TMA Turnaround Square: Fiduciary Duties

Beginning with a short primer on fiduciary duties under Delaware law, this presentation will address unique issues involving fiduciary duties owed to insolvent businesses including (1) how fiduciary duties shift upon insolvency, (2) the different standards that apply to insolvent corporations, LLCs, and partnerships, (3) duties owed by board members of insolvent wholly-owned corporations, and (4) fiduciary considerations in out of court restructuring transactions.  Each of these subjects will focus on how board members must balance fiduciary duties owed to shareholders and creditors, each of whom often have wildly divergent expectations and interests.

Panelists:

Becca Coleman, AlixPartners LLP (moderator)

Chris Blacker, CTP, Director, AlixPartners LLP, Chicago, IL

L. Katherine Good, Partner, Potter Anderson & Corroon LLP, Wilmington, DE 

R. Stephen McNeill, Counsel, Potter Anderson & Corroon LLP, Wilmington, DE

Frank Turner, CTP, Managing Partner, KCP Advisory Group, LLC