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Former Treasury Secretary Paulson Reflects on TARP Bonuses Five Years after Crash

ABI Bankruptcy Brief | August 27, 2013
 
  

August 27, 2013

 
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  NEWS AND ANALYSIS   

FORMER TREASURY SECRETARY PAULSON REFLECTS ON TARP, BONUSES FIVE YEARS AFTER CRASH

Five years after the financial crisis, Henry M. Paulson Jr., former Treasury secretary, assessing the success of a bailout program, said that the bonuses that the banks paid after the bailouts -- a record $140 billion in 2009 -- fueled public outrage over the program he worked so hard to persuade Congress to pass and the country to support, the New York Times DealBook blog reported yesterday. "My view has nothing to do with legality and everything to do with what was right, and everything to do with just a colossal lack of self-awareness as to how they were viewed by the American public," Paulson said. For Paulson, the bailout program, known as the Troubled Asset Relief Program (TARP), was his crowning achievement during a historic financial crisis in which the global economy nearly toppled. While TARP was terribly unpopular, most economists now credit it and the extraordinary measures taken by the Federal Reserve with helping to prevent another depression. Yet questions about the bailouts remain, including why Paulson and Congress did not seek tighter restrictions on pay. He maintains that it would have been impossible to persuade the majority of the banks to participate in the program if it had significant restrictions on pay, and that to him, the most important aspect of TARP's success in stabilizing the system was that the entire industry participated at the same time. When pressed about whether U.S. banks would have truly been in a position to reject the recapitalization plan had tighter restrictions been put in place, Paulson pointed to the speed at which the banks paid back the TARP funds. "Just look how fast so many of them tried to pay back the capital once it was stigmatized," he said. "How do you ever implement restrictions like that on pay and do it in a way" that included all the banks, and not just those that "desperately needed the capital or were getting ready to fail? I don't know." Read more.

ANALYSIS: DESPITE LOWER UNEMPLOYMENT RATE, OLDER WORKERS FACE TROUBLING TRENDS OF REDUCED PAY AND LONGER JOB SEARCHES

Though they have a lower unemployment rate than other age brackets, a substantial number of older workers who lost jobs -- even those lucky enough to be re-employed -- are facing difficult trends, the New York Times reported today. According to the Bureau of Labor Statistics, the unemployment rate for workers 55 to 64 (the category that best matches boomers, who range from 48 to 67) was 5.4 percent in July, compared with 7.4 percent for the general population. However, two-thirds of the Baby Boomer age group who found work again are making less than they did in their previous job. Most have found that their median salary loss is 18 percent compared with a 6.7 percent drop for 20- to 24-year-olds. The re-employment rate for 55- to 64-year-olds is 47 percent and 24 percent for those over 65, compared with 62 percent for 20- to 54-year-olds. And finding another job takes far longer: 46 weeks for boomers, compared with 20 weeks for 16- to 24-year-olds. Nor are those who believe age discrimination was a factor likely to have much luck in court. In 2009, just as the economy was hitting rock-bottom, the Supreme Court issued a ruling that toughened the standard for proving bias. Read more.

CREDIT CARD FIRMS COMPETING AGAIN WITH NO-INTEREST TRANSFERS

U.S. credit card companies, hungry for new customers as many Americans continue to shun debt, are pumping up a popular promotion that can be risky for both lenders and consumers, the Wall Street Journal reported today. The teasers, known as 0 percent balance transfers, have been used periodically since the late 1990s. The current offers, however, cover unusually lengthy periods and, in some cases, are being extended to a wider swath of potential customers than in the past, say industry executives and consultants. Those with spotty credit histories, however, still aren't eligible for the promotions. The offers are coming from the country's biggest credit-card issuers, including JPMorgan Chase & Co., Discover Financial Services Inc., and Citigroup Inc. Credit unions are also joining in: Navy Federal Credit Union is starting a promotion in September that offers all of its 4.5 million members, as well as new customers, an interest-free balance transfer for 12 months. Lenders are pushing the offers as they attempt to bulk up their loan portfolios, which shrank dramatically during the financial crisis while they were writing off bad loans and restricting credit. The strategy carries some risk for card issuers, which historically haven't done a good job of getting the customers who transfer balances to use the cards for new purchases. That leaves the bank with revenue only from the balance-transfer fee and stuck with the cost of maintaining an account. Some customers also pay off the full balance as the offer expires, or they jump to another lender that has a new offer. Read more. (Subscription required.)

LATEST ABI PODCAST: MAKING BANKRUPTCY WORK FOR A SMALL BUSINESS DEBTOR

The latest ABI Podcast features Fall 2013 ABI Resident Scholar Prof. Kara Bruce speaking with Prof. Anne Lawton of Michigan State University about her proposal to simplify the definition of a small business debtor in bankruptcy. Prof. Lawton's proposal was featured in an article in the Summer edition of the ABI Law Review. To listen to the podcast, please click here.

ABI'S LATEST E-BOOK, PROBLEMS IN THE CODE, NOW AVAILABLE FOR PURCHASE

Drawing on articles that originally appeared in the ABI Journal, as well as fresh new insights, Problems in the Code, the second in a digital series known as ABI Briefs, offers commentary from leading bankruptcy practitioners regarding areas of the Bankruptcy Code that, in their opinion, need reform. Edited by Howard Brod Brownstein, Problems in the Code includes sections on constitutional law, executory contracts, intellectual property, real estate and environmental issues, and confirmation and post-confirmation issues. A final chapter details the work of the ABI Commission to Study the Reform of Chapter 11. The new e-book is available for the low member price of $9.99!

RECORDING NOW AVAILABLE OF THE ABILIVE WEBINAR EXAMINING THE NEW U.S. TRUSTEE FEE GUIDELINES!

If you were not able to join last week's well-attended abiLIVE webinar examining the U.S. Trustee Fee Guidelines for chapter 11 cases filed on or after Nov. 1, a recording of the program is now available for downloading! A panel of experts, including Clifford J. White, the director of the U.S. Trustee Program, discussed some of the ways the new guidelines could change day-to-day operations in firms, issues relating to the new market rate benchmarks, and how these changes might alter insolvency practice. The 90-minute recording is available for the special ABI member price of $75 and can be purchased here.

ABI GOLF TOUR UNDERWAY; LAST STOP FOR 2013 IS WINTER LEADERSHIP CONFERENCE IN DECEMBER

The 7th and final stop for the 2013 ABI Golf Tour is on Dec. 5 at the Trump National Golf Club, held in conjunction with ABI’s Winter Leadership Conference. Final scoring to win the Great American Cup — sponsored by Great American Group — is based on your top three scores from the seven ABI events. See the Tour page for details and course descriptions. The ABI Golf Tour combines networking with fun competition, as golfers "play their own ball." Including your handicap means everyone has an equal chance to compete for the glory of being crowned ABI's top golfer of 2013! A 22-handicapper won the tour event at July’s Southeast Bankruptcy Workshop. There's no charge to register or participate in the Tour.

ABI IN-DEPTH

NEW CASE SUMMARY ON VOLO: TOYE V. O'DONNELL (IN RE O'DONNELL; 1ST CIR.)

Summarized by Michael Sugar of Lobel, Neue & Till LLP

The First Circuit upheld the bankruptcy court's determination that David O'Donnell's debt to Thomas Toye III was nondischargeable. The bankruptcy court had held that O'Donnell had failed to properly supervise a loan adviser's preparation of O'Donnell's personal financial statement that was submitted to Toye as part of O'Donnell's agreement to repay a loan made by Toye to an O'Donnell-controlled entity.

There are more than 1,000 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI’s Volo website.

NEW ON ABI’S BANKRUPTCY BLOG EXCHANGE: SEVENTH CIRCUIT SIDES WITH SIXTH CIRCUIT IN HOLDING THAT CONSENT DOES NOT CURE BANKRUPTCY COURTS' LACK OF FINAL CONSTITUTIONAL AUTHORITY

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent blog post examines how, in last week's case of Wellness International Network v. Sharif, the Seventh Circuit Court of Appeals weighed in on the circuit split regarding bankruptcy courts' authority to hear and determine "core" matters as to which they lack final constitutional authority.

Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top. If you have a blog that deals with bankruptcy, or know of a good blog that should be part of the Bankruptcy Exchange, please contact the ABI Web team.

ABI Quick Poll

A class of claims should not be considered impaired for purposes of § 1129(a)(10) if the impairment results from the plan proponents' exercise of discretion (i.e., artificial impairment) and not driven by economic need. (In re Village at Camp Bowie I LP).

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Foreclosures Grow Again as Funding for Help Wanes

ABI Bankruptcy Brief | August 7, 2012
 
  

August 7, 2012

 
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FORECLOSURES GROW AGAIN AS FUNDING FOR HELP WANES

With millions of homes still in the foreclosure pipeline, mortgage counselors across the country say they are handling increasingly complex cases for homeowners who are unemployed, underwater or redefaulting -- and sometimes, all three, Bloomberg News reported today. Even as borrowers’ problems become more intractable, federal support is waning. Counseling programs are funded largely through the U.S. Department of Housing and Urban Development, which has allocated about $620 million to advise approximately 1.36 million homeowners since December 2007, according to a NeighborWorks America June 11 report to Congress. Last November, Congress appropriated $45 million for housing counseling in fiscal year 2012 after slashing all counseling funding during April budget negotiations. HUD had requested $88 million. The House passed a 2013 HUD appropriations bill in June allocating $45 million to housing counseling, $10 million less than HUD requested. The bill is now stalled in the Senate, and the White House has said President Barack Obama plans to veto the bill if passed in its current form. Administration officials are urging states to compensate for declining funds with money from a recent court settlement with mortgage servicers. Counselors, who act as neutral third parties between homeowners and lenders, say their services will be needed as long as unemployment remains high, scammers target struggling homeowners and states change their foreclosure policies, as happens frequently. Read more.

