This has been another productive year for the ABI Young and New Members Committee. At the Annual Spring Meeting, we were thrilled to pair with the Bankruptcy Taxation and Business Reorganization Committees to present a session entitled, “Tax-Sharing Agreements in Ban
The central goal of a bankruptcy trustee is often to pay claims and creditors, a process that includes liquidating assets to convert valued items and properties to cash. Within this principle there has always been a concern that the assets being sold are
Business school candidates are often required to demonstrate a work history as a part of their admission process. According to some schools, a work history demonstrates potential career success.
By definition, a receiver is appointed by a court to take control of and manage a distressed asset, and is often given full authority to decide how best to operate the property until bankruptcy proceedings are complete. The main goal is to recoup as much of the value owed as possible by
A company’s decision to file for chapter 11 bankruptcy protection will inevitably cause disruption to the debtor’s operations, communications and daily routine, especially at the start of the bankruptcy case.
The Judicial Conference Advisory Committee on Bankruptcy Rules recently unanimously agreed to proposed amendments to Bankruptcy Rule 3002-1, which requires a secured creditor of residential property to notify debtors of changes to post-petition payments that may become due over the course of a chapter 13 bankruptcy.
Atlantic City, N.J.’s pride has become its downfall. In the past few years, many of the city’s casinos have closed down or entered bankruptcy. Consequently, the city itself, which is heavily dependent on casino revenue, has taken a severe financial hit.
Atlantic City’s decline is due in part to the legalization of gambling and casino operations in neighboring states. Since the town’s chief draw for many years has been gambling, there is now less of a reason to visit Atlantic City if other cities with more diverse attractions (like Philadelphia and Baltimore) also offer luxurious casinos and good gambling opportunities.
Words can sometimes be deceiving. This is one of the lessons learned by the debtor in the recent Tayfur decision. Although the case ultimately applied a different subsection of § 365 of the Bankruptcy Code, the Third Circuit underscored an important fact in oil and gas law: A mineral lease is not always a true lease. Thus, a mineral lease will not always fall within the ambit of § 365, and therefore it may not always be rejected in bankruptcy.
Having just lost a state court suit to the tune of $1.5 million with the winner about to collect on the $1.5 million, a debtor with a substantial income files a skeletal chapter 11 petition. One creditor, the state court victor, holds more than 65 percent of the total debt, and the initial list of exempt assets is long and their value considerable. Within 69 days of the petition’s filing and with 51 days left for the debtor to propose a reorganization plan, even these verities are apparent from the skimpy record.
Multiple bills have been introduced by Congress recently to address the student debt crisis, which has been consuming headlines for several years. One bill receiving significant attention, H.R. 449, proposes to reverse a 2005 law that prevents debtors from discharging private student loans in bankruptcy cases. In seeming support of the bill, the President recently requested that federal agencies explore this possibility as well. The goal of H.R. 449 is to provide many in need with the intended benefits of bankruptcy: a fresh start. But the relief will likely come to the detriment of many for-profit universities.
Riker, Danzig, Scherer, Hyland & Perretti LLP
Nelson Mullins Riley & Scarborough, LLP
Membership Relations Director
Siri & Glimstad LLP
Membership Relations Director
Maynard, Cooper & Gale, P.C.
U.S. Bankruptcy Court, Northern District of Georgia
Special Projects Leader
Sugar Felsenthal Grais & Helsinger LLP