Detroit

DETROIT BECOMES BIGGEST U.S. CITY TO FILE FOR BANKRUPTCY

Detroit today became the biggest U.S. city to file for bankruptcy as it officially sought bankruptcy court protection from its creditors while it tries to eliminate a budget deficit and cut its long-term debt, Bloomberg News reported today. The city listed assets and debt of more than $1 billion in a chapter 9 petition filed today in federal court in Detroit. Kevyn Orr, the state-appointed emergency fiscal manager, warned in May that the city might run out of cash. His proposal to restructure more than $17 billion in debt and long-term obligations includes cutting pension payments, ending cost-of-living increases, removing some workers from the system and making the rest pay more. "Without a significant restructuring of its debt, the city will be unable to break the cycle of damaging cutbacks in essential municipal services and investments," Orr said in a report. The case is City of Detroit, 13-53846, U.S. Bankruptcy Court, Eastern District of Michigan (Detroit). Read more.

For an analysis of the situation in Detroit, municipal distress and chapter 9 bankruptcy, be sure to pick up a copy of ABI's Municipalities in Peril: The ABI Guide to Chapter 9, Second Edition, from the ABI Bookstore.

LEGISLATION REINTRODUCED TO STOP EMINENT DOMAIN PROPOSALS AIMED AT UNDERWATER HOMEOWNERS

Rep. John Campbell (R-Calif.) reintroduced "The Defending American Taxpayers from Abusive Government Takings Act" today to stop city and county governments from enacting eminent domain policies aimed at underwater homeowners, according to a press release today from Campbell's office. Despite the failure of Mortgage Resolution Partners LLC (MRP) to receive approval for their eminent domain proposal by San Bernardino County, Calif., and Chicago last year, local governments and cities around the country are entertaining similar proposals. Cities in California and Nevada continue to consider MRP's proposal for local governments to seize mortgages from bond trusts to cut balances and help homeowners. MRP recently sent letters to securities trustees and loan servicers asking them to verify their roles in specific deals and provide information about individual mortgages that could be purchased. MRP must try to negotiate to buy the loans before municipalities can use powers known as eminent domain to force the sales, and then they would then lower the principal owed. The moves signal a renewed battle over the initiative, which has drawn opposition from bondholders such as Pacific Investment Management Co. and DoubleLine Capital LP and at least 18 trade groups representing the finance industry, homebuilders and real-estate firms. Rep. Campbell introduced the same measure last year in response to the MRP proposal. "Using eminent domain to seize mortgages is not only legally questionable," said Campbell, "it represents a complete abrogation of private property rights. The federal government and the American taxpayer would be forced to bear all the risk in the event of a failure." To read Rep. Campbell's press release on the legislation, please click here.

To read the Bloomberg News analysis, please click here.

SENATORS REACH DEAL ON STUDENT LOANS, PREPARE FOR VOTE

Under pressure from the White House, senators are quickly moving forward with a plan to change how the government sets federal student loan interest rates, tying them to market rates but imposing caps on how high those rates can go, the Associated Press reported today. Senate Majority Leader Harry Reid (D-Nev.) said today that a vote could come this week. The deal was brokered by a bipartisan group of senators who have been negotiating for weeks, with the help of Department of Education staffers who have been camped out in their offices. Under this new deal, finalized today, undergraduates would all pay the same interest rate, a change from recent years when some low- and middle-income students received a lower rate. Graduate students and parents of students would have their own rates, which would be higher than those for undergraduates and have higher caps. The plan is expected to save the government $715 million over a decade, according to aides. For the coming school year, undergraduates would see rates of 3.86 percent. That's lower than the current fixed rate of 6.8 percent, but the new rate could go as high as 8.25 percent in future years. Graduate students would pay about 5.41 percent for the coming year and up to 9.5 percent in the future. Loans taken out by parents for their dependent children would have an interest rate around of 6.41 percent that could go as high as 10.5 percent. Right now, graduate students have interest rates of 6.8 and 7.9 percent, while parents pay 7.9 percent. Read more.

