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Our panel of experts, Marti Kopacz of Grant Thornton, Stephen Lisauskas of WasteZero and Ted Orson of Orson and Brusini, have each played leading roles in high-profile municipal restructurings in the Northeast. They will review the various causes of fiscal stress at the local level and provide their insights on how larger national and international trends will continue to impact localities in the Northeast. You will learn the key differences between debt adjustment under Chapter 9 and reorganization under Chapter 11 of the Bankruptcy Code and the unique dynamics at play in state takeovers and non-takeover workouts. The discussion will explore cutting edge issues affecting bondholders and other creditors, unions and management. This presentation should be enlightening not only for insolvency professionals, including attorneys and financial advisors, but also for lenders to municipal borrowers or borrowers that provide services at the local level. Jim Wallack of Goulston & Storrs, P.C. will moderate this timely discussion.
About Our Panelists
Marti Kopacz is a managing principal in and cofounder of the restructuring services practice at Grant Thornton. Marti has over 25 years’ experience advising in a broad range of industries including the not-for-profit and public sector, retail, technology and professional services. She is currently advising the Nassau County Interim Finance Authority (NIFA), a New York state control board, in their oversight role. NIFA recently imposed a control period for Nassau County, based on a substantial pending budget deficit. Nassau County has experienced financial difficulties for over a decade despite an annual budget that approximates $2.6 billion.
Stephen Lisauskas has led or participated in four municipal turnarounds, including the City of Haverhill, MA; Springfield, MA; Lawrence, MA and Central Falls, RI. He currently serves as Director of Government Affairs for WasteZero, the nation's leading provider of pay-as-you-throw solutions for municipalities, and as an Associate at the Collins Center for Public Management at the University of Massachusetts, Boston. Steve's work at the Collins Center focuses on assisting distressed municipalities and on issues of financial and operational restructuring.
Ted Orson is a principal of the law firm Orson and Brusini Ltd. in Providence, Rhode Island. He has been appointed receiver in more than 40 Rhode Island State Court receiverships. Ted is lead counsel to the Receiver of the City of Central Falls and the State of Rhode Island in the pending Chapter 9 case of Central Falls. Among the most controversial issues in the Central Falls case are (i) whether a City can utilize its Chapter 9 powers to reduce pension benefits, and (ii) the enforceability of recently-enacted statutory lien granting bondholders a lien on all the revenues of a municipality. The Chapter 9 case has drawn significant national and international media attention.
About Our Moderator
Jim Wallack heads up the bankruptcy practice at Goulston & Storrs, P.C. in Boston. Jim’s practice focuses on representation of middle market debtors, troubled portfolio companies of private equity firms, landlords, and developers, investors and liquidators seeking to purchase distressed companies and real estate both in and outside of bankruptcy proceedings. Jim is a Fellow of the American College of Bankruptcy and for years has been actively involved in the Northeast Chapter of the TMA, and currently serves as a member of the TMA International Board of Trustees.
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