Direct Appeal from Bankruptcy Court Not Permitted if Case Filed Prior to BAPCPA According to New ABI Poll
Contact: John Hartgen
(703) 739-0800
[email protected]
DIRECT APPEAL FROM BANKRUPTCY COURT NOT PERMITTED IF CASE FILED PRIOR TO BAPCPA, ACCORDING TO NEW ABI POLL
September 22, 2006, Alexandria, Va. —The majority of respondents (67 percent) in a recent American Bankruptcy Institute online poll agreed that Sect. 1223 of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), permitting direct appeals from a bankruptcy court to the court of appeals does not apply to cases filed prior to the new law’s implementation. Fifty percent of respondents “strongly agreed” that Sect. 1223 was inapplicable to bankruptcy cases filed prior to BAPCPA, while 17 percent “somewhat agreed.”
Conversely, 21 percent disagreed that cases filed prior to BAPCPA are not permitted to the direct appeal granted by Sect. 1223 of BAPCPA from the bankruptcy court to the court of appeals upon agreement by the courts that the case should be appealed. Twelve percent of respondents “strongly disagreed,” while 9 percent “disagreed somewhat” that Sect. 1223 was inapplicable to cases filed before BAPCPA. Twelve percent did not know or had no opinion.
In June, the Ninth Circuit Bankruptcy Appellate Panel held that the direct appeal provisions of BAPCPA do not apply to appeals arising from cases filed before Oct. 17, 2005. (In re Berman, BAP No. AZ-06-1133.)
ABI members and members of the public were welcome to submit their response to the statement: “Section 1233 of BAPCPA, which permits a direct appeal from the bankruptcy court to the court of appeals if both courts agree that it should be appealed, is inapplicable to bankruptcy proceedings filed before its effective date.” The latest ABI Quick Poll that was open for voting from Sept. 15-21.
ABI’s weekly Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Fifteenth Annual Duberstein National Bankruptcy Memorial Moot Court Competition to be Held March 17-19 in New York
Contact: John Hartgen
(703) 739-0800
[email protected]
FIFTEENTH ANNUAL DUBERSTEIN NATIONAL BANKRUPTCY MEMORIAL MOOT COURT COMPETITION TO BE HELD MARCH 17-19 IN NEW YORK
October 3, 2006, Alexandria, Va. — The American Bankruptcy Institute (ABI) and St. John’s University School of Law will co-sponsor the 15th Annual Chief Judge Conrad B. Duberstein National Bankruptcy Memorial Moot Court Competition, March 17-19, 2007, in New York. The event, the nation’s only moot court competition devoted entirely to bankruptcy, is named to honor the memory of Chief Judge Conrad B. Duberstein, a St. John’s University alumnus and a former member of the ABI Board of Directors. More than 50 law schools are again expected to participate. The competition’s preliminary and octo-final rounds will be held on March 17-18, and quarter-final, semi-final and final rounds held on March 19. The preliminary, octo-final, quarter-final and semi-final rounds will be held in the U.S. Bankruptcy Court for the Eastern District of New York, while the final round will be held in U.S. District Court of the Eastern District of New York.
The competition promotes and recognizes the finest oral written advocacy on a significant problem in bankruptcy practice. Awards will be presented to the winning team, as well as for best written brief and best oral advocate. The awards banquet will be held at the famous Pier 60, Chelsea Piers. Baylor University School of Law is the defending champion, while past winners include University of Connecticut Law School, Emory University School of Law, University of Miami School of Law, Brooklyn Law School, University of Idaho College of Law, William & Mary Law School, the University of Florida Law School, the University of Alabama School of Law, Mississippi College School of Law, Stetson University College of Law and New York University School of Law.
Judges and prominent bankruptcy practitioners will judge all preliminary rounds and written briefs. The final round, to be held at the U.S. Courthouse, will be judged by several leading members of the federal judiciary, including Judge Stuart M. Bernstein (Chief Bankruptcy Judge, S.D.N.Y.), Judge Melanie L. Cyganowski (Chief Bankruptcy Judge, E.D.N.Y), Judge Michael J. Melloy (U.S. Court of Appeals, Eighth Circuit), Judge Marjorie O. Rendell (U.S. Court of Appeals, Third Circuit) and Judge Timothy M. Tymkovitch U.S. Court of Appeals, Tenth Circuit).
