Tag: alston & bird

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AABANY Holds Kick-Off Meeting and Orientation for FY24 Committee Co-Chairs

On Monday, April 24, 2023, Co-Vice Presidents of Programs & Operations, Beatrice Leong and Jeffrey Mok, along with President Karen Kim and Executive Director Yang Chen held a Kick-Off Meeting and Orientation for the Fiscal Year 2024 Co-Chairs. The meeting was held at Alston & Bird near Grand Central. Thanks to Board Director and Bankruptcy Committee Co-Chair Will Hao, Counsel at Alston, for hosting.

This year’s class of Co-Chairs was appointed by President Karen Kim at the start of the fiscal year in April. All Co-Chairs serve for a one-year term co-terminous with Karen’s term as President during the fiscal year which ends on March 31, 2024.

Co-Chairs and Vice Chairs representing 25 out of 27 Committees were present, and the new Co-Chairs received orientation about AABANY’s protocols and goals. The returning Co-Chairs received a refresher.

After the Orientation meeting, everyone walked over to Stout Grand Central for an afterparty where Committee Co-Chairs were able to meet each other and mingle over oysters, tacos, and baos, along with drinks from the well-stocked bar.

We look forward to another productive year of AABANY programs and events brought by our hard working Committees. To see the current list of Committees and Co-Chairs, please click here. If you want to get involved with one or more Committees, email us at [email protected] and we can connect you.

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Thank You to Our AABANY Student Leaders

AABANY recognizes and thanks its Student Leaders for all their assistance this summer in fighting COVID-19 and giving back to the Asian American community in New York. Our AABANY student leaders are:

Taiyee Chien, UChicago Law

Long Dang, Columbia Law

Alex Hwang, Cardozo Law

Dianna Lam, Fordham Law

Connie J. Lee, Columbia Law

H. Anthony Park, Ottawa Law

Jenny Park, Columbia Law

Xinyi Shen, Cardozo Law

Sejal Waghray, Emory University

Meng Zhang, Fordham Law

The flyer above contains short descriptions about why each AABANY Student Leader wants to give back and how they have been doing it, such as by volunteering at AABANY’s Pro Bono Clinic or participating in various COVID-19 relief activities and programs over the summer.

Please join us in thanking all our AABANY Student Leaders. We also recognize and thank Will Lee, Vice Chair of the Student Outreach Committee, for his leadership in bringing together our Student Leaders and helping AABANY channel their talents and energy to benefit the New York Asian American community.

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AABANY Co-Sponsors: COVID-19: Relief for Small Businesses Webinar Series Part 2 (Bankruptcy and Restructuring)

On May 28, the Asian American Bar Association of New York (AABANY) co-sponsored “COVID-19: Relief for Small Businesses Webinar Series Part 2” as part of a series dedicated to helping small businesses mitigate financial losses in light of COVID-19. The presentation discussed the various economic relief packages passed under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), as well as how Chapter 11 bankruptcy and the Small Business Reorganization Act can help small businesses ensure long-term financial stability. The webinar featured William Hao, Counsel at Alston & Bird with extensive experience in bankruptcy, litigation, and out-of-court restructuring and Treasurer of the AABANY Board. The presentation was moderated by William K. Lee, an associate at Alston & Bird LLP and AABANY member.

The presentation began by addressing the various relief packages currently available to small business owners, specifically those regarding eligibility requirements and application information. Small businesses need to submit their payroll processing records, tax filings, Form 1099-MISC, and other supporting documentation to be eligible to receive the PPP principal loan. The loan amount will be the lesser of either $10 million or 2.5 times the average monthly payroll based on 2019 annual statistics. The deadline for PPP loans is June 30, 2020 but will likely be extended for the next round of funding. As for EIDLs, eligible small businesses must have suffered economic injury in connection with COVID-19 and have an acceptable credit history that demonstrates an ability to pay back loans. Businesses may receive a principal loan amount of up to $2.5 million that can only be used to pay for expenses the businesses would have paid for even if the disaster had not occurred with an interest rate of 3.75%.

The presentation also discussed how filing for Chapter 11 bankruptcy could help small businesses reduce debt, restructure certain obligations, and come out of bankruptcy a more financially stable company. Filing for Chapter 11 bankruptcy allows owners to retain ownership of their businesses by restructuring their internal operations and finances, while incentivizing creditors to negotiate a more favorable reorganization plan. However, heavy legal expenses and other administrative requirements have traditionally blocked smaller businesses from being able to file for Chapter 11 bankruptcy. Under the Small Business Reorganization Act, many of the barriers that have deterred small businesses from filing Chapter 11 bankruptcy have been removed by allowing small businesses to qualify as Subchapter V debtors. By filing under Subchapter V, small businesses would not need to incur the significant legal expenses associated with forming a creditors’ committee, paying the appointed trustee, and filing for a disclosure statement. In addition, the Small Business Administration has raised the aggregate noncontingent, liquidated debt limit from $2,725,625 to $7,500,000, and has expedited the process for filing Chapter 11 bankruptcy.

