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Battling shades of gray: the 2007 legal symposium.(TRADELINE)(National Association of Credit Management)
Credit managers are faced with a constantly churning sea of laws and legal issues that are an integral part of the credit industry. These issues, as well as the complex web of legal processes and strategies that firms use to ensure they remain paid while protecting themselves from dreaded battles over preferences, took center stage as the Commercial Law League of America (CLLA) held its 87th meeting in New York City, November 8-11 in conjunction with NACM's Legal Symposium.
The symposium set out to educate attendees on navigating credit-related legal matters, as well as providing networking and social opportunities like the Lowenstein Sandler PC-sponsored dinner at Ben Benson's.
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But of course, one of the most frustrating occurrences for any credit manager is dealing with preference claims. To address this, the last day of the meeting was highlighted by "You Be the Judge: Two Dueling Expert Witnesses in a Mini Preference Trial." This session, presented by Bruce Nathan, Esq., partner in the Bankruptcy, Financial Reorganization and Creditors' Rights Group at Lowenstein Sandler PC and Eric Schnabel, Esq., partner in the Financial Restructuring and Bankruptcy group of Dorsey & Whitney LLP, went toe-to-toe detailing a myriad of tactics used in a preference trial where the new value defense was conceded and the ordinary course of business defense was utilized. This gave attendees an insight into what transpires, as well as an opportunity to discuss the new value defense and take an in-depth look at the ordinary course of business defense. Valerie Venable, CCE, CEW, credit manager for SABIC Innovative Plastics, and Steven Sass, Esq., of Receivable Management Services, played certified expert witnesses in the case.
"We are doing a real-life trial of two expert witnesses on the ordinary course of business defense," explained Nathan. "It's very illuminating and kind of gives you an understanding of the process of the decision to prosecute preference claims, ...
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