State and local bankruptcy bar sections are encouraged to participate by sponsoring law school teams. ABI members, and especially academic members, are encouraged to help sponsor or coach a team.
Any ABA-accredited law school may enter one or two teams comprised of two or three students each. The entry deadline into the competition is Nov. 27, 2006, and the registration fee per team is $495. The fee includes continental breakfast and lunch for student participants and coaches on March 17, lunch and reception on March 18 and a Gala Awards Banquet ticket for each student on March 18. Hotel and travel accommodations are at the school’s expense. The New York Marriott Financial Center is the host hotel. For additional information, visit www.stjohns.edu/law/bankruptcy/.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.Dow Jones Daily Bankruptcy Review and American Bankruptcy Institute Join Forces to Research Corporate Restructuring
Contact: John
Hartgen
Michelle Jeffers
(703) 739-0800
(415) 439-6666
[email protected]
DOW JONES DAILY BANKRUPTCY REVIEW AND AMERICAN BANKRUPTCY INSTITUTE JOIN FORCES TO RESEARCH CORPORATE RESTRUCTURING
New Research Report Assesses Next Wave of Corporate Restructurings, According to Daily Bankruptcy Review’s “New Trend Watch” Publication
November 8, 2006, Alexandria, Va. —Bankruptcy professionals are readying for the next wave of corporate restructurings, which may arrive as early as six months from now, according to the findings of a joint research effort by Dow Jones & Company’s Daily Bankruptcy Review and the American Bankruptcy Institute. The research—assessing the timing, causes and targets of this restructuring wave—was released this week in the first edition of “Trend Watch,” Daily Bankruptcy Review’s newly launched white paper publication, sponsored by Jefferies.
According to the research report, which included a joint survey of 90 restructuring professionals, the majority of respondents (71 percent) believe that the next big wave of corporate restructurings will hit within the next six to 18 months. Eleven percent of the survey respondents see the next wave of corporate bankruptcies taking place within the next six months, while 19 percent figure that the trend will take place 18 months to three years from now.
“What the report shows is that bankruptcy professionals are confident that high levels of borrowing will eventually have repercussions, as sure as night follows day,” said Nick Elliott, managing editor of the Daily Bankruptcy Review. “That’s despite default rates remaining very low and forecasts of a rise in defaults yet to materialize.”
Daily Bankruptcy Review’s “Trend Watch” is only available to subscribers of the daily e-newsletter and members of the American Bankruptcy Institute. In addition to a complete analysis and charts on the research survey’s findings, this first edition also contains a profile of the Peter J. Solomon Company Watch list of publicly traded companies, brief profiles of Standard & Poor’s “weak links” companies and comparisons on the default rate projections of different forecasters.
According to the research report, of the industries most likely to be affected by the next wave of corporate restructurings, 80 percent of respondents thought that the real estate/construction industry was “very” or “extremely” vulnerable to an economic downturn, while more than two-thirds thought that retail would be similarly affected. Other industries seen as very or extremely vulnerable by survey respondents included airlines (67 percent), manufacturing (63 percent) and transportation (49 percent).
Forty-eight percent of the respondents singled out interest rates as the most likely trigger for the next surge in restructurings, with falling home prices (15 percent), higher commodity prices (13 percent), global competition (7 percent) and a bear market for stocks (5 percent) also contributing to the wave.
With regard to the tools that professionals are using to predict whether a company might file for bankruptcy, 54 percent of respondents said that they used operating cash flow as the primary predictor for gauging companies under financial duress. Other tools used by professionals to predict whether a company will undergo a corporate restructuring or file for bankruptcy include the debt-to-EBITDA (earnings before interest, taxes, depreciation and amortization) ratio (49 percent) and bank loan prices (38 percent).
The research report survey was conducted during July. Attorneys accounted for the majority of participants (61 percent), with the balance being distressed-debt investors (15 percent), financial advisors/investment bankers (7 percent) and lenders (5 percent).
