Every company needs access to cash to fund its operations. Companies in bankruptcy are no different. But how should a company planning to enter bankruptcy approach this issue if all of its cash is tied up by a secured lender? What will a bankruptcy judge say when the company asks her permission to use cash on terms presented by its lender? How should lenders, debtors, and creditors approach negotiations over the terms of a cash collateral order or debtor-in-possession (DIP) financing agreement? This webinar focuses on answering these questions for advanced business reorganization practitioners and advisors from the perspective of all parties to a negotiation, as well as addressing best practices in drafting, negotiating, and presenting cash collateral and DIP financing orders in complex reorganization proceedings.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/negotiating-and-drafting-cash-collateral-dip-financing-orders-2020/
Negotiating and Drafting Cash Collateral/DIP Financing Orders (Series: Bankru...Financial Poise
Every company needs access to cash to fund its operations. Companies in bankruptcy are no different. But how should a company planning to enter bankruptcy approach this issue if all of its cash is tied up by a secured lender? What will a bankruptcy judge say when the company asks her permission to use cash on terms presented by its lender? How should lenders, debtors, and creditors approach negotiations over the terms of a cash collateral order or debtor-in-possession (DIP) financing agreement? For 2021, professionals must also understand the impact that the economic programs enacted under the CARES Act may have on the use of cash by a commercial debtor during its case. This webinar focuses on answering these questions for advanced business reorganization practitioners and advisors from the perspective of all parties to a negotiation, as well as addressing best practices in drafting, negotiating, and presenting cash collateral and DIP financing orders in complex reorganization proceedings.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/negotiating-and-drafting-cash-collateral-dip-financing-orders-2021/
Securitization is the process of converting future cash flows from assets into marketable securities that can be sold to investors. An originator transfers a pool of financial assets like loans or receivables to a special purpose vehicle (SPV). The SPV issues securities called pass-through certificates or pay-through certificates to investors to fund the purchase. Investors receive periodic payments from the cash flows generated by the underlying assets. This allows the originator to raise funds and transfer assets off its balance sheet.
This document discusses securitization, which involves pooling various assets and converting claims on those assets into marketable securities.
[1] Securitization allows illiquid assets like mortgages or receivables to be purchased by investors by pooling them into a special purpose vehicle that issues asset-backed securities. This provides the originator access to cheaper funding.
[2] For securitization to be "bankruptcy remote", the assets must be truly sold to the SPV and kept separate if the originator goes bankrupt, through proper formalities and preventing commingling of assets.
[3] While securitization has grown in Sri Lanka, various legal, tax and administrative issues still hinder its potential
This document discusses securitization and housing finance in India. It begins by defining securitization as the process of liquidating illiquid long-term assets like loans and receivables by issuing marketable securities against them. It then outlines the key parties and stages involved in securitization. Some benefits of securitization include additional funding, profitability, and risk spreading. Housing finance and the role of the National Housing Bank in promoting affordable housing are also summarized. Securitization has grown the Indian debt market and housing finance sector.
Basic Concepts Applicable to All Borrowers & Lenders (Series: Business Borrow...Financial Poise
A business borrows when it purchases goods or services on credit. And a small business may only “borrow” money in this fashion. At the other extreme is a large business with multiple lending facilities, with multiple lenders. Regardless, and regardless of the type of loan (i.e. cash flow, asset-based, etc.), many of the concepts are the same. This webinar arms the attendee with the basic vocabulary necessary to negotiate any type of loan.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/basic-concepts-applicable-to-all-borrowers-lenders-2020/
Collateral has been used for hundreds of years to provide security against payment default. Collateral management began in the 1980s with banks taking collateral against credit exposure, though there were no legal standards. Collateralization of derivatives became widespread in the early 1990s and standardization began in 1994. Collateral management has evolved rapidly with new technologies, competitive pressures, and heightened counterparty risk from derivatives and securitization. As a result, collateral management is now a complex process involving multiple parties.
Concept of securitization – recent trends, securitization of ipr, & overveiw ...Manikantan iyer
This document provides an overview of the SARFAESI Act of 2002 in India, which allows banks and financial institutions to recover secured assets without court intervention. It discusses how prior recovery methods through civil courts were ineffective. The SARFAESI Act aims to help banks realize their dues faster by taking possession of secured assets and recovering from other sources. Key points of the act are discussed, including how it applies to accounts classified as non-performing assets. The document analyzes various definitions and sections of the act related to debt enforcement and security interests. Overall it analyzes the intent and provisions of the SARFAESI Act to facilitate quicker recovery of bank loans.
Negotiating and Drafting Cash Collateral/DIP Financing Orders (Series: Bankru...Financial Poise
Every company needs access to cash to fund its operations. Companies in bankruptcy are no different. But how should a company planning to enter bankruptcy approach this issue if all of its cash is tied up by a secured lender? What will a bankruptcy judge say when the company asks her permission to use cash on terms presented by its lender? How should lenders, debtors, and creditors approach negotiations over the terms of a cash collateral order or debtor-in-possession (DIP) financing agreement? For 2021, professionals must also understand the impact that the economic programs enacted under the CARES Act may have on the use of cash by a commercial debtor during its case. This webinar focuses on answering these questions for advanced business reorganization practitioners and advisors from the perspective of all parties to a negotiation, as well as addressing best practices in drafting, negotiating, and presenting cash collateral and DIP financing orders in complex reorganization proceedings.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/negotiating-and-drafting-cash-collateral-dip-financing-orders-2021/
Securitization is the process of converting future cash flows from assets into marketable securities that can be sold to investors. An originator transfers a pool of financial assets like loans or receivables to a special purpose vehicle (SPV). The SPV issues securities called pass-through certificates or pay-through certificates to investors to fund the purchase. Investors receive periodic payments from the cash flows generated by the underlying assets. This allows the originator to raise funds and transfer assets off its balance sheet.
This document discusses securitization, which involves pooling various assets and converting claims on those assets into marketable securities.
[1] Securitization allows illiquid assets like mortgages or receivables to be purchased by investors by pooling them into a special purpose vehicle that issues asset-backed securities. This provides the originator access to cheaper funding.
[2] For securitization to be "bankruptcy remote", the assets must be truly sold to the SPV and kept separate if the originator goes bankrupt, through proper formalities and preventing commingling of assets.
[3] While securitization has grown in Sri Lanka, various legal, tax and administrative issues still hinder its potential
This document discusses securitization and housing finance in India. It begins by defining securitization as the process of liquidating illiquid long-term assets like loans and receivables by issuing marketable securities against them. It then outlines the key parties and stages involved in securitization. Some benefits of securitization include additional funding, profitability, and risk spreading. Housing finance and the role of the National Housing Bank in promoting affordable housing are also summarized. Securitization has grown the Indian debt market and housing finance sector.
Basic Concepts Applicable to All Borrowers & Lenders (Series: Business Borrow...Financial Poise
A business borrows when it purchases goods or services on credit. And a small business may only “borrow” money in this fashion. At the other extreme is a large business with multiple lending facilities, with multiple lenders. Regardless, and regardless of the type of loan (i.e. cash flow, asset-based, etc.), many of the concepts are the same. This webinar arms the attendee with the basic vocabulary necessary to negotiate any type of loan.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/basic-concepts-applicable-to-all-borrowers-lenders-2020/
Collateral has been used for hundreds of years to provide security against payment default. Collateral management began in the 1980s with banks taking collateral against credit exposure, though there were no legal standards. Collateralization of derivatives became widespread in the early 1990s and standardization began in 1994. Collateral management has evolved rapidly with new technologies, competitive pressures, and heightened counterparty risk from derivatives and securitization. As a result, collateral management is now a complex process involving multiple parties.
Concept of securitization – recent trends, securitization of ipr, & overveiw ...Manikantan iyer
This document provides an overview of the SARFAESI Act of 2002 in India, which allows banks and financial institutions to recover secured assets without court intervention. It discusses how prior recovery methods through civil courts were ineffective. The SARFAESI Act aims to help banks realize their dues faster by taking possession of secured assets and recovering from other sources. Key points of the act are discussed, including how it applies to accounts classified as non-performing assets. The document analyzes various definitions and sections of the act related to debt enforcement and security interests. Overall it analyzes the intent and provisions of the SARFAESI Act to facilitate quicker recovery of bank loans.
