Chapter 11 Debtors Counsel Must Obtain Court Approval of Bid Procedures Before Auctioning Assets According to Latest ABI Quick Poll
Contact: John Hartgen
703-739-0800
[email protected]
CHAPTER 11
DEBTOR’S COUNSEL MUST OBTAIN COURT APPROVAL OF BID PROCEDURES
BEFORE AUCTIONING ASSETS, ACCORDING TO LATEST
March 28, 2008, Alexandria,
Va. — Chapter 11 debtor’s counsel must obtain
court approval of bid procedures prior to auctioning assets or risk
having fees related to the auction disallowed, according to a majority
of respondents in a recent
Forty-three percent of respondents, however, thought that chapter 11 debtor’s counsel should not have to obtain court approval of bid procedures before an asset auction. Twenty-seven percent “disagreed strongly” and 16 percent “somewhat disagreed” that chapter 11 debtor counsel must obtain court approval of bid procedures before an auction or risk having the fees related to the auction disallowed.
In the case of In re APW Enclosure Systems, Inc., a bankruptcy court disgorged the fees requested by the debtor’s counsel in connection with an asset auction because the counsel did not seek approval of the auction procedure until after the auction was completed. The court found that the counsel failed to meet its initial burden of showing that the services relating to the auction procedure had a reasonable likelihood of benefitting the estate at the time they were performed.
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Robert J. Keach Named ABI President-Elect
Contact: John Hartgen
703-739-0800
[email protected]
ROBERT J. KEACH NAMED ABI PRESIDENT-ELECT
April 8, 2008
Keach is a shareholder at Bernstein Shur, where he practices in the area of bankruptcy, reorganization and workouts. His practice focuses on the representation of various parties in workouts and bankruptcy cases including debtors, creditors, creditors’ committees, lessors and third parties acquiring troubled companies and/or their assets.
Keach is also a member of the
American Bar Association's Committee on Enforcement of Creditors' Rights
as well as their sections on business, banking and corporations, real
estate and litigation. He is included in the Best Lawyers in
America, a Fellow of the
For a complete list of ABI’s officers and directors, please visit:
http://www.abiworld.org/Content/NavigationMenu/About_ABI/Board_of_Directors/Board_of_Directors.htm
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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 11,700 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 Popular Northeast Bankruptcy Conference and Consumer Forum to Address Current Bankruptcy and Economic Topics
Contact: John Hartgen
703-739-0800
[email protected]
ABI’S POPULAR NORTHEAST BANKRUPTCY CONFERENCE AND CONSUMER FORUM TO ADDRESS CURRENT BANKRUPTCY AND ECONOMIC TOPICS
March 24, 2008, Alexandria, Va. –More than 400 practitioners will join a 15-judge faculty at ABI’s 15th Annual Northeast Bankruptcy Conference, July 10-13 in Brewster, Mass., at the Ocean Edge Resort & Club. The conference provides up to 9.25 hours of continuing education credits including 1.5 hours of ethics. This year’s conference will again offer a separate 2-day consumer forum at a reduced conference rate.
Programs at the main conference include:
The “Sunny Side Up, or
Down? Breakfast on the Economy” session with moderator Stephen
B. Darr of Mesirow Financial Consulting, LLC (
Michael J.
Goldberg of Cohn, Whitesell & Goldberg LLP (
“Appellate Advocacy
Skills,” moderated by Kenneth S. Leonetti of Foley Hoag LLP
(
Moderator Daniel W. Sklar of The Daymark Group LLC (Manchester, N.H.), along with panelists James C. Ebbert of McShane Group, Inc. (Rockland, Maine), Michael J. Fencer of Jager Smith PC (Boston) and James E. Fleet of Phoenix Management Services, Inc. (Boston), will participate in the “You Can’t Treat the Patient without a Diagnosis: Identifying Causes of Business Failure” session.
“Current Issues in
Avoidance Actions” will be moderated by H. Jeffrey Schwartz
of Dechert LLP (
The “Gaining Support from
All of Your Constituencies” session, moderated by Thomas O.
Bean of McDermott Will & Emery, LLP (
Daniel M.