Journalists who would
like a copy of the Daily
Bankruptcy Review/American Bankruptcy
Institute joint research survey may contact Michelle Jeffers at (415)
439-6666 or
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
About Dow Jones Financial Information Services
Through its Financial
Information Services group, Dow Jones produces focused, sector-specific
online databases, newsletters and industry events for the private
equity, venture capital and diversified markets. Newsletters published
include Private Equity
Analyst, VentureWire Professional and Daily
Bankruptcy Review. In addition, Dow Jones
& Company (NYSE:
DJ; www.dowjones.com) publishes the global Wall Street Journal with
its international and online editions; Barron's; the Far Eastern Economic
Review; Dow Jones Newswires and
Indexes; MarketWatch; and Ottaway newspapers. Dow Jones co-owns Factiva with Reuters and
SmartMoney with Hearst. Dow Jones also provides news content to CNBC
and
Third Annual Corporate Restructuring Competition Scheduled for January
Contact:
(703) 739-0800
[email protected]
THIRD ANNUAL CORPORATE RESTRUCTURING COMPETITION SCHEDULED FOR JANUARY
October 31, 2006, Alexandria, Va. — The American Bankruptcy Institute (ABI) and Northwestern University's Kellogg School of Management are co-sponsoring the Third Annual Corporate Restructuring Competition, to be held January 19-21, 2007, at Northwestern in Chicago. The competition provides 12 of the nation’s top MBA programs with a unique opportunity to learn by solving a real-world restructuring case problem.
The students have a week to “solve” the problem and prepare comprehensive presentations showing their operational and financial plans before panels of judges representing senior company management and bondholders, with a final round before a mock board of directors. Judges for the competition are all experienced professionals from some of the top restructuring and financial firms in the country.
Past winners of the Corporate
Restructuring Competition include the Stern Graduate School of Business
of
Schools competing this year in addition to New York University, Northwestern and Stanford are the University of Chicago, University of California-Berkeley, Duke University, Dartmouth University, University of Virginia, University of Pennsylvania, Yale University, University of Michigan and Notre Dame University.
In addition to the case presentations, there will be a sponsored networking cocktail reception, a dinner with a prominent keynote speaker and an awards luncheon following the Final Round of the competition. The investment banking firm of Houlihan Lokey Howard & Zukin is providing the financial support for the competition.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Effects of the New Bankruptcy Law One Year After its Implementation Examined at October Program
Contact: John Hartgen
(703) 739-0800
[email protected]
EFFECTS OF THE NEW BANKRUPTCY LAW ONE YEAR AFTER ITS IMPLEMENTATION EXAMINED AT OCTOBER PROGRAM
October 19, 2006, Alexandria, Va. — The American Bankruptcy Institute (ABI) and The Financial Services Roundtable held a “One-Year Anniversary Program on the Implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)” on Oct. 16, 2006, in Washington, D.C., at the Georgetown University Law Center. The One-Year Anniversary Program featured practitioners, judges, trustees, professors, business groups and consumer groups analyzing the impact of BAPCPA one year after it was implemented on Oct. 17, 2005.
The following is a summary of the panel sessions from the program:
The “Macro Overview of the Effects of BAPCPA” session featured moderator Melyssa Barrett of Visa USA, Inc. (San Francisco) and panelists Prof. Michelle J. White of the University of California (San Diego), Dr. Teresa A. Sullivan of the University of Michigan (Ann Arbor, Mich.) and Clifford White, the Acting Director of the Executive Office of the U.S. Trustee (EOUST) (Washington, D.C). Panel discussions focused on the effectiveness of the new law in preventing bankruptcy abuse and how success will be measured going forward, such as the case audits by the EOUST that will begin on Oct. 20.
Panelists on the “Credit Counseling: What Has Been the Outcome of the Credit Counseling Requirements of the New Law?” session agreed that, though the credit counseling and debt-management plan requirements of BAPCPA for consumer bankruptcies have helped improve debtor financial literacy, it was too early to tell what effects the new requirements were having on bankruptcy filings as many filers may not immediately benefit from counseling. The moderator for the session was Travis Plunkett of the Consumer Federation of America (Washington, D.C.) and included panelists Henry G. Hobbs, Acting Chief of the EOUST’s Debtor Education and Credit Counseling Section (Washington, D.C.), Ivan Hand of Money Management International (Houston), Susan C. Keating of the National Foundation for Credit Counseling (Silver Spring, Md.) and John Rao of the National Consumer Law Center (Boston).