This document provides an overview of securitization from an Islamic finance perspective. It discusses how securitization can be done in accordance with Sharia principles by representing direct ownership in real assets or business activities. Specifically, it describes how Musharakah, Murabaha, and Ijarah financial contracts can be securitized by issuing certificates that represent proportionate ownership in the underlying pools of assets or projects. The key is that the securities must be backed by real assets and business activities, rather than merely representing debt.
This document discusses securitization from an Islamic perspective. It defines securitization as issuing certificates of ownership against an investment pool or business. It describes how Musharakah, Murabahah, and Ijarah can be securitized. Musharakah certificates represent direct ownership in project assets and can be traded. Murabahah cannot be securitized for trading but portfolios can include it. Ijarah certificates represent ownership in leased assets and allow trading of rental profits and liability for losses. Government assets like ports and buildings could be securitized through sale-leaseback or diminishing Musharakah structures.
Securitization is a process where long-term financial assets like loans are pooled together and converted into marketable securities that can be sold to investors. This provides the originator with cash while transferring the credit risk to the investors. The document discusses the parties and stages involved including identification of assets, transfer to a special purpose vehicle, issuing securities to investors, and redemption upon repayment or default of underlying assets. Guidelines are provided on selecting high quality assets and ensuring proper structures, risk ratings, and regulations are in place for a successful securitization program.
A Menu of Products for Investors and Lawyers (Series: Commercial Litigation F...Financial Poise
Litigation funding is an increasingly-popular tool for attorneys and clients to share the risk and reward of litigation with third-party investors, and for investors to capitalize on the uncorrelated returns generated by legal-driven revenue. However, the term "litigation-" or "legal-" funding actually encompasses a handful of products, which vary based on borrower profile, stage and sector of litigation, use of proceeds, and ultimately, cost of capital and risk-reward profile. This webinar examines three funding products -- case fundings, law firm loans, and portfolio fundings -- and aims to inform attorneys on best solutions for their firms and clients, and provide an overview for institutional investors looking to allocate capital to litigations.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/a-menu-of-products-for-investors-and-lawyers-2021/
1. Factoring and securitization are innovative sources of long-term finance. Factoring involves the purchase of a firm's account receivables by a factoring company, which then undertakes the risk of collection and provides immediate cash to the firm. Securitization converts illiquid loan assets into marketable securities that can be sold to investors, making the loans liquid.
2. The key parties in factoring are the client firm, its debtors, and the factor. The factor provides financing against receivables, undertakes responsibility for collection, and absorbs the risks of default in exchange for a fee. Securitization pools assets like loans and converts them into instruments that can be traded on financial markets.
Section 5 of the securitisation and reconstruction ofUjjwal 'Shanu'
The document discusses securitization and asset reconstruction in India. It explains that under Section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act,2002, only banks and financial institutions can securitize their financial assets. It provides an example of how a bank XYZ securitizes its loan assets by transferring them to a special purpose vehicle (SPV) to free up its blocked funds. The SPV then issues securities to investors to raise funds that are passed back to the bank. This allows the bank to raise cheaper funds than through corporate debt.
For full text article go to : http://www.educorporatebridge.com/securitization/securitization-of-assets This Article explain concepts like securitization of asset, meaning of securitization in layman language, ABS,MBS,CDO,CMO etc.
Collateral is property pledged as security against a loan. If the loan is not repaid, the lender can seize or sell the collateral to recover funds. Common types of collateral include real estate like homes or buildings, equipment, life insurance policies, personal guarantees, and investment assets. Collateral benefits lenders by reducing investment risk if the borrower defaults on repayment. It also helps borrowers access capital needed to start businesses.
Key Provisions in M&A Agreements (Series: M&A Boot Camp)Financial Poise
Although every deal is different, understanding any purchase/sale agreement will help you understand other purchase sale agreements. Stated another way, most M&A documents include a similar set of sections and use a similar vocabulary. This episode explains specific, common provisions and discusses how buyers and sellers approach these provisions differently, particularly in light of situational differences (e.g. whether the assets being bought and sold are equity of a company or the assets of a company; whether the seller is going to cease to exists or not). Topics covered will include tax issues; corporate governance; closing conditions; representations and warranties; indemnification provisions; earn-outs; restrictive covenants; antitrust; intellectual property; and employment issues.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/key-provisions-in-ma-agreements-2021/
The document discusses the differences between investment advisers and brokers. It notes that historically advisers had a fiduciary duty to act in clients' best interests, while brokers only needed to ensure recommendations met a suitability standard. However, the Department of Labor's 2016 fiduciary rule expanded the definition of fiduciary to include brokers providing retirement investment advice. The key differences between advisers and brokers are their duties (advisers have a fiduciary duty while brokers have a suitability duty), disclosure requirements, and compensation structures.
Securitization is the process of pooling and repackaging illiquid financial assets like receivables, loans, or leases into marketable securities that can be sold to investors. The assets are originated by a company and sold to a special purpose vehicle (SPV) that issues securities to fund the purchase. The SPV contracts the originator to administer the assets, using cash flows to repay investors while passing surpluses back to the originator. Credit enhancement through mechanisms like over-collateralization or insurance protects investors against losses on the underlying assets. Key parties include originators, SPVs, investors, obligors, rating agencies, administrators, and structurers. Common securitization instruments are pass-through certificates,
TROs and Preliminary Injunctions (Series: Newbie Litigator School 101 - Part 1)Financial Poise
Sometimes—often at the beginning of a case—you need the court to take immediate action to protect your client’s interests or to maintain the status quo while the litigation progresses. This webinar discusses procedures and strategies for obtaining temporary restraining orders and preliminary injunctions. The topics discussed include the procedural and substantive requirements for obtaining TROs and preliminary injunctions, some best practices for how to succeed on motions seeking TROs and preliminary injunctions, and how to challenge and defeat those motions.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/tros-and-preliminary-injunctions-2021/
This document provides an overview of securitization, including:
1) Securitization is the process of packaging loans and other receivables into marketable securities that can be sold to investors, allowing originators to liquidate assets and raise funds.
2) It involves several parties including originators, special purpose vehicles, investment bankers, credit rating agencies, and investors. Assets are identified, transferred to an SPV, securities are issued, redeemed, and rated.
3) Securitization provides benefits like additional funding sources, higher profitability, and risk spreading for originators and banks. However, it remains less popular in India currently due to its newness and various regulatory and market barriers.
This document discusses key considerations for structuring private real estate funds. Private real estate funds allow managers to pool capital for real estate deals without going through the public registration process. The document outlines entity structure options, approaches to admitting and withdrawing investors given real estate's illiquidity, capital contribution structures, profit/loss allocation waterfalls, fee structures, and operational issues. Private real estate funds are complex vehicles that require addressing structural issues around valuation, liquidity, compensation and conflicts of interest.
The document is a report on financial services that discusses securitization. It contains:
1) An introduction to securitization, the process of pooling and selling existing assets to a Special Purpose Vehicle which then issues asset-backed securities.
2) Details on the entities involved in securitization - originator, special purpose vehicle, obligor, servicer, trustee, rating agency, and structurer.
3) The regulatory framework and history of securitization deals in India, including some of the largest deals.
This document discusses various financial instruments and services. It defines different types of equity shares, preference shares, bonds, debentures, commercial paper and treasury bills. It also describes various fund-based financial services including working capital loans, term loans, venture capital, and non-fund based services such as merchant banking and credit ratings. Retail financing services for individuals include deposits, loans, insurance and mutual funds. Financial services for corporations include underwriting, portfolio management, mergers and acquisitions. The informal financial system consists of money lenders, community groups and local partnership firms.
Data Breach Response: Before and After the Breach (Series: Cybersecurity & Da...Financial Poise
This document discusses responding to a data breach, including identifying if a breach has occurred, investigating the breach, containing the breach, fixing vulnerabilities, assembling a breach response team, and determining notification obligations. It provides an overview of steps to take in the first 24 hours of discovering a breach, such as securing premises, stopping additional data loss, and assessing risks. It also outlines some state-specific notification requirements, such as notifying various government agencies in Massachusetts and the Superintendent of Financial Services in New York within 72 hours of certain cybersecurity events.
