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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.

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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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Judges Ruling on Dodd-Frank Act Beefs Up Protection for Whistleblowers

ABI Bankruptcy Brief | July 10, 2012
 
  

July 10, 2012

 
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  NEWS AND ANALYSIS   

JUDGE'S RULING ON DODD-FRANK ACT BEEFS UP PROTECTION FOR WHISTLEBLOWERS

U.S. District Judge J. Paul Oetken bolstered protection for corporate whistleblowers yesterday by ruling the Dodd-Frank law gave retroactive protection to employees of subsidiaries, not just people who work directly for the parent companies, Reuters reported yesterday. The decision concerned the Sarbanes-Oxley Act of 2002, adopted in the wake of Enron Corp's collapse the prior year, which helped protect employees of publicly-traded companies against retaliation for whistleblowing. Dodd-Frank amended that law in July 2010, as part of a series of financial reforms, to show that employees of subsidiaries should also be protected from any reprisals by their companies. Judge Oetken yesterday said that the Dodd-Frank amendments should apply retroactively to cases that predated Dodd-Frank, being "a clarification of Congress's intent" concerning whistleblowers. Read more.

In related news, the House Financial Services Capital Markets and Government Sponsored Enterprises held a hearing today titled "The Impact of Dodd-Frank on Customers, Credit, and Job Creators." To view the witness list and prepared witness testimony, please click here.

The House Financial Services Financial Institutions and Consumer Credit Subcommittee will hold a hearing tomorrow at 10 a.m. ET titled "The Impact of Dodd-Frank’s Home Mortgage Reforms: Consumer and Market Perspectives." Click here for more information.

CONSUMER BORROWING INCREASED IN MAY, PROPELLED BY CREDIT CARD BORROWING

Consumer borrowing rose by $17.1 billion in May from April, the Federal Reserve said yesterday, according to the Associated Press. The gain drove total borrowing to a seasonally adjusted $2.57 trillion, nearly matching the all-time high reached in July 2008. Borrowing has increased steadily over the past two years, but most of the gains have been driven by auto and student loans, which rose to a record level of $1.7 trillion in May. Consumers cut back sharply on credit card debt during the recession and immediately after, but that changed in May when the measure of credit card debt jumped by $8 billion. Still, the level of debt for that category increased to only $870 billion, or 2.2 percent above the post-recession low hit in April 2011. The category had totaled more than $1 trillion before and shortly after the recession began. Read more.

ANALYSIS: PRICE OF USING CREDIT CARDS MAY RISE

Merchants may soon begin imposing a surcharge each time a customer pays with a credit card, a practice Visa Inc. and MasterCard Inc. currently prohibit, the Wall Street Journal reported today. Retailers have long pushed for the right to charge extra to customers who pay with plastic versus cash, saying that the practice would help defray their costs for accepting credit and debit cards. Merchants pay transaction fees on each card swipe. But Visa and MasterCard, which operate the world's largest card-payment networks, ban the practice in the U.S. as part of rules they require retailers to follow to accept their cards. That ban is expected to be eliminated or altered, though, under a potential settlement of long-standing lawsuits retailers have brought against the card networks and numerous banks that issue their cards. Read more. (Subscription required.)

COMMENTARY: COMMERCIAL MORTGAGES SHOW DEPTH OF BAD LOAN SECURITIZATIONS

The first of the commercial real estate mortgages that were securitized in 2007 have started to come due, and it is becoming clear just how bad many of the loans were, according to a commentary in Friday's New York Times. The time when investors were most eager to buy, according to the commentary, turns out to have been the worst time to do so. Commercial mortgages — unlike residential ones — are seldom issued for periods of longer than 10 years, and often for as little as five. Many require no principal repayments during that period but call for the entire amount to be repaid in a balloon payment at the end of the loan. "Only 28 percent of the loans from 2007 due to mature in 2012 managed to pay off in full," said Manus Clancy, the senior managing director at Trepp L.L.C., which monitors the commercial mortgage market. Other loans in those securitizations were for seven or 10 years, so new waves of losses may arrive in 2014 and again in 2017. Read more.

CFTC SUES PEREGRINE FINANCIAL GROUP

Federal regulators sued Peregrine Financial Group Inc. and CEO Russell Wasendorf Sr. today, alleging fraud, customer funds violations and making false statements, and the FBI began an investigation of the brokerage, the Wall Street Journal reported today. The complaint from the Commodity Futures Trading Commission comes a day after the National Futures Association, the futures industry's self-regulatory body, said that it had taken an emergency enforcement action against broker PFGBest's parent company, Peregrine Financial Group. Regulators have shut down almost all operations of futures broker PFGBest after the firm froze client accounts yesterday. Read more. (Subscription required.)

LATEST ABI PODCAST FEATURES EXPERT DISCUSSING WHAT TO EXPECT FROM STOCKTON'S CHAPTER 9 FILING

The latest podcast features ABI Executive Director Samuel J. Gerdano speaking with Lynnette R. Warman, a partner at Hunton & Williams LLP (Dallas) and ABI Vice President—Publications, about Stockton, Calif.'s recent chapter 9 filing. Warman has been following Stockton's financial distress and she discusses what can be expected for the city and its creditors in the first year of the chapter 9 filing. Click here to listen.

ABI IN-DEPTH

“SUBJECTING BUSINESS PROJECTIONS TO SCRUTINY IN VALUATION DISPUTES” WEBINAR TO BE HELD ON JULY 30!

