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Description: Recently published ethics opinions and commentary have produced a growing body of advisory materials for attorneys working with litigation funders.
Lawyers must approach transactions involving litigation funding mindful of several core professional obligations: competence, the duty of loyalty to the client vis a vis the lawyer’s own financial interests, lawyer independence, and confidentiality of information.
At the end of this presentation participants should be able to recognize and address the most significant ethical issues that arise from transactions involving litigation funding.
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1 Model R. Prof'l Conduct 1.1 (ABA).
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2 Model R. Prof’l Conduct 1.7 (ABA).
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3 Model R. Prof’l Conduct 5.4 (ABA).
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4 Model R. Prof’l Conduct 1.6 (ABA).
Presenter Bios
Douglas Schneller handles a broad range of complex transactional matters involving bank finance and lending; restructuring, bankruptcy and insolvency; intercreditor and subordination arrangements, including for mezzanine, leveraged, multi-lien and unitranche financings; claims analysis and reconciliation; and purchases and sales of par and distressed assets such as bank loans, notes, accounts receivable, trade claims, bankruptcy claims, and equity interests. He also counsels clients on a range of other transactional matters, including trade and receivable finance (including default-triggered puts and vendor/account receivable and trade financing); bankruptcy transactional matters including distressed investing, rescue and debtor-in-possession finance, and sales under Bankruptcy Code Section 363; corporate trust and agency; structured products; private placements; portfolio management and monitoring; and securities law matters.
Mr. Schneller’s clients include global and domestic banks, financial institutions, investment funds, companies and other parties including secured and unsecured creditors; agents to and lenders in syndicated and club lending groups; investors; trustees and collateral agents; and unsecured creditors. He represents clients in various finance and insolvency transactional matters, out-of-court restructurings (including cross-border and international), and the analysis and exercise of rights and remedies, including in proceedings pending under bankruptcy and insolvency laws in the US and other jurisdictions around the globe.
A portion of Mr. Schneller’s practice emphasizes investments and trading in syndicated and bilateral loans, loan portfolios, securities, claims, derivatives and other interests in domestic and international obligors and debtors in, near or emerging from financial distress, using LSTA, LMA and bespoke documentation. He advises clients regarding bankruptcy, reorganization, intercreditor and creditors’ rights matters. Mr. Schneller has also spoken and written about many of these areas, including intercreditor arrangements, the secondary market for and trading of bank loans and trade claims (including on LSTA, LMA and bespoke documents), and confidentiality and “big boy” matters.
During the past several years, Mr. Schneller has advised numerous clients in connection with thousands of transactions in bank loans, trade claims, swap claims, notes and other securities, and other financial instruments relating to distressed and performing borrowers, issuers and obligors, including various Lehman Brothers debtors, American Airlines, MF Global, Bernard L. Madoff Investment Securities, Nortel, Drillships, Verso, Vertellus, AHMSA, Minosa, Icelandic banks (Glitnir, Kaupthing, Landsbanki), EFIH, Alpha Natural Resources, Chesapeake Energy, and General Motors, among many others.
In addition to his active legal practice, at prior firms Mr. Schneller has been, among other things, (i) the sole representative responsible for establishing and running the London office, (ii) the New York local practice section leader for the global finance practice, and (iii) the leader of the distressed investing and secondary trading practices.
Mr. Schneller maintains an active pro bono legal practice. He has worked with the Clemency Project, which assisted federal prisoners, sentenced a decade or more ago to lengthy imprisonment for non-violent drug offenses, to seek the shorter sentences that likely would be imposed under current sentencing guidelines. Mr. Schneller has also represented a national not-for-profit organization committed to anti-bullying and anti-cyberbullying efforts; an animal rescue charity; various not-for-profit organizations in connection with corporate governance and tax-exempt issues; and low-income individuals seeking debt relief and protection from creditors under bankruptcy laws.
John J. Hanley focuses his practice on litigation finance, first and second lien financings; private placements of debt and equity securities; and the purchase and sale of loans, securities, trade claims, and other illiquid assets. His clients include litigation funders, claimants, business development companies, specialty lenders, investment banks, hedge funds, actively managed CLOs, special purpose vehicles, and other financial institutions.
John structures, negotiates and drafts litigation funding agreements, term and revolving credit facilities, commitment letters, consents, waivers, assignments, “big boy” letters, proceeds letters, and a range of agreements, including guarantee, intercreditor, subscription, purchase and sale, participation and confidentiality agreements.
His pro bono work includes working with the Civil Legal Advice and Resource Office to advise low-income New Yorkers on consumer debt issues under the auspices of the New York State Courts Access to Justice Program and Fordham Law School’s Feerick Center for Social Justice.
From 2012 to 2015, John has been selected to the Irish Legal 100 by the Irish Voice.
 | | Practice Areas: | | Complex Litigation, Ethics & Professional Responsibility, Litigation & Appeals | | | Online Media Type: | | Audio | | | Production Date: | | 01/06/2022 | | | Level: | | Intermediate | | | Category: | | Standard | | | Duration: | | 1 Hours, 1 Minutes | | | Online Format: | | On Demand | | | Course Type: | | Public |
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| | • | John J. Hanley, Esq. - Rimon, PC | | • | Douglas J. Schneller, Esq. - Rimon, PC |
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