LAWSUIT COULD UNDO SALE THAT CREATED NEW GM, COMPANY SAYS

The new General Motors Co. could be undone by a $3 billion lawsuit that pits general creditors against hedge funds including Appaloosa Management LP, Elliott Management Corp. and Fortress Investment Group LLC, Bloomberg News reported today. A trust for creditors of the old, bankrupt part of the automaker now known as Motors Liquidation Co. sued the hedge funds in bankruptcy court in March, alleging that while GM was preparing its bankruptcy filing on June 1, 2009, the funds, which held notes in a Canadian unit of GM, "saw an eleventh-hour opportunity for profit and pounced." The trust seeks to have a $2.67 billion claim and a $367 million payment negotiated for holders of notes in GM's Nova Scotia unit disallowed or reduced, saying that the hedge funds seek more than three times what General Motors actually owed them. General Motors, the currently operating automaker that split off from the bankrupt unit through a purchase of its assets July 10, said that the trust's objections "threaten to disturb" the sale that saved the U.S. automaker, allowing it to prosper. Read more.

FEDERAL RESERVE SAYS U.S. BANK LENDING CONDITIONS EASING

The Federal Reserve said yesterday that banks continued to ease lending standards for larger firms in the last three months but that small businesses are still having a hard time accessing credit, Reuters reported today. The results from the central bank's quarterly senior loan officer survey suggest that the ability of firms to borrow has continued to improve despite recent signs of weakness in the economic recovery. A number of banks eased loan standards on auto and credit card loans, the Fed said. Strong demand for prime mortgage loans offered further evidence that a nascent housing rebound is finally beginning to take hold, according to the survey. U.S. banks are benefiting from new business due to a decrease in lending from European institutions, the survey found. Read more.

FEARING AN IMPASSE IN CONGRESS, INDUSTRY CUTS SPENDING

A rising number of manufacturers are canceling new investments and putting off new hires because they fear that paralysis in Washington, D.C., will force hundreds of billions in tax increases and budget cuts in January, undermining economic growth in the coming months, the New York Times reported on Sunday. Democrats and Republicans in Congress are far apart on how to extend the Bush-era tax breaks beyond January — the same month automatic spending reductions are set to take effect — unless there is a deal to trim the deficit. The combination of tax increases and spending cuts is creating an economic threat that Federal Reserve Chairman Ben S. Bernanke calls "the fiscal cliff." The worries come amid broader fears that the economy is losing momentum; the annual rate of economic growth in the second quarter fell to 1.5 percent from 2 percent in the first quarter, and 4.1 percent in the last quarter of 2011. On Thursday, the Commerce Department reported that factory orders unexpectedly fell 0.5 percent in June from the previous month, while data on the labor market released on Friday showed job creation still falling short of the level needed to bring down the unemployment rate. Read more.

STATE REGULATORS URGE CONGRESS TO EXTEND DEPOSIT INSURANCE

State regulators on Friday sent a letter to Congress urging for the extension of a special program that provides government insurance on bank accounts known as the Transaction Account Guarantee (TAG), the Wall Street Journal reported on Saturday. It is clear that "the stability provided by the TAG program is still necessary," wrote John Ryan, president of the Conference of State Bank Supervisors. The guarantee program insures all bank deposits above the traditional $250,000 limit for guaranteed deposits provided by the Federal Deposit Insurance Corp. The result is a sense of safety for companies and municipalities that want to deposit large sums of cash at banks for use in managing payroll, for instance. The program covers more than a trillion dollars worth of zero-interest deposits at large and small banks. The program was created in 2008 in the midst of market chaos stemming from the financial crisis. Four years later, the program faces a Dec. 31 expiration date, absent congressional action. Read more. (Subscription required.)

SMALL BANKS CRITICIZE PROPOSED BANK CAPITAL RULES

Executives at many small banks complain that the forthcoming bank capital rules proposed by the OCC, Federal Reserve and Federal Deposit Insurance Corp. to implement an international agreement known as Basel III could force the banks to cut back on loans to small businesses or homeowners, the Wall Street Journal reported today. The current economic malaise has heightened concern about the health of smaller lenders. Smaller banks say they are a bigger driver of growth in their communities—particularly for small businesses—than their bigger, multinational rivals. Lenders with less than $1 billion in assets made up about 10 percent of industry assets as of the first quarter but made 37 percent of small loans to businesses and farms, according to research by the FDIC, which has launched an initiative to better understand the challenges facing community banks. At a vote to send the draft rules out for comment, Federal Reserve governor Elizabeth Duke raised concerns that new treatment of mortgages and other assets under the new capital rules could hamper legitimate lending by smaller lenders. Small lenders say that the elaborate Basel III system was designed to rein in the large, internationally active banks that brought the financial system to its knees, not small community institutions. Read more. (Subscription required.)

LATEST ABI PUBLICATION EXPLORES OIL AND GAS BANKRUPTCIES

The U.S. oil and gas industry is especially vulnerable to the effects of myriad internal and external factors, ranging from global credit markets to domestic and foreign geopolitical events, and from technological developments and limitations to population growth and even the weather. These factors have contributed to a dramatic increase in restructurings and bankruptcy filings over the last decade. Bankruptcy cases involving exploration and production companies raise unique issues, resulting from the interplay among the Bankruptcy Code, federal and state laws, the regulatory structure governing the energy industry, and the political and practical realities of the industry’s significance. When Gushers Go Dry: The Essentials of Oil and Gas Bankruptcy provides a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt. For more information about ordering the book, please visit the ABI Bookstore.

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LATEST CASE SUMMARY ON VOLO: TERRY V. STANDARD INSURANCE CO. (IN RE TERRY; 8TH CIR.)

Summarized by Sarah Smegal of Bartlett Hackett Feinberg P.C.

The Eighth Circuit BAP reversed the bankruptcy court and remanded the case for a determination of whether the equities favored allowing the creditor to recoup the debtor's pre-petition overpayment of disability insurance benefits from post-petition benefits. Reviewing the bankruptcy court's decision de novo, the BAP held that the debtor's debt to Standard was revived when Standard turned over the $45,316.54 to the trustee in response to the preference demand letter. Standard's right to reimbursement was a claim entitled to be paid as a general unsecured claim as allowed under Section 502(h). Standard did not file a proof of claim, so its claim was not allowed and it was not entitled to any distribution in the case. Its claim was also discharged under Section 727(b). The BAP found that although the debt was discharged and Standard could not collect the overpayment affirmatively, Standard's equitable defense of recoupment survived and could be exercised under the policy. For recoupment to apply, the creditor must have a claim against the debtor that arose from the same transaction as the debtor's claim against the creditor. The BAP ruled that both parties' rights and obligations arose out of a single contract, i.e. the long-term disability insurance policy. Recoupment is only allowed where it would be inequitable for the debtor to enjoy the benefits of the transaction without also meeting his obligations, and is also narrowly construed in bankruptcy. Accordingly, as the equities must be weighed and the question was not reached by the bankruptcy court, the BAP remanded the case.

Nearly 600 appellate opinions are summarized on Volo typically within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI’s Volo website.

NEW ON ABI’S BANKRUPTCY BLOG EXCHANGE: THIRD CIRCUIT REVISITS EQUITABLE MOOTNESS IN PHILADELPHIA NEWSPAPERS CASE

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent post examined how the U.S. Court of Appeals for the Third Circuit recently held in In re Philadelphia Newspapers LLC, No. 11-3257 (3d Cir. July 26, 2012) that an appeal cannot be dismissed as equitably moot solely on the basis that a chapter 11 plan has been substantially consummated.

Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top. If you have a blog that deals with bankruptcy, or know of a good blog that should be part of the Bankruptcy Exchange, please contact the ABI Web team.

ABI Quick Poll
The Twombly/Iqbal rule for pleading ‘plausible’ claims has been applied too stringently in dismissing avoidance actions for failure to state a claim.

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  CALENDAR OF EVENTS
 

September
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     September 13-14, 2012 | Las Vegas, Nev.
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     September 13-15, 2012 | Las Vegas, Nev.
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     September 19-20, 2012 | New York, N.Y.
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     September 28, 2012 | Chicago, Ill.

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- Midwestern Bankruptcy Institute Program, Midwestern Consumer Forum
     October 5, 2012 | Kansas City, Mo.