Reassembling the speakers from the highest-rated panel at the New York City Bankruptcy Conference this year, ABI will be holding a live webinar on July 30 at 11 a.m. ET titled, "Subjecting Business Projections to Scrutiny in Valuation Disputes." Panelists include:

  • Moderator David Pauker of Goldin Associates, LLC (New York)
  • Martin J. Bienenstock of Proskauer (New York)
  • David M. Hillman of Schulte Roth & Zabel LLP (New York)
  • Bankruptcy Judge Robert E. Gerber (S.D.N.Y.)

The panel will address:

  • How much deference should management projections be accorded?
  • How do you determine whether projections are unrealistically optimistic or pessimistic?
  • What is the relevance of "market consensus?"
  • How do management’s incentives impact projections?

The webinar is available to ABI members for $75 and is approved for 1.0 CLE hours in Calif., Ga., Hawaii, Ill., N.Y. (approved jurisdiction policy) S.C. and Texas. CLE approval is pending in Del., Fla., Pa. and Tenn. To register, please click here.

LATEST CASE SUMMARY ON VOLO: SUNBEAM PRODUCTS, INC. V. CHICAGO AMERICAN MANUFACTURING, LLC (7TH CIR.)

Summarized by Jonathan Brand of Lakelaw

The Seventh Circuit was not persuaded by Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., 756 F.2d 1043 (4th Cir. 1985), holding that when an intellectual-property license is rejected in bankruptcy, the licensee does not lose the ability to use any licensed copyrights, trademarks and patents. The court reasoned that, outside of bankruptcy, a licensor's breach does not terminate a licensee's right to use intellectual property. The same is true under §365(g). When a contract is rejected in the context of a bankruptcy, a breach is established, but the other party's rights remain in place. Therefore, Chicago American Manufacturing had the right to continue to perform under the pre-petition contract for the production of fans with the trademark of Lakewood Engineering & Manufacturing Co.

More than 550 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: DREIER BANKRUPTCY DEMONSTRATES THE ENDLESS SCOPE OF CLAWBACK CLAIMS

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent post examines the Dreier, LLP bankruptcy and the important role that clawback claims are playing in the case.

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 full-payment rule in section 1325's "hanging paragraph" for new car PMSIs should be repealed to level the playing field between car lenders and other partially and fully unsecured creditors.

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

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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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  CALENDAR OF EVENTS
 

July
- Northeast Bankruptcy Conference and Northeast Consumer Forum
     July 12-15, 2012 | Bretton Woods, N.H.
- Southeast Bankruptcy Workshop
     July 25-28, 2012 | Amelia Island, Fla.
-Valuation Webinar, July 30 at 11 a.m. ET

August
- Mid-Atlantic Bankruptcy Workshop
     August 2-4, 2012 | Cambridge, Md.

September
- 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.


  

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.
- International Insolvency and Restructuring Symposium
     October 18, 2012 | Rome, Italy

 
 
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February Bankruptcy Filings Decrease 21 Percent from Previous Year Commercial Filings Fall 29 Percent

ABI Bankruptcy Brief | March 5 2013
 
  

March 5, 2013

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

FEBRUARY BANKRUPTCY FILINGS DECREASE 21 PERCENT FROM PREVIOUS YEAR, COMMERCIAL FILINGS FALL 29 PERCENT

Total bankruptcy filings in the United States decreased 21 percent in February over last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 82,285 in February 2013, down from the February 2012 total of 104,537. Consumer filings declined 21 percent to 78,611 from the February 2012 consumer filing total of 99,378. Total commercial filings in February 2013 decreased to 3,674, representing a 29 percent decline from the 5,159 business filings recorded in February 2012. Total commercial chapter 11 filings also decreased 21 percent, to 609 filings in February from the 756 commercial chapter 11 filings recorded in February 2012.

While bankruptcies were down from a year ago, February’s bankruptcy filings trended upward from January. Total bankruptcy filings for the month of February represented a 5 percent increase over the 78,565 total filings registered in January 2013. The total noncommercial filings for February also represented a 5 percent increase from the January 2013 noncommercial filing total of 74,831. Although the February commercial filing total represented a 2 percent decline from the January 2013 commercial filing total of 3,734, February commercial chapter 11 filings represented a 27 percent increase when compared to the 481 filings the previous month. Read the ABI press release.

STATES, PRIVATE PLAINTIFFS PRESS SUIT AGAINST WALL STREET REFORM LAW

The plaintiffs that are challenging the constitutionality of the Wall Street reform law and the leadership of the Obama administration's new consumer protection agency are fighting to keep alive a suit in Washington, D.C., federal district court, the Legal Times reported on Friday. The private plaintiffs, including advocacy group Competitive Enterprise Institute and Texas-based State National Bank of Big Spring, on Feb. 27 responded to the U.S. Justice Department's effort to end the litigation. The 11 states that have joined the suit include Texas, South Carolina, Oklahoma, Michigan, and Ohio. The attorneys for the private plaintiffs, including O'Melveny & Myers partner Gregory Jacob and C. Boyden Gray, said in their court papers that the plaintiffs have presented sufficient evidence that the Dodd-Frank Wall Street Reform and Consumer Protection Act gave "unchecked and unprecedented powers" to federal agencies, including the newly created Consumer Financial Protection Bureau (CFPB). The states that joined the lawsuit are only challenging the government's ability to liquidate the largest banks, not the composition of the CFPB. Read more.