Securitization involves pooling financial assets like loans and converting them into marketable securities. This allows the originator to access funding and improve liquidity. In India, securitization grew out of similar developments in the US housing market in the 1970s. It involves an originator transferring assets to a special purpose vehicle which then issues bonds backed by the assets' cash flows. This benefits originators through lower funding costs, improved liquidity and balance sheet management.
Securitization is the process of combining various financial assets, such as mortgages, car loans, and credit card debt, into securities that are sold to investors. This is done through a special purpose vehicle (SPV) that purchases the assets from their originator and repackages them into new securities backed by those assets. Mortgage-backed securities are a common example, where mortgages are pooled, divided into tiers of risk, and sold as securities. SPVs play an important role by isolating risk, allowing assets to be securitized without affecting the originator, and providing bankruptcy protection for investors.
The document discusses securitization, which involves converting illiquid loans and receivables into marketable securities. Securitization originated in Denmark by selling bonds backed by equal amounts of loans. It later evolved in the US through innovations like slicing loan portfolios into tradable securities. A key part of securitization is the use of a special purpose vehicle (SPV) that purchases the loans, issues securities to investors, and uses the loan payments to repay investors. This separates the loans from the originator, protecting investors. Securitization provides originators with liquidity and long-term funding while transferring risk off their balance sheets.
Negotiating and Drafting Cash Collateral/DIP Financing OrdersFinancial Poise
Every company needs access to cash to fund its operations. Companies in bankruptcy are no different. But how should a company planning to enter bankruptcy approach this issue if all of its cash is tied up by a secured lender? What will a bankruptcy judge say when the company asks her permission to use cash on terms presented by its lender? How should lenders, debtors, and creditors approach negotiations over the terms of a cash collateral order or debtor-in-possession (DIP) financing agreement? For 2022, professionals must also understand the impact that the economic programs enacted under the CARES Act may have on the use of cash by a commercial debtor during its case. This webinar focuses on answering these questions for advanced business reorganization practitioners and advisors from the perspective of all parties to a negotiation, as well as addressing best practices in drafting, negotiating, and presenting cash collateral and DIP financing orders in complex reorganization proceedings.
Part of the webinar series: BANKRUPTCY TRANSACTIONS - 301: ADVICE FOR THE ADVANCED PRACTITIONER 2022
See more at https://www.financialpoise.com/webinars/
Show me the money! Debtors in Chapter 11 cases cannot survive without money to continue operations, pay vendors and professionals, and work to restructure debt and/or sell assets. Where do those necessary funds come from? There are really only two sources – cash the debtor has or can generate (in either case, generally the collateral of the secured lender) or new money coming into the estate in the form of a post-petition debtor-in-possession (DIP) loan. What the debtor is permitted or not permitted to do can seal the fate of a case from the outset. This webinar sheds light on the intricacies involved in DIP financing.
Part of the webinar series: THE NUTS & BOLTS OF BANKRUPTCY LAW 2022
See more at https://www.financialpoise.com/webinars/
This document provides an overview of securitization from an Islamic finance perspective. It discusses how securitization can be done in accordance with Sharia principles by representing direct ownership in real assets or business activities. Specifically, it describes how Musharakah, Murabaha, and Ijarah financial contracts can be securitized by issuing certificates that represent proportionate ownership in the underlying pools of assets or projects. The key is that the securities must be backed by real assets and business activities, rather than merely representing debt.
This document discusses securitization from an Islamic perspective. It defines securitization as issuing certificates of ownership against an investment pool or business. It describes how Musharakah, Murabahah, and Ijarah can be securitized. Musharakah certificates represent direct ownership in project assets and can be traded. Murabahah cannot be securitized for trading but portfolios can include it. Ijarah certificates represent ownership in leased assets and allow trading of rental profits and liability for losses. Government assets like ports and buildings could be securitized through sale-leaseback or diminishing Musharakah structures.
Securitization is a process where long-term financial assets like loans are pooled together and converted into marketable securities that can be sold to investors. This provides the originator with cash while transferring the credit risk to the investors. The document discusses the parties and stages involved including identification of assets, transfer to a special purpose vehicle, issuing securities to investors, and redemption upon repayment or default of underlying assets. Guidelines are provided on selecting high quality assets and ensuring proper structures, risk ratings, and regulations are in place for a successful securitization program.
A Menu of Products for Investors and Lawyers (Series: Commercial Litigation F...Financial Poise
Litigation funding is an increasingly-popular tool for attorneys and clients to share the risk and reward of litigation with third-party investors, and for investors to capitalize on the uncorrelated returns generated by legal-driven revenue. However, the term "litigation-" or "legal-" funding actually encompasses a handful of products, which vary based on borrower profile, stage and sector of litigation, use of proceeds, and ultimately, cost of capital and risk-reward profile. This webinar examines three funding products -- case fundings, law firm loans, and portfolio fundings -- and aims to inform attorneys on best solutions for their firms and clients, and provide an overview for institutional investors looking to allocate capital to litigations.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/a-menu-of-products-for-investors-and-lawyers-2021/
1. Factoring and securitization are innovative sources of long-term finance. Factoring involves the purchase of a firm's account receivables by a factoring company, which then undertakes the risk of collection and provides immediate cash to the firm. Securitization converts illiquid loan assets into marketable securities that can be sold to investors, making the loans liquid.
2. The key parties in factoring are the client firm, its debtors, and the factor. The factor provides financing against receivables, undertakes responsibility for collection, and absorbs the risks of default in exchange for a fee. Securitization pools assets like loans and converts them into instruments that can be traded on financial markets.
Section 5 of the securitisation and reconstruction ofUjjwal 'Shanu'
The document discusses securitization and asset reconstruction in India. It explains that under Section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act,2002, only banks and financial institutions can securitize their financial assets. It provides an example of how a bank XYZ securitizes its loan assets by transferring them to a special purpose vehicle (SPV) to free up its blocked funds. The SPV then issues securities to investors to raise funds that are passed back to the bank. This allows the bank to raise cheaper funds than through corporate debt.
For full text article go to : http://www.educorporatebridge.com/securitization/securitization-of-assets This Article explain concepts like securitization of asset, meaning of securitization in layman language, ABS,MBS,CDO,CMO etc.
Collateral is property pledged as security against a loan. If the loan is not repaid, the lender can seize or sell the collateral to recover funds. Common types of collateral include real estate like homes or buildings, equipment, life insurance policies, personal guarantees, and investment assets. Collateral benefits lenders by reducing investment risk if the borrower defaults on repayment. It also helps borrowers access capital needed to start businesses.
Key Provisions in M&A Agreements (Series: M&A Boot Camp)Financial Poise
Although every deal is different, understanding any purchase/sale agreement will help you understand other purchase sale agreements. Stated another way, most M&A documents include a similar set of sections and use a similar vocabulary. This episode explains specific, common provisions and discusses how buyers and sellers approach these provisions differently, particularly in light of situational differences (e.g. whether the assets being bought and sold are equity of a company or the assets of a company; whether the seller is going to cease to exists or not). Topics covered will include tax issues; corporate governance; closing conditions; representations and warranties; indemnification provisions; earn-outs; restrictive covenants; antitrust; intellectual property; and employment issues.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/key-provisions-in-ma-agreements-2021/
The document discusses the differences between investment advisers and brokers. It notes that historically advisers had a fiduciary duty to act in clients' best interests, while brokers only needed to ensure recommendations met a suitability standard. However, the Department of Labor's 2016 fiduciary rule expanded the definition of fiduciary to include brokers providing retirement investment advice. The key differences between advisers and brokers are their duties (advisers have a fiduciary duty while brokers have a suitability duty), disclosure requirements, and compensation structures.