  


- Bankruptcy 2012: Views from the Bench
     October 5, 2012 | Washington, D.C.
- Chicago Consumer Bankruptcy Conference
     October 8, 2012 | Chicago, Ill.
- International Insolvency and Restructuring Symposium
     October 18, 2012 | Rome, Italy

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Senate Deadlocks on Student Loans

ABI Bankruptcy Brief | June 6 2013
 
  

June 6, 2013

 
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  NEWS AND ANALYSIS   

SENATE DEADLOCKS ON STUDENT LOANS

In what is becoming an annual June ritual, the Senate deadlocked today over federal student loan interest rates, with no consensus in sight on how to prevent rates on certain loans from doubling for about 7 million borrowers on July 1, the Washington Post reported today. Amid a swirl of competing proposals from lawmakers and the White House, preliminary votes showed that no Senate bills have the 60 votes needed to overcome a filibuster in the Democratic-led chamber. A Republican bill to peg rates on a variety of loans to the yield on the government’s 10-year Treasury bill, plus 3 percentage points, was blocked today on a 40 to 57 vote. A Democratic bill to freeze for two years the current 3.4 percent rate for subsidized loans to students in financial need also was thwarted. A procedural vote on the bill was 51 to 46, nine short of the 60 needed. The votes were largely symbolic measures expected to fail short of an agreement. Read more.

SEC PROPOSES CHANGES TO MONEY-MARKET FUND RULES

The portion of the money-market fund industry that suffered extreme disruptions during the financial crisis would be revamped under a plan proposed yesterday by federal regulators, who have been struggling to address the industry’s vulnerabilities for years, the Washington Post reported today. The nearly $3 trillion industry has fiercely opposed major changes to money-market funds, but regulators have persisted, citing the losses and panic they sparked during the crisis. These mutual funds have been popular with investors because they have been perceived to be as reliable as savings accounts. But that perception was shattered in September 2008, when a major money-market fund “broke the buck,” meaning its value fell below $1 a share. A run on money-market funds ensued, with investors withdrawing $300 billion in a week. The government intervened and temporarily guaranteed that investors would be repaid. The SEC said that its plan is designed to avoid a repeat of the meltdown. The agency offered two alternatives focused solely on “prime” funds, which invest in short-term corporate debt. The options could be adopted separately or in combination, depending on the public feedback the SEC receives during the next three months. A plan could be finalized this year, experts tracking the issue said. Read more.

INVESTORS RETURN TO RISKY "SYNTHETIC CDOS"

Investors are once again clamoring for a risky investment blamed for helping unleash the financial crisis: synthetic collateralized debt obligations (CDOs), the Wall Street Journal reported today. In a sign of how hard Wall Street is trying to satisfy voracious demand for higher returns amid rock-bottom interest rates, JPMorgan Chase & Co. and Morgan Stanley bankers in London are moving to assemble the synthetic CDOs. Basic CDOs pool bonds and offer investors a slice of the pool. Synthetic CDOs pool insurance-like derivative contracts on the bonds, rather than the bonds themselves. Like their crisis-era predecessors, the new CDOs would be sliced up into different levels of risk and returns. Investors who want a chance at the highest returns would have to buy the riskiest slice. While spreading risk in some ways, synthetic CDOs also can multiply the financial damage if companies fall behind on their debt payments. During the financial crisis, CDOs pegged to soured mortgage loans caused losses to careen around the world. Some details of the deals being worked on at J.P. Morgan and Morgan Stanley aren't clear, including the size of the CDOs and which investment firms have expressed an interest in buying slices of them. Read more. (Subscription required.)

REGULATORS INVESTIGATING "DARK POOL" STOCK TRADING

The Financial Industry Regulatory Authority (Finra), Wall Street's self-regulatory body, last month sent 15 examination letters to operators of "dark pools"—lightly regulated, off-exchange trading venues that have been a rising concern for regulators and some investors as more activity shifts away from exchanges, the Wall Street Journal reported today. Finra is seeking details about how the increasingly popular venues operate, what they disclose to clients and whether they adequately police trades. It could bring enforcement actions against dark-pool operators or issue recommendations for tighter oversight, depending on the answers it receives and additional examinations, said John Malitzis, executive vice president of market regulation at Finra. The letters are a follow-up to an initial round of questions the regulator circulated last fall. "We want to understand whether [dark pools] are disclosing to their customers how their orders work [and] whether customers are informed who their orders will interact with," Malitzis said in an interview. "A big part of this is to get an understanding of practices that may or may not be problematic." Read more. (Subscription required.)

U.S. HOUSEHOLD WORTH TOPS PRE-RECESSION PEAK FOR FIRST TIME

Household wealth in the U.S. jumped to a record in the first quarter, exceeding its pre-recession peak for the first time, bolstered by gains in the stock and housing markets that are helping Americans mend finances, Bloomberg News reported today. Net worth for households and nonprofit groups increased by $3 trillion from January through March, or 4.5 percent from the previous three months, to $70.3 trillion, the Federal Reserve said today in its financial accounts report, previously known as the flow-of-funds survey. Household wealth eclipsed its pre-recession level as gains in the stock and housing markets are helping Americans withstand an increase in the payroll tax this year. Household net worth is $2.29 trillion above its pre-recession peak of $68.1 trillion reached in the third quarter of 2007. It was at $67.3 trillion in the last three months of 2012. Read more.

REPORT: ENTITLEMENT CHANGES TO PUT SENIORS AT FINANCIAL RISK

The Economic Policy Institute reported that nearly half of the nation’s elderly population is “economically vulnerable” and would be particularly hard hit by even modest changes in the Social Security and Medicare programs being considered to slow the growth of the nation’s long-term debt, the Washington Post reported today. The report said that 48 percent of the elderly population earns less than double the supplemental poverty threshold, putting those seniors at financial risk if their income is cut even slightly. Older blacks and Hispanics are especially vulnerable, the report said, as the vast majority of them live on the financial edge. Read more.

LIVE WEBCAST AVAILABLE FOR ABI'S CHAPTER 11 REFORM COMMISSION HEARING TOMORROW LOOKING AT USE OF EXAMINERS, LABOR ISSUES AND PROBLEMS IN RESTRUCTURING TODAY'S COMPANIES

ABI’s Commission to Study the Reform of Chapter 11 will hold its seventh public hearing of 2013 on Friday from 3-5 p.m. CT (4-6 p.m. ET) at the Association of Insolvency & Restructuring Advisors (AIRA) 29th Annual Bankruptcy Restructuring Conference at the Westin Chicago River North; Chicago, Ill. The hearing will feature witness testimony from two leading scholars on the use of examiners in bankruptcy and labor issues including § 1113 and 1114. A panel of experts from the AIRA will also identify current problems faced by financial advisors. To view the witness list and watch a live webcast of the hearing tomorrow, please visit http://commission.abi.org.

ABI WEBSITE (ABI.ORG) WILL BE DOWN THIS WEEKEND FOR SCHEDULED MAINTENANCE

From 10 p.m. ET on Friday, June 7, through Sunday evening, June 9, the ABI homepage (abi.org) will be down for scheduled maintenance. During this period, members will not be able to access certain features, including registering for conferences, printing and viewing CLE certificates, and purchasing publications. Other ABI sites, like Search.abi.org, Volo.abi.org, Journal.abi.org, law.abi.org, blogs.abi.org and news.abi.org, will be operational during this time, but users may experience limited functionality. ABI intends to limit this downtime as much as possible. If you have any questions, please email support@abiworld.org.

NEW ABI LIVE WEBINAR ON JULY 15 WILL FOCUS ON THE § 1111(b) ELECTION, PLAN FEASIBILITY AND CRAMDOWN ISSUES

Utilizing a case study, ABI's panel of experts on July 15 will explore issues surrounding a lender’s decision on whether or not to make an election under § 1111(b), plan feasibility and voting. The abiLIVE panel will also walk attendees through the necessary mathematical analyses used to analyze these issues. The webinar will take place from 1-2:15 p.m. ET. Special ABI member rate available! Click here to register.

ABI GOLF TOUR UNDERWAY; NEXT STOP IS CENTRAL STATES BANKRUPTCY WORKSHOP NEXT WEEK

Rob Schwartz and Scott Gautier are tied at 34 Stableford Points atop the closely bunched leaderboard after the ABI Golf Tour's first stop at Lake Presidential Golf Club. Next up for the Tour is the famed Bear course at the Grand Traverse Resort at the Central States Bankruptcy Workshop on June 14. Final scoring to win the Great American Cup—sponsored by Great American Group—is based on your top three scores at seven scheduled ABI events, so play as many as you can before the tour wraps up at the Winter Leadership Conference in December. See the Tour page for details and course descriptions. The ABI Golf Tour combines networking with fun competition, as golfers "play their own ball." Including your handicap means everyone has an equal chance to compete for the glory of being crowned ABI's top golfer of 2013! There's no charge to register or participate in the Tour, and women are most welcome.

ABI IN-DEPTH

NEW ABI "BANKRUPTCY IN DEPTH" ON-DEMAND CLE PROGRAM LOOKS AT PRINCIPLES OF PROPERTY OF THE ESTATE: DEMYSTIFYING EQUITABLE INTERESTS

In this 90-minute seminar, Profs. Andrew Kull of Boston University School of Law and Scott Pryor of Regent University School of Law provide an in-depth analysis of a legal principle that has become, in their words, "a long-lost area of the law": § 541 of the Bankruptcy Code. Seeking to demystify what is meant by "property of the estate" and, in particular, the distinction between legal or equitable interests of the debtor in property, Kull and Pryor describe the legal entanglements that ensue when legal title belongs to one person but the equitable title belongs to someone else. The cost of the seminar, which includes written materials and qualifies for 1.5 hours of CLE, is $95. To order or to learn more, click here.