COMMENTARY: BLEEDING THE BORROWER DRY

Though 15 states have banned predatory, high-interest loans that payday lenders commonly use to pillage low-income borrowers, offshore lenders increasingly get around state laws by issuing predatory loans over the Internet, according to an editorial in yesterday's New York Times. About 12 million borrowers turn to payday lenders each year. A new study by the Pew Charitable Trusts found that only about 14 percent of borrowers can afford to take enough out of their monthly budget to repay the average payday loan. Instead, average borrowers carry a debt for five months, during which time they pay repeated fees to renew the loan. By the fifth month, someone who borrowed $375 will have paid about $520 in interest alone. Many also resort to borrowing from additional payday lenders. Not surprisingly, payday borrowers are more likely than others to default on credit card debt, to file for bankruptcy or to lose their bank accounts because of abuse of overdraft privileges. A bill pending in the Senate known as the Safe Lending Act would require all online lenders to comply with state laws that provide stronger consumer protections than the federal statutes. It would establish once and for all that payday loan borrowers have the right to stop lenders from raiding their bank accounts. State and federal regulators also need to prohibit banks from giving payday lenders access to the automatic payment system in states where predatory, high-interest loans are illegal. Read the full editorial.

REPORT: YOUNG ADULTS RETREAT FROM PILING UP DEBT

Young people are racking up larger amounts of student debt than ever before, but fresh data suggest they are becoming warier of other kinds of borrowing: Total debt among young adults dropped in the last decade to the lowest level in 15 years, the Wall Street Journal reported today. A typical young U.S. household—defined as one led by someone under age 35—had $15,000 in total debt in 2010, down from $18,000 in 2001 and the lowest since 1995, according to a recent Pew Research Center report and government data. Total debt includes mortgage loans, credit cards, auto lending, student loans and other consumer borrowing. In addition, fewer young adults carried credit card balances, and 22 percent did not have any debt at all in 2010—the most since government tracking began in 1983. Read more. (Subscription required.)

ANALYSIS: MOST BIG M&A DEALS FACED LEGAL CHALLENGES IN 2012

A study released by Cornerstone Research on Thursday found that it was rare for a merger or acquisition deal in 2012 to escape legal challenges from shareholders, Corporate Counsel reported on Friday. Nearly 96 percent of M&A deals valued at more than $500 million and 93 percent of those valued at more than $100 million engendered suits, according to Cornerstone's report titled, "Shareholder Litigation Involving Mergers and Acquisitions." On average, the report found that deals attracted more than 4.8 suits per transaction, with some filed within hours after an announcement. The average time between announcement of a deal and commencement of a legal challenge was 14 days, the report said. Read more.

DON’T MISS THE ABI LIVE WEBINAR ON APRIL 5 - "LEGACY LIABILITIES: DEALING WITH ENVIRONMENTAL, PENSION, UNION AND SIMILAR TYPES OF CLAIMS"

A panel of experts has been assembled for a webinar on April 5 from 1-2:15 p.m. ET to discuss environmental and pension liabilities, the statutory schemes under which these liabilities arise and the key players involved. Are non-monetary environmental claims dischargeable? Do post-petition expenditures for environmental cleanup constitute administrative expenses? When can an employer terminate a pension plan in bankruptcy, what is the process and what are the consequences? Learn the answer to these questions and more from the comfort of your own office. Special ABI member rate is available! Register here as this webinar is sure to sell out.

ABI'S ANNUAL SPRING MEETING: CONSUMER PROGRAMMING WITH CROSS-OVER APPEAL

With four session tracks looking at issues geared toward chapter 11 restructurings, financial advisors, professional development and consumer bankruptcy, a number of sessions at ABI's Annual Spring Meeting have cross-over appeal for both consumer and business practitioners. Sessions include:

The Appellate Process: This distinguished panel will explore recent issues in appellate practice that are of interest to both consumer and business practitioners, including the ability to bypass intermediary appellate courts and take appeals directly to the circuit courts.

Consumer Class Actions: This panel will explore the potential benefits and pitfalls of class actions by debtors/trustees against creditors in chapter 13 cases, which are highlighted by two recent decisions of the Fifth Circuit. Many of the issues discussed during this panel will be useful in business cases as well.

The Individual Conundrum - Chapter 7, 11 or 13?: Deciding on the appropriate chapter for a high net worth individual contemplating a bankruptcy filing can be a daunting task. This panel will explore the considerations that guide the practitioner in advising individual clients in making this decision.

To register for the Annual Spring Meeting and to see the full schedule of program tracks and events, please click here.

ABI IN-DEPTH

MARK YOUR CALENDARS FOR APRIL 10 TO TAKE PART IN ABI’S LIVE WEBINAR "STUDENT LOANS: BANKRUPTCY MAY NOT HAVE THE ANSWERS – BUT DOES CONGRESS?"

Do not miss the "Student Loans: Bankruptcy May Not Have the Answers - But Does Congress?" webinar presented by ABI's Consumer Bankruptcy Committee on April 10 from noon-1:15 ET. ABI's panel of experts will provide an overview of the student loan industry, examine the numbers behind and causes of student loan debt, and discuss federal loan programs as well as federal consolidation and forgiveness programs. Faculty on the webinar includes:

  • Prof. Daniel A. Austin of Northeastern University School of Law (Boston)

  • Edward "Ted" M. King of Frost Brown Todd LLC (Louisville, Ky.)

  • Craig Zimmerman of the Law Offices of Craig Zimmerman (Santa Ana, Calif.)

CLE credit will be available for the webinar. This webinar is sure to sell out; register now for the special ABI member rate of $75!

NEW BANKRUPTCY PROFESSIONALS: DON'T MISS THE NUTS AND BOLTS PROGRAM AT ABI'S ANNUAL SPRING MEETING! SPECIAL PRICING IF YOU ARE AN ASM REGISTRANT!

