Troubled Commercial Loans | Presented by
Three-Part E-Learning Series
September 10 | September 17 | September 24
10:00 am - 11:00 am CST
$59 per person (members) / $120 per person (nonmembers)
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The series is designed to both serve as an introduction for those who have not previously encountered financially distressed borrowers and as a refresher course for those who have weathered previous recessions.
Part 1 - September 10
Workout and Forbearance Agreements
The first of the series will focus on workout and forbearance agreements. It will include a discussion about the importance of default notices, tips for avoiding lender liability, and a description of common workout and forbearance agreement terms and tactics. Participants will receive course materials, including a checklist of items to consider in any workout or troubled loan situation.
Part 2 - September 17
Repossession and Foreclosure of Non-Real Estate Business Assets
This segment will focus on repossession and foreclosure of non-real estate business assets, consisting of inventory, accounts receivable, equipment, and/or general intangibles. We will discuss the steps to repossess and realize on collateral after default. The training will cover topics like liquidation agreements, voluntary surrender agreements, self-help repossession, set-off, 9-607 demands, private and public Article 9 sales, strict or partial strict foreclosure and, under certain scenarios, the use of receiverships to sell or liquidate a business or the assets of a business. Participants will receive course materials, including the Basics of Repossession and Foreclosure of Personal Property Under Article 9.
Part 3 - September 24
Commercial Real Estate Foreclosure and Receivership
The final segment will focus on commercial real estate foreclosure and receivership. The program will include a discussion of the foreclosure process, redemption periods, deficiency judgments, voluntary foreclosure agreements, deeds in lieu of foreclosure and receiverships. Participants will receive course materials, including 21 Frequently Asked Questions (with answers) about Minnesota’s foreclosure laws.
About the Presenters:
Dan Beck grew up on a dairy farm near Sauk Centre, Minnesota, and has been with the law firm of Winthrop and Weinstine since 1988, where he represents banks with defaulted commercial loans which are in workout, foreclosure, litigation, liquidation, receivership and bankruptcy. Dan does his best to help lenders maximize recovery and minimize loss. He has worked on loans involving all kinds of borrowers and collateral and during his career at Winthrop and Weinstine has represented secured lenders through the 1980’s ag crisis; the savings and loan crisis; the Dot-com bubble; the 2007-2009 financial crisis; and now the COVID-19 Pandemic.
Michael Rosow is a shareholder in Winthrop & Weinstine’s Creditor’s Remedies, Bankruptcy & Work-Out group and its Financial Services Litigation group. Mike represents banks and other lenders dealing with defaulted commercial loans. He also represents receivers in matters where the firm does not represent the secured lender. Mike is comfortable in the courtroom and negotiating a deal to keep his clients out of court. Mike has significant experience with real estate foreclosures, Article 9 sales, workout, receivership and bankruptcy. He has also represented banks in responding to subpoenas, in defending against lender liability claims and in connection with claw-back actions brought by receivers/trustees in Ponzi scheme cases.