Press Releases

Hedge Funds Subprime Mortgages and Professional Fee Study Results among the Timely Topics to be Presented at ABIs Winter Leadership Conference

Contact: John Hartgen
             703-739-0800
             [email protected]

 

HEDGE FUNDS, SUBPRIME MORTGAGES AND PROFESSIONAL FEE STUDY RESULTS AMONG THE TIMELY TOPICS TO BE PRESENTED AT ABI’S WINTER LEADERSHIP CONFERENCE

August 27, 2007, Alexandria, Va. — The American Bankruptcy Institute’s (ABI) Nineteenth Annual Winter Leadership Conference will take place Dec. 6-8 at The Westin Mission Hills Resort & Spa in Rancho Mirage, Calif. The conference will feature 12 bankruptcy judges and address such timely topics as private equity and hedge fund strategies in bankruptcy, the lessons learned from the subprime mortgage industry downturn and issues in health care bankruptcies. The Winter Leadership Conference offers participants the opportunity to earn 11.75 CLE credit hours, including 3.0 hours of ethics. The conference will also include a luncheon featuring Christopher Buckley, best-selling author, social and political satirist and editor of Forbes Life.

A plenary session presentation of the results of ABI’s professional fee study, supported by a grant from the ABI Endowment Fund, will be moderated byMichael P. Richman of Foley & Lardner LLP (New York). Panelists for the presentation include C.R. “Chip” Bowles, Jr. of Greenebaum Doll & McDonald PLLC (Louisville, Ky.), John Wm. Butler, Jr. of Skadden, Arps, Slate, Meagher & Flom LLP (Chicago), Prof. Stephen J. Lubben of Seton Hall Law School (Newark, N.J.), Deirdre A. Martini of CIT Group, Inc. (New York), Prof. Nancy B. Rapoport of the William S. Boyd School of Law at the University of Nevada (Las Vegas), Bankruptcy Judge Wesley W. Steen (Houston), Albert Togut of Togut, Togut & Segal, LLP (New York) and Clifford J. White III of the Executive Office for U.S. Trustees (Washington, D.C.).

Panel sessions include:

“Loan-to-Own Strategies of Hedge Funds and Private Equity Firms,” moderated by Stephen S. Gray of CRG Partners Group LLC (Boston), includes panelists Paul Coughlin of Longroad Asset Management, LLC (Stamford, Conn.), Bankruptcy Judge Allan L. Gropper (New York), Larry G. Halperin of Richards Kibbe & Orbe LLP (New York), Aziz Hassanali of Anchorage Advisors, LLC (New York) and Andrew I. Silfen of Arent Fox LLP (New York).

Moderator Joseph Samet of Baker & McKenzie LLP (New York), along with panelists Patti H. Bass of Bass & Associates, P.C. (Tucson, Ariz.), Robert N.H. Christmas of Nixon Peabody LLP (New York) and Bankruptcy Judges Bruce A. Markell (Las Vegas) and Thomas F. Waldron (Dayton, Ohio), will participate in the “BAPCPA in the Courts: How Judicial Interpretation of the New Provisions Affects Your Cases” session.

The “Trying Valuation (on a Budget): Consumer Case Examples” session will be moderated by Dillon E. Jackson of Foster Pepper PLLC (Seattle) and joined by panelists Ford Elsaesser of Elsaesser, Jarzabek, Anderson, Marks, Elliott & McHugh, Chtd. (Sandpoint, Idaho), Richardo I. Kilpatrick of Kilpatrick & Associates, PC (Auburn Hills, Mich.), Claire Ann Resop of Brennan, Steil & Basting, SC (Madison, Wis.) and Bankruptcy Judge Steven W. Rhodes (Detroit).

The “Subprime Paradigm: Lessons on Maximizing Value from the Subprime, 1031 and Servicer Cases” session, moderated by Lawrence E. Young of AlixPartners LLP (Dallas), features panelists John Anderson of RBS Greenwich Capital (Greenwich, Conn.), Melanie L. Cyganowski of Greenberg Traurig, LLP (New York), Jeffrey W. Dulberg of Pachulski Stang Ziehl Young Jones & Weintraub LLP (Los Angeles), Bankruptcy Judge Linda B. Riegle (Las Vegas) and Eric Sagerman of Winston & Strawn LLP (Los Angeles).