ANALYSIS: REGULATORY RIFT DEVELOPS GLOBALLY OVER FINANCIAL SYSTEM

Global regulators are pursuing disparate approaches to protecting the financial system against future shocks, fracturing an agreement forged in the wake of the 2008 financial crisis to adopt a coordinated response, the Wall Street Journal reported today. Policymakers, at odds over how to reduce risk in the financial system, are disagreeing over what the proper capital levels should be for banks, derivatives regulation, criminal prosecutions of bankers and even the appropriate forum for brokering agreements on financial-services issues. Countries such as the U.S., U.K. and Switzerland are demanding that banks build thicker capital cushions to absorb losses and bigger liquidity buffers than most other European countries are embracing. European and U.K. officials have shown a greater willingness than their U.S. counterparts to rein in bankers' pay and target bad behavior with criminal prosecutions. The U.K.'s banking supervisors have also urged some European and U.S. banks to restructure their U.K. operations and have pressured foreign branches of banks from many countries -- from crisis-hit countries like Cyprus to Switzerland and the U.S. -- to stockpile additional funds in their British arms. The different approaches have led to cross-border sniping, with its European Union officials threatening retaliation if the U.S. imposes its rules abroad. Britain's push has led it afoul of European counterparts, who criticize the country's aggressive approach as a violation of the bloc's "single market" rules. U.S. Treasury Secretary Jacob Lew said yesterday that global coordination shouldn't come at the expense of tough rules. Some executives say privately that the discord gives them a chance to delay or water down rules by pitting regulators in different countries against one another. Read more. (Subscription required.)

DID YOU MISS MONDAY'S abiLIVE WEBINAR DISCUSSING § 1111(b) ELECTION, PLAN FEASIBILITY AND CRAMDOWN ISSUES? RECORDING IS NOW AVAILABLE!

If you were not able to join Monday's well-attended abiLIVE webinar examining § 1111(b), a recording of the program is now available for downloading! Utilizing a case study, ABI's panel of experts explored the issues surrounding a lender's decision on whether or not to make an election under § 1111(b), plan feasibility and voting. The abiLIVE panel also walked attendees through the necessary mathematical analyses used to examine these issues. The 90-minute recording is available for the special price of $75 and can be purchased here.

NEW abiLIVE WEBINAR ON AUGUST 20: HOW WILL THE NEW U.S. TRUSTEE FEE GUIDELINES IMPACT YOU?

The new U.S. Trustee Fee Guidelines will affect all attorneys and firms who work on larger chapter 11 cases filed on or after November 1st. ABI's Ethics & Professional Compensation Committee will present a panel of experts, including Cliff White, the director of the U.S. Trustee Program, to discuss 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. Register today to hear government, attorney and academic perspectives on this important and timely topic.

ABI GOLF TOUR UNDERWAY; NEXT STOP IS THE MID-ATLANTIC BANKRUPTCY WORKSHOP IN AUGUST

The next stop for the ABI Golf Tour is the Hershey Country Club, in conjunction with the Mid-Atlantic Bankruptcy Workshop. 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.

ABI IN-DEPTH

NORTON JUDICIAL EXCELLENCE AWARD NOMINATIONS OPEN

Nominations are now open for the 8th Annual Judge William L. Norton Judicial Excellence Award, to be presented during the ABI luncheon at the annual meeting of the National Conference of Bankruptcy Judges on Nov. 1, 2013. The award is presented by ABI and Thomson Reuters each year to the current or retired bankruptcy judge whose career embodies the same continued dedication and outstanding contributions to the insolvency community as the award’s namesake, Judge Norton. Nominations are considered by a committee made up of representatives from the Norton treatise and past ABI presidents. Nomination forms are available from Clay Mattson at Thomson Reuters ([email protected]) and should be submitted by July 29.

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: UNITED JOINT VENTURE LP V. NOBLE (IN RE JENNINGS; 11TH CIR.)

Summarized by Lyndel Anne Mason of Cavazos, Hendricks, Poirot & Smitham, PC

The Eleventh Circuit ruled that the chapter 7 trustee's decision to close the estate as a "no asset" estate and not sell or settle a state court's judgment in favor of the debtor was within his business judgment under § 544(a), and the district court deference to that decision was affirmed.

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: BIG BANKS' WARNINGS ABOUT LEVERAGE RATIO FAIL THE SMELL TEST

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A new blog post finds that the new leverage ratio is a relatively modest proposal that can be easily addressed by affected banks without material capital raises or changes in distribution policy.

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

When will the dowward trend of consumer bankruptcy filings turn around?

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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2013

August
- Mid-Atlantic Bankruptcy Workshop
    August 8-10, 2013 | Hershey, Pa.
- abiLIVE Webinar: How Will the New U.S. Trustee Fee Guidelines Impact You?
     August 20, 2013
- 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.
- Lawrence P. King and Charles Seligson Workshop on Bankruptcy & Business Reorganization
    Sept. 18-19, 2013 | New York
- abiLIVE Webinar: Complex Requirements and Ethical Duties of Representing Consumer Debtors
     Sept. 24, 2013
- 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.
- Professional Development Program
    Oct. 11, 2013 | New York, N.Y.
- Chicago Consumer Bankruptcy Conference
    Oct. 14, 2013 | Chicago, Ill.
- International Insolvency Symposium
    Oct. 25, 2013 | Berlin, Germany

