1, RPI Form 304]
The seller’s mandated use of the TDS requires it be prepared with honesty and
in good faith, whether or not a seller’s agent is retained to review its content.2
1 Calif. Civil Code §§1102(a), 1102.3
2 CC §1102.7
Mandated on
one-to-four
residential
units
home inspection home inspector
For a further study of this discussion, see Chapter 24 of Real Estate
Practice.
Key Terms
100 Real Estate Principles, Second Edition
When preparing the TDS, the seller sets forth any property defects known or
suspected to exist by the seller.
Any conditions known to the seller which might negatively affect the value
and desirability of the property for a prospective buyer are to be disclosed,
even though they may not be an item listed on the TDS. Disclosures to the
buyer are not limited to conditions preprinted for comment on the form.3
Also, the buyer cannot waive delivery of the statutorily-mandated TDS. Any
attempted waiver, such as an “as-is” provision in the purchase agreement, is
void as against public policy.
3 CC §1102.8
Figure 1
Form 304
Condition
of Property
Disclosure
For a full-size, fillable copy of this or
any other form in this book that may be
used in your professional practice, go to
realtypublications.com/forms
Chapter 15: Condition of property: the seller’s disclosures 101
While it is the seller who prepares the TDS, the TDS is delivered to the buyer
by the agent who directly receives the purchase agreement offer from the
buyer.
The failure of the seller or any of the agents involved to deliver the seller’s
TDS to the buyer will not invalidate a sales transaction after it has closed.
However, the seller and the seller’s broker are both liable for the actual
monetary losses incurred by the buyer due to an undisclosed defect known
to them.4
The TDS is handed to the buyer before the seller a.
This presentation provides information for creditors on documenting the account, workouts, collections, bankruptcy, and falling victim to frauds, scams, and other cons.
Similar to How Credit Can Influence New Sales (20)
Mistakes in Documentation and Collection Practices
How Credit Can Influence New Sales
1. What You Should Consider Before Selling Your Bankruptcy Claim! Presented by: Philip P. Philbin CCE Managing Director and Senior Consultant Commercial Credit Management Associates www.commercialcreditmanagementassociates.com
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Editor's Notes
Good Day everyone and thank you very much for registering for this Webinar. I would like to take a minute to express my thanks to Lillian of the NACM Midwest, and Jodi Owens and Debbie Mendoza of the Credit management association for their help in making this webinar possible. For me personally, it is most gratifying to present these educational webinars to my peers in the Finance and specifically the Credit & Collection Management profession. I created this webinar because I was concerned that many credit & collections professionals might never have heard of claims trading. This was confirmed when Jodi & Debbie had indicated to me that they had been in C&C for many years and never had any idea of what claims trading was all about. Here is what you will take away from this webinar; An understanding of who and what claims traders are and the purpose for their existence How your company, as an unsecured credit in a Chapter 11 bankruptcy case can actually get a recovery, how to maximize the recovery amount, and get your money fast How to protect your company against potential claims against your company due to error you may encounter with Claims Traders.
Here’s a startling number reported by Reuters… “Per day, 376 companies sought protection from creditors in bankruptcy count for May 2009. There were 7,514 commercial bankruptcies In May 2009, with only 5,354 from May 2008, per AACER (automated access to court electronics records). In two years, the number of businesses filing for bankruptcy in May has more than doubled. More filings are expected throughout 2009 and well into 2010. It is important to understand from the start that claims trading happens primarily on Chap 11 bankruptcies. It does not often occur on Chapter 7 or Chap 13 or any other bankruptcy types. Not covered in the webinar are the detailed details of these various types of bankruptcies. Those are covered under another webinar. Briefly, there are two forms of bankruptcy; Liquidations and Reorganization. Chap 7 governs liquidation of an individual or corporation debtor’s assets. Chap 13 governs individual reorganizations, which allow the debtor to make payments to creditors in a court-approved payment plan where they are able to retain their assets. There are generally not enough assets in a Chap 7 bankruptcy or Chap 13 case to warrant trading claims although it is possible. In Chap 7 cases, the assets are too quickly liquidated for creditors to think about trading claims. We will concentrate on Chap 11 bankruptcies in this webinar. Time to define a “bankruptcy claim”. A bankruptcy claim is defined as the amount of money due to your company at the time you receive the automatic stay from the bankruptcy court. This amount is also the amount you list on the proof of claim (POC) when requested or required to do so and is the basis for claims trading and any cash distribution that may occur from a bankruptcy proceeding. Later in this webinar we will discuss government regulations on trading claims but suffice it to say that it is a very lucrative for those bankruptcy experts and their financial backers and is very loosely regulated.