An outstanding faculty of judges and practitioners explains the fundamentals of bankruptcy in a one-day Nuts and Bolts program on April 18 being held in conjunction with ABI's Annual Spring Meeting. Ideal training for junior professionals or those new to this practice area!

The morning session covers concepts all bankruptcy practitioners need to know, and the afternoon session splits into concurrent tracks, focusing on consumer and business issues. The session will include written materials, practice tip sessions with bankruptcy judges, continental breakfast and a reception after the program. Click here to register!

LATEST CASE SUMMARY ON VOLO: PAUL V. ALLRED (IN RE PAUL; 8TH CIR.)

Summarized by Michael Tamburini of Polsinelli Shughart, PC

The BAP affirmed the order of the bankruptcy court concluding that the debtor had abandoned the subject property as his homestead, and therefore was not permitted to claim a homestead exemption on it.

There are more than 750 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: ASSIGNMENT OF RENTS: GOVERNMENT BENEFIT CARDS CAN OPEN DOORS TO BANKING SYSTEM

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. Cards preloaded with unemployment insurance, child support, food stamps and other government benefits can be viewed as potential bank accounts, waiting to be opened by people with the fewest quality opportunities to connect to the financial mainstream, according to a recent blog post.

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

As a result of the RadLAX decision, the right to credit-bid will likely chill bidding at auctions, as potential purchasers may be dissuaded from participating in the bidding process.

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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THURSDAY:

 

 

 

Paskay 2013
March 7-9, 2013
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COMING UP

 

 

 

 

BBW 2013
March 22, 2013
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BBW 2013
April 5, 2013
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BBW 2013
April 10, 2013
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BBW 2013
April 18, 2013
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ASM 2013
April 18-21, 2013
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NYCBC 2013
May 15, 2013
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ASM 2013
May 16, 2013
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ASM 2013
May 21-24, 2013
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ASM 2013
June 7, 2013
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ASM 2013
June 13-16, 2013
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  CALENDAR OF EVENTS
 

2013

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
- ABI Live Webinar: "Legacy Liabilities : Dealing with Environmental, Pension, Union and Similar Types of Claims"
     April 5, 2013
- ABI Live Webinar: "Student Loans: Bankruptcy May Not Have the Answers - But Does Congress?"
     April 10, 2013
- "Nuts and Bolts" Program at ASM
     April 18, 2013 | National Harbor, Md.
- Annual Spring Meeting
     April 18-21, 2013 | National Harbor, Md.


  

 

May
- "Nuts and Bolts" Program at NYCBC
     May 15, 2013 | New York, N.Y.
- ABI Endowment Cocktail Reception
     May 15, 2013 | New York, N.Y.
- New York City Bankruptcy Conference
     May 16, 2013 | New York, N.Y.
- Litigation Skills Symposium
     May 21-24, 2013 | Dallas, Texas

June
- Memphis Consumer Bankruptcy Conference
     June 7, 2013 | Memphis, Tenn.
- Central States Bankruptcy Workshop
     June 13-16, 2013 | Grand Traverse, Mich.


 
 
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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
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COMING UP

 

 

 

Golf Tournament 2013
June 14, 2013
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INSOL’s Latin American Regional Seminar in São Paulo, Brazil
June 13, 2013
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NE 2013
July 11-14, 2013
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abiLIVEJuly
July 15, 2013
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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
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Detroit
Nov. 11, 2013
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40-Hour Mediation Program
Dec. 8-12, 2013
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  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


 
 
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Commentary The Intangible Costs of Bankruptcies

ABI Bankruptcy Brief | October 4, 2012
 
  

October 4, 2012

 
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  NEWS AND ANALYSIS   

COMMENTARY: THE INTANGIBLE COSTS OF BANKRUPTCIES

While most experts examine direct costs, such as filing fees, professionals fees and court fees, there are indirect costs of a company’s financial distress, which are more abstract, like lost revenue, lost opportunities and lost good will, according to a commentary by Prof. Stephen Lubben in the New York Times DealBook blog on Monday. Some of these costs may be of concern to the company’s stakeholders, but not to policy makers if, for example, financial distress simply results in the shifting of sales from the distressed firm to a competitor firm – unless the competitor is abroad, according to Lubben. If most of the cost is incurred long before bankruptcy, according to Lubben, then we may need to reform the chapter 11 portion of the bankruptcy code in a way that will allow those costs to be cut sooner. Read the full commentary.

ANALYSIS: BURDENED BY OLD MORTGAGES, BANKS ARE SLOW TO LEND NOW

While the average rate on a 30-year fixed-rate mortgage hit 3.53 percent last week, thousands of would-be homeowners are being locked out of the market because lenders, facing a hard-line stance from Fannie Mae and Freddie Mac, have grown wary of making new loans, the Wall Street Journal reported yesterday. The two mortgage giants have been forcing banks to take back an increasing number of loans that the banks made during the boom years and sold to Fannie and Freddie. To protect themselves from such demands in the future, banks are ratcheting up credit and documentation standards for new mortgages. This play-it-safe stance by banks threatens to undercut the Federal Reserve's latest effort to push down mortgage rates by buying up mortgage-backed securities. Even if rates keep falling, many people will find it much harder to take advantage. Read more. (Subscription required.)

REPORT: CONSUMER CREDIT DELINQUENCIES NEAR 6-YEAR LOW

The American Bankers Association (ABA) said that U.S. consumer-loan delinquencies dropped to their lowest level in nearly six years during the second quarter of 2012, Bloomberg News reported today. Delinquencies across eight loan categories fell a total of 11 basis points to 2.24 percent of all accounts in the second quarter, the best showing since the fourth quarter of 2006, when the rate was 2.23 percent. The rate has now been below the 15-year average of 2.40 percent for two consecutive quarters, the ABA said in its Consumer Credit Delinquency Bulletin. Delinquencies on bank card debt fell from 3.08 percent of all accounts in the first quarter to an 11-year low of 2.93 percent, well below the 15-year average of 3.91 percent. Read more.

