Fall 2011 • Issue 41, page 21

Sacramento Seminar: What Why and How Explored

By Phelps, Kathy Bazoian*

Fifty people attended the California Receivers Forum Sacramento Valley Chapter’s “What, Why and How of Receivers In Business, Real Estate & Bankruptcy” seminar on November 17, 2011, at Drexel University in Sacramento, California. Bankers, counsel, experienced receivers, property managers, prospective receivers, and service professionals were among those in attendance.

The seminar was co-chaired by experienced receivers, Bob Greeley and Scott Sackett, and introduced by the Sacramento Forum President, Brian Nelson, also an experienced receiver.

Discussion segments were hosted by nine of the area’s top insolvency and collection attorneys, covering topics as diverse as initial receivership documentation and the court rules to the intersection of State and Federal courts in bankruptcy.

Symposium sessions designed for counsel and experienced receivers on topics like real property sales and bankruptcy were held concurrently with training sessions for the novice receiver. As anticipated, the pro and con of judicial foreclosure, receiver sale of real property, and the recent Wells Fargo case decision, were hotly contested as to whether the court’s authority allows the receiver to sell and convey title free and clear. More importantly, participants have a clearer understanding of the issues, concerns, pitfalls, and what the receiver should do when confronted with such a sale.

Other symposium sessions for experienced receivers discussed receivers enforcing judgment liens and the use of receivers following a secured creditor obtaining relief from stay in a bankruptcy.

The receiver training sessions covered basics including filing the oath and bond, reporting, obtaining counsel, and seeking instructions from the court.

California Receivers Forum’s President-Elect Nancy Hotchkiss of Trainor Fairbrook, hosted the segment on real property sales. Other presenters included: Don Fitzgerald of Felderstein, Fitzgerald, Willoughby; Mark Serlin of Serlin & Whiteford; Doug Kraft of Kraft Opich; Bruce Emard of Kronick,Moskivitz, Tiedemann; Robert Mirkin of Wilke, Fleury, Hoeffelt; Mary Olden of Downey Brand; Tom Mouzes of Boutin Jones; and Kevin Collins of Nossaman.

After his presentation, one attorney, when asked if he would be able to stay for the other sessions said, “Some of the state’s best insolvency attorneys are in that room talking about what really happens; I’m not going anywhere else this afternoon. “ Attendees earned three hours of MCLE credit.

The program costs were underwritten by sponsors Drexell University, Bank of Sacramento, Nossaman LLP, West Auctions, and Kraft Opich LLP.

*Kathy Bazoian Phelps, Esq. is a partner in the Los Angeles office of Diamond McCarthy LLP. She has special expertise in all areas of bankruptcy and receivership law and in representing trustees and receivers in large-scale litigation involving fraudulent and Ponzi schemes. She is a Board Member of the Los Angeles/Orange County Chapter of the California Receivers Forum.