ASSOCIATES: ABI'S NUTS & BOLTS ONLINE PROGRAMS HELP YOU HONE YOUR SKILLS WHILE SAVING ON CLE!

Associates looking to sharpen their bankruptcy knowledge should take advantage of ABI's special offer of combining general, business or consumer Nuts & Bolts online programs. Each program features an outstanding faculty of judges and practitioners explaining the fundamentals of bankruptcy, offering procedures and strategies tailored for both consumer and business attorneys. Click here to get the CLE you need at a great low price!

NEW CASE SUMMARY ON VOLO: STEINBERG V. BANK OF AMERICA N.A. (IN RE STEINBERG; 10TH CIR.)

Summarized by Andrew Johnson of Onsager, Staelin & Guyerson

The Tenth Circuit Bankruptcy Appellate Panel reversed the bankruptcy court's order granting relief from stay to Bank of America to foreclose on the debtor's house because the bankruptcy court failed to conduct an evidentiary hearing on whether Bank of America was in possession of the note secured by debtor's residence, or if Bank of America had some other legal basis to enforce the note. The court rejected Bank of America's argument that a debtor's failure to schedule a debt as disputed estops the debtor from challenging relief from stay.

There are more than 900 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI’s Volo website.

NEW ON ABI’S BANKRUPTCY BLOG EXCHANGE: FURTHER EXAMINATION OF GE AND CITI'S SETTLEMENTS WITH FHFA

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A new blog post takes a closer look at the reason behind GE and Citi's recent settlements with the Federal Housing Finance Agency (FHFA).

Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top. If you have a blog that deals with bankruptcy, or know of a good blog that should be part of the Bankruptcy Exchange, please contact the ABI Web team.

ABI Quick Poll

Bankruptcy courts should implement constructive trusts in any case where applicable state law would recognize them.

Click here to vote on this week's Quick Poll. Click here to view the results of previous Quick Polls.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 37 member associations worldwide with more than 9,000 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

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NEXT WEEK:

 

 

CSBW 2013
June 13-16, 2013
Register Today!

 

 

COMING UP

 

 

 

Golf Tournament 2013
June 14, 2013
Register Today!

 

 

INSOL’s Latin American Regional Seminar in São Paulo, Brazil
June 13, 2013
Register Today!

 

 

NE 2013
July 11-14, 2013
Register Today!

 

 

abiLIVEJuly
July 15, 2013
Register Today!

 

 

SEBW 2013
July 18-21, 2013
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MA 2013
Aug. 8-10, 2013
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SW 2013
Aug. 22-24, 2013
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NYIC Golf Tournament 2013
Sept. 10, 2013
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Endowment Baseball 2013
Sept. 12, 2013
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VFB2013
Sept. 27, 2013
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MW2013
Oct. 4, 2013
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Endowment Football 2013
Oct. 6, 2013
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Detroit
Oct. 14, 2013
Register Today!

 

 

Detroit
Nov. 11, 2013
Register Today!

 

 

40-Hour Mediation Program
Dec. 8-12, 2013
Register Today!


 
   
  CALENDAR OF EVENTS
 

2013

June
- Central States Bankruptcy Workshop
     June 13-16, 2013 | Grand Traverse, Mich.
- INSOL’s Latin American Regional Seminar
     June 13, 2013 | São Paulo, Brazil
- Charity Golf Tournament
     June 14, 2013 | City of Industry, Calif.

July
- Northeast Bankruptcy Conference and Northeast Consumer Forum
     July 11-14, 2013 | Newport, R.I.
- abiLIVE Webinar
     July 11-14, 2013 | Newport, R.I.
- Southeast Bankruptcy Workshop
     July 18-21, 2013 | Amelia Island, Fla.

August
- Mid-Atlantic Bankruptcy Workshop
    August 8-10, 2013 | Hershey, Pa.
- Southwest Bankruptcy Conference
    August 22-24, 2013 | Incline Village, Nev.

September
- ABI Endowment Golf & Tennis Outing
    Sept. 10, 2013 | Maplewood, N.J.


  



- ABI Endowment Baseball Game
    Sept. 12, 2013 | Baltimore, Md.
- Bankruptcy 2013: Views from the Bench
    Sept. 27, 2013 | Washington, D.C.

October
- Midwestern Bankruptcy Institute Program and Midwestern Consumer Forum
    Oct. 4, 2013 | Kansas City, Mo.
- ABI Endowment Football Game
    Oct. 6, 2013 | Miami, Fla.
- Chicago Consumer Bankruptcy Conference
    Oct. 14, 2013 | Chicago, Ill.

November
- Detroit Consumer Bankruptcy Conference
   Nov. 11, 2013 | Detroit, Mich.

December
- ABI/St. John’s Bankruptcy Mediation Training
    Dec. 8-12, 2013 | New York


 
 
ABI BookstoreABI Endowment Fund ABI Endowment Fund
 

CFPB Cites Problems with Credit Cards Mortgages and Credit Reports

ABI Bankruptcy Brief | November 1 2012
 
  

November 1, 2012

 
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  NEWS AND ANALYSIS   

CFPB CITES PROBLEMS WITH CREDIT CARDS, MORTGAGES AND CREDIT REPORTS

The Consumer Financial Protection Bureau (CFPB) reported yesterday that it is finding problems with credit cards, credit bureau reporting and mortgages, CongressDaily reported today. Specifically, the CFPB said that it found that credit card holders under the age of 21 were raising their credit limits without the consent of their co-applicants, inaccurate information reported to credit bureaus was causing consumers to be charged too much or denied credit, and clear mortgage disclosures with proper rates and timely information regarding payments was not being provided to homeowners. The bureau said that the findings have prompted a compliance review and sparked fines totaling $435 million in refunds to 5.7 million consumers. Click here to read the CFPB's fall summary report.

COMMENTARY: AFTER BAILOUT, LARGE BANKS ALLOWED TO DOMINATE THE MORTGAGE BUSINESS

The broken mortgage market is the unintended consequence of the banking bailout and the regulatory response in the aftermath of the financial crisis, according to a commentary in the New York Times yesterday. In the third quarter, both Wells Fargo and JPMorgan Chase reported that they earned robust profits from the mortgage business. It would be foolish to blame Wells Fargo and JPMorgan for this situation, according to the commentary, but the government allowing takeovers without forcing weak competitors to get healthy quickly leads to an oligopoly. Instead, the two companies’ main competitors, Citigroup and Bank of America, are pulling out. Read the full commentary.

OBAMA SUGGESTS "SECRETARY OF BUSINESS" IN A SECOND TERM

President Barack Obama signaled that if he wins a second term, he would appoint a Secretary of Business to oversee newly consolidated government agencies, including the Small Business Administration, the Wall Street Journal reported on Tuesday. "We should have one Secretary of Business, instead of nine different departments that are dealing with things like giving loans to SBA or helping companies with exports," Obama said on Monday. Read more. (Subscription required.)

COMMENTARY: "TOO BIG TO FAIL" REMAINS VERY REAL

While it is tempting to think that very large financial institutions are no longer too big to fail thanks to the Dodd-Frank Act and regulation, this idea is completely at odds with the facts, according to an op-ed by Prof. Simon Johnson of the M.I.T. Sloan School of Management in Monday's New York Times. In a high-profile paper prepared recently at the behest of the Securities Industry and Financial Markets Association, the lobbying group for the securities industry, Federal Financial Analytics Inc., argues that "too big to fail" has effectively been ended. In theory, “too big to fail” should have been removed by the recent reforms or eliminated by the passage of time. But as a practical matter — looking at what investors really believe — “too big to fail” is still with us, according to Johnson. This implicit government guarantee lowers the funding costs for very large financial institutions because investors are convinced that debt issued by these firms is less risky than, for example, debt issued by small and medium-size banks. In effect, the government is providing a form of insurance that encourages financial institutions to become even bigger — and thus even more likely to be protected by some combination of the Federal Reserve, the Treasury and other agencies. This is an unfair, nontransparent government subsidy that encourages excessive risk-taking, according to Johnson, and creates a very large potential downside for the nonfinancial side of our economy. Read the full op-ed.

HURRICANE SANDY ESTIMATED TO COST INSURERS UP TO $20 BILLION

Hurricane Sandy may cost the insurance industry up to $20 billion, which would put this week's devastating storm second only to 2005's Hurricane Katrina for insured losses, according to a new damage estimate, the Wall Street Journal reported today. Disaster-modeling firm Eqecat Inc. said insured losses likely range from $10 billion to $20 billion and said that the total cost of the storm, including damage that was not insured by private companies, would be between $30 billion and $50 billion. In addition, the closure of major roads, tunnels and the New York City subway system are likely to drive claims higher, the firm said. Read more. (Subscription required.)

TRANSCRIPT OF CHAPTER 11 COMMISSION’S 10/17 HEARING NOW AVAILABLE

A full transcript of ABI's Chapter 11 Reform Commission’s hearing on 10/17 at the LSTA Conference in New York is now available. The transcript can be downloaded by clicking here.