SUBPRIME SECURITIES GAIN 30 PERCENT AS GOLDMAN, CERBERUS TARGET MARKET

U.S. home-loan securities without government backing, the kind of debt that sparked the worst financial crisis since the Great Depression, shrank last quarter to less than $1 trillion for the first time in eight years, leaving fewer bonds to meet soaring demand as housing recovers, Bloomberg News reported today. The non-agency mortgage bond market has contracted from $2.3 trillion in mid-2007, when a property bubble fueled by shoddy loans burst, according to Federal Reserve data. It’s fallen to about $970 billion after record homeowner defaults, borrower refinancing and limited sales of new debt. Growing interest in a diminishing asset has bolstered a rally that has pushed returns on subprime-backed securities to almost 30 percent this year. Cerberus Capital Management LP and Goldman Sachs Group Inc. are among firms that have raised money for new funds targeting the bonds, as investors speculate on the real estate recovery or seek to earn higher returns as the Fed pushes yields on safer debt to record lows. Read more.

COMMENTARY: WHY DODD-FRANK RULES KEEP LOSING IN COURT

Since the mid-2000s, regulations of the Securities and Exchange Commission have been challenged six times in the federal court of appeals in Washington, D.C., and the SEC lost every time, according to a commentary in the Wall Street Journal today. Some former SEC staffers and investor advocates try to blame the judges of the U.S. Court of Appeals for the D.C. Circuit, saying that they favor Wall Street. The "blame-the-appellate-judges" theory suffered its latest setback last Friday, when a judge appointed by President Obama, in the district court in Washington, D.C., struck down the controversial rule of the Commodity Futures Trading Commission (CFTC) that placed new "position limits" on the amounts of commodities investors can hold. Financial regulators should be particularly attentive to the financial consequences of their actions when adopting regulations, the commentary said. Other agencies have conducted sophisticated cost-benefit analyses for decades, and these are reviewed (and sometimes rejected) by a special White House office of regulation. As an independent agency, the SEC is exempt from that external expert review. Its rules have suffered as a result, according to the commentary. Read the full commentary.

SHOW YOUR SUPPORT FOR STEVEN GOLICK, A COLLEAGUE AND ABI LEADER

Our friend Steven Golick (Osler Hoskin & Harcourt LLP, Toronto) is facing a medical crisis. He has been diagnosed with a serious brain tumor, requiring complex surgery and treatment. Steven’s spirits are very strong and he and his family remain optimistic, but he can use our support. A prominent international restructuring attorney and an ABI member since 1994, Steven is also a founding member of the ABI house band, the Indubitable Equivalents. Because the band is important to Steven, his fellow band-mates have organized a new Blog site for Steven's friends and colleagues to show their love and support at this critical time. Please click on this link to share your thoughts with many others, and post as often as you'd like.

ABI IN-DEPTH

SEE THE N.L. EAST DIVISION CHAMPION WASHINGTON NATIONALS IN THE PLAYOFFS: ABI HAS YOUR TICKET FOR OCTOBER 10!

Don't miss playoff baseball in Washington, D.C.! Only 20 tickets are available to the ABI Endowment's special event at the Nationals first home playoff game to be played on Oct. 10. For $400, you will receive a game ticket to a luxury suite, food and open bar.Click here to register!

Sponsorships Are also Available!
Stand out from the crowd and sponsor this historic playoff event! Bring a client; tickets included with your sponsorship. All sponsorships are tax deductible. Click here for details.

MEMBERS WILL NOT WANT TO MISS ABI'S PROGRAM AT NCBJ'S ANNUAL MEETING ON OCT. 26

Members planning to attend the 86th Annual NCBJ Annual Conference in San Diego from Oct. 24-27 will not want to miss the exciting line-up scheduled for the ABI program track on Oct. 26. In addition to roundtable discussions on the hottest consumer and business bankruptcy topics, ABI will be hosting a ticketed luncheon that will feature the presentation of the 7th Annual Judge William L. Norton, Jr. Judicial Excellence Award and entertainment by Apollo Robbins, a sleight-of hand artist, security consultant and self-described gentleman thief. Click here to register for the Conference.

To view the list of ABI programs on Oct. 26 and the full NCBJ Annual Conference schedule, please click here.

ABI's Chapter 11 Reform Commission will also be holding a public hearing on Oct. 26 from 2:30-4:30 p.m. PT at the San Diego Marriott. Interested parties have the opportunity to submit testimony at the hearing. For further information, please contact ABI Executive Director Samuel J. Gerdano at sgerdano@abiworld.org.

LATEST CASE SUMMARY ON VOLO: SUHAR V. BRUNO (IN RE NEAL; 6TH CIR.)

Summarized by Robert Miller of the U.S. Bankruptcy Court for the Middle District of North Carolina

The Sixth Circuit found that the debtor's assumption of the marital credit card debt of the debtor and the defendant, as part of a separation agreement, should not impact whether the debtor received reasonably equivalent value for transfers to the defendant in the separation agreement. The Sixth Circuit also followed recent precedent holding that a separation decree under Ohio law neither adjudicates reasonably equivalent value nor has a preclusive effect in a subsequent bankruptcy proceeding to determine whether reasonably equivalent value was transferred as part of the separation agreement.