“Health Care Cases: Financing, Financial Management and Exit,” to be moderated by Samuel R. Maizel of Pachulski Stang Ziehl Young Jones & Weintraub LLP (Los Angeles) includes panelists Paul E. Harner of Paul, Hastings, Janofsky & Walker LLP (Chicago), Shane A. Passarelli of Healthcare Finance Group, Inc. (Los Angeles), Louis E. Robichaux, IV of Bridge Associates, LLC (New York) and Joseph Tutera of The Tutera Group (Kansas City, Mo.).

Moderator James T. Markus of Block, Markus & Williams, LLC (Denver) and panelists Barry Lefkowitz, CIRA, of Virchow Krause & Company, LLP (Southfield, Mich.), Patricia A. Redmond of Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson, PA (Miami) and James Patrick Shea of Shea & Carlyon, Ltd. (Las Vegas) will participate in the “Individual Chapter 11: The New ‘Small Business’ Option?” session.

The “Ethics, E-mail, the Web and the Blogosphere: Rules and Values for Practice in Cyberspace” plenary session will be moderated by Terri L. Gardner of Poyner & Spruill LLP; (Raleigh, N.C.) and include panelists Bankruptcy Judge Samuel L. Bufford (Los Angeles), Prof. Paula Franzese of Seton Hall Law School (Newark, N.J.), Will Hornsby of the American Bar Association (Chicago) and author of Boundaries of Legal Marketing, and J. Charles Mokriski of Day Pitney (Boston).

Bankruptcy Judge Eugene R. Wedoff (Chicago) will moderate the “Supreme Court Year in Review (and in Prospect)” Judges’ Roundtable, featuring Bankruptcy Judges Dennis R. Dow (Kansas City, Mo.), Joan N. Feeney (Boston), Judith K. Fitzgerald (Pittsburgh) and Jim D. Pappas (Boise, Idaho).

For more information on the Winter Leadership Conference, please visit http://www.abiworld.org/WLC07.  

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

Consumer Bankruptcy Filings Increase 17 Percent in August

Contact: John Hartgen
             703-739-0800
             [email protected]


CONSUMER BANKRUPTCY FILINGS INCREASE 17 PERCENT IN AUGUST

September 6, 2007, Alexandria, Va.— U.S. consumer bankruptcy filings increased 17.3 percent nationwide in August from the previous month, according to the American Bankruptcy Institute (ABI). Relying on data provided by the National Bankruptcy Research Center (NBKRC), overall consumer filings totaled 74,607 in August, up from the 63,600 filings in July. The figure was also up 31.2 percent from August 2006. Chapter 13 filings constituted 39.6 percent of all consumer cases in August, down slightly from last month.  

'The uptick in August bankruptcies continues the trend we've seen all year,' observed ABI Executive Director Samuel J. Gerdano. 'Families facing heavy household debts are increasingly turning to bankruptcy as a short-term fix.'

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

NBKRC is an online research center that offers subscribers access to up-to-date research and statistics on bankruptcy filings. The database contains complete information dating back to 1995. For more information on NBKRC, please visit http://www.nbkrc.com.

*Definitions from Bankruptcy Overview: Issues, Law and Policy, by the American Bankruptcy Institute.

Chapter 7 of the Bankruptcy Code is available to both individual and business debtors. Its purpose is to achieve a fair distribution to creditors of the debtor’s available non-exempt property.  Unsecured debts not reaffirmed are discharged, providing a fresh financial start.  

Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors. Its purpose is to rehabilitate a business as a going concern or reorganize an individual’s finances through a court-approved reorganization plan.

Chapter 12 of the Bankruptcy Code is designed to give special debt relief to a family farmer with regular income from farming. 

Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part.

Professor Mark S. Scarberry to Serve as ABI Resident Scholar for Fall 2007 Semester

Contact: John Hartgen
             703-739-0800
             [email protected]


 

PROFESSOR MARK S. SCARBERRY TO SERVE AS ABI RESIDENT SCHOLAR FOR FALL 2007 SEMESTER

September 7, 2007, Alexandria, Va. — Prof. Mark S. Scarberry, Professor of Law at the Pepperdine University School of Law, will serve as the Robert M. Zinman ABI Resident Scholar for the Fall 2007 semester. Prof. Scarberry will serve in ABI's Alexandria, Va., office from September to December, assisting ABI with its educational programming and in its role as the authoritative source of bankruptcy information for the Congress, media and public.

