The program will first consider the options available to a creditor for obtaining a security interest in investment property collateral and the interplay between Article 8 and Article 9 of the UCC.  Part of the discussion will be a brief case study of a dispute over equity collateral between a secured lender who has perfected by filing and a secured lender who has perfected by control and meets the standard of a "protected purchaser" under Article 8.  The panel will then discuss the pros and cons of foreclosing on equity collateral and the risks to secured creditors of "controlling" the debtor.  As part of the discussion of the "lender as owner" the panel will consider matters such as piercing the veil, equitable subordination, duties of directors, and related bankruptcy issues..

James D. Prendergast
The First American Corporation

Meredith S. Jackson
Irell & Manella LLP

The Empress Pavilion
988 Hill Street (located in the Bamboo Plaza)
Chinatown, Los Angeles, California  90071