Securitization is the process of pooling and repackaging illiquid financial assets like receivables, loans, or leases into marketable securities that can be sold to investors. The assets are originated by a company and sold to a special purpose vehicle (SPV) that issues securities to fund the purchase. The SPV contracts the originator to administer the assets, using cash flows to repay investors while passing surpluses back to the originator. Credit enhancement through mechanisms like over-collateralization or insurance protects investors against losses on the underlying assets. Key parties include originators, SPVs, investors, obligors, rating agencies, administrators, and structurers. Common securitization instruments are pass-through certificates,
TROs and Preliminary Injunctions (Series: Newbie Litigator School 101 - Part 1)Financial Poise
Sometimes—often at the beginning of a case—you need the court to take immediate action to protect your client’s interests or to maintain the status quo while the litigation progresses. This webinar discusses procedures and strategies for obtaining temporary restraining orders and preliminary injunctions. The topics discussed include the procedural and substantive requirements for obtaining TROs and preliminary injunctions, some best practices for how to succeed on motions seeking TROs and preliminary injunctions, and how to challenge and defeat those motions.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/tros-and-preliminary-injunctions-2021/
This document provides an overview of securitization, including:
1) Securitization is the process of packaging loans and other receivables into marketable securities that can be sold to investors, allowing originators to liquidate assets and raise funds.
2) It involves several parties including originators, special purpose vehicles, investment bankers, credit rating agencies, and investors. Assets are identified, transferred to an SPV, securities are issued, redeemed, and rated.
3) Securitization provides benefits like additional funding sources, higher profitability, and risk spreading for originators and banks. However, it remains less popular in India currently due to its newness and various regulatory and market barriers.
This document discusses key considerations for structuring private real estate funds. Private real estate funds allow managers to pool capital for real estate deals without going through the public registration process. The document outlines entity structure options, approaches to admitting and withdrawing investors given real estate's illiquidity, capital contribution structures, profit/loss allocation waterfalls, fee structures, and operational issues. Private real estate funds are complex vehicles that require addressing structural issues around valuation, liquidity, compensation and conflicts of interest.
The document is a report on financial services that discusses securitization. It contains:
1) An introduction to securitization, the process of pooling and selling existing assets to a Special Purpose Vehicle which then issues asset-backed securities.
2) Details on the entities involved in securitization - originator, special purpose vehicle, obligor, servicer, trustee, rating agency, and structurer.
3) The regulatory framework and history of securitization deals in India, including some of the largest deals.
This document discusses various financial instruments and services. It defines different types of equity shares, preference shares, bonds, debentures, commercial paper and treasury bills. It also describes various fund-based financial services including working capital loans, term loans, venture capital, and non-fund based services such as merchant banking and credit ratings. Retail financing services for individuals include deposits, loans, insurance and mutual funds. Financial services for corporations include underwriting, portfolio management, mergers and acquisitions. The informal financial system consists of money lenders, community groups and local partnership firms.
Data Breach Response: Before and After the Breach (Series: Cybersecurity & Da...Financial Poise
This document discusses responding to a data breach, including identifying if a breach has occurred, investigating the breach, containing the breach, fixing vulnerabilities, assembling a breach response team, and determining notification obligations. It provides an overview of steps to take in the first 24 hours of discovering a breach, such as securing premises, stopping additional data loss, and assessing risks. It also outlines some state-specific notification requirements, such as notifying various government agencies in Massachusetts and the Superintendent of Financial Services in New York within 72 hours of certain cybersecurity events.
Securitization involves pooling financial assets like loans and converting them into marketable securities. This allows the originator to access funding and improve liquidity. In India, securitization grew out of similar developments in the US housing market in the 1970s. It involves an originator transferring assets to a special purpose vehicle which then issues bonds backed by the assets' cash flows. This benefits originators through lower funding costs, improved liquidity and balance sheet management.
Securitization is the process of combining various financial assets, such as mortgages, car loans, and credit card debt, into securities that are sold to investors. This is done through a special purpose vehicle (SPV) that purchases the assets from their originator and repackages them into new securities backed by those assets. Mortgage-backed securities are a common example, where mortgages are pooled, divided into tiers of risk, and sold as securities. SPVs play an important role by isolating risk, allowing assets to be securitized without affecting the originator, and providing bankruptcy protection for investors.
The document discusses securitization, which involves converting illiquid loans and receivables into marketable securities. Securitization originated in Denmark by selling bonds backed by equal amounts of loans. It later evolved in the US through innovations like slicing loan portfolios into tradable securities. A key part of securitization is the use of a special purpose vehicle (SPV) that purchases the loans, issues securities to investors, and uses the loan payments to repay investors. This separates the loans from the originator, protecting investors. Securitization provides originators with liquidity and long-term funding while transferring risk off their balance sheets.
Negotiating and Drafting Cash Collateral/DIP Financing OrdersFinancial Poise
Every company needs access to cash to fund its operations. Companies in bankruptcy are no different. But how should a company planning to enter bankruptcy approach this issue if all of its cash is tied up by a secured lender? What will a bankruptcy judge say when the company asks her permission to use cash on terms presented by its lender? How should lenders, debtors, and creditors approach negotiations over the terms of a cash collateral order or debtor-in-possession (DIP) financing agreement? For 2022, professionals must also understand the impact that the economic programs enacted under the CARES Act may have on the use of cash by a commercial debtor during its case. This webinar focuses on answering these questions for advanced business reorganization practitioners and advisors from the perspective of all parties to a negotiation, as well as addressing best practices in drafting, negotiating, and presenting cash collateral and DIP financing orders in complex reorganization proceedings.
Part of the webinar series: BANKRUPTCY TRANSACTIONS - 301: ADVICE FOR THE ADVANCED PRACTITIONER 2022
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Show me the money! Debtors in Chapter 11 cases cannot survive without money to continue operations, pay vendors and professionals, and work to restructure debt and/or sell assets. Where do those necessary funds come from? There are really only two sources – cash the debtor has or can generate (in either case, generally the collateral of the secured lender) or new money coming into the estate in the form of a post-petition debtor-in-possession (DIP) loan. What the debtor is permitted or not permitted to do can seal the fate of a case from the outset. This webinar sheds light on the intricacies involved in DIP financing.
Part of the webinar series: THE NUTS & BOLTS OF BANKRUPTCY LAW 2022
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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/
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/
This document provides an overview of key concepts related to bankruptcy, including types of bankruptcies, common shocks experienced during bankruptcy, out-of-court settlement options, steps to file UCC documents, issues related to distressed debtors, actions creditors can take after a bankruptcy filing is made, and definitions of key terms like reclamation and bankruptcy priorities. The document covers corporate and individual bankruptcy filings and considerations, as well as non-bankruptcy liquidation and restructuring alternatives.
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/
Business Borrowing Basics 2020 - Dealing With DefaultsFinancial Poise
Some borrowers default. One type of default is a payment default- the loan is not paid when due or a particular payment is missed. The other type of default is a covenant default. This webinar explains both, and discusses what happens when one happens.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/dealing-with-defaults-2020/
This document provides an overview of bankruptcy law concepts including eligibility for bankruptcy, how bankruptcy changes leverage for parties, why companies file for bankruptcy, and the automatic stay. It discusses a hypothetical scenario involving a distressed Manhattan office building and examines bankruptcy issues that may arise, such as filing eligibility for limited liability companies. The document also covers factors courts examine for bad faith filings and cases where independent directors or "friendly" involuntary bankruptcy petitions were used.
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
Part of the webinar series: COMPLEX FINANCIAL LITIGATION 2022
See more at https://www.financialpoise.com/webinars/
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Lit...Financial Poise
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/defending-against-bankruptcy-avoidance-actions-2021/
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Lit...Financial Poise
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/defending-against-bankruptcy-avoidance-actions-2020/
ddie Lampert bought Kmart out of bankruptcy. W.L. Ross made a fortune many times over buying steel and other companies out of bankruptcy. Hedge funds and other distressed debt traders buy and sell millions of dollars of distressed securities and bankruptcy claims every day. A number of private equity funds focus exclusively on buying distressed businesses, fixing, and selling them. And fortunes are made when real estate crashes by those who have the dry powder to swoop in and buy when others are forced to sell. This webinar explains how to loan to, or purchase the debt of, a company in order to acquire it (a strategy commonly called “loan to own”); how to learn about opportunities involving distressed companies; and tips and best practices for participating in bankruptcy, Article 9, and other sales of distressed businesses (including the concept of serving as the “stalking horse).