There are more than 650 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: STOCKTON'S CREDITORS CHALLENGE CITY'S ELIGIBILITY TO FILE FOR CHAPTER 9

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent post examines the court challenge from Stockton, Calif.'s creditors about the city's eligibility to file for chapter 9 protection.

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 adopt formal loss mitigation procedures to facilitate the negotiation of residential mortgage modifications for consumer debtors.

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 WEEK:

SE 2012
Oct. 8, 2012
Register Today!

ABI ENDOWMENT EVENT: WASHINGTON NATIONALS PLAYOFF GAME!

SE 2012

Oct. 10, 2012
Register Today!


COMING UP:

 

ABI YOUNG AND NEW MEMBERS COMMITTEE “TRENDING ISSUES: EXAMINERS AND SELECT PLAN CONFIRMATION ISSUES” WEBINAR
Oct. 15, 2012
Register Today!

 

SE 2012
Oct. 16, 2012
Register Today!

 

SE 2012
Oct. 18, 2012
Register Today!

 

ABI/ST. JOHN'S "BANKRUPTCY AND RACE: IS THERE A RELATION?" SYMPOSIUM
Oct. 19, 2012
Register Today!

 

ABI'S PROGRAM AT NCBJ'S ANNUAL MEETING
Oct. 26, 2012
Register Today!

 

MEXICO 2012
Nov. 7, 2012
Register Today!

 

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!

 

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

 
   
  CALENDAR OF EVENTS
 

October
- Chicago Consumer Bankruptcy Conference
     October 8, 2012 | Chicago, Ill.
- ABI Endowment Event: Nationals Playoff Game
     October 10, 2012 | Washington, D.C.
- "Trending Issues: Examiners and Select Plan Confirmation Issues" Webinar
October 15, 2012
- ABI/Bloomberg Distressed Lending Conference
October 16, 2012 | New York, N.Y..
- International Insolvency and Restructuring Symposium
     October 18, 2012 | Rome, Italy
- ABI/St. John's "Bankruptcy and Race: Is There a Relation?" Symposium
     October 19, 2012 | Queens, N.Y.
- ABI Program at NCBJ's Annual Conference
     October 26, 2012 | San Diego, Calif.

  

 

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

February
- Kansas City Advanced Consumer Bankruptcy Practice Institute
     February 17-19, 2013 | Kansas City, Mo.


 
 
ABI BookstoreABI Endowment Fund ABI Endowment Fund
 

Analysis Mortgage Interest Deduction Under Scrutiny in Congressional Budget Talks

ABI Bankruptcy Brief | November 27 2012
 
  

November 27, 2012

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

ANALYSIS: MORTGAGE INTEREST DEDUCTION UNDER SCRUTINY IN CONGRESSIONAL BUDGET TALKS

As President Obama and Congress try to work out a deal to reduce the budget deficit, scrutiny of the mortgage interest deduction for homeowners will likely be part of the discussion, the New York Times DealBook blog reported today. Limits on a broad array of deductions could emerge in any budget deal. It is likely that caps would target high-income households, and would diminish or end the mortgage tax break for many of those taxpayers. Such a move would be fiercely opposed by the real estate industry, which has played a crucial role in defending the tax break, even as other countries with high homeownership have phased it out. Read more.

SECOND CIRCUIT HEARS FHFA'S MBS LITIGATION

The U.S. Court of Appeals for the Second Circuit this week will hear arguments over whether the Federal Housing Finance Agency (FHFA) will be allowed to follow through with lawsuits filed against 16 banks alleged to have sold Fannie Mae and Freddie Mac $200 billion worth of mortgage-backed securities that did not live up to representations made by the banks, the Wall Street Journal reported yesterday. The banks argue that FHFA filed the suits too late. FHFA claims that the suits were timely brought. The disagreement largely turns on whether a statute of limitations provision within the Housing and Economic Recovery Act of 2008, which created FHFA and vested within it the power to bring suits to recover losses stemming from the mortgage crisis, displaces the statutes of repose in the various securities laws. Read more. (Subscription required.)

EDITORIAL: ELIZABETH WARREN SHOULD GET SEAT ON SENATE BANKING COMMITTEE

Some bankers, their lobbyists and their Republican allies on the Senate Banking Committee are reportedly angling to keep Senator-elect Elizabeth Warren off the Committee, according to a New York Times editorial on Friday. Republicans have opposed Ms. Warren before, notably in their successful fight in 2011 to prevent her from becoming the first director of the Consumer Financial Protection Bureau, the agency that was her brainchild and is arguably the most important part of the Dodd-Frank financial reform. Senate Majority Leader Harry Reid, who assigns freshman senators to the committees, should not let them get their way again, the editorial argues. As a bankruptcy expert, Harvard law professor and former chair of the Congressional Oversight Panel charged with overseeing the bank bailouts, Warren would join the banking committee as the fight intensifies over the Volcker Rule, a provision of Dodd-Frank she has supported that would curb speculation by banks. Read more.

SCHAPIRO'S DEPARTURE COULD SLOW DODD-FRANK IMPLEMENTATION

Mary Schapiro's departure from the Securities and Exchange Commission will leave the agency's rulemakers evenly split between Republicans and Democrats, which could slow progress on many Dodd-Frank rules that the agency still has to write, National Journal reported today. Schapiro is stepping down from her post as SEC chairman on Dec. 14. President Obama plans to designate current commissioner Elisse Walter as chairman, but the five-member commission will be down to four: Walter and Luis Aguilar, who are both Democrats, and Troy Paredes and Daniel Gallagher, who are Republicans. Experts expect Obama to name a replacement for Schapiro as soon as early 2013, but any pick will need Senate confirmation, which could take months. That means it could be up to a year before the SEC is back up to full strength. Read more.

