Total Bankruptcy Filings Increase Nearly 27 Percent Over First Quarter 2007
Contact: John Hartgen
703-739-0800
[email protected]
TOTAL BANKRUPTCY FILINGS INCREASE NEARLY 27 PERCENT OVER FIRST QUARTER
2007
June 3, 2008, Alexandria, Va.— The total number
of U.S. bankruptcies filed during the first three months of 2008
increased 26.9 percent over the same period in 2007 in all bankruptcy
court districts, according to data released today by the Administrative
Office of the U.S. Courts. As total filings reached 245,695 during the
first calendar year quarter of 2008 (Jan. 1-March 31), the total
surpassed the 193,641 new cases that were filed over the same period in
2007. The total filings in the 2008 first quarter also represent an 8.5
percent increase from the 226,413 bankruptcies filed during the fourth
quarter of 2007 (Oct. 1 – Dec. 31).
“This ninth consecutive quarterly increase in filings since
Congress attempted to restrict access to bankruptcy relief demonstrates
again the influence of rising household debt,” said Samuel J.
Gerdano, ABI Executive Director. “We expect filings to
surge past 1 million cases by year-end.”
The first quarter 2008 filing total represents a 110 percent increase
from the 116,771 total filings recorded during the first calendar
quarter of 2006, the first full quarter following the implementation of
the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
(BAPCPA).
Consumer filings increased 26.5 percent to 236,982 for the three-month
period ending March 31, 2008, from the 2007 first quarter total of
187,361. They also represent an 8.5 percent increase from the fourth
quarter of 2007, which recorded a total of 218,428 nonbusiness filings.
The percentage of consumers filing for chapter 13 protection fell
slightly from 39.3 percent during the first quarter of 2007 (January
1-March 31) to 35.6 percent over the same period in 2008. The number of
consumers filing for chapter 7 protection increased to 64.4 percent
during the first three months of 2008, the largest percentage of
consumer chapter 7 filers since the implementation of BAPCPA.
Business filings for the three-month period ending March 31, 2008
totaled 8,713, representing a 38.7 percent increase over the first
quarter 2007 total of 6,280. The first quarter 2008 business filing
total also represented a 9.1 percent increase over the fourth quarter
2007 total of 7,985.
The 12-month filing total of 901,927 for the period ending March 31 is
an increase of 29.7 percent from the same period in 2007, which totaled
695,575 filings. Nonbusiness filings for the 12-month period ending
March 31, 2008, totaled 871,186, up 29.3 percent from the 673,615 total
nonbusiness filings in the 12-month period ending March 31, 2007.
Business filings for the 12-month period ending March 31, 2008, totaled
30,741, up 40 percent from the 21,960 business bankruptcy petitions
filed in the 12-month period ending March 31, 2007.
The 560,015 total chapter 7 filings for the 12-month period ending March
31, 2008, represent a 35.5 percent increase from the 413,294 filings
from the same period in 2007. Chapter 13 filings increased 20.9 percent
to 334,551 in the 12-month period ending March 31, 2008 from 276,649 in
the same period last year. Chapter 11 filings also increased, rising
34.1 percent to 6,971 in 2008 from 5,199 in 2007. Chapter 12 filings
decreased 8.5 percent from 372 in 2007 to 343 in 2008.
BUSINESS FILINGS for the 3-month
period ending March 31, 2008, totaled 8,713, up 38.7 percent from the
6,280 bankruptcy business cases filed in the same period in 2007.
NON-BUSINESS FILINGS for the 3-month period ending March 31,
2008, increased 26.5 percent from 187,361 in 2007 to 236,982 in
2008.
The chapter* breakdown of BUSINESS filings for the 3-month
period ending March 31, 2008, is: 5,959 chapter 7s, 1,182 chapter 11s,
81 chapter 12s and 858 chapter 13s.
The chapter breakdown of NON-BUSINESS filings for the 3-month
period ending March 31, 2008, is: 152,543 chapter 7s, 200 chapter 11s
and 84,239 chapter 13s.
Districts with the Highest Percentage INCREASE in Total Filings
for the 12-month period ending March 31, 2008 (compared to the identical
period in 2007):
1. Eastern District of California: 83.2%
2. District of Nevada: 82.1%
3. Central District of California: 79.0%
4. Southern District of California: 68.3%
Districts with the Highest Percentage DECREASE in Total Filings
for the 12-month period ending March 31, 2008 (compared to the identical
period in 2007):
1. District of the Northern Mariana Islands:
38.1%
2. District of the Virgin Islands: 4.2%
3. Northern District of New York: 2.2%
4. District of Guam: 0.8%
###
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.
*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.
ABI Endowment Awards New Grant to Study Credit Counseling
Contact: John Hartgen
703-739-0800
[email protected]
ABI ENDOWMENT FUND AWARDS NEW GRANT TO STUDY CREDIT COUNSELING
May 19, 2008 Alexandria, Va. -- The American Bankruptcy Institute (ABI) Endowment Fund has awarded a $17,500 grant to researchers studying the effectiveness of credit counseling. The Coalition for Consumer Bankruptcy Debtor Education and Dr. Richard L. Wiener, director of the Law and Psychology Program at the University of Nebraska-Lincoln, were awarded the grant – matched by the National Conference of Bankruptcy Judges Endowment – to compare traditional credit counseling with the