Part of the webinar series: RESTRUCTURING, INSOLVENCY & TROUBLED COMPANIES 2021
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Sometimes It Begins When A Client, Tenant, Or Customer Starts To Slow-Pay, With The Result That Your Accounts Receivable Start To Accrue Gradually. Other Times The Issue Presents Itself More Suddenly. Either Way, You Find Your Company Owed A Great Deal Of Money That Looks Like It May Not Be Collected Because Your Client/Tenant/Customer Has Filed Bankruptcy, Has Commenced An Assignment For The Benefit Of Creditors, Has Been Put Into Receivership, Or Is Otherwise Just Plain Insolvent. What Do You Do? What Should You Not Do? The Topics Discussed In This Webinar Include The Pros And Cons Of Putting A Counterparty Into Involuntary Bankruptcy; When And How You May Be Able To Pursue Third Parties (Like Guarantors, Directors, Or Officers) For The Amount Owed; Risks Related To Preference Attack; Pros And Cons Of Sitting On A “Creditors’ Committee” In A Chapter 11; How To Negotiate For “Critical Vendor” Protection In Chapter 11; And Practical Guidance For Continuing To Provide Goods Or Services To An Insolvent Counterparty.
Part of the webinar series: Restructuring, Insolvency & Troubled Companies 2021
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THE NUTS & BOLTS OF BANKRUPTCY LAW 2022: The Nuts & Bolts of a Lift Stay MotionFinancial Poise
Most businesses of any meaningful size in the United States have a line of credit or term loan with a bank or other lender that is secured by a lien on substantially all of the assets of that business. One of the strongest tools in a secured lender’s toolbox is the ability to ask the bankruptcy court to lift or modify the automatic stay to allow the secured lender to get to its collateral. Needless to say, the debtor will often oppose the lender’s request. This is just one of many aspects of litigation surrounding the automatic stay. The bankruptcy code provides for specific circumstances under which relief from the stay is permitted, and litigation over whether the requisite conditions exist is common. This webinar discusses the scope of the automatic stay and the procedure and grounds for seeking relief.
Part of the webinar series:
THE NUTS & BOLTS OF BANKRUPTCY LAW 2022
See more at https://www.financialpoise.com/webinars/
The leveraged lending market has developed its own set of market terms and conventions, many of which do not exist outside of this market. This webinar gives a basic overview of leveraged finance credit agreements and the legal issues that arise when working on leveraged loans.
Part of the webinar series: LEVERAGED FINANCE 2021
See more at https://www.financialpoise.com/webinars/
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/
RESTRUCTURING, INSOLVENCY & TROUBLED COMPANIES 2022: Bad Debtor Owes Me Money!Financial Poise
Sometimes it begins when a client, tenant, or customer starts to slow-pay, with the result that your accounts receivable start to accrue gradually. Other times the issue presents itself more suddenly. Either way, you find your company owed a great deal of money that looks like it may not be collected because your client/tenant/customer has filed bankruptcy, has commenced an assignment for the benefit of creditors, has been put into receivership, or is otherwise just plain insolvent. What do you do? What should you not do? The topics discussed in this webinar include the pros and cons of putting a counterparty into involuntary bankruptcy; when and how you may be able to pursue third parties (like guarantors, directors, or officers) for the amount owed; risks related to preference attack; pros and cons of sitting on a “creditors’ committee” in a Chapter 11; how to negotiate for “critical vendor” protection in Chapter 11; and practical guidance for continuing to provide goods or services to an insolvent counterparty.
Part of the webinar series: RESTRUCTURING, INSOLVENCY & TROUBLED COMPANIES 2022
See more at https://www.financialpoise.com/webinars/
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
Similar to Negotiating and Drafting Cash Collateral DIP Financing Orders (Series: Bankruptcy Transactions: Advice for the Advanced Practitioner 2020) (20)
IP-301 POST-GRANT REVIEW TRIALS 2022 - Things to Consider Before You FileFinancial Poise
This segment will delve into considerations that come into play when filing or responding to post-grant review proceedings. These considerations include issues of real party in interest, timing, and substantive arguments.
Part of the webinar series: IP-301 POST-GRANT REVIEW TRIALS 2022
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This segment will discuss the statutory and procedural background of post-grant review proceedings. It will discuss the types of proceedings available and provide a high-level discussion of how the proceedings are conducted.
Part of the webinar series:
IP-301 POST-GRANT REVIEW TRIALS 2022
See more at https://www.financialpoise.com/webinars/
THE NUTS & BOLTS OF BANKRUPTCY LAW 2022: The Nuts & Bolts of a First Day HearingFinancial Poise
Even when a bankruptcy petition is the result of a soft-landing rather than a freefall, filing a chapter 11 petition is a disruptive event. To facilitate the debtor’s entry into chapter 11 with as little disruption as possible, first day motions are filed to ensure that a debtor-in-possession can minimize interruptions and continue operating its business in order to achieve its goals in chapter 11. This webinar provides an overview of the administrative and operational first day motions typically filed by chapter 11 debtors and the process for requesting a first day hearing, providing notice of the hearing, and ensuring that the hearing runs smoothly.
Part of the webinar series: THE NUTS & BOLTS OF BANKRUPTCY LAW 2022
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We’ve all long heard about writing practices to avoid, including run-on sentences, excessive passive voice, and nominalization. This webinar not only discusses how those habits can damage briefs, but also explores a key habit brief-writers should embrace: using strong, precise verbs, which are the engine of a persuasive sentence. Panelists also exchange views about finding the most persuasive voice and tone, as well as the right temperature for rhetoric.
Part of the webinar series: PERSUASIVE BRIEF WRITING 2022
See more at https://www.financialpoise.com/webinars/
CYBER SECURITY and DATA PRIVACY 2022: Data Breach Response - Before and After...Financial Poise
You’ve received the dreaded call that your company has just suffered a data breach – what do you do next? Who do you call for help? What notification obligations do you have?
With proper preparation, you can mitigate the damage caused by this unfortunate event and put your business in a position to recover. Your company may have already implemented its information security program and identified the responsible parties, including applicable outside experts, to be contacted in the event of a breach. However, now you must call up your incident response team to investigate the extent of the breach, evaluate the possible damage to your company, and determine whether you must notify your clients, customers, or the public of the breach. This webinar will help prepare you to take action when the worst happens.
Part of the webinar series:
CYBER SECURITY and DATA PRIVACY 2022
See more at https://www.financialpoise.com/webinars/
CYBER SECURITY and DATA PRIVACY 2022_How to Build and Implement your Company'...Financial Poise
Data is one of your business’s most valuable assets and requires protection like any other asset. How can you protect your data from unauthorized access or inadvertent disclosure?
An information security program is designed to protect the confidentiality, integrity, and availability of your company’s data and information technology assets. Federal, state, or international law may also require your business to have an information security program in place.
This webinar will provide the basics of how to create and implement an information security program, beginning with identifying your incident response team, putting applicable insurance policies into place, and closing any gaps in the security of your data.
Part of the webinar series:
CYBERSECURITY & DATA PRIVACY 2022
See more at https://www.financialpoise.com/webinars/
NEWBIE LITIGATOR SCHOOL - 101 Part 3 2022 - Enforcement: Post-Judgment Procee...Financial Poise
Obtaining a final and enforceable judgment is often just the first phase of the civil litigation process; without effective enforcement and collection, a judgment is merely a piece of paper (or electronic docket entry). This webinar provides an overview of the technical, procedural and strategic considerations necessary to monetize judgments and make litigation worthwhile.
Part of the webinar series: NEWBIE LITIGATOR SCHOOL - 101 Part 3 2022
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NEWBIE LITIGATOR SCHOOL - 101 Part 3 2022 -Appellate Practice- 101 Financial Poise
When is an appeal permitted and when should you take one? What rules and procedures govern appellate practice and how can you best avoid technical and procedural mistakes. How are appellate briefs different from those filed with the trial court and what are some keys to making them successful? And how can you best prepare for appellate oral argument? This webinar explores these questions and more with a panel of experienced appellate litigators.