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

DETROIT

JUDGE PROPOSES FAST PACE IN DETROIT BANKRUPTCY CASE

Bankruptcy Judge Steven Rhodes today set key dates in Detroit's bankruptcy case that indicate his intention to accelerate the process, the Detroit Free Press reported today. Judge Rhodes proposed an Aug. 19 deadline for all motions arguing against Detroit's eligibility for chapter 9 bankruptcy and that a trial on that question will begin Oct. 23rd. Detroit Emergency Manager Kevyn Orr asked the judge to set a one-month deadline for objections to the city's right to file for bankruptcy. The eligibility question has taken more than a year to resolve in some of the municipal bankruptcies of the last five years. Attorneys for the city have argued in court filings that they negotiated "in good faith" with the city's creditors before filing for bankruptcy. The city also argued that it is insolvent, one key criteria allowing municipalities to file for bankruptcy. Several creditors, including labor groups, have signaled they plan to challenge the city's eligibility to file for bankruptcy. The city's pension boards have accused Orr's team of failing to negotiate in good faith over changes to retiree pensions. Judge Rhodes also proposed March 1 as a deadline for the city to file a plan of adjustment. Judge Rhodes plans to consider any questions or concerns about his proposed schedule on Friday during a court hearing in Detroit. Read more.

Looking for this court document or the referenced state statutes in the Detroit bankruptcy case? The latest news stories and analysis? Audio and video of experts examining the issues of the case? ABI has all those items and more on ABI's Detroit Bankruptcy Resources webpage. As new developments break and filings are registered with the court throughout the proceeding, ABI's Detroit webpage will keep you up-to-date on the proceeding. Make sure to bookmark and regularly visit http://news.abi.org/detroit.

ANALYSIS: DETROIT BANKRUPTCY UNDERSCORES RIFT BETWEEN CITY, SUBURBS

A generations-long divide between Detroit, where the per-capita income is $15,261, and its suburbs, such as Birmingham, Mich., where it's $67,580, is raising questions about how affluence can co-exist alongside poverty, and whether urban areas with declining populations can thrive, according to a Bloomberg News analysis yesterday. Detroit became the fourth-largest U.S. city by 1950 with the growth of the auto industry, when the companies that are now General Motors Co., Ford Motor Co. and Chrysler Group LLC churned out cars. Since then, 1 million residents have left for places such as Oakland County, where the population more than tripled to 1.2 million. That county is the state's wealthiest, according to the U.S. Bureau of Economic Analysis statistics. Cities such Birmingham and Bloomfield Hills, where auto executives and former Republican presidential candidate Mitt Romney lived, are about 20 miles from Detroit. The disparity between rich and poor increased over the past decade as Detroit "got hammered" during the longest recession since the 1930s, said Kurt Metzger, director of Data Driven Detroit, a nonprofit organization that tracks social, economic and environmental indicators. Read more.

U.S. REGULATORS MOVING CAUTIOUSLY ON MORTGAGE REFORMS

U.S. bank regulators, wary of upsetting the fragile housing market, are moving cautiously in fashioning dozens of new rules to prevent reckless underwriting and other mortgage market abuses, Reuters reported yesterday. In implementing the 2010 Dodd-Frank financial reform law, regulators have said that they are sensitive to arguments from a rare alliance of both lenders and consumer groups that too-tough rules could hamper credit availability. A cooperative relationship has developed between banks and the newly created Consumer Financial Protection Bureau (CFPB), which has broad authority to regulate mortgage lending. Consumer groups and lenders said that the CFPB struck a balance with its first major mortgage rules, including a requirement released in January that lenders be able to verify that borrowers could repay loans. Since then, bank lobbyists say bureau officials remain attuned to their concerns about complying with the many new rules. In some cases, the bureau has even revisited final rules and amended technical aspects in response to banks' comments. Read more.

COMMENTARY: NOT TOO BIG TO FAIL

New rules on bank capital, recently proposed by the Federal Deposit Insurance Corp. and other bank regulators, are a welcome step toward a safer and sounder financial system, according to an editorial in yesterday's New York Times. Big banks will likely argue that the new rules will impede their ability to thrive and, in the process, harm the economy. But their profits are soaring, even as the economy is slowing down, a situation that makes their shopworn anti-regulatory argument all the more threadbare, according to the editorial. It is not the banks that need protection from regulation, but rather it is the public that needs protection from banks that are regarded as too big to fail. The new rules would require the nation's biggest banks to hold significantly more capital than is required under international agreements. Higher capital requirements are a start, according to the editorial, but tighter regulations reducing complexity and risks are also necessary, including an iron-clad Volcker Rule prohibiting excessive speculation. Read the full editorial.

