Monday, October 27 3:00 - 4:00pm eastern

A Seller's "20 Day" Priority, Stoppage of Delivery, and Reclamation Rights: The Opportunities For Enhanced Recovery on Pre-petition Trade Claims
Presenter: Bruce Nathan, Esq.

Description:
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA") has had a great impact on trade creditor rights. One of BAPCPA's most significant changes is the creation of an administrative priority claim in favor of creditors that delivered goods to the debtor within 20 days of bankruptcy and changes to reclamation rights. Hear about state law reclamation and stoppage of delivery rights of trade creditors and how a trade creditor's exercise of stoppage of delivery rights might result in expedited payment of its claim. Discover the impact of the BAPCPA's changes that have substantially expanded trade creditor rights and how trade creditors have taken advantage of their expanded rights to significantly enhance their recoveries. Participants will learn how unpaid sellers of goods have fared on their reclamation claims, including the battle of reclamation rights vs. the "prior inventory security interest defense" that continues to make reclamation a difficult remedy to enforce.

Bio:
Bruce S. Nathan is currently a partner in the Bankruptcy, Financial Reorganization and Creditors’ Rights Group of the law firm of Lowenstein Sandler PC. Mr. Nathan concentrates on all aspects of creditors' rights and workouts in bankruptcy, out-of-court matters and other types of insolvency cases for secured creditors, creditors' committees, unsecured creditors, trustees and other creditors. Mr. Nathan serves as counsel to the unsecured creditors’ committee in Interstate Bakeries Corporation and Advanced Marketing Services Inc. and has represented substantial creditor interests in the Enron, WorldCom, Solutia, Metromedia Fiber Network, Adelphia, Calpine and Heilig-Meyers chapter 11 cases. Mr. Nathan also negotiates and prepares letters of credit, guarantees, security, consignment, bailment, tolling, and other agreements for credit departments of institutional clients and is also involved in the negotiation and preparation of loan, letter of credit, and factoring documentation and other matters for banks, asset-based lenders and factors. Mr. Nathan holds combined J.D./M.B.A. degrees from the University of Pennsylvania Law School and the Wharton School of Management. He is an active member of the American Bankruptcy Institute (“ABI”); is a member of ABI’s board of directors; is a former Co-Chair of ABI’s Unsecured Trade Creditor Committee; is a contributing editor of ABI Journal’s “Last In Line Column” and ABI’s “Second Circuit Cases Update”; and is the author of ABI’s Manual On Sellers’ Rights of Reclamation, Stoppage of Delivery and New Administrative Claim. Mr. Nathan is also an active member of, and regular lecturer for, the National Association of Credit Management (NACM); is a member of NACM’s Editorial Advisory Board; is a frequent contributor to NACM’s Business Credit; is a contributing editor of NACM’s Manual of Credit and Commercial Laws; and co-authored The Bankruptcy Abuse Prevention And Consumer Protection Act of 2005: An Overhaul of U.S. Bankruptcy Law, published by NACM.