Part of the webinar series: NEWBIE LITIGATOR SCHOOL - 101 Part 3 2022
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MARKETING TIPS FOR THE NEW (OR OLD!) BUSINESS OWNER 2022: Learn How to Do Con...Financial Poise
There's creating content; then there's creating great content; and then there's creating great content that actually gets seen by the ideal audience. Each of those layers has its own unique challenges. In this webinar episode, we share insights from a variety of highly experienced content creators. Each panelist member provides their own unique spin on how to create great content that gets seen by the intended audience. By the completion of this episode, the audience member will have a clear and actionable plan on how to create outstanding content that meets their unique marketing needs.
Part of the webinar series: MARKETING TIPS FOR THE NEW (OR OLD!) BUSINESS OWNER 2022
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CHAPTER 11 - INDUSTRY FOCUS 2022 - Focus on Oil and Gas Financial Poise
Although issues in oil and gas chapter 11 cases vary from case to case, there are, nonetheless, certain issues that tend to arise in most oil and gas cases. Among them: treatment of oil and gas leases, the payment of royalties, hedging agreements, and valuation. This webinar addresses such issues.
Part of the webinar series: CHAPTER 11 - INDUSTRY FOCUS 2022
See more at https://www.financialpoise.com/webinars/
BUSINESS LAW REVIEW- 2022: Selling a Business Financial Poise
A Startup is the Founders’ baby - they dream it, created it and worked tirelessly to make it successful. Deciding it may be time to sell all or part is the easy part - acknowledging and addressing the financial and emotional issues can be challenging.
Negotiating with potential buyers or investors is time intensive, to say the least. Positioning a business for a value maximizing transaction requires planning. What professionals need to be engaged? How do the parties come to a valuation? What is the profile of the likely investor or buyer? These are just some of the questions this webinar addresses.
Part of the webinar series: BUSINESS LAW REVIEW- 2022
See more at https://www.financialpoise.com/webinars/
BUSINESS LAW REVIEW- 2022: Immigration Law for Business-101Financial Poise
A basic understanding of immigration law is critical to a vast array of businesses operating in today’s economy. Foreign employees and their sponsoring companies will navigate a complex maze in the attempt to achieve the desired goals of the employee maximizing their ability to provide services and value to the company. One of various determining factors as to which pathway to attempt is whether the goal is an immigrant visa (also known as a “green card”) which may ultimately allow lawful permanent residence in the United States or a non-immigrant visa. The need for foreign labor affects various industries and applies to large segments of skilled, unskilled and semi-skilled workers in jobs ranging from farm to seasonal to high-tech. This webinar explains what businesses need to know in the current environment as well as how political and globalization issues will affect immigration laws going forward.
Part of the webinar series:
BUSINESS LAW REVIEW- 2022
See more at https://www.financialpoise.com/webinars/
NEWBIE LITIGATOR SCHOOL - Part I 2022: Working With Experts Financial Poise
This webinar provides an overview of using expert witnesses in commercial litigation. It discusses when expert testimony is commonly used, the rules governing expert disclosures and discovery such as expert reports. It covers challenging opposing experts using Daubert motions and strategies for preparing your own experts for deposition. The webinar is part of a series on litigation fundamentals aimed at new and less experienced litigators.
Executive compensation continues its movement towards performance pay as the standard. Compensation structures and proxy disclosures are more and more complex. Investors and proxy advisors continue to increase influence on compensation issues. This webinar examines executive compensation, including equity-based compensation plans and executive employment and severance agreements. The importance of disclosure, alignment of risk, and metrics is also examined. Practical guidance on pay-for-performance and supplemental pay definitions is provided. The panelists discuss the effect of the Dodd-Frank Act on executive compensation, including SEC regulations. Exchange rules are compared to applicable federal law. Best practices regarding executive compensation committees and regulatory requirements for those committees are examined. Shareholder advisory groups promulgate executive compensation related advisory policies for their institutional shareholder clients annually and these policies are also discussed. Issues regarding board composition and leadership structure issues are discussed in relation to executive compensation.
Part of the webinar series:
CORPORATE REGULATORY COMPLIANCE BOOT CAMP 2022 - PART 2
See more at https://www.financialpoise.com/webinars/
CORPORATE REGULATORY COMPLIANCE BOOT CAMP 2022 - PART 2: Securities Law Comp...Financial Poise
The Securities and Exchange Commission has been entrusted with a significant corporate compliance regulatory function, which has been expanded by seminal legislation in the recent past such as the Sarbanes-Oxley (“SOX”) and Dodd-Frank Acts. This webinar discusses board fiduciary duties and the tension between state corporate law standards and federal law. Board composition, independence, structure and processes (including best practices in regard to committees) are analyzed. Specifically, director independence is discussed as is audit committees and related requirements, regulations and exemptions. NASDAQ and the NYSE also have similar requirements for director independence and those are also discussed. The webinar also covers disclosure matters related to SOX compliance, including timing and content of an issuer's periodic disclosures. Both the legal requirements and best practices related to disclosure procedures and internal controls under SOX are examined. Means of controlling the costs of SOX, especially for smaller public companies, are also discussed, including trends in the industry related to high regulatory compliance costs. Finally, the applicability and best practices for privately held companies and SOX are considered.
Part of the webinar series: CORPORATE REGULATORY COMPLIANCE BOOT CAMP 2022 - PART 2
See more at https://www.financialpoise.com/webinars/
The deal is complete, and the parties have finished the hard work. Or have they? Integration planning turns to execution as people, process, and technology are combined once the deal is legally closed. The buyer will need to consider the purchased business or assets from the standpoint of employees, IT, customers, suppliers, and a multitude of other areas. In addition, numerous post-closing legal issues may arise, including purchase price adjustments, breaches of representations and warranties, enforcement of key negative employment-related covenants and restrictive covenants, collection of pre-closing accounts receivable, and true-ups of final financials. This episode guides listeners through the process, timing, and issues which most commonly arise after the closing of deals.
Part of the webinar series:
M&A BOOT CAMP - 2022
See more at https://www.financialpoise.com/webinars/
Although every deal is different, understanding any purchase/sale agreement will help you understand other purchase sale agreements. Stated another way, most M&A documents include a similar set of sections and use a similar vocabulary. This episode explains specific, common provisions and discusses how buyers and sellers approach these provisions differently, particularly in light of situational differences (e.g. whether the assets being bought and sold are equity of a company or the assets of a company; whether the seller is going to cease to exists or not). Topics covered will include tax issues; corporate governance; closing conditions; representations and warranties; indemnification provisions; earn-outs; restrictive covenants; antitrust; intellectual property; and employment issues.
Part of the webinar series:
M&A BOOT CAMP - 2022
See more at https://www.financialpoise.com/webinars/
Buying, selling, or merging a company typically follows a similar set of steps from deal to deal. The amount of time each step takes varies but the order of the steps is fairly uniform because the steps follow a certain logic: before the parties share meaningful information, they should sign a confidentiality agreement (a/k/a “non-disclosure agreement,” or “NDA”); once a baseline amount of information is known by the would-be buyer, it commonly presents a letter of intent or term sheet to the target or its owner, which serves as an outline for a deal but does not necessarily bind the parties to consummate the transaction; additional due diligence and the negotiation, drafting and signing of definitive documents comes next. The parties then obtain any needed regulatory and/or contractual third party approvals; followed by closing; and finally by post-closing tasks. This webinar will discuss all these steps from a macro perspective so that you can see the forest for the trees, but does not do a deep dive into any single topic. Think of this webinar as a road map or timeline for a typical deal.
Part of the webinar series:
M&A BOOT CAMP - 2022
See more at https://www.financialpoise.com/webinars/
CROWDFUNDING 2022 - Crowdfunding from the Investor's PerspectiveFinancial Poise
This webinar focuses on the opportunities that crowdfunding makes available to the investor, and how the investor should go about navigating this new world. We begin with a basic overview of the new regulatory regime, the requirements to invest, and the on-boarding process one should expect. We then dive deeper into the market opportunity, including how to access and select investments, and expectations investors should set for themselves and the projects they select. This is not intended to support any specific deal selection, but instead sheds a light upon the basic selection criteria available, the method to go about investing and what to avoid.
