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Oversecured Creditors Should Be Able to Recover Attorneys Fees According to New ABI Poll

Contact: John Hartgen
             (703) 739-0800
             jhartgen@abiworld.org

OVERSECURED CREDITORS SHOULD BE ABLE TO RECOVER ATTORNEYS’ FEES, ACCORDING TO NEW ABI POLL

September 15, 2006, Alexandria, Va. —The majority of respondents (62 percent) in a recent American Bankruptcy Institute online poll disagreed that oversecured creditors should not be able to recover attorneys’ fees. Responding to the statement “Oversecured creditors may not recover attorneys’ fees,” 48 percent of participants “disagreed strongly,” while 14 percent “somewhat disagreed.”

Conversely, 31 percent agreed that oversecured creditors should not be able to recover attorneys’ fees. Twenty-three percent of respondents “strongly agreed,” while 8 percent “agreed somewhat” that oversecured creditors could not recover attorneys’ fees. Seven percent of the respondents did not know or had no opinion on the issue.

ABI members and members of the public were welcome to participate in latest ABI Quick Poll that was open for voting from Sept. 8-14.

ABI’s weekly Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.