Prof. Scarberry’s work focuses on bankruptcy (particularly chapter 11 business reorganization), contracts, legal philosophy and constitutional law (particularly freedom of religion).  A member of Pepperdine’s faculty since 1982, Scarberry currently teaches insolvency courses focused on remedies, creditors' rights and bankruptcy, business reorganization in bankruptcy, and mergers and acquisitions. Scarberry's bankruptcy scholarship includes Scarberry, Klee, Newton & Nickles'Business Reorganization in Bankruptcy: Cases and Materials (now in its third edition from Thomson Gale Publishing (2006)).

In addition to teaching and writing, he has prepared training materials and helped attorneys provide pro bono help to low-income consumer bankruptcy debtors as part of the L.A. County Bar Association/Public Counsel Debtor Assistance Project. Prior to joining the faculty at Pepperdine, he practiced law for four years with Jones, Day, Reavis & Pogue (Los Angeles).  Prof. Scarberry received his J.D. from University of California, Los Angeles, in 1978 and his A.B. magna cum laude from Occidental College in 1975.

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

Unreimbursed Medical Expenses of Retirees Entitled to Priority Status in Bankruptcy Proceeding According to Latest ABI Poll

Contact: John Hartgen
             703-739-0800
             [email protected]

 

UNREIMBURSED MEDICAL EXPENSES OF RETIREES ENTITLED TO PRIORITY STATUS IN BANKRUPTCY PROCEEDING, ACCORDING TO LATEST ABI POLL

August 21, 2007, Alexandria, Va. —A majority of respondents (52 percent) to ABI’s latest online poll agreed that unreimbursed medical expenses incurred by retirees of a bankrupt firm are entitled to priority status under the Bankruptcy Code. Forty-two percent of respondents “strongly agreed” and 10 percent “somewhat agreed” that unreimbursed medical expenses incurred by retirees are entitled to priority status in a bankrupt firm’s proceeding under §507(a)(5), subject to the temporal and dollar limitations set forth in the section.

Twenty-nine percent of respondents, however, did not agree that medical expenses of retirees should receive a priority status under §507(a)(5).  Twenty percent “strongly disagreed” and 9 percent “somewhat disagreed” that unreimbursed medical expenses incurred by retirees of a bankrupt firm are entitled to a priority status under §507(a)(5), subject to the temporal and dollar limitations set forth in the section. Seventeen percent of the respondents did not know or had no opinion on the issue.

The U.S. Bankruptcy Court for the Southern District of California recently ruled in In re Consolidated Freightways Corp. of Delaware (Bankr. C.D. Cal. No RS02-24284 4/26/07) that retiree medical expenses are entitled to priority status under §507(a)(5), subject to the temporal and dollar limitations set forth in the section. The court noted that the legislative history and the public policy behind §507(a)(5) compelled it to include retired employees within the cap amount for a priority status claim. 

ABI members and members of the public were welcome to submit their response to the statement: “Subject to the temporal and dollar limitations set forth in §507(a)(5), unreimbursed medical expenses incurred by retirees of a bankrupt firm are entitled to priority status under §507(a)(5). (In re Consolidated Freightways Corp. of Delaware, (Bankr. C.D. Cal. No. RS02-24284 MG 4/26/07). The latest ABI Quick Poll was open to the public for voting from August 3-16.

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

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 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.

Intellectual Property Law and Chapter 11 Essentials Explored in Two New Products from the ABI Bookstore

Contact: John Hartgen
             703-739-0800
             [email protected]


 INTELLECTUAL PROPERTY LAW AND CHAPTER 11 ESSENTIALS EXPLORED IN TWO NEW PRODUCTS FROM THE ABI BOOKSTORE!

September 17, 2007, Alexandria, Va. — Two new titles are now available for purchase from the American Bankruptcy Institute’s bookstore to help bankruptcy professionals navigate important areas of their practice. Bankruptcy and its Impact on Intellectual Property covers the basics of IP law, including a description of property rights, license and assignment issues and infringements. Intellectual property (patents, trademarks, copyrights and trade secrets) can become a significant asset of a debtor’s estate and special rules apply, depending on whether the assets are defined as property of the estate or an executory contract. The manual, written by Patricia S. Rogowski of Connolly Bove Lodge & Hutz LLP (Wilmington, Del.) and Craig B. Young of Connolly Bove Lodge & Hutz LLP (Washington, D.C.), outlines what parties can do in a bankruptcy to protect intellectual property rights, including the debtor-in-possession’s ability to assign IP licenses.