Creditors’ claims are important in bankruptcy law since only "claims" can be discharged, and only "claimants" with "claims" can vote on a plan of reorganization in a Chapter 11 case. Also, the particular type of the claim often determines whether the creditor will receive a distribution and the amount of that distribution. In a typical Chapter 11 case, claims are divided into secured and unsecured claims,and the unsecured claims are often divided further based on the type of claim. Secured claims generally receive priority in payment over unsecured claims in any distribution plan, while the unsecured claims are again prioritized so that administrative expense claims (including certain professional fees and expenses, certain employee wage and benefit claims, certain tax claims and claims of creditors providing post-petition credit to the debtor) usually take priority over pre-petition general unsecured creditors. Accordingly, creditors who are considering selling their claims, as well as buyers who are considering buying claims, must be aware of the relative priorities among secured and unsecured claims. A debtor is usually responsible for identifying the name, amount and designation of aCreditor’s claim on the debtor’s Schedule of Assets and Liabilities, which is filed as part of the initial bankruptcy proceeding. However, a proof of claim should also be filed by all creditors to dispute or supplement what the debtor has filed. A creditor’s proof of claim is normally filed by the creditor on an official bankruptcy form and sets out the amount due and the proper name and address of the creditor. Filing a proof of claim is required in a Chapter 7 case in order to receive distributions. Filing a proof of claim is not required in Chapter 11 cases if the claim is properly listed on the debtor’s schedules. Nevertheless, if the claim is listed incorrectly, or as disputed, contingent or unliquidated, the creditor must file a proof of claim or run the risk of the court accepting the debtor’s designation, which in some cases may result in loss of voting and distribution rights. The time to file a proof of claim is determined by the court in Chapter 9 and 11 cases, and is required to be filed within 90 days after the first scheduled meeting of creditors in a Chapter 7 case.
See Agreements Underlying Sales of Claims The Offer; be patient. Do not just jump at the first offer you get. As the bankruptcy proceeding progress, generally the offers get better and better.
Creditors may choose to sell their claims at a discount. Simply put, for many of these creditors, it is better to recover thirty ($.30) to sixty($.60) cents on the dollar today (for example), rather than risk entering bankruptcy themselves by holding out for a better return in the future. Thus, selling bankruptcy claims offers the seller an opportunity to turn a claim that otherwise might not be satisfied for many years, into liquid assets. Another common motivation for an unsecured creditor to sell its bankruptcy claim is the intimidation surrounding the bankruptcy itself. When a creditor becomes aware that a debtor has filed a Chapter 11 bankruptcy petition, many panic and sell their claim to the first willing buyer. These sellers fail to research the potential recovery value of the debt they are selling. They enter the claims market with a willingness to take far less than their claim may ultimately be worth. On the other hand, other claim sellers enter the market after careful research and thorough reflection. These sellers have weighed the risks and potential benefits, and have simply decided that they would be better off by selling the debt, obtaining cash immediately, and learning from the experience.