“Business Bankruptcy: How Has BAPCPA Affected Chapter 11 Filings?” featured moderator Richardo I. Kilpatrick of Kilpatrick & Associates, PC (Auburn Hills, Mich.) and panelists Bankruptcy Judge Elizabeth Perris (Portland, Ore.), Stuart A. Gold of Gold, Lange & Majoris, PC (Southfield, Mich.), Susan M. Freeman of Lewis and Roca LLP (Phoenix) and Lisa J. Donahue of AlixPartners LLC (New York). The panel, which discussed the new law’s effect on chapter 11 filings, new key employee retention provisions (KERPs) and small business filings, agreed that BAPCPA’s requirements have emphasized the need for businesses to construct a careful exit strategy prior to filing for bankruptcy.
Michael J. Desmond, Tax Legislative Counsel for the U.S. Department of Treasury, gave a keynote luncheon speech on the tax implications for consumers and businesses filing for bankruptcy. Desmond also spoke about the Internal Revenue Service’s (IRS) oversight of the tax-exempt status of credit-counseling organizations. He also reviewed tax guidance for insolvency professionals seeking to comply with the new law.
The “Chapter 7 & 13 Issues: Means Testing and Good Faith” session included moderator Lawrence A. Friedman of eCAST Settlement Group (New York) and panelists Mark A. Redmiles, Chief of the EOUST Civil Enforcement Unit (Washington, D.C.), Prof. Michaela M. White of the Creighton University School of Law (Omaha, Neb.) and Chapter 13 Trustee Andrea E. Celli (Albany, N.Y.). Panelists discussed the line of cases that have been decided since the implementation of BAPCPA interpreting the means test and the issues that have arisen with regard to a debtors’ ability to pay.
Moderator Lynn Tavenner of Tavenner & Beran PLC (Richmond, Va.) and panelists Henry J. Sommer of Miller, Frank & Miller (Philadelphia), Donald F. Walton, Acting EOUST Deputy Director (Washington, D.C.) and Norma Hammes of Gold & Hammes (San Jose, Calif.) agreed that cases under the new law take longer and some fees are more expensive. They also pointed out that attorneys are working to dispel rumors regarding the new bankruptcy law to show that bankruptcy is still available to honest debtors looking to obtain a fresh financial start. The panel discussed whether attorneys are considered “debt relief agencies” under BAPCPA, including Administration arguments that attorneys are covered by the requirements in order to strengthen professional standards for bankruptcy lawyers.
Bankruptcy Judges Eugene Wedoff (Chicago), Christopher Klein (Sacramento, Calif.) and moderator Dennis Dow (Kansas City, Mo.) summarized the rules proposed in August 2006 to implement BAPCPA. A portion of the discussion focused on the official forms that are being developed under the proposed rules to calculate the income and exclusions used in the chapter 13 “means test” repayment formula.
A full transcript of the proceedings will be included with panelist papers and sent to Congress for the upcoming new session.
For online access to an audio file of ABI’s One-Year Anniversary Program, please contact John Hartgen at (703) 739-0800 or [email protected] .
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Claim Can Be Subordinated Even if Assigned to a Third Party According to New ABI Poll
Contact: John Hartgen
(703) 739-0800
[email protected]
CLAIM CAN BE SUBORDINATED EVEN IF ASSIGNED TO A THIRD PARTY, ACCORDING TO NEW ABI POLL
October 10, 2006, Alexandria, Va. —The large majority of respondents (83 percent) in a recent American Bankruptcy Institute online poll, citing In re Enron, agreed that a claim is subject to equitable subordination or total disallowance under §502 of the Code, even if it was assigned to a third-party transferee that was not involved in any misconduct committed by the original debt-holder. Fifty-nine percent of respondents “strongly agreed” and another 24 percent “somewhat agreed” that a claim can be affected by equitable subordination regardless of whether that claim was assigned to a third party not involved in the debt-holder’s misconduct.
Twelve percent disagreed with the effect on claims in §502 when misconduct is involved. Three percent of respondents “somewhat disagreed,” while 9 percent “strongly disagreed” that a claim is subject to equitable subordination or total disallowance under §502, even if the claim is assigned to a third-party transferee not involved in the original debt-holder’s wrongdoing.
ABI members and members of the public were welcome to submit their response to the statement: “A claim is subject to equitable subordination or total disallowance under §502, even if it is assigned to a third-party transferee who was not involved in any misconduct committed by the original holder of the debt (In re Enron).” The latest ABI Quick Poll that was open for voting from Sept. 29-Oct. 5.