The discussion also provided guidance on the process of filing for Chapter 11 bankruptcy. Small business owners should seek out a lawyer to help prepare and file a petition along with other potential filings such as an initial affidavit. An automatic Subchapter V trustee is appointed upon filing the petition and will formulate a plan to address outstanding debts. 

Debtors should also prepare for court appearances such as Section 341 meetings, during which creditors can come and ask questions regarding company finances and status conferences between all parties to discuss progress toward developing a restructuring plan. These plans must contain a brief history of the business operations of the debtor; an analysis of how much money the company is worth if all of its assets were immediately liquidated; a valuation of future profitability if the company was allowed to continue operating; and any relevant forms. Plans must also outline how to manage and pay various classes of claims and interests including administrative expenses, priority claims, secured claims, general unsecured claims, and equity interests. Secured creditors can be paid over time and can be paid at a potentially lower interest rate whereas unsecured creditors must complete repayment within five years and all income not allocated for the maintenance of the company and basic personal living expenses of the debtor will be applied to make payments. If the plan is mutually agreed upon by all parties, the debtor will pay regular installments to creditors and any liability for debts is waived upon confirmation of the plan. If the plan is nonconsensual, the appointed trustee will make regular payments on behalf of the debtor, and liability is waived upon the completion of payments.

We thank William Hao and William Lee at Alston & Bird for helping to organize this webinar series and for their demonstrated commitment to helping small business owners affected by COVID-19. To learn more about AABANY’s Commercial Bankruptcy & Restructuring Committee, visit https://www.aabany.org/page/353. For any specific details, please refer to the video above.

If any attorneys would like to volunteer with AABANY to assist small business owners adversely affected by COVID-19, please contact [email protected].

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Thank you to all those who attended our Fifth Annual Fall Conference: Empowering Unity and Progress, hosted at Morgan Lewis on September 20, 2014. 

With over 300 people registered, the full day of CLE programs and Trial Advocacy Program (hosted at Alston & Bird LLP) were highly informative, productive, and engaging with truly something for everyone. We had panels addressing topics from Asian Americans in the Civil Rights Movement to How to Make it Rain and Keep It Raining. The invite-only In-House Counsel and Judicial Forums provided productive environments for candid discussion.

Gurinder Singh, Vice President of Programs and Operations, kicked off the lunch session by introducing Brad Edmister, Partner at Morgan Lewis, who offered welcoming remarks on behalf of the firm. At the lunch, we were excited to present our inaugural awards. We were honored to present the inaugural Norman Lau Kee Trailblazer Award to Hon. Marilyn Go and the inaugural Law Firm Diversity Award to Perkins Coie LLP.

Executive Director Yang Chen presented the Norman Lau Kee Trailblazer award, recognizing Norman Lau Kee who was present at the event, and then introducing Judge Go. When accepting her award, Judge Go spoke on the importance of being at right place at the right time, most notably on how expectations of Asian Americans have shaped her personal journey and the most opportune times to break barriers. As a trailblazer in the Asian American legal community, she is the first Asian American female to serve as a federal judge and is a founding member of AABANY.

President Clara Ohr presented the Law Firm Diversity Award and introduced Dennis Hopkins, Partner at Perkins Coie, who accepted the Law Firm Diversity Award on behalf of the firm. Dennis remarked on how Perkins is perceived as a leader, but noted humbly that they are “just doing what they should do” and are glad to be receiving acknowledgment.

Gurinder then introduced Helen Wan who spoke about her book The Partner Track and she too spoke of Asian Americans in law, specifically navigating the corporate world. Copies of her just-released paperback edition of her book were available for purchase at the event, and many attendees took the opportunity to pick up a copy and have it inscribed by Helen.

President-elect Will Wang offered closing remarks at the lunch. He reminded everyone to save the date for the 2015 Annual Dinner, to be held on February 25 at Cipriani Wall Street.

We hope all those who attended the Cocktail Reception and Committee Dinners enjoyed some well-deserved refreshment in some good company. We were happy to welcome 185 attendees at the Cocktail Reception hosted one block away at Park Avenue Tavern.

This year, there were five Committee Dinners hosted: Government Service & Public Interest/Litigation/Labor and Employment/Young Lawyers Committees Dinner at Aperitivo; In-House Counsel at Izakaya NoMad; Real Estate and Small & Solo Firm Practice Committees at Cibo; Intellectual Property Comittee at Radiance Tea House and Fine Asian Cuisine; and Tax and Bankruptcy & Restructuring Committees at Capital Grille.

We thank all those who made the day possible: Brad Edmister, Morgan Lewis staff, moderators and panelists, our sponsors for their continuing support, honorees, Helen Wan for speaking, volunteers, and especially you for attending. 

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