Although companies and individuals sometimes purchase bankruptcy claims directly from creditors, more commonly brokers and traders act as middlemen in the transaction. Generally, these middlemen maintain a network of potential investors, and search bankruptcy court dockets for potential sellers. Their usual commission is .5% to 1% of the total value of the transaction. Brokers and traders sometimes package claims into units ranging in value from as low as U.S. $30,000 to as high as millions of dollars. These packaged claims can be comprised of a single claim or a mixture of claims from several different bankruptcy filings. By mixing claims, high and low risk claims can be blended and packaged in a proportion that is attractive to potential investors. As set forth below, claims investors can be sorted into two (2) principal groups; passive investors and active investors. In its simplest form, purchasing bankruptcy claims can be a fairly straightforward endeavor. Using this approach, an investor researches the expected value of the claim at the end of the Chapter 11 bankruptcy and the expected duration of the bankruptcy process—thereby leading to a discounted present value analysis. The investor then compares the seller’s offering price against the claim’s projected final value at the end of the bankruptcy process. If the return is large enough, and the duration of the bankruptcy is not too long, then the investor purchases the claim and waits for the debtor to work its way out of the bankruptcy. This passive approach, however, is not commonly used by most investors because the return on their investment is dependent upon too many variables beyond the investor's control. Though bankruptcy can be a smooth process, unforeseeable time delays can destroy an investor’s return. In addition, the potential for proactive maneuvering on the part of other creditors makes it extremely difficult to determine at the outset what the final value of the claim will be. Therefore, most investors who choose to enter the bankruptcy claims market prefer to take an active role in shaping the bankruptcy process. One way investors can increase the return on their investment is to attempt to take an active role in the reorganization process and support a reorganization plan that maximizes the value of their claim. Though the incumbent management of a bankrupt company initially maintains control through the "exclusivity periods," ultimately the right to file a reorganization plan (and, thus, control the timing and amount of payments to creditors) may be made available to any claim-holder who proposes an alternate plan.The reorganization plan specifies what payments (and the time period for said payments) proposed to holders of secured and unsecured claims, and contains a road map, including projections, of the debtor's future operations. Often sophisticated claims investors buy groups of claims in a single bankruptcy case. This consolidation of claims increases the buyer's leverage in negotiations regarding the debtor’s plan of reorganization. Another factor that motivates active investors is the expectation that in cases where unsecured claims will not be paid in full, these unsecured claims will be converted into stock in the reorganized debtor. Therefore, by purchasing a large block of the outstanding claims, an investor may have the opportunity to position itself to become a controlling or influential shareholder once the reorganization plan is approved.
The first time I received an offer to purchase my bankruptcy claim, I thought that is was some kinda scam and tossed it out. I had never heard of such a thing and dismissed it as junk mail. The thing to keep in mind is that these traders have very deep pockets meaning that the people that are backing their play invest there monies for a living and have the utmost confidence in their traders experience. Make no mistake…..these traders are bankruptcy experts and specifically Chap 11 bankruptcy experts. They have been buying claims for over 2 decades and are well versed in all aspects of the buying processes. The traders main goal is to insure that their backer’s investment will turn a profit.
Stocks, bonds etc.
It is important to note that the trading of bankruptcy claims is not explicitly regulated by the Bankruptcy Code. Although there are some general provisions in the Bankruptcy Code that apply to claims trading, the process is largely governed through more general legal principles. Accordingly, its is essential for both buyers and sellers to retain competent professionals who understand the process and procedure of trading bankruptcy claims. Bankruptcy Rule 3001(e) governs the mechanics of claims trading. If those procedures are followed, the rights held by the original claim-holder are transferred to the investor who purchases the claim. These rights transfer as if the investor had paid the full face value for the claim, even if the actual purchase price was substantially discounted from the face value. Because the claim assigned is subject to any defenses/set-offs available to the debtor against the transferor, claims trading must be undertaken with detailed knowledge of the debtor’s potential rights and defenses against the selling creditor.
In other words, if a claim is highly contested by the debtor, a creditor can easily be on the hook for big money in attorney’s fees.
Trading in bankruptcy claims can be a profitable venture for both the buyer and seller of the claim. The pitfalls that do exist can generally be circumvented by knowledgeable business people and professionals. As a result, by understanding the bankruptcy process, what has traditionally been seen as a business "disaster" can be converted to a business "opportunity" for the intelligent buyer, seller or investor.