The next public hearing will be Saturday from noon-2 p.m. ET at the 24th Annual TMA Annual Conference in Boston. For future Commission hearings, please click here.

MEMBERS ENCOURAGED TO WEIGH IN ON REAPPOINTMENT OF BANKRUPTCY JUDGE JUDITH WIZMUR

The current 14-year term of office for Judith H. Wizmur, U.S. Bankruptcy Judge for the District of New Jersey at Camden, is due to expire on Sept. 4, 2013. The U.S. Court of Appeals for the Third Circuit is considering the reappointment of the judge to a new 14-year term of office. Members of the bar and the public are invited to submit comments for consideration by the Court of Appeals regarding the reappointment of Bankruptcy Judge Wizmur. All comments should be directed to one of the following addresses: by e-mail at Wizmur_Reappointment@ca3.uscourts.gov or by mail to the Office of the Circuit Executive, 22409 U.S. Courthouse, 601 Market St., Philadelphia, PA 19106-1790. Comments must be received no later than noon on Monday, December 3, 2012.

ABI IN-DEPTH

LATEST CASE SUMMARY ON VOLO: SHAFFER V. U.S. DEPARTMENT OF EDUCATION (IN RE SHAFFER; 8TH CIR.)

Summarized by William Joanis of JoanisLaw

The Eighth Circuit ruled that the debtor met the burden of proving by preponderance of evidence that educational loans were discharged on basis of undue hardship. The court employed a "totality of circumstances" test (i.e., past, present and future resources, reasonableness of living expenses, and other relevant facts, etc.). While the court noted that each loan needed to be evaluated separately, this issue was not properly raised on appeal.

There are nearly 700 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI’s Volo website.

NEW ON ABI’S BANKRUPTCY BLOG EXCHANGE: RECAP OF DISCUSSIONS AT THE NCBJ ANNUAL CONFERENCE

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent blog post highlights some of the topic discussions from the panels at last week's NCBJ annual meeting.

Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top. If you have a blog that deals with bankruptcy, or know of a good blog that should be part of the Bankruptcy Exchange, please contact the ABI Web team.

ABI Quick Poll

Despite the "free and clear" language of Sect. 363(f), purchasers of assets in 363 sales may still be liable for injuries to unidentifiable future claimants. (In re Grumman Olson Indus, SDNY).

Click here to vote on this week's Quick Poll. Click here to view the results of previous Quick Polls.

HAVE YOU TUNED IN TO BLOOMBERG LAW'S VIDEO PODCASTS?

Bloomberg Law's video podcasts feature top experts speaking about current bankruptcy topics. The podcasts are available via Bloomberg Law's YouTube channel so that you can access the programs from your computer or device of your choice! Click here to view the Bloomberg Law video podcasts.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 37 member associations worldwide with more than 9,000 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

Have a Twitter, Facebook or LinkedIn Account?

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SATURDAY:


CHAPTER 11 COMMISSION HEARING
November 3, 2012
More Info.

 

WEDNESDAY:

 

MEXICO 2012
Nov. 7, 2012
Register Today!

 

COMING UP:

 

 

4TH ANNUAL PROFESSIONAL DEVELOPMENT PROGRAM
Nov. 9, 2012
Register Today!

 

 

SE 2012
Nov. 12, 2012
Register Today!

 

 

SE 2012
Nov. 29 - Dec. 1, 2012
Register Today!

 

 

MT 2012
Dec. 4-8, 2012
Register Today!

 

 

WCBC 2013
Jan. 21, 2013
Register Today!

 

 

ACBPIKC 2013
Jan. 24-25, 2013
Register Today!

 

 

ACBPIKC 2013
Feb. 7-9, 2013
Register Today!

 

 

ACBPIKC 2013
Feb. 17-19, 2013
Register Today!

 

 

ACBPIKC 2013
Feb. 20-22, 2013
Register Today!

 
   
  CALENDAR OF EVENTS
 

November
- U.S./Mexico Restructuring Symposium
     November 7, 2012 | Mexico City, Mexico
- Professional Development Program
     November 9, 2012 | New York, N.Y.
- Detroit Consumer Bankruptcy Conference
     November 12, 2012 | Detroit, Mich.
- Winter Leadership Conference
     November 29 - December 1, 2012 | Tucson, Ariz.

December
- Forty-Hour Bankruptcy Mediation Training
     December 4-8, 2012 | New York, N.Y.

  

 

2013

January
- Western Consumer Bankruptcy Conference
     January 21, 2013 | Las Vegas, Nev.
- Rocky Mountain Bankruptcy Conference
     January 24-25, 2013 | Denver, Colo.

February
- Caribbean Insolvency Symposium
     February 7-9, 2013 | Miami, Fla.
- Kansas City Advanced Consumer Bankruptcy Practice Institute
     February 17-19, 2013 | Kansas City, Mo.
- VALCON 2013
     February 20-22, 2013 | Las Vegas, Nev.


 
 
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Supreme Court Will Hear Bankruptcy Case Involving Charge on Debtors Property

ABI Bankruptcy Brief | June 18 2013
 
  

June 18, 2013

 
home  |  newsroom  |  chart of the day  |  blogs  |  bankruptcy code and rules  |  statistics  |  legislative news  |  volo
  NEWS AND ANALYSIS   

SUPREME COURT WILL HEAR BANKRUPTCY CASE INVOLVING CHARGE ON DEBTOR'S PROPERTY

The U.S. Supreme Court yesterday granted certiorari in a case involving the question of whether a bankruptcy court has the power to levy a financial charge against a chapter 7 debtor's residential property, which the debtor claims falls under the homestead exemption, Mealey's Daily News Service reported yesterday. In 2004, Stephen Law filed for chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Central District of California. He listed his home property value as $363,348 and sought a homestead exemption. The chapter 7 trustee, Alfred Siegel, did not object to the homestead exemption, but two years later the trustee moved to surcharge Law's homestead exemption $75,000. Law argued that he was not properly served in the process. The trustee countered that Law defrauded his creditors by filing a phony lien against his home to take value out of the property. The bankruptcy court granted the trustee's surcharge, and Law appealed to the U.S. Bankruptcy Appellate Panel (BAP) for the Ninth Circuit. The BAP reversed the surcharge order, concluding that it was "not warranted." The trustee appealed to the Ninth Circuit U.S. Court of Appeals, which reversed the BAP's ruling and determined that the surcharge was proper. Law then appealed to the Supreme Court, arguing that the Court should reverse the Ninth Circuit's ruling and order the trustee to pay him the $75,000 surcharge pertaining to the homestead exemption. The U.S. Solicitor General suggested that the Supreme Court not hear the case, contending that it did not present the question on which courts of appeals are divided. The case is Stephen Law v. Alfred Siegel, No. 12-5196, U.S. Sup. Read more.

CREDIT CARD DELINQUENCIES DECLINED IN MAY FOR MAJOR LENDERS

Late credit card payments declined for major lenders in May, continuing a steady performance that has been bolstered by recent signs that the U.S. economic recovery is gradually gaining traction, Dow Jones Newswires reported yesterday. Capital One Financial Corp., Discover Financial Services, JPMorgan Chase & Co., Bank of America Corp. and Citi said yesterday that their credit card delinquencies declined in May from April. At the same time, they also said that their net charge-off rates, which measure loans lenders deem uncollectible, fell during the month. American Express Co. said that its delinquency rate stayed flat at 1.1 percent in May while its net charge-off rate declined to 1.9 percent from 2.1 percent in April. Historically, major credit card lenders have experienced delinquency and loss rates of between 3 and 5 percent on average under what analysts consider to be a "normal" economic environment. Read more.

ANALYSIS: LAWMAKERS TO FOCUS ON FUTURE OF FANNIE MAE, FREDDIE MAC

Congress is gearing up to tackle an issue that has been mostly ignored for nearly five years: What to do with Fannie Mae and Freddie Mac, the bailed-out-but-now-profitable mortgage companies, according to an analysis in yesterday's Wall Street Journal. In the Senate, Republicans and Democrats have begun work on a bipartisan bill that would replace Fannie and Freddie within five years with a new "public guarantor" as part of a broader framework designed to gradually ease the government out of its outsized role of backstopping the nation's $10 trillion mortgage market. The effort is being led by Sens. Bob Corker (R-Tenn.) and Mark Warner (D-Va.), although a formal bill has not been introduced. The Corker-Warner proposal would maintain a potentially significant federal role in the mortgage market by replacing Fannie and Freddie with a new system in which private entities would purchase mortgages from lenders and issue them to investors as securities. The bill would allow private entities to purchase an explicit government guarantee to cover catastrophic losses on mortgages issued as bonds from a new guarantor, called the Federal Mortgage Insurance Corp. But the new issuers would first have to raise a significant amount of capital that would take all losses before the federal guarantee would be triggered. The new "FMIC" would oversee the broader market, much like the Federal Deposit Insurance Corp. regulates banks and provides deposit insurance to minimize bank runs. Read more. (Subscription required.)