ABI’s weekly Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.Reclamation Rights Under BAPCPA Now Exclusively a Matter of Federal Law According to New ABI Poll
Contact:
(703) 739-0800
[email protected]
RECLAMATION RIGHTS UNDER BAPCPA NOW EXCLUSIVELY A MATTER OF FEDERAL LAW, ACCORDING TO NEW ABI POLL
November 7, 2006, Alexandria, Va. — Forty-four percent of respondents in a recent American Bankruptcy Institute online poll agreed that the right of reclamation under §546(c) is now exclusively a matter of federal law, rather than a combination of federal and state law as it was prior to the implementation of the new bankruptcy law. Twenty-six percent of respondents “strongly agreed” and another 18 percent “agreed somewhat” that reclamation rights are now exclusive to federal law under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
Thirty-two percent disagreed that the right of reclamation under BAPCPA is now exclusive to federal law, rather than its previous standing as a combination of federal and state law. Twenty-seven percent of respondents “strongly disagreed,” while 5 percent “somewhat disagreed” that reclamation rights were exclusive to federal law under BAPCPA. Twenty-four percent did not know or had no opinion on the issue.
ABI members and members of the public were welcome to submit their response to the statement: “After BAPCPA, the right of reclamation under §546(c) is now an exclusive matter of federal law, rather than a combination of federal and state law.” The latest ABI Quick Poll that was open for voting from Oct. 20-Nov. 1.
ABI’s weekly Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Bankruptcy Courts Can Prohibit Strike at Debtors Place of Business According to New ABI Poll
Contact: John Hartgen
(703) 739-0800
[email protected]
BANKRUPTCY COURTS CAN PROHIBIT STRIKE AT DEBTOR’S PLACE OF BUSINESS, ACCORDING TO NEW ABI POLL
October 23, 2006, Alexandria, Va. — A majority of respondents (52 percent) in a recent American Bankruptcy Institute online poll agreed that a bankruptcy court has the authority to prohibit a union-endorsed strike at a debtor’s place of business. Thirty-nine percent of respondents “strongly agreed” and another 13 percent “somewhat agreed” that a bankruptcy court could prohibit a strike at a debtor’s place of business.
Thirty-two percent disagreed that a bankruptcy court could prohibit a strike at the location of the distressed company. Ten percent of respondents “somewhat disagreed,” while 22 percent “strongly disagreed” that bankruptcy courts have the authority to enjoin a union-endorsed strike at the debtor’s place of business. Sixteen percent did not know or had no opinion on the issue.
ABI members and members of the public were welcome to submit their response to the statement: “A bankruptcy court has the authority to enjoin a union-endorsed strike at the debtor’s place of business.” The latest ABI Quick Poll that was open for voting from Oct. 12-19.
ABI’s weekly Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
ABIs Third Annual Caribbean Insolvency Symposium to be Held February 8-10 2007
Contact:
(703) 739-0800
[email protected]
ABI’S THIRD ANNUAL
November 7, 2006, Alexandria, Va. — The American Bankruptcy Institute (ABI), the Puerto
Rico Bankruptcy Bar Association and the Federal Bar Association of
Puerto Rico will hold the third Caribbean Insolvency Symposium at the
beachfront Ritz-Carlton San Juan in San Juan, Puerto Rico from Feb. 8 -
10, 2007. The program features a faculty of outstanding practitioners,
scholars and judges, including six bankruptcy judges, from the
Timely topics—all updated with the latest legislative revisions—include:
The “Consumer Case
Law and Practice Updates Including Continuation and Reimposition of
Stay, New Confirmation Standards in Chapter 13 Cases, New Chapter 13
Discharge Requirements, Adequate Protection and Issues Regarding Equal
Monthly Installments to Holders of Secured Claims Issues” session
will be moderated by Richardo I. Kilpatrick of Kilpatrick
& Associates, PC (Auburn Hills, Mich.). Panelists for the session
include Bankruptcy Judge Bruce Markell (
James S. Feltman of Mesirow Financial
Consulting, LLC (
Moderator Felicia S. Turner of the Office of the U.S. Trustee (Atlanta) will be joined by panelists Monsita Lecaroz-Arribas of the Office of the U.S. Trustee (San Juan, P.R.),
Juan M. Suarez Cobo (San Juan, P.R.), Bankruptcy Judge Brian Tester (San Juan, P.R.) and Wigberto Lugo-Mender of Lugo-Mender & Co. (Guaynabo, P.R.) for the “Debtor, UST and Panel Trustee Perspectives on Hot Consumer Issues under BAPCPA” session.
