Recent Developments Affecting Officers & Directors of Financially Distressed Businesses

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Sponsored by: The Bankruptcy Law Section

When companies file for bankruptcy, recoveries may be scarce, particularly after payments are made to secured creditors and other priority claimants. Where facts warrant, unsecured creditors in search of a deep pocket will target a company’s board of directors, its senior management and the company’s D & O insurance carrier as a source of recovery.

This program will address recent developments affecting director and officer liability, including how to successfully reorganize a portfolio company, the fiduciary duties of officers and directors when their companies face financial turmoil, the viability of the deepening insolvency doctrine and strategies and defenses in litigation against directors and officers.  Panelists will also address the obligations and duties of board members and senior management when their company is in financial distress, including evolving theories of liability, recent changes in Delaware case law, and successful and unsuccessful defenses to claims.

Specific Topics will include:

1. Recent Developments Affecting Officer & Director Liability
2. Representing Portfolio Companies
3. The Deepening Insolvency Doctrine –  Does it remain viable?
4. The In Pari Delicto Defense & Other Hurdles in Establishing Liability

Panelists:

James M. Wilton, Esq.
Ropes & Gray LLP
Program Chair
 
Peter L. Welsh, Esq.
Ropes & Gray LLP

Gregory O. Kaden, Esq.
Goulston & Storrs – A Professional Corporation

George W. Tetler III, Esq.
Bowditch & Dewey, LLP

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