OPEN PUBLIC HEARING ON CHAPTER 11 REFORM AT ABI'S WINTER LEADERSHIP CONFERENCE

ABI's Commission to Study the Reform of Chapter 11 will hold a public hearing on Friday, Nov. 30, at 11:15 a.m. (MT) during the Winter Leadership Conference in Tucson, Ariz., at the JW Marriott Starr Pass Resort. Members are encouraged to watch the hearing via a live webstream available at http://commission.abi.org. All materials are part of the Commission's record to be transmitted to Congress following the two-year investigation and report.

JUST RELEASED: BEST OF ABI 2012 FOR CONSUMER AND BUSINESS BANKRUPTCY

New in the ABI Bookstore is the latest in ABI's annual “Best of ABI” series for 2012. Drawn from the most incisive ABI Journal articles and the highest-rated conference sessions of 2012, these volumes gather the hottest topics in consumer and business bankruptcy into two must-have references that belong in every practitioner’s library. Best of ABI 2012: The Year in Consumer Bankruptcy, edited by ABI Resident Scholar Susan E. Hauser (North Carolina Central University School of Law; Durham, N.C.) and ABI Board Member and ABI Journal Executive Editor Alane A. Becket (Becket & Lee LLP; Malvern, Pa.), covers the latest on chapter 13, the foreclosure crisis, tax issues, student loans and much more.

The companion volume, Best of ABI 2012: The Year in Business Bankruptcy, edited by Peter S. Partee, Sr. (Hunton & Williams LLP; New York), includes the latest on such timely topics as intercreditor and confirmation issues, avoidance actions and executory contracts. New this year: Both volumes include summaries of relevant cases drawn from volo.abi.org, as well as commentary from the editors. Available for purchase separately or as a specially-priced bundle, the new Best of ABI books can be ordered today at bookstore.abi.org. (Please log in first to obtain the discounted member price).

ABI IN-DEPTH

LATEST CASE SUMMARY ON VOLO: RASO V. FAHEY (IN RE FAHEY; 1ST CIR.)

Summarized by Bodie Colwell of Bernstein Shur

Concluding that the debtor acted in a fiduciary capacity as an ERISA fiduciary, as well as a fiduciary of a technical trust under common law, the BAP reversed the order of the bankruptcy court and remanded for proceedings consistent with the opinion.

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: BANKRUPTCY COURT WARNS ON "WARN" ACT

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent post examines a decision by Bankruptcy Judge Martin Glenn, who recently dismissed a putative class action complaint filed on behalf of former employees of MF Global that alleged that the chapter 11 trustee for MF Global Holdings Ltd. and certain of its subsidiaries and the SIPA trustee for MF Global Inc. failed to provide sufficient notice under the federal Worker Adjustment and Retraining Notification Act (the “WARN Act”) and the New York version of the WARN Act prior to terminating these employees. In its memorandum opinion and order, the bankruptcy court considered whether the SIPA trustee and chapter 11 trustee were "employers" for purposes of the WARN Act and the NY WARN Act, or "liquidating fiduciaries" who are excepted from the obligation to comply with the advance-notice requirements of these WARN statutes, in which case the actions of the trustees would be protected.

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, S.D.N.Y.).

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

LATEST BLOOMBERG LAW VIDEO: RESERVE FUND'S LAWYER: MY CLIENTS WERE "VICTIMS"

John Dellaportas, partner at Duane Morris LLP, talks with Bloomberg Law’s Lee Pacchia about his successful representation of Bruce Bent Sr., Bruce Bent II and their investment advisory firm Reserve Management Co. and Resrv Partners Inc. in a securities fraud lawsuit brought by the U.S. Securities and Exchange Commission. Click here to watch.

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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March 22, 2013
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  CALENDAR OF EVENTS
 

November
- 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.

March
- Bankruptcy Battleground West
     March 22, 2012 | Los Angeles, Calif.


 
 
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August Bankruptcy Filings Increase Slightly over Last Month

ABI Bankruptcy Brief | September 6, 2012
 
  

September 6, 2012

 
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  NEWS AND ANALYSIS   

AUGUST BANKRUPTCY FILINGS INCREASE SLIGHTLY OVER LAST MONTH

Total bankruptcy filings in the United States for the month of August increased 7 percent compared to July, according to data provided by Epiq Systems, Inc. August bankruptcy filings totaled 104,336, up from the 97,104 filings registered in July 2012. The 99,417 total noncommercial filings for August represented a 7 percent increase from the July noncommercial filing total of 92,562. Total commercial filings for August 2012 were 4,919, representing an 8 percent increase from the 4,542 filings in July. Commercial chapter 11 filings also increased in August as the 648 filings represented an 8 percent increase over the 600 filings in July.

The 104,336 total bankruptcy filings in August represented a 14 percent decrease from the 120,905 filings registered in August 2011. The 4,919 commercial filings for August 2012 represented a 24 percent decrease from the 6,434 filings during the same period in 2011. The August commercial chapter 11 filing total of 648 represented a 9 percent decrease from August 2011’s total of 710. The 99,417 total noncommercial filings for August represented a 13 percent drop from the August 2011 noncommercial filing total of 114,471. Click here for the full ABI press release.