Glosband of Goodwin Procter LLP (
“Troubled Portfolio
Companies,” moderated by
The “Privileges,
Exceptions and Civil and Criminal Liability” session will be
moderated by Robert E. Kaelin of Murtha Cullina LLP (
Moderator Adrienne
Walker of Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC
(
The “Hot Topics in Claims
Purchasing and Trading” session will be moderated by Victor G.
Milione of Nixon Peabody LLP (
ABI Resident Scholar
Bruce A. Harwood
of Sheehan, Phinney, Bass + Green (
In conjunction with the Northeast
Bankruptcy Conference, ABI’s Third Annual Northeast Consumer
Forum, will be held July 11-12 and focus on consumer bankruptcy
educational programs designed for both experienced and new
professionals. Back by popular demand, this two-day forum offers
insolvency practitioners an opportunity to earn approximately 6.0 hours
of
The Consumer Forum programs include:
“Messing with Mortgages: Continuing Consumer and Creditor Confusion,” moderated by Catherine V. Eastwood of Partridge Snow & Hahn LLP (Warwick, R.I.), features panelists Richard I. Isacoff of Richard I. Isacoff, P.C. (Pittsfield, Mass.), William McLeod of McLeod Law Offices (Boston) and Bankruptcy Judge Joel B. Rosenthal (D. Mass.; Worcester).
Eleanor William Dahar of Victor W. Dahar, PA (Manchester, N.H.) will moderate “The Bursting Bubble: Behind on Mortgages and Car Loans—Is Chapter 13 an Option?” session with panelists Steven J. Boyajian of Boyajian, Harrington & Richardson (Providence, R.I.), John McNicholas of Ablitt & Charlton, PC (Stoneham, Mass.) and Bankruptcy Judge Colleen Brown (D. Vt.; Rutland).
“BAPCPA Three Years
Later: Through the Looking Glass—How Is It Down the Rabbit
Hole?” will be moderated by Justin H. Dion of Bacon &
Wilson, P.C. (
The “Fables and Fairy
Tales…How the Practice Has Evolved” session, moderated by
Assistant U.S. Trustee Geraldine L. Karonis (D. N.H.;
Manchester), will feature panelists William M. Gillen of the Law
Offices of William M. Gillen (
For more information about the Northeast Consumer Forum, visit http://www.abiworld.org/NE08/consumer.html
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First Quarter Consumer Bankruptcy Filings Increase 27 Percent over Previous Year
Contact: John Hartgen
703-739-0800
[email protected]
FIRST QUARTER CONSUMER BANKRUPTCY FILINGS INCREASE 27 PERCENT OVER PREVIOUS YEAR
April 2, 2008, Alexandria,
“Bankruptcies are rising due to the heavy burden of household debt and growing mortgage problems,” said ABI Executive Director Samuel J. Gerdano. “We expect this trend to continue through 2008.”
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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 11,700 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.
Jeff Marwil Elected to ABIs Board of Directors
Contact: John Hartgen
703-739-0800
[email protected]
JEFF MARWIL ELECTED TO
April 11,
2008, Alexandria, Va. — The
American Bankruptcy Institute (
Marwil is a partner and co-chair in Winston & Strawn’s Restructuring and Insolvency Group and is currently focused on hedge funds in distress, including hedge fund restructurings, wind-downs and liquidations. He represents hedge funds, managers/advisors, and sophisticated fund-of-fund and pension plan investors in hedge fund restructurings, wind-downs and complex litigation matters. In addition to counseling clients through workouts, restructurings and reorganizations, Marwil has represented companies, private-equity funds, hedge funds and other investment groups in the purchase and sale of distressed companies, debt and assets. He was named an “Illinois Super Lawyer” for bankruptcy in 2005 and 2006, was listed in 'New Stars, New Worlds' in Lawdragon Magazine in 2006, and honored for his insolvency and restructuring practice in the 2006 edition of Who’s Who Legal Illinois.
The complete list of directors and officers is available at http://www.abiworld.org/Content/NavigationMenu/About_ABI/Board_of_Directors/Board_of_Directors.htm.
