Stephanie Wickouski, partner in the firm’s Corporate Restructuring group, is the moderator of the panel “CLE Ethics Hour: Maintaining Integrity and Transparency.” Imagine if hedge funds, claims traders and other investors in distressed debt were required to disclose when they bought and sold their securities, what they paid or received, and when. When groups of investors form ad hoc committees, those investors may unwittingly be setting themselves up for situations in which they are compelled to divulge information they consider sensitive and proprietary. Bankruptcy Rule 2019 is designed to foster the integrity of the bankruptcy process by requiring the public filing of the amounts of claims or interests owned by the members of any committee, when such claims were acquired, the amounts, and any sales or other dispositions. This requirement led to some unexpected showdowns in the Northwest Airlines case. Will the Court's ruling in the Northwest Airlines case chill participation of ad hoc groups in future cases, and what loopholes, if any, may be used in the future to skirt Rule 2019's disclosure requirements.

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