MUNICIPAL DEBT MARKET SEEN AS MORE INTERESTED IN FOMC THAN DETROIT

The $3.7 trillion U.S. municipal market looked beyond Detroit's default on some of its debt payments yesterday and instead remained focused on any signals as to how the Federal Reserve may scale back its stimulus measures, Reuters reported yesterday. Detroit Emergency Manager Kevyn Orr on Friday, who said that the financially troubled city faces even odds of a bankruptcy filing, announced a moratorium on some of the city's principal and interest payments, including a $39.7 million payment on $1.43 billion of pension certificates of participation, which he said was due last Friday. Orr also said that holders of Detroit's unsecured debt would be paid less than 10 cents on the dollar, although some creditors would get more based on revenues. About $11.5 billion of the city's debt is unsecured and $7 billion is secured, according to Orr, who aims to meet with creditors over the next 30 days. But the muni market yesterday did not dwell on Orr's plan, said Josh Gonze, co-manager of six municipal debt mutual funds with $10 billion in assets at Thornburg Investment Management in Santa Fe, N.M. "We knew this day was coming," Gonze said, noting Detroit's insured general obligation bonds traded on Monday at 94 to 98 cents on the dollar depending on coupon and maturity. Instead, Orr's plan opens up opportunities for distressed-debt investors and for picking up Detroit's essential services bonds, Gonze added. As dramatic as Orr's proposals may be, the muni market is more interested in cues regarding the potential end of easy-money policies that come out of the Federal Open Market Committee (FOMC) – the Federal Reserve’s policy-setting body – this week, said Billy Schmohl, a vice president at muni market-focused broker-dealer Alamo Capital in Walnut Creek, Calif. Read more.

NEW ABI LIVE WEBINAR ON JULY 15 WILL FOCUS ON THE § 1111(b) ELECTION, PLAN FEASIBILITY AND CRAMDOWN ISSUES

Utilizing a case study, ABI's panel of experts on July 15 will explore issues surrounding a lender’s decision on whether or not to make an election under § 1111(b), plan feasibility and voting. The abiLIVE panel will also walk attendees through the necessary mathematical analyses used to analyze these issues. The webinar will take place from 1-2:15 p.m. ET. Special ABI member rate available! Click here to register.

ABI GOLF TOUR UNDERWAY; NEXT STOP IS THE NORTHEAST BANKRUPTCY CONFERENCE ON JULY 12

The next stop for the ABI Golf Tour is the famed Newport National course in Newport, R.I., in conjunction with the Northeast Bankruptcy Conference on July 12. Final scoring to win the Great American Cup—sponsored by Great American Group—is based on your top three scores at seven scheduled ABI events, so play as many as you can before the tour wraps up at the Winter Leadership Conference in December. See the Tour page for details and course descriptions. The ABI Golf Tour combines networking with fun competition, as golfers "play their own ball." Including your handicap means everyone has an equal chance to compete for the glory of being crowned ABI's top golfer of 2013! There's no charge to register or participate in the Tour, and women are most welcome.

ABI IN-DEPTH

NEW ABI "BANKRUPTCY IN DEPTH" ON-DEMAND CLE PROGRAM LOOKS AT PRINCIPLES OF PROPERTY OF THE ESTATE: DEMYSTIFYING EQUITABLE INTERESTS

In this 90-minute seminar, Profs. Andrew Kull of Boston University School of Law and Scott Pryor of Regent University School of Law provide an in-depth analysis of a legal principle that has become, in their words, "a long-lost area of the law": § 541 of the Bankruptcy Code. Seeking to demystify what is meant by "property of the estate" and, in particular, the distinction between legal or equitable interests of the debtor in property, Kull and Pryor describe the legal entanglements that ensue when legal title belongs to one person but the equitable title belongs to someone else. The cost of the seminar, which includes written materials and qualifies for 1.5 hours of CLE, is $95. To order or to learn more, click here.

ASSOCIATES: ABI'S NUTS & BOLTS ONLINE PROGRAMS HELP YOU HONE YOUR SKILLS WHILE SAVING ON CLE!

Associates looking to sharpen their bankruptcy knowledge should take advantage of ABI's special offer of combining general, business or consumer Nuts & Bolts online programs. Each program features an outstanding faculty of judges and practitioners explaining the fundamentals of bankruptcy, offering procedures and strategies tailored for both consumer and business attorneys. Click here to get the CLE you need at a great low price!

NEW CASE SUMMARY ON VOLO: DAILEY V. MOSTOLLER (IN RE DALEY; 6TH CIR.)

Summarized by Faisal Delawalla of Burr & Forman LLP

The decisions of the bankruptcy court and the district court were reversed by the Sixth Circuit. The circuit court ruled that the debtor is entitled to a statutory presumption that his IRA is tax-exempt. Though the debtor was granted a lien in his IRA to Merrill Lynch, the circuit court found that the debtor did not use his IRA to obtain credit from Merrill Lynch.

There are more than 900 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI’s Volo website.

NEW ON ABI’S BANKRUPTCY BLOG EXCHANGE: FURTHER ANALYSIS OF LAW V. SIEGEL

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A new blog post examines the Supreme Court's grant of certiorari yesterday in the case of Law v. Siegel, which involves a debtor asking the Court to review the decision of a bankruptcy court to surcharge his homestead exemption under section 105.

Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top. If you have a blog that deals with bankruptcy, or know of a good blog that should be part of the Bankruptcy Exchange, please contact the ABI Web team.

ABI Quick Poll

Law firms should provide support for law student-staffed bankruptcy clinics for consumer debtors.

Click here to vote on this week's Quick Poll. Click here to view the results of previous Quick Polls.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 37 member associations worldwide with more than 9,000 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

Have a Twitter, Facebook or LinkedIn Account?

Join our networks to expand yours.

  

 

NEXT EVENT:

 

 

NE 2013
July 11-14, 2013
Register Today!

 

 

COMING UP

 

 

abiLIVEJuly
July 15, 2013
Register Today!

 

 

SEBW 2013
July 18-21, 2013
Register Today!

 

 

MA 2013
Aug. 8-10, 2013
Register Today!

 

 

SW 2013
Aug. 22-24, 2013
Register Today!

 

 

NYIC Golf Tournament 2013
Sept. 10, 2013
Register Today!

 

 

Endowment Baseball 2013
Sept. 12, 2013
Register Today!

 

 

VFB2013
Sept. 27, 2013
Register Today!

 

 

MW2013
Oct. 4, 2013
Register Today!

 

 

Endowment Football 2013
Oct. 6, 2013
Register Today!

 

 

Detroit
Oct. 14, 2013
Register Today!

 

 

ACBPIA13
Nov. 10-12, 2013
Register Today!

 

 

Detroit
Nov. 11, 2013
Register Today!

 

 

40-Hour Mediation Program
Dec. 8-12, 2013
Register Today!


 
   
  CALENDAR OF EVENTS
 

2013

July
- Northeast Bankruptcy Conference and Northeast Consumer Forum
     July 11-14, 2013 | Newport, R.I.
- abiLIVE Webinar
     July 11-14, 2013 | Newport, R.I.
- Southeast Bankruptcy Workshop
     July 18-21, 2013 | Amelia Island, Fla.

August
- Mid-Atlantic Bankruptcy Workshop
    August 8-10, 2013 | Hershey, Pa.
- Southwest Bankruptcy Conference
    August 22-24, 2013 | Incline Village, Nev.

September
- ABI Endowment Golf & Tennis Outing
    Sept. 10, 2013 | Maplewood, N.J.
- ABI Endowment Baseball Game
    Sept. 12, 2013 | Baltimore, Md.
- Bankruptcy 2013: Views from the Bench
    Sept. 27, 2013 | Washington, D.C.


  


October
- Midwestern Bankruptcy Institute Program and Midwestern Consumer Forum
    Oct. 4, 2013 | Kansas City, Mo.
- ABI Endowment Football Game
    Oct. 6, 2013 | Miami, Fla.
- Chicago Consumer Bankruptcy Conference
    Oct. 14, 2013 | Chicago, Ill.

November
- Austin Advanced Consumer Bankruptcy Practice Institute
   Nov. 10-12, 2013 | Austin, Texas
- Detroit Consumer Bankruptcy Conference
   Nov. 11, 2013 | Detroit, Mich.

December
- ABI/St. John’s Bankruptcy Mediation Training
    Dec. 8-12, 2013 | New York


 
 
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Homeowners See Benefits of Foreclosure Settlement Plan

ABI Bankruptcy Brief | August 30, 2012
 
  

August 30, 2012

 
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  NEWS AND ANALYSIS   

HOMEOWNERS SEE BENEFITS OF FORECLOSURE SETTLEMENT PLAN

More than 130,000 homeowners have received $10.5 billion in relief under the national settlement over foreclosure abuses, according to a preliminary report issued yesterday by the settlement monitor, the New York Times reported today. Under the settlement in February, reached in response to evidence that the foreclosure process had been riddled with fraud, the country’s five largest mortgage servicers promised $25 billion to help stem the tide of homeowner losses. About $20 billion of that was designated to provide relief to homeowners, primarily through various forms of debt forgiveness. Although it may seem that banks have already satisfied more than half of their commitment, only a portion of the $10.5 billion will count, because of the way the relief is tallied. The banks — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — reported that the bulk of the help so far had come in the form of short sales, in which lenders allow homeowners to sell for less than what they owe. Many homeowners have been stuck in their homes because they have lost so much value. The banks reported $8.7 billion in debt written off through short sales. But far less progress has been seen under the central provision of the settlement, reducing the principal owed on homes. Banks reported a total of only $750 million in principal reduction, and Bank of America, which has the highest obligations under the settlement, reported none. Read more.