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Deirdre Martini Elected to ABIs Board of Directors
Contact: John Hartgen
703-739-0800
[email protected]
DEIRDRE MARTINI ELECTED TO
April 11,
2008,
Martini is a managing director
at Wachovia Capital Finance focusing on business development for the
restructuring sector in the
The complete list of directors and officers is available at http://www.abiworld.org/Content/NavigationMenu/About_ABI/Board_of_Directors/Board_of_Directors.htm.
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Judge Barry Russell Elected to ABIs Board of Directors
Contact: John Hartgen
703-739-0800
[email protected]
JUDGE BARRY RUSSELL ELECTED TO
April 11,
2008,
Judge Russell has been serving
as a bankruptcy judge for the Central District of California since his
appointment in 1974. He was also appointed and served on the Bankruptcy
Appellate Panel for the Ninth Circuit from 1988-2001, and was its
presiding judge from 1999-2001. Judge Russell also serves as a faculty
member of the
The complete list of directors and officers is available at http://www.abiworld.org/Content/NavigationMenu/About_ABI/Board_of_Directors/Board_of_Directors.htm.
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John W. Ames Named ABI President
Contact: John Hartgen
703-739-0800
[email protected]
JOHN
April 8, 2008
For a complete list of ABI’s officers and directors, please visit:
http://www.abiworld.org/Content/NavigationMenu/About_ABI/Board_of_Directors/Board_of_Directors.htm
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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 11,700 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.
New Officers and Board Members Elected at ABIs 26th Annual Spring Meeting
Contact: John Hartgen
703-739-0800
[email protected]
NEW OFFICERS AND BOARD MEMBERS ELECTED AT ABI’S 26TH
ANNUAL SPRING MEETING
April 8, 2008, Alexandria,
Va. — The following officers and members of the Board
of Directors of the American Bankruptcy Institute (ABI) were elected to
leadership positions at ABI’s 26th Annual Spring
Meeting, held April 3-6 in
John W. Ames of
Greenebaum, Doll & McDonald PLLC (
Twelve new members were elected to the ABI Board of Directors: Jo Ann J. Brighton, of Kennedy Covington Lobdell & Hickman, LLP (Charlotte, N.C.), H. Slayton Dabney, Jr. of King & Spalding LLP (New York), Judge Jeffery P. Hopkins of the U.S. Bankruptcy Court for the Southern District of Ohio (Cincinnati), Deirdre A. Martini of Wachovia Capital Finance (New York), Jeff J. Marwil of Winston & Strawn LLP (Chicago), Prof.Nancy B. Rapoport of the William S. Boyd School of Law (Las Vegas), Judge Barry Russell of the U.S. Bankruptcy Court for the Central District of California (Los Angeles), Sheryl L. Toby of Dykema Gossett PLLC (Detroit), Albert Togut of Togut, Segal & Segal, LLP (New York), Prof. G. Ray Warner of St. John's University and Of Counsel to Greenberg Traurig, LLP (Jamaica, N.Y.), David B. Wheeler of Moore & Van Allen, PLLC (Charleston, S.C.) and Judge Gregg W. Zive of the U.S. Bankruptcy Court for the District of Nevada (Reno, Nev.). The ABI Board of Directors has 60 members.
ABI’s Executive Committee
increased from 16 to 17 overall members as Jeffrey N. Pomerantz
of Pachulski, Stang, Ziehl & Jones PC (Los Angeles) and John
Tittle Jr. of NachmanHaysBrownstein, Inc. (Dallas) joined the
following committee members: John W. Ames of Greenebaum Doll
& McDonald PLLC (
The complete list of directors and officers is available at http://www.abiworld.org/Content/NavigationMenu/AboutABI/BoardofDirectors/Board_of_Directors1.htm
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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 11,700 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.
Prof. G. Ray Warner Elected to ABIs Board of Directors
Contact: John Hartgen
703-739-0800
[email protected]
PROF. G. RAY WARNER ELECTED
TO
April 11,
2008,
Prof. Warner is the director of
the LL.M. in Bankruptcy program at
The complete list of directors and officers is available at http://www.abiworld.org/Content/NavigationMenu/About_ABI/Board_of_Directors/Board_of_Directors.htm.
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