Also available is theChapter 11-'101:' The Essentials of Chapter 11 Practice CD-Rom, a compilation and expansion of a series of articles first written for the ABIJournal, ABI’s flagship periodical, during 2004 and 2005. Updated and assembled in a handy electronic format, the work is an essential but fast read for new restructuring professionals from attorneys to financial restructuring advisors. More than 20 chapters of topics are covered by authors Jonathan P. Friedland of Schiff Hardin LLP (Chicago), Michael L. Bernstein of Arnold & Porter LLP (Washington, D.C.), Prof. George W. Kuney of Universityof Tennessee’s College of Law (Knoxville, Tenn.) and Prof. JackAyer of theUC Davis School of Law (Chico, Calif.), with extensive supplemental materials from actual cases.

 

Both the softbound, 100-page Bankruptcy and its Impact on Intellectual Property manual and Chapter 11-'101:' The Essentials of Chapter 11 Practice CD-Rom are available for purchase. Click here to order from the online ABI Bookstore.
http://www.abiworld.org/AM/template.cfm?Section=bookstore

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

Chapter 13 Debtors Should Include Proposal to Surrender Tangible Property to Pay Secured Tax Claim According to Latest ABI Poll

Contact: John Hartgen
             703-739-0800
             [email protected]


CHAPTER 13 DEBTORS SHOULD INCLUDE PROPOSAL TO SURRENDER TANGIBLE PROPERTY TO PAY SECURED TAX CLAIM, ACCORDING TO LATEST ABI POLL

September 26, 2007, Alexandria, Va. —A majority of respondents (62 percent) to ABI’s latest online poll agreed that debtors should include a proposal to surrender tangible property to satisfy a secured tax claim and pay the remaining secured value through their chapter 13 reorganization plan. Fourty-four percent of respondents “strongly agreed” and 18 percent “somewhat agreed” that debtors should surrender tangible property to satisfy a secured tax claim and pay the remaining secured value through their chapter 13 repayment plan.

Twenty-four percent of respondents, however, did not agree that debtors should include a proposal to surrender tangible property to pay a secured tax claim and the remaining secured value through their chapter 13 plan.  Seventeen percent “strongly disagreed” and 7 percent “somewhat disagreed” that debtors should include a proposal to surrender tangible property to pay the remaining value of a secured tax claim and the remaining secured value through their chapter 13 plan. Twelve percent of the respondents did not know or had no opinion on the issue.

The U.S. Court of Appeals for the Fourth Circuit affirmed a district court’s ruling in IRS v. White, (4th Cir. No. 06-1462, 4/23/07), in which the chapter 13 debtors had not properly included a proposal to surrender tangible property and pay the remaining value of a secured tax claim in their reorganization plan. The court found that while the debtors had proposed to “surrender” tangible property, they were not planning to relinquish the property in a timely or proper manner to satisfy the claim. 

ABI members and members of the public were welcome to submit their response to the statement: Debtors properly included in their chapter 13 reorganization a proposal to satisfy a secured tax claim by surrendering tangible property and paying the remaining secured value through the plan. (IRS v. White (In re White)), 4th Cir. No. 06-1462, 4/23/07).

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

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 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.

Private Equity Lending Delaying Next Wave of Corporate Restructuring According to Latest ABI Poll

Contact: John Hartgen
             703-739-0800
             [email protected]

PRIVATE EQUITY LENDING DELAYING NEXT WAVE OF CORPORATE RESTURCTURING, ACCORDING TO LATEST ABI POLL

October 15, 2007, Alexandria, Va. —A majority of respondents (75 percent) to ABI’s latest online poll agreed that the growth in hedge fund and private equity lending is delaying the next wave of corporate restructuring. Forty-three percent of respondents “strongly agreed” and 32 percent “somewhat agreed” that the next wave of corporate restructurings is being delayed by the growth of hedge fund and private equity lending.