ANALYSIS: U.S. HOUSEHOLDS CONTINUE TO CHIP AWAY AT THE DEBT ON THEIR HOMES

Total U.S. household debt fell by 0.5 percent in the April-to-June period from the previous quarter to $11.38 trillion, the Federal Reserve Bank of New York said yesterday, according to a report in the Wall Street Journal. The drop was due almost entirely to falling mortgage balances, as some households paid down home loans while others erased their debts and lost their homes by completing the foreclosure process. Additionally, the number of homeowners entering foreclosure fell by 12 percent to an estimated 256,000 during the quarter, the lowest level since mid-2007, another sign the housing market may be stabilizing. Read more. (Subscription required.)

STUDENT-LOAN DEBT RISES TO $914 BILLION IN SECOND QUARTER

The Federal Reserve Bank of New York said that debt from educational loans in the U.S. rose 1.1 percent to $914 billion in the second quarter, Bloomberg News reported yesterday. Outstanding student debt increased from $904 billion three months earlier, the New York Fed said yesterday in a report. The loans were taken out by students and their parents, and the majority are backed by the U.S. government. Ninety-day delinquency rates for student loans increased to 8.9 percent from 8.69 percent in the first quarter, the New York Fed said. Since the peak in household debt in the third quarter of 2008, student-loan debt has increased by $303 billion, while other forms of debt fell a combined $1.6 trillion. Read more.

SEC PROPOSAL WOULD REMOVE PROHIBITION AGAINST GENERAL SOLICITATION BY HEDGE FUNDS

The Securities and Exchange Commission on Wednesday proposed rules that would remove a longtime prohibition against general solicitation by hedge funds, a huge change for an industry that has ballooned in size and influence in recent decades, the New York Times DealBook blog reported yesterday. Unlike their mutual fund brethren, hedge funds have long been barred from advertising in public forums like newspapers or television. Releasing information as basic as performance and assets has been prohibited, the idea being that such complicated and risky investment opportunities should be promoted only to those deemed financially fit. That threshold has been at least $1 million in liquid assets, or a $200,000 annual income for an individual or $300,000 for a couple. But under the new rules, hedge funds might be able to rent billboards, buy full-page advertisements in newspapers or have Web sites that offer the public a real look inside their operations and performance, as opposed to the password-protected sites most operate today. The proposal –mandated by a new law, the Jump-Start Our Business Start-Ups Act – could go a long way toward demystifying and increasing understanding of hedge funds, which are often accused of being highly secretive. Read more.

CONSUMER SPENDING TICKS UP

The Commerce Department released a report today that U.S. personal spending rose the most in five months in July, the Wall Street Journal reported today. Personal consumption expenditures increased 0.4 percent from the prior month, according to the Commerce Department. Personal consumption fell 0.2 percent in May and was flat in June as Americans saved, rather than spent, their slowly rising incomes. Today's report showed that personal incomes rose 0.3 percent in July, the eighth consecutive month that incomes increased. July's savings rate ticked down to 4.2 percent from 4.3 percent in June, which had been the highest level in a year. Read more. (Subscription required.)

ABI IN-DEPTH

LATEST CASE SUMMARY ON VOLO: CAGE V. HARDY RAWLS ENTERPRISES, LLC (IN RE MOYE; 5TH CIR.)

Summarized by Omid Moezzi of the Office of Chapter 13 Trustee Nancy Curry

Affirming the decision of the U.S. District Court for the Southern District of Texas (Houston) that the trustee had proved that all but one of the payments in question made by the debtors were avoidable preferences and that the creditor failed to successfully establish its affirmative defenses.

There are more than 600 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI’s Volo website.

NEW ON ABI’S BANKRUPTCY BLOG EXCHANGE: EMINENT DOMAIN WILL DRIVE HOMEOWNERSHIP INTO THE SUNSET

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent post finds that the proposed plan by San Bernardino County, Calif., to seize underwater mortgages through eminent domain would serve only to damage homeownership, not protect it.

For more on the issue of localities examining the use of eminent domain to seize underwater properties, listen to an ABI podcast featuring Prof. Mark Scarberry discussing the proposal and the potential legal ramifications of using eminent domain to provide relief from the foreclosure crisis. Click here to listen.

Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top. If you have a blog that deals with bankruptcy, or know of a good blog that should be part of the Bankruptcy Exchange, please contact the ABI Web team.

ABI Quick Poll

Client matters left unfinished at a firm when it files for bankruptcy are the property of the defunct firm.

Click here to vote on this week's Quick Poll. Click here to view the results of previous Quick Polls.

HAVE YOU TUNED IN TO BLOOMBERG LAW'S VIDEO PODCASTS?

Bloomberg Law's video podcasts feature top experts speaking about current bankruptcy topics. The podcasts are available via Bloomberg Law's YouTube channel so that you can access the programs from your computer or device of your choice! Click here to view the Bloomberg Law video podcasts.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 37 member associations worldwide with more than 9,000 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

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NEXT EVENTS:

SE 2012
Sept. 11, 2012
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SW 2012
Sept. 13-15, 2012
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SE 2012
Sept. 13-14, 2012
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NYU 2012
Sept. 19-20, 2012
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"WHEN IS AN INDIVIDUAL CHAPTER 11 THE BEST FIT?" LIVE WEBINAR
Sept. 27, 2012
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NABMW 2012
Oct. 4, 2012
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SE 2012
Oct. 5, 2012
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SE 2012
Oct. 5, 2012
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SE 2012
Oct. 8, 2012
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ABI YOUNG AND NEW MEMBERS COMMITTEE “TRENDING ISSUES: EXAMINERS AND SELECT PLAN CONFIRMATION ISSUES” WEBINAR
Oct. 15, 2012
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SE 2012
Oct. 18, 2012
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MEXICO 2012
Nov. 7, 2012
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4TH ANNUAL PROFESSIONAL DEVELOPMENT PROGRAM
Nov. 9, 2012
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SE 2012
Nov. 12, 2012
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SE 2012
Nov. 29 - Dec. 1, 2012
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  CALENDAR OF EVENTS
 

September
- 7th Annual Golf and Tennis Outing
     September 11, 2012 | Maplewood, N.J.
- Complex Financial Restructuring Program
     September 13-14, 2012 | Las Vegas, Nev.
- Southwest Bankruptcy Conference
     September 13-15, 2012 | Las Vegas, Nev.
- 38th Annual Lawrence P. King and Charles Seligson Workshop on Bankruptcy & Business Reorganization
     September 19-20, 2012 | New York, N.Y.
- "When Is an Individual Chapter 11 the Best Fit?" Live Webinar
     September 27, 2012
- American College of Bankruptcy's "Bankruptcy: Back to the Future" Program
     September 28, 2012 | Chicago, Ill.

October
- Nuts & Bolts for Young and New Practitioners - KC
     October 4, 2012 | Kansas City, Mo.
- Midwestern Bankruptcy Institute Program, Midwestern Consumer Forum
     October 5, 2012 | Kansas City, Mo.

  


- Bankruptcy 2012: Views from the Bench
     October 5, 2012 | Washington, D.C.
- Chicago Consumer Bankruptcy Conference
     October 8, 2012 | Chicago, Ill.
- "Trending Issues: Examiners and Select Plan Confirmation Issues" Webinar
     October 15, 2012
- International Insolvency and Restructuring Symposium
     October 18, 2012 | Rome, Italy

November
- U.S./Mexico Restructuring Symposium
     November 7, 2012 | Mexico City, Mexico
- Professional Development Program
     November 9, 2012 | New York, N.Y.
- Detroit Consumer Bankruptcy Conference
     November 12, 2012 | Detroit, Mich.
- Winter Leadership Conference
     November 29 - December 1, 2012 | Tucson, Ariz.


 
 
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Commentary Housing Prices Stabilizing Where Lenders Can Enforce Contracts

ABI Bankruptcy Brief | January 10 2013
 
  

January 10, 2013

 
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  NEWS AND ANALYSIS   

COMMENTARY: HOUSING PRICES STABILIZING WHERE LENDERS CAN ENFORCE CONTRACTS

Data from Case-Shiller, Lender Processing Services and other housing trackers suggest that the housing rebound is strongest in states where lenders can enforce contracts, according to an editorial in yesterday's Wall Street Journal. The editorial refers to the difference between "nonjudicial" states that have streamlined foreclosure procedures and the 23 "judicial" states that force lenders to go to court to enforce mortgage contracts. Prices are stabilizing in the former but still faltering in much of the latter. Housing markets cannot clear until lenders can foreclose on delinquent borrowers and prices fall far enough to attract buyers who can afford the mortgage payments, according to the editorial. Politicians and housing lobbyists decry nonjudicial foreclosure as unfair to borrowers, but every homeowner in any state has the right to challenge a foreclosure in court, regardless of whether they live in a nonjudicial state. The main difference is that in a judicial state the lender has to file a lawsuit to initiate a foreclosure, which can take months or years to settle depending on the state. Lender Processing Services estimates that the foreclosure inventory in judicial states is more than triple that of nonjudicial states. The Mortgage Bankers Association's latest National Delinquency Survey, which ended September 30, showed that of the top five states with the highest share of loans in foreclosure, four were judicial: Florida (13.04 percent), New Jersey (8.87 percent), Illinois (6.83 percent) and New York (6.46 percent). Read the full editorial. (Subscription required.)