“Hedge Fund Failure: The Good, the Bad, the Ugly” will be moderated by Francis C. Morrissey of Edwards Angell Palmer & Dodge LLP (Boston) and panelists invited to speak include Alistaire Bambach of the U.S. Securities Exchange Commission (New York), Prof. Edward R. Morrison of the Columbia Law School (New York), Kenneth Krys of RSM Cayman Islands (Grand Cayman, Cayman Islands) and Scott M. Berman of Friedman Kaplan Seiler & Adelman LLP (New York).
Desmond Thomas, the Inter-American
Development Bank Country Economist/Coordinator for
The “Cross-Border Consumer Issues: Citizenship, Residency and the Extra-Territorial Reach of a Bankruptcy Discharge and Cross-Border Recovery of a Fraudulent Transfer” session will be moderated by Bankruptcy Judge Judith K. Fitzgerald (Pittsburgh), who will be joined by panelists Jose R. Carrión of Trujillo Alto (San Juan, P.R.), Robert C. Furr of Furr & Cohen, PA (Boca Raton, Fla.) and Prof. Patrick D. O’Neill of the Puerto Rico University Law School (San Juan, P.R.)
“Update on Chapter 15: Where in the World (Caribbean) is the COMI?” will be moderated by Josefina Fernández McEvoy of Squire Sanders & Dempsey, LLP (Los Angeles) and include panelists Michael J. Fay of Ogier (Tortola, British Virgin Islands), Laura Hatfield of Solomon Harris (Grand Cayman, Cayman Islands) and Christopher A. Jarvinen of Paul, Weiss, Rifkind, Wharton & Garrison LLP (New York).
Moderator Sonia Colón of O'Neill & Borges (
The “Lenders' Panel: Caribbean/South American Cross-Border Issues” will be moderated by Luis Salazar of Greenberg Traurig, LLP (Miami) and will feature panelists Luis de Lucio of Alvarez & Marsal (Sao Paulo, Brazil) and Rodolfo Pittaluga of Deloitte Financial Advisory Services LLP (Miami).
“Bankruptcy Issues
for Nonbankruptcy Lawyers,” moderated by Sonia Colón of O'Neill & Borges (
Judith K. Fitzgerald (
The “Regional
Updates and Cross-Border Issues” session will be moderated by
Bankruptcy Judge Gerardo
Carlo (
Bridge Associates, LLC
(Spring,
Patricia A. Redmond of Stearns,
Weaver, Miller, Weissler,
McCalla Raymer, LLC
(
For more information on ABI’s 2007 Caribbean Insolvency Symposium, please visit http://www.abiworld.org/CIS07.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Charitable Contributions Should Be Deductible for Above-Median Debtors in Chapter 13 Plans According to New ABI Poll
Contact:
(703) 739-0800
[email protected]
CHARITABLE CONTRIBUTIONS SHOULD BE DEDUCTIBLE FOR ABOVE-MEDIAN DEBTORS IN CHAPTER 13 PLANS, ACCORDING TO NEW ABI POLL
November 13, 2006, Alexandria, Va. — A
majority (57 percent) of respondents in a recent American Bankruptcy
Institute online poll disagreed that above-median income debtors in
chapter 13 repayment plans could not deduct charitable contributions
when calculating their disposable income under the means test. Forty-two
percent of respondents “strongly disagreed” and another 15
percent “disagreed somewhat” that charitable contributions
are not deductible for above-median income debtors in chapter 13 when
calculating their disposable income under the means
test.
Thirty-two percent agreed that above-median income debtors in chapter 13 repayment plans cannot deduct charitable contributions when calculating their disposable income under the means test. Twenty-four percent of respondents “agreed strongly,” while 8 percent “somewhat agreed” that charitable contributions cannot be deducted from an above-median income debtor’s disposable income under the means test. Twelve percent did not know or had no opinion on the issue.
The poll question is based on a case, In re Diagostino, in which a bankruptcy judge ruled in August that a couple who contributed $100 a month to their church could not deduct the contributions from their disposable income under the new bankruptcy law.
ABI members and members of the public were welcome to submit their response to the statement: “Above-median income debtors in chapter 13 repayment plans cannot deduct charitable contributions when calculating their disposable income under the means test (In re Diagostino).” The latest ABI Quick Poll +was open for voting from Nov. 2-Nov. 9.
ABI’s weekly Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,500 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.