This program will cover the rights and obligations of parties to guarantees, surety bonds and letters of credit when the principal obligor becomes the subject of bankruptcy proceedings. The discussion will encompass issues such as the impact of the automatic stay on the rights of beneficiaries and obligees to pursue claims against guarantors, sureties and letter of credit issuers; the affect of recoveries from third parties on the remaining claim against the debtor; the potential for avoidable transfer liability associated with indirect preferences; and the competing rights of parties to excess proceeds of guarantees, surety bonds and letters of credit.