Part of the webinar series: Crowdfunding 2022
See more at https://www.financialpoise.com/webinars/
CROWDFUNDING 2022 - Securities Crowdfunding for IntermediariesFinancial Poise
This webinar addresses crowdfunding portals and intermediaries. This episode begins with a basic overview of the various methods of crowdfunding, from donation and rewards based, to intra-state equity, debt, and finally securities based crowdfunding under Titles II, III and IV of the JOBS Act. Once those differences are understood, the webinar focuses on the need for intermediaries, the role that they can and sometimes must play, followed by a discussion on how the market has matured and where we see the market going in the online capital space. This webinar also discusses the risks and future of these intermediaries with the advent of the ICO and token distribution events.
Part of the webinar series: Crowdfunding 2022
See more at https://www.financialpoise.com/webinars/
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Reimagining Your Library Space: How to Increase the Vibes in Your Library No ...Diana Rendina
Librarians are leading the way in creating future-ready citizens – now we need to update our spaces to match. In this session, attendees will get inspiration for transforming their library spaces. You’ll learn how to survey students and patrons, create a focus group, and use design thinking to brainstorm ideas for your space. We’ll discuss budget friendly ways to change your space as well as how to find funding. No matter where you’re at, you’ll find ideas for reimagining your space in this session.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
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5. 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 that information it publishes is accurate,
Financial Poise™ makes no guaranty in this regard.
5
6. Meet the Faculty
MODERATOR:
Mark Melickian - Sugar Felsenthal Grais & Helsinger LLP
PANELISTS:
Jeffrey Goetz - Bradshaw Fowler Proctor & Fairgrave
Gary Marsh - Troutman Sanders LLP
Ronald Winters - Gibbins Advisors, LLC
6
7. About This Webinar –
Negotiating and Drafting Cash Collateral/DIP
Financing Orders
Every company needs access to cash to fund its operations. Companies in bankruptcy are no
different. But how should a company planning to enter bankruptcy approach this issue if all of
its cash is tied up by a secured lender? What will a bankruptcy judge say when the company
asks her permission to use cash on terms presented by its lender? How should lenders,
debtors, and creditors approach negotiations over the terms of a cash collateral order or
debtor-in-possession (DIP) financing agreement? This webinar focuses on answering these
questions for advanced business reorganization practitioners and advisors from the
perspective of all parties to a negotiation, as well as addressing best practices in drafting,
negotiating, and presenting cash collateral and DIP financing orders in complex
reorganization proceedings.
7
8. About This Series – Bankruptcy Transactions:
Advice for the Advanced Practitioner
Corporate transactions are fraught with complicated legal, business, and financial issues. And
transactions in the context of a bankruptcy proceeding often adds a further layer of
complexity. Whether representing an asset purchaser seeking to acquire assets “free and
clear” of liens and encumbrances; trading claims against a bankrupt company; or negotiating
and drafting orders governing the use of a bankruptcy company‟s cash, businesses and their
advisors must have a robust understanding of the issues they face. This series provides tools
for business owners and their advisors to navigate through the landscape of bankruptcy
transactions, demystify esoteric concepts, and discuss best practices for advanced
professionals working on these matters.
Each Financial Poise Webinar is delivered in Plain English, understandable to investors, business owners, and
executives without much background in these areas, yet is of primary value to attorneys, accountants, and other
seasoned professionals. Each episode brings you into engaging, sometimes humorous, conversations designed to
entertain as it teaches. 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 episodes.
8
9. Episodes in this Series
#1: Representing Asset Purchasers in Bankruptcy
Premiere date: 2/4/20
#2: Bankruptcy Claims Trading
Premiere date: 3/3/20
#3: Negotiating and Drafting Cash Collateral/DIP Financing Orders
Premiere date: 4/7/20
9
11. Fundamentals: Debtor in Possession
• Debtor in possession = debtor remaining in control of entity while serving the role of
trustee
• Debtor in possession responsibilities:
§ 1107(a) – debtor in possession shall have all the rights, powers, and shall
perform all the functions and duties of a trustee serving in a case.
§ 363(c) – The trustee may not use, sell or lease cash collateral unless
o (c)(1) Each entity that has an interest in such cash collateral consents; or
o (c)(2) The court, after notice and a hearing, authorizes such use, sale, or
lease
o Note: A consent agreement that the court has not approved and was not
given the opportunity to approve may be unenforceable. See In re
J.L.Graphics, Inc., 62 B.R. 750 (Bankr. D. N.H. 1986)
11
12. Fundamentals: § 363(a) - Cash Collateral
• 11 U.S.C.A. § 363(a) defines cash collateral as:
“Cash, negotiable instruments, documents of title, securities, deposit accounts,
or other cash equivalents whenever acquired in which the estate AND an
entity other than the estate have an interest and includes the proceeds,
products, offspring, rents, or profits of property and the fees, charges, accounts
or other payments for the use or occupancy of rooms and other public facilities
in hotels, motels, or other lodging properties subject to a security interest as
provided in section 552(b) of this title, whether existing BEFORE OR AFTER
the commencement of a case under this title.”
12
13. Fundamentals: § 363(a) - Cash Collateral
• Examples of typical forms of cash collateral
Rents and profits of income producing property
Proceeds of prepetition contracts
Proceeds of accounts receivable
Proceeds from the disposition of inventory
Etc.
13
14. Fundamentals: Cash Collateral Categories
• Soft Collateral
Collateral consumed in the operation of the debtor‟s business
• Hard Collateral
Not used up, but may depreciate such as buildings, machinery, etc.
14
15. Fundamentals: § 363(e) - Adequate Protection
• Upon appropriate request, A secured creditor has the right to “adequate
protection” of its collateral
Secured Creditor is entitled to have the value of its collateral maintained at all
times, and it can obtain relief from the automatic stay and take back its
collateral at any time if that interest is not adequately protected
15
16. Fundamentals: § 363(e) - Adequate Protection
• § 361 Examples of Adequate Protection Options
Periodic cash payments equivalent to decrease in value of collateral
Replacement lien
Other relief that provides “indubitable equivalent”
Equity Cushion
o Equity cushion is not explicitly listed in § 361 but can come into play for
hard collateral such as when the value of real estate is greater than the
debt owed
16
17. Fundamentals: § 364 - Obtaining Credit - Hierarchy
of Options
• 364(a) Debtor is allowed to incur unsecured debt in the ordinary course of business
• 364(b) Debtor may seek court approval for an unsecured loan other than in the
ordinary course of the debtor‟s business
• 364(c)(1) with priority over any or all administrative expenses of the kind specified in
section 503(b) or 507(b) of this title
• 364(c) Debtor may obtain a post-petition secured loan through liens on
unencumbered property or junior liens on encumbered property
• 364(d) If credit cannot be obtained on the above terms, debtor may seek
approval with liens that prime pre-existing liens
CRITICAL POINT: Priming liens are a last option, and it is debtor‟s burden to
prove that primed lenders are adequately protected
17
18. Summary So Far
• Debtor in possession is generally authorized to operate business (§ 1108), however,
obtaining the funds necessary to continue operations is often challenging given the
debtors strained financial relationships
• Practicality
Obtaining nonconsensual use of cash collateral approval will likely involve
considerable time and money the debtors does not have
Debtor is unlikely to find:
o a lender willing to risk extending an unsecured loan under 364(a) or (b),
o a lender willing to accept junior liens under 364(c)(3)
Additionally, the debtor likely does not have unencumbered property available
for secured loan under 364(c)(2)
18
19. Summary So Far
• More realistic options for obtaining operational funds
Use of cash collateral agreement under § 363(c)
Debtor in possession (DIP) financing under
o § 364(c)(1) – Super-super priority
o § 364(d) – Priming lien
19
20. Perspectives and Leverage
• Debtor has minimal leverage as prolonged delay or failure to procure operational
funds will likely extinguish the opportunity for a successful reorganization
• Secured creditors have high leverage because their cooperation is paramount to the
debtor‟s successful reorganization
• BIG PICTURE: Creditors generally benefit more from a quick and successful