ANALYSIS: SHORT SALES IN CALIFORNIA SURPASS SALES OF FORECLOSED HOMES

Real estate research firm DataQuick is reporting that short sales in California in recent months have surpassed sales of foreclosed homes for the first time since the start of the housing crash in 2007, the Los Angeles Times reported yesterday. The transactions now represent about a quarter of the market, a surge driven by rising home prices, government crackdowns on foreclosures and banks' increasing capacity to process the deals. Lenders have revamped short sale departments, streamlining paperwork, creating new software systems and enlisting newly formed companies as liaisons with borrowers. Some institutions are even paying homeowners sizable sums to move, similar to "cash for keys" arrangements used as an alternative to eviction in foreclosures. Bank of America pays up to $30,000 in relocation assistance for certain successful short sales. JPMorgan Chase will pay up to $35,000. Wells Fargo offers similar aid, though it declined to specify an amount. Read more.

LENDER REVIEW OF BORROWERS TIGHTENED UNDER CFPB'S NEW MORTGAGE RULES

The U.S. Consumer Financial Protection Bureau issued a rule today that for the first time forces lenders to verify borrowers’ ability to repay mortgages by confirming income and assets, Bloomberg News reported. The rule, mandated by Congress in response to lax underwriting standards before the 2008 financial crisis, will also offer some legal protection for lenders who follow guidelines for qualified mortgages. The measure also insulates issuers of qualified mortgages at prime interest rates from future lawsuits. The qualified-mortgage rule will apply to home loans in the underwriting phase, whether made by banks such as Bank of America Corp. and/or non-depository originators. The rule on repayment ability is the first in a series of rules that the CFPB will issue that will shape the post-crisis mortgage market. The bureau will unveil rules on mortgage servicing at a Jan. 17 hearing in Atlanta. Read more.

CONSUMER DEBT INCREASES ON MORE CAR, SCHOOL LOANS

The Federal Reserve issued a report on Tuesday showing that consumers increased their borrowing in November by $16 billion from October to a seasonally adjusted record of $2.77 trillion, the Associated Press reported yesterday. Borrowing that covers autos and student loans increased $15.2 billion. A category that measures credit card debt rose just $817 million. The sharp difference in the borrowing gains illustrates a broader trend that began during the Great Recession. Four years ago, Americans carried $1.03 trillion in credit card debt, an all-time high. In November, that figure was 16.5 percent lower. At the same time, student loan debt has increased dramatically. The category that includes auto and student loans is 22.8 percent higher than in July 2008. Read more.

LATEST BLOOMBERG "BILL ON BANKRUPTCY" VIDEO: FEE AGREEMENT PUTS LAW FIRM IN TRUSTEE'S SIGHTS

Law firm Kaye Scholer LLP and financial advisor Capstone Advisory Group LLC are in the sights of a U.S. Trustee aiming to claw back $12 million for an undisclosed agreement to share fees awarded in the now-completed bankruptcy of GSC Group Inc. In their latest video, Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle pose the question of whether the dispute involves a serious ethical lapse or a hypertechnical reading of an ambiguous statute. Click here to view.

CHAPTER 9s, NONPROFITS AND OTHER NONTRADITIONAL RESTRUCTURING PROCESSES AMONG TOPICS TO BE DISCUSSED AT ABI'S 31ST ANNUAL SPRING MEETING

The 2013 Annual Spring Meeting, to be held April 18-21, 2013 at the Gaylord National Resort and Convention Center in National Harbor, Md., features a roster of the best national speakers, while the depth and scope of topics offer something for everyone. Specifically, four concurrent workshops will cover various “tracks,” including programs for attorneys in commercial cases, a track for restructuring professionals, a track of professional development programming and a track dealing solely with consumer issues. More than 16 hours of CLE/CPE is offered in some states, along with ethics credit totaling 3 hours, making the cost only about $50 per credit. In addition, committee sessions will drill down on other topics to provide you with the most practical and varied CLE/CPE experience ever. Sessions include:

• 17th Annual Great Debates on Hot Business and Consumer Topics
• Mediation: The Rational Alternative
• Creditors’ Committees and the Role of Indenture Trustees and Related Issues
• Current Issues for Financial Advisors in Bankruptcy Cases
• The Individual Conundrum: Chapter 7, 11 or 13?
• The Power to Veto Bankruptcy Sales
• Real Estate Issues in Health Care Restructurings
• Law Firm Bankruptcies
• How to Be a Successful Expert
• The Ethical Compass: Multiple Ethical Schemes Applicable to Financial Advisors
• Chapter 9s, Nonprofits and Other Nontraditional Restructuring Processes
• And much more!

The Spring Meeting will also feature a field hearing of the ABI Commission to Study the Reform of Chapter 11, a report from the ABI Ethics Task Force, a luncheon panel discussion moderated by Bill Rochelle of Bloomberg News, and a Final Night Gala Dinner featuring a concert by Joan Jett and the Blackhearts!

Register today!

ABI IN-DEPTH

ABI LIVE WEBINAR: REVISITING RADLAX AND HALL- NEW LEGAL AND PRACTICAL IMPACT OF THE DECISIONS

See why this was the top-rated panel at the ABI Winter Leadership Conference last month! Join the expert panel on Feb. 19 from 12:00-1:15pm EST as the summarize and discuss the legal impact and practical implications of the Supreme Court’s 2012 decisions in Radlax and Hall. Participants include:

Susan M. Freeman of Lewis and Roca LLP (Phoenix)

Adam A. Lewis of Morrison & Foerster LLP (San Francisco)

• Prof. Charles J. Tabb of the University of Illinois College of Law (Champaign, Ill.)

Eric E. Walker of Perkins Coie LLP (Chicago)

Click here to register!

LATEST CASE SUMMARY ON VOLO: ELLIOT V. SUTTON (IN RE ELLIOTT; 5TH CIR.)

Summarized by Brendan Gage, U.S. Bankruptcy Court, Eastern & Western Districts of Arkansas

Affirming the judgment of the District Court for the Western District of Louisiana, the Fifth Circuit held that a bankruptcy court may sua sponte convert a debtor’s chapter 13 case to a case under chapter 7 even when the debtor opposes conversion and moves to dismiss the case pursuant to § 1307(b).

There are more than 700 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI’s Volo website.

NEW ON ABI’S BANKRUPTCY BLOG EXCHANGE: EXAMINING CALPERS’ LOSS IN THE SAN BERNARDINO CHAPTER 9 CASE

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A new post examines the decision of a bankruptcy judge to deny the motion of the California Public Employees’ Retirement System (CALPERS) that it filed in the bankruptcy proceedings of the city of San Bernardino to have the automatic stay lifted with respect to overdue pension payments. Bankruptcy Judge Meredith Jury based her denial partly on the city’s representations that forcing the payment of outstanding CALPERS obligations at this time would be a “death knell” for the city.

Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top. If you have a blog that deals with bankruptcy, or know of a good blog that should be part of the Bankruptcy Exchange, please contact the ABI Web team.

ABI Quick Poll

After Stern, bankruptcy courts do not have the constitutional authority to enter final judgments on fraudulent conveyance claims.

Click here to vote on this week's Quick Poll. Click here to view the results of previous Quick Polls.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 37 member associations worldwide with more than 9,000 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

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NEXT EVENT:

 

 

WCBC 2013
Jan. 21, 2013
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ACBPIKC 2013
Jan. 24-25, 2013
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ACBPIKC 2013
Feb. 7-9, 2013
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ABI Live Webinar: Revisiting RadLAX and Hall- New Legal and Practical Impact of the Decisions
Feb. 19, 2013
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ACBPIKC 2013
Feb. 20-22, 2013
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Paskay 2013
March 7-9, 2013
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BBW 2013
March 22, 2013
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ASM 2013
April 18-21, 2013
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  CALENDAR OF EVENTS
 

2013

January
- Western Consumer Bankruptcy Conference
     January 21, 2013 | Las Vegas, Nev.
- Rocky Mountain Bankruptcy Conference
     January 24-25, 2013 | Denver, Colo.

February
- Caribbean Insolvency Symposium
     February 7-9, 2013 | Miami, Fla.
- ABI Live Webinar: Revisiting RadLAX and Hall- New Legal and Practical Impact of the Decisions
     February 19, 2013


  

- VALCON 2013
     February 20-22, 2013 | Las Vegas, Nev.

March
- 37th Annual Alexander L. Paskay Seminar on Bankruptcy Law and Practice
     March 7-9, 2013 | St. Petersburg, Fla.
- Bankruptcy Battleground West
     March 22, 2013 | Los Angeles, Calif.

April
- Annual Spring Meeting
     April 18-21, 2013 | National Harbor, Md.


 
 
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