Eleven percent of respondents, however, did not agree that growth in hedge fund and private equity lending is delaying the next wave of corporate restructuring. Six percent “strongly disagreed” and 5 percent “somewhat disagreed” that the next wave of corporate restructuring was being delayed by the growth of hedge fund and private equity lending. Twelve percent of the respondents did not know or had no opinion on the issue.

The 19,695 business filings during the 12-month period ending Dec. 31, 2006, were the lowest on record under the current statistics reporting system, which was implemented in 1980. While up 45 percent during the first half of 2007 over the first half of 2006, business filings are still expected to be lower than previous years’ totals.

ABI members and members of the public were welcome to submit their response to the statement: The growth in hedge fund and private equity lending is delaying the next wave of corporate restructuring.

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

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 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.

Fourth Annual Corporate Restructuring Competition Scheduled for November

Contact: John Hartgen
             703-739-0800
             [email protected]

FOURTH ANNUAL CORPORATE RESTRUCTURING COMPETITION SCHEDULED FOR NOVEMBER

October 3, 2007, Alexandria, Va. — The American Bankruptcy Institute (ABI) and Northwestern University's Kellogg School of Management are co-sponsoring the Fourth Annual Corporate Restructuring Competition, to be held Nov. 8-10 at Northwestern University 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 Northwestern University’s Kellogg School of Management, the Stern Graduate School of Business of New York University and Stanford Graduate Business School. Winning teams receive prizes of $5,000 for first place, $3,000 for second, $1,750 for third and $1,250 for fourth place. The first-place school will also receive the Bettina M. Whyte Trophy, named in honor of the former ABI president and founder of the competition. To find out more about the competition’s rules, please visit www.abiworld.org/crc.

Schools competing this year in addition to New York University, Northwestern and Stanford are Carnegie Mellon University, University of Chicago, University of California-Berkeley, Duke University, Dartmouth University, University of Virginia, University of Pennsylvania, University of Michigan and Notre Dame University.

In addition to the case presentations, there will be a sponsored networking cocktail reception, a dinner featuring keynote speaker John McNichols, Managing Director of Research for Fidelity Management & Research Co., 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.  

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

ABIs Fourth Annual Caribbean Insolvency Symposium Examines Hedge Funds and Other Cross-Border Insolvency Issues

Contact: John Hartgen
             703-739-0800
             [email protected]


 

ABI’S FOURTH ANNUAL CARIBBEAN INSOLVENCY SYMPOSIUM EXAMINES HEDGE FUNDS AND OTHER CROSS-BORDER INSOLVENCY ISSUES

October 9, 2007, Alexandria, Va. — The American Bankruptcy Institute (ABI) will hold the fourth Caribbean Insolvency Symposium at the Westin Diplomat Hotel in Hollywood, Fla., Jan. 17-18, 2008. The program features a faculty of outstanding practitioners, scholars and judges, including seven bankruptcy judges from the Caribbean region. Program co-chairs for the Symposium are Patricia A. Redmond of Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson, PA (Miami) and Sonia Colón (Orlando). Judicial co-chairs are Bankruptcy Judges Gerardo Carlo (San Juan, P.R.) and Robert A. Mark (Miami). Attendees have the opportunity to earn up to 7.5 CLE credit hours, including 1.0 hour of ethics, with an expanded program including two great debates and a discussion of hedge fund issues.

This year’s Symposium will incorporate ABI’s acclaimed “Great Debates” series with two debates looking at timely cross-border issues. The first debate features Lisa Beckerman of Akin, Gump, Strauss, Hauer & Feld, LLP (New York) squaring off with Guy Locke of Walkers Global (Grand Cayman, Cayman Islands) over “Forum-Shopping in the Caribbean.” The second debate, “The Future of “in Pari Delicto,” features Scott L. Baena of Bilzin Sumberg Baena Price & Axelrod, LLP (Miami) and Francis C. Morrisey of Edwards Angell Palmer & Dodge LLP (Boston).

Josefina Fernandez McEvoy of K&L Gates LLP (Los Angeles) will moderate the “Nuts and Bolts of Chapter 15 Filing: Cases/Updates” session with panelists including Bankruptcy Judge Gerardo Carlo (San Juan, P.R.), Aristos Galatapoulos of Maples and Calder (Grand Cayman, Cayman Islands), Daniel M. Glosband of Goodwin Procter LLP (Boston) and Gregory S. Grossman of Astigarraga Davis (Miami).

