The Syndications and Lender Relations Subcommittee of the Commercial Finance Committee and the Syndicated Bank Financing Subcommittee of the Business Financing Committee jointly sponsored a fantastic panel presentation at the 2009 ABA Annual Meeting, entitled "If You Want To Do Something Right, Do It Yourself - Self Help Strategies in the Age of Illiquidity." A panel of experts, including Alex Spiro of Bank of America's legal division and Suzanne Alwan of the Wells Fargo Law Department discussed their institutions' approaches to the novel and sometimes unforeseen issues being created by today's unprecedented market conditions. It was very interesting to hear how these institutions are dealing with issues like "amend and extend" transactions and defaulting lenders. A similar panel discussion with Alex and Suzanne was held on Tuesday, October 27, 2009 at the monthly meeting of The Association of Commercial Finance Attorneys, Inc. ("ACFA"). Please see the ACFA website at www.acfalaw.org for more details.
Immediately following the panel presentation, the Model Intercreditor Task Force took the stage to close in on completion of their work on the Model Intercreditor Agreement ("MICA"). Members of the Task Force discussed final issues on the bankruptcy provisions and began a run through of the final document. MICA information is available at http://www.abanet.org/dch/committee.cfm?com=CL190029
Members of the MICA Task Force are currently drafting the commentary that will accompany MICA and are performing final edits to the form. The current plan is to have MICA and commentary completed by early November, just in time for the 2009 ComFin/UCC Fall Meeting in conjunction with the Commercial Finance Association Annual Convention. The Subcommittee will present a panel discussion at the ComFin/UCC Fall Meeting on November 4, 2009 and at the CFA convention on November 6, 2009 to introduce MICA. So mark your calendar and plan to attend the 2009 Fall Meeting so you can meet MICA in person!
The Subcommittee is anxious to hear from members who would like to help sponsor telephone conference presentations on topics of interest to Subcommittee members. If you have ideas for topics or speakers or would like to share your expertise with the group, please let us know.