reorganization than a contentious attempted reorganization that ends in liquidation
This incentivizes existing creditors to facilitate the debtor‟s continuing
operation, particularly if they can offset some existing risk by improving the
priority of their prepetition claims*
20
21. Term Restrictions
• Given the leverage disparity between the debtor and creditors, Amended
Bankruptcy Rule 4001 provides procedural mechanisms to protect debtors (notice
and hearing requirements), additionally many courts have adopted local rules to
supplement these protections and prevent the use of “extraordinary provisions”
• The following slides will discuss some common terms that appear on cash collateral
agreements and DIP financing agreements
21
22. Term 1: Sufficient Adequate Protection
• In any Cash Collateral Agreement, a secured creditor‟s primary objective is to
ensure they will receive sufficient adequate protection
• Sufficiency is determined by the valuation of collateral
• Again, AP can be achieved through additional liens on collateral, periodic cash
payments, or other methods
22
23. Valuation Theory
• 11 U.S.C.A. § 506(a) – Valuation of collateral is to be conducted in light of the
purpose of the valuation and the proposed disposition or use of the collateral
• Valuation factors (In re Martin (8th Circuit))
Extent of secured creditor‟s interest in cash collateral
Extent that secured creditor‟s interest will be adversely affected by debtor‟s use
of Cash Collateral
Methods available for secured creditor‟s interest to be adequately protected
23
24. Proof of Interest
• Creditors have the burden of proving validity, priority, and extent of their interest in
property
• Undervaluation of interest is a substantial concern for secured creditors
To supply a basis for interest secured creditors will offer into evidence:
o security agreements
o financing statements
o mortgages
o any other documents relevant to interests
24
25. Term 2: Budget and Access
• A provision requiring the debtor to provide certain reporting to the lender and further
allowing the lender to have access to the books, records and premises of the debtor
for the purpose of monitoring its collateral
• CREDITOR PERSPECTIVE: Wants transparency to ensure proper management
• DEBTOR PERSPECTIVE: Wants to maintain autonomy and not have decisions
second guessed
25
26. Term 3: “Dive” Provision
• This type of provision will be sought by the lender to:
Validate and ensure the enforceability of the lender‟s prepetition liens
Waive any potential future claims against the lender such as 506(c) surcharge
claims
• CREDITOR PERSPECTIVE: The lender wants to have certainty where it stands
and avoid future liability
26
27. Term 3: “Dive” Provision
• OTHER PERSPECTIVES: Blanket waivers or releases of claims and defenses may
have unforeseen consequences that affect other creditors down the road potentially
violating the DIP‟s fiduciaries duties
• Some courts have also taken issue with lien validity concessions
“To adjudicate the validity, priority, or extent of a lien requires the
commencement of an adversary proceeding.” In re Roblin Indus., Inc., 52 B.R.
241, 244 (Bankr. W.D.N.Y. 1985)
27
28. Term 4: Default and Acceleration
• Withdrawal of consent to use cash collateral or termination of further financing, upon
occurrence of a default, dismissal, or conversion to chapter 7
Some precedence exists allowing a default to initiate the lifting of the automatic
stay if appropriate notice was given, but such extraordinary terms are unlikely
to hold up today. See In re FCX, Inc., 54 B.R. 833, 843 (Bankr. E.D.N.C. 1985)
• CREDITOR PERSPECTIVE: We don‟t get fooled again!
Meet the new boss, same as the old boss – The Who
28
29. Term 5: Survivability
• The financing agreement and order shall continue to be binding and survive such events
as the confirmation of a plan or reorganization, the dismissal of a case, the conversion of
the case, or the filing of any subsequent case under the Bankruptcy Code.
29
30. Term 6: Cross-Collateralization
• prepetition debt collateralized by postpetition collateral (roll up) as part of the price
for making postpetition loans to the debtor-in-possession
• CREDITOR PERSPECTIVE: Improving positioning in the priority scheme can be a
huge difference in total recovery
Argument: The Bankruptcy Court is empowered under 11 U.S.C.A. § 105(a) to
issue orders that are necessary to accomplish the ultimate goal of the debtor's
reorganization.
30
31. Term 6: Cross-Collateralization
• OTHER PERSPECTIVES: Other creditors do not want to be jumped in priority
position
Argument: The Bankruptcy Code does not authorize cross-collateralization in
the situation where the existing lender may be undersecured and therefore
cross-collateralization violates the scheme of distribution by allowing a creditor
to improve its position
31
32. Term 7: Prohibit Third Party Financing
• Lender's lien shall not be subordinated, altered or affected by any subsequent financing
32
33. Term 8: Payment of Professionals
• Address the treatment of professional fees and expenses of the debtor-in-possession
and the official unsecured creditors' committee
33
34. Term 9: Insurance
• Covenants from the debtor with regard to maintenance of insurance, the payment of
taxes, the terms upon which collateral may be sold, and the collection of accounts
receivable
34
35. Term 10: Exclusive Jurisdiction
• Exclusive jurisdiction of the Bankruptcy Court over the parties and subject matter of their
agreement
35
37. About The Faculty
Mark Melickian - mmelickian@sfgh.com
Mark Melickian leads Sugar Felsenthal Grais & Helsinger LLP‟s restructuring practice. Over the past 20 plus years,
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. In addition, a significant focus of his practice is the representation of committees and other estate
fiduciaries in bankruptcy cases – over the past two decades, 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 has written extensively on bankruptcy and insolvency law
and other topics, having contributed materials on these subjects to American Bankruptcy Institute Journal,
Bankruptcy Strategist, Wiley Bankruptcy Law Update, Ginsberg & Martin on Bankruptcy, Norton Bankruptcy Law
Adviser, the Cornell University Legal Ethics Library, and 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. He is a graduate of Colorado State University and Northwestern University School of Law.
37
38. About The Faculty
Jeffrey Goetz - Goetz.Jeffrey@bradshawlaw.com
Jeffrey‟s practice is primarily devoted to representing debtors, creditors, trustees and
committees in both consumer and business bankruptcy and reorganization cases. He is
Board-Certified by the American Board of Certification in both Business and Consumer
Bankruptcy Law. A shareholder at Bradshaw, Fowler, Proctor & Fairgrave, P.C. in Des
Moines, Iowa, Jeffrey has been recognized by my peers for inclusion in the 2012 -2019
Editions of The Best Lawyers In America in the practice area of Bankruptcy and
Creditor Debtor Rights / Insolvency and Reorganization Law.
38
39. About The Faculty
Gary Marsh - gary.marsh@troutman.com
Gary Marsh is a partner with Troutman Sanders LLP in Atlanta. A veteran restructuring
attorney focused on all aspects of bankruptcy, workouts, debtor and creditor law, Gary‟s
practice also encompasses general commercial litigation. He represents debtors and creditors
in Chapter 11 cases, out-of-court restructurings and litigation. He also represents court
appointed receivers, examiners and trustees. Gary‟s practice primarily involves representing
financial institutions and servicers in and out of court in enforcing their rights and remedies.
He also analyzes and defends against preference and fraudulent conveyance actions,
represents buyers of assets out of bankruptcy and represents landlords and other parties who
have leases or contracts with debtors. Gary has deep industry experience particularly with
healthcare, energy and real estate insolvencies.
39
40. About The Faculty
Ronald Winters - rwinters@gibbinsadvisors.com
Ronald Winters is a co-founder and Principal of Gibbins Advisors with more than 25 years of
restructuring experience including over 15 years specializing in healthcare, higher education
and not-for-profit sectors. With a particular talent for managing complex problems and
navigating the competing interests of multiple stakeholders, he is one of the most experienced
„middle market‟ healthcare bankruptcy and restructuring professionals in the country.
Prior to forming Gibbins Advisors, Ron was a Managing Director at each of Healthcare
Management Partners and Alvarez & Marsal where he worked a combined 18 years. Prior to
that, he spent the first half of his professional career managing portfolio assets and credit
policy at what is now Mizuho Financial Group, one of the world‟s largest financial
organizations.
Ron earned a B.S. in Business and Economics at Lehigh University and an MBA at the Pace
University Lubin School of Business.
40
41. 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.
41
42.
43.
44. ABOUT DailyDAC
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45. About Financial Poise
45
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