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vol 24, num 1 | March 2025 |
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Co-Chairs’ Corner: Year in Review |
The Business Reorganization Committee had a busy and successful 2024, and we are already looking forward to another great year in 2025.
Over the past year, committee members took advantage of the many benefits afforded them, including the committee’s newsletters, podcast, webinars and educational programs. We have big plans for 2025, and we thank our committee members and leadership for their support and continued participation.
We are excited to continue growing and providing relevant and interesting content for our members. The committee always welcomes any ideas for newsletter contributions, webinar topics, seminar panels, podcasts and other special projects. If you are interested in contributing, please reach out to Committee Co-Chairs Jacob Frumkin and Tim Anzenberger. Their contact information can be found on the Business Reorganization Committee’s web page.
Below are a few highlights from the committee’s activities over the last year. |
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Challenges and Successes of a Liquidating Trustee |
In 2022, following a downturn in travel related to the COVID-19 pandemic, a regional airline filed for bankruptcy in Delaware. In the following months, pursuant to the plan, Chris Tierney was appointed as liquidating trustee, and Steven Jackson was brought in to handle the day-to-day operations. Over the next two years, we worked through many challenges and ultimately made our final distributions to creditors at the end of 2024. These challenges included working through multiple rounds of claim objections, going after deposits or other funds held by companies or governmental entities, losing institutional knowledge as employees left, gathering and
storing all company data after years of loosely organized financial and operational records, and seeking repayment for preferential payments made leading up to the bankruptcy filing.
While the company only had a few hundred claims, the state of the claims register when the trustee first took over was an absolute mess. The claims were mostly from former vendors but also included customers, as well as flight attendants, pilots and former management. The claims register was full of duplicates and improperly classified claims. The process of analyzing these claims one by one to identify claims objections took several months.
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Ciara L. Rogers: A Legacy of Service, Empathy and Entrepreneurial Spirit |
Editor’s Note: In honor of Black History Month and Women's History Month, the Business Reorganization Committee interviewed Ciara Rogers, a partner with Waldrep Wall Babcock & Bailey, PLLC in Raleigh, N.C.
Ciara L. Rogers isn't just a lawyer. She's a mentor, an advocate, and an inspiration to aspiring legal professionals. As a first-generation attorney, she carved a path marked by intelligence, unwavering dedication, and empathy. Her journey, rooted in service and shaped by personal experience, has made her a respected figure in the legal community, particularly within the complex world of bankruptcy law.
Ciara’s story begins in central Virginia, where she spent most of her childhood. The influence of service was woven into the fabric of her upbringing, as both her parents served in the U.S. Army. Her parents’ service instilled in her a profound appreciation for dedication and the importance of contributing to something larger than herself.
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Don't Miss ABI’s Annual Spring Meeting!! |
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Join ABI at the 2025 Annual Spring Meeting! As one of the most significant annual gatherings of bankruptcy and insolvency professionals in the country, ABI's Annual Spring Meeting provides the ultimate learning and networking opportunities for the insolvency community!
Join The Business Reorganization and Financial Advisors & Investment Banking committees for their panel, "Strategic Communications in High Stakes Restructurings" on Friday, April 25, 2025, at 11:15 AM EST. This panel will focus on the critical role of strategic communication during large, high-profile bankruptcy cases. Using real-world case studies, experts will discuss the challenges of managing media narratives, stakeholder concerns, and public perception in high-stakes scenarios. Topics will include media relations, crisis communication strategies, and the importance of proactive storytelling to ensure a successful restructuring
Speakers for this panel include:
- Paul Caminiti, Reevemark - New York, NY
- Annmarie Chiarello, Winstead PC; Dallas, TX
- Rachel Chesley, FTI Consulting, Inc.; New York, NY
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