The “View from the Bench - Litigation Issues” session will be moderated by David A. Rosendorf of Kozyak, Tropin & Throckmorton, PA (Miami) with Bankruptcy Judges Gerardo Carlo (San Juan, P.R.),  Joan N. Feeney (Boston),  Laurel M. Isicoff (Miami), Enrique S. Lamoutte (San Juan, P.R.), Robert A. Mark (Miami) and John K. Olson (Fort Lauderdale, Fla.).

“Poster Child of Troubled Industries in the Caribbean - The Hedge Funds,” moderated by Carol Logue of Bridge Associates, LLC (Spring, Texas), will feature panelists Anne E. Beaumont of Friedman Kaplan Seiler & Adelman, LLP (New York), Timothy W. Mungovan of Nixon Peabody LLP (Boston) and Prof. David A. Skeel, Jr. of the University of Pennsylvania Law School (Philadelphia) and former ABI Resident Scholar.

“Offshore or Off the Map? Recent Liquidation Issues for Offshore Registered Hedge Funds” features moderator Laura Hatfield of Solomon Harris (Grand Cayman, Cayman Islands) and panelists Sam Dawson of Solomon Harris (Grand Cayman, Cayman Islands), Nigel K. Meeson of Conyers Dill & Pearman (Grand Cayman, Cayman Islands) and Simon Whicker of KPMG LLP (Grand Cayman; Cayman Islands).

Bankruptcy Judge. Paul G. Hyman (West Palm Beach, Fla.) will moderate the “Best Practices/Ethical Practice in the Region” session with panelists Gregory H. Hodges of Dudley, Topper and Feuerzeig, LLP (St. Thomas, V.I.), Assistant U.S. Trustee Monsita Lecaroz (San Juan, P.R.) and ABI Deputy Executive Director Felicia S. Turner.

The “Cross-Border Asset Protection and Recovery” session will be moderated by Allison A. Day of Genovese Joblove & Battista, P.A. (Miami) and include panelists Michelle Campbell of AlixPartners LLP (Los Angeles), Edwardo Romero-Ramos of Baker & MacKenzie International (Juarez, Mexico), Paul S. Singerman of Berger Singerman PA (Miami) and Jerome L. Wolf of Duane Morris(Boca Raton, Fla.).

For more information on ABI’s 2008 Caribbean Insolvency Symposium, please visit http://www.abiworld.net/meetings/caribbean-insolvency-symposium/.   

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

September Consumer Bankruptcy Filings Increase 23 Percent over Previous Year

Contact: John Hartgen
             (703) 739-0800
              [email protected]

SEPTEMBER CONSUMER BANKRUPTCY FILINGS INCREASE 23 PERCENT OVER PREVIOUS YEAR

October 2, 2007, Alexandria, Va.— U.S. consumer bankruptcy filings increased nearly 23 percent nationwide in September from the previous year, according to the American Bankruptcy Institute (ABI). Yet according to data from the National Bankruptcy Research Center (NBKRC), the overall September consumer filing total of 68,926 represented a 7.6 percent decrease from the 74,607 filings in August. Chapter 13 filings constituted 40 percent of all consumer cases in September, a slight increase over the previous six months. 

“Bankruptcy filings are elevated from a year ago and likely to uptick further through the end of the year,” said ABI Executive Director Samuel J. Gerdano.  “Continued pressure on housing markets, combined with high consumer debt burdens, will lead more households to consider bankruptcy as an option to their financial problems.”

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

 

NBKRC is an online research center that offers subscribers access to up-to-date research and statistics on bankruptcy filings. The database contains complete information dating back to 1995. For more information on NBKRC, please visit http://www.nbkrc.com.

*Definitions from Bankruptcy Overview: Issues, Law and Policy, by the American Bankruptcy Institute.

Chapter 7 of the Bankruptcy Code is available to both individual and business debtors. Its purpose is to achieve a fair distribution to creditors of the debtor’s available non-exempt property.  Unsecured debts not reaffirmed are discharged, providing a fresh financial start.  

Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors. Its purpose is to rehabilitate a business as a going concern or reorganize an individual’s finances through a court-approved reorganization plan.

Chapter 12 of the Bankruptcy Code is designed to give special debt relief to a family farmer with regular income from farming. 

Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part.

 

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