REPORT: DEBT-PROTECTION PLANS UNDER SCRUTINY

Several consumer advocates lump credit-protection plans in the category of an expensive type of insurance that most consumers do not really need, according to a report in today's Detroit Free Press. Credit card protection plans are under fire for deceptive marketing practices, and the Consumer Financial Protection Bureau has put all institutions on notice. One concern is that the third-parties that often pitch these products mislead consumers. Under a settlement with regulators, Capital One Bank will refund about $150 million to 2.5 million customers and pay $60 million in penalties. Capital One said it believes that the average refund will be less than $100. Federal regulators charged that Capital One engaged in deceptive marketing tactics to pressure or mislead some consumers into buying payment-protection plans and credit-monitoring services when they activated their credit cards. Here is a look at what other card issuers are doing:

• Bank of America quit pitching its Credit Protection Plus and Credit Protection Deluxe products in August and no longer offers the credit-protection plans to new customers.

• American Express stopped offering its Account Protector program -- a debt-cancellation product -- earlier this year and will discontinue the plan on Dec. 31.

• Chase said that it stopped offering its Chase Payment Protector plans to new enrollments in October 2011, but it is continuing to serve customers who already purchased the service.

• Discover declined to comment this week but was still offering its payment-protection plan at that time.

• Citi Cards recently paused telephone sales for its debt-protection products and said it would fully complete reviews already under way, in line with new guidance recently issued by the Consumer Financial Protection Bureau.

Ben Woolsey, director of marketing and consumer research for CreditCards.com, said that one troubling issue with the credit-protection product involved hard-sell, fear-driven phone pitches. Click here to read the full report.

ANALYSIS: PREPAID PLASTIC IS CREEPING INTO CREDIT

Prepaid cards are among the fastest-growing types of plastic, according to payment-industry researcher Mercator Advisory Group, as U.S. consumers loaded $83.3 billion onto prepaid cards in 2011, a 34 percent increase over the prior year, the Wall Street Journal reported today. While the cards were designed to help the less-affluent have better control their finances, overdraft and other credit-like features have been added to these cards in recent years. Some consumers are outspending their means and racking up big debts from the cards, say consumer advocates, who are lobbying regulators to ban the practice. Several nonbank prepaid card providers and large banks that recently started offering prepaid cards, including Green Dot Corp., JPMorgan Chase & Co. and Wells Fargo & Co., have steered clear of overdraft or other credit-like features. But a number of players, including Netspend Holdings Inc., the second-largest prepaid card provider behind Green Dot, allow users to take on debt, which can add to the fees they must pay. The National Consumer Law Center, the Center for Responsible Lending and the Consumer Federation of America have joined forces to lobby the Consumer Financial Protection Bureau (CFPB) to prohibit prepaid cards from offering any type of credit. The CFPB is evaluating the consumer advocates' proposal as part of a broader effort to more closely regulate prepaid cards. Read more. (Subscription required.)

COMMENTARY: PRUNING HEDGE FUND REGULATION WITHOUT CULTIVATING BETTER RULES

Fresh from having declined to constrain money market funds, the Securities and Exchange Commission has moved to loosen marketing constraints on hedge funds, according to a commentary yesterday in the New York Times DealBook blog. Two weeks ago, the agency said that it would not be able to defend millions of investors from money market funds that do things like invest in European bank bonds, but portend to be perfectly safe. While hedge funds should be able to promote themselves to investors with data about their returns and methods, the SEC does not have any new resources and has not put in place any policies to police these promotions. Even professionals have a problem in evaluating hedge fund performance, according to the commentary, because distinguishing skill from luck and excessive risk-taking is extremely difficult. Read the full commentary.

ABI MEMBERS WELCOME TO ATTEND ACB'S FREE HALF-DAY "BANKRUPTCY: BACK TO THE FUTURE" PROGRAM IN SEPTEMBER

The American College of Bankruptcy invites you to attend a free half-day program on Sept. 28 in Chicago for a discussion of many of the challenging topics facing current bankruptcy and reorganization professionals. Topics to be addressed include recent decisions of the U.S. Supreme Court and Court of Appeals, important work of the Advisory Committee on Bankruptcy Rules, and developments in the field of bankruptcy ethics. The nation’s leading judges, academics and bankruptcy professionals are among the speakers for the program. While there is no cost to attend, seating is limited, so early reservation is suggested. For more information and to register, please click here.

ABI IN-DEPTH

LATEST CASE SUMMARY ON VOLO: CARDWELL V. GURLEY (IN RE CARDWELL; 5TH CIR.)

Summarized by Eric Lockridge of Kean Miller LLP

The Fifth Circuit affirmed the district court's summary judgment affirming the bankruptcy court's determination that the creditor's state-court judgment against the debtor was not dischargeable in bankruptcy. The state court's findings of fact and conclusions of law established the elements of actual fraud that support a determination that the judgment debt is non-dischargeable under 11 U.S.C. 523(a)(2)(A).

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: JUDICIAL CONFERENCE PROPOSES AMENDED BANKRUPTCY RULES IN RESPONSE TO SUPREME COURT'S RULING IN STERN V. MARSHALL

The Bankruptcy Blog Exchange is a free ABI service that tracks 35 bankruptcy-related blogs. A recent blog post details how the Advisory Committee on Bankruptcy Rules for the Judicial Conference of the United States has proposed amendments to Bankruptcy Rules 7008, 7012, 7016, 9027 and 9033 in an attempt to address some of the inefficiencies that the Supreme Court’s Stern v. Marshall decision has introduced into bankruptcy proceedings. The proposed amendments were published in the Federal Register on Aug. 17, 2012, for public comment. Public hearings on the proposed amendments will be held in Chicago on Jan. 18, 2013, and Washington, D.C., on Feb. 1, 2013. The public comment period ends Feb. 15, 2013.

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 have unfettered discretion in adjusting fee applications, even when no party-in-interest has raised objections.

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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  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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