CITIES BEGIN HIRING AGAIN

Cities across the U.S. are starting to hire new teachers, firefighters and police officers, as a prolonged slide in local-government employment appears to have bottomed out, four years after the recession ended, the Wall Street Journal reported today. Municipal police academies in Massachusetts are running at capacity as communities train new officers, while Minneapolis recently added nearly two dozen firefighters, ending a five-year hiring freeze. The school district for Clark County, Nev., which includes Las Vegas, is hiring 700 new teachers this year, the first sizable boost in its workforce in five years. Monthly jobs data from the Labor Department show that local governments, which make up about 65 percent of the overall government workforce, added workers in seven of the past eight months, the longest such streak in five years. So far this year, 46,000 new jobs have been created on a seasonally adjusted basis. Local-government employment through June stood at 14.08 million, the highest level in more than a year and a half, though still well below a peak of 14.61 million in mid-2008. Read more. (Subscription required.)

IN CASE YOU MISSED IT - abiLIVE WEBINAR DISCUSSING § 1111(b) ELECTION, PLAN FEASIBILITY AND CRAMDOWN ISSUES RECORDING IS NOW AVAILABLE!

If you were not able to join Monday's well-attended abiLIVE webinar examining § 1111(b), a recording of the program is now available for downloading! Utilizing a case study, ABI's panel of experts explored the issues surrounding a lender's decision on whether or not to make an election under § 1111(b), plan feasibility and voting. The abiLIVE panel also walked attendees through the necessary mathematical analyses used to examine these issues. The 90-minute recording is available for the special price of $75 and can be purchased here.

ABILIVE WEBINAR ON SEPT. 24 TO EXAMINE THE COMPLEX REQUIREMENTS AND ETHICAL DUTIES OF REPRESENTING CONSUMER DEBTORS

The abiLIVE webinar on Sept. 24 will feature a panel of experts discussing the ethical and compensation issues that can arise while representing chapter 7 and 13 debtors as well as individual chapter 11 debtors. Topics covered include client fraud and an attorney's duty to verify client information, attorney fee structures, and complex issues in individual chapter 11 cases. The panel includes perspectives from the attorneys and trustees, as well as the academic reporter for the ABI Ethics Task Force. Click here to register.

ABI GOLF TOUR UNDERWAY; NEXT STOP IS THE MID-ATLANTIC BANKRUPTCY WORKSHOP NEXT WEEK

The 5th stop for the ABI Golf Tour is the Hershey Country Club, in conjunction with next week's Mid-Atlantic Bankruptcy Workshop. 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! A 22-handicapper won the tour event last week at Amelia Island, Fla.! There's no charge to register or participate in the Tour.

ABI IN-DEPTH

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: WILLMS V. SANDERSON (9TH CIR.)

Summarized by Tom Phinney of Parkinson Phinney

The Ninth Circuit held that the 60-day time limit provided in Bankruptcy Rule 4007(c) for filing a nondischargeability complaint under § 523 was improperly extended sua sponte by the bankruptcy court where (1) the creditor's motion for extension referenced §§ 727 and 707, and did not reference § 523; and (2) no cause for the extension was shown. The Ninth Circuit ordered the nondischargeability complaint dismissed with prejudice as having been untimely filed.

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: WHAT HAPPENS TO A CORPORATION'S ATTORNEY/CLIENT PRIVILEGE IN BANKRUPTCY?

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent blog post examines what happens to a corporation's attorney/client privilege when the corporation files for bankruptcy.

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).

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.

2013

August
- Mid-Atlantic Bankruptcy Workshop
    August 8-10, 2013 | Hershey, Pa.
- abiLIVE Webinar: How Will the New U.S. Trustee Fee Guidelines Impact You?
     August 20, 2013
- 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.
- Lawrence P. King and Charles Seligson Workshop on Bankruptcy & Business Reorganization
    Sept. 18-19, 2013 | New York
- abiLIVE Webinar: Complex Requirements and Ethical Duties of Representing Consumer Debtors
     Sept. 24, 2013
- 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.
- Professional Development Program
    Oct. 11, 2013 | New York, N.Y.

- Chicago Consumer Bankruptcy Conference
    Oct. 14, 2013 | Chicago, Ill.
- International Insolvency & Restructuring Symposium
    Oct. 25, 2013 | Berlin, Germany

November
- Complex Financial Restructuring Program
   Nov. 7, 2013 | Philadelphia, Pa.
- Corporate Restructuring Competition
   Nov. 7-8, 2013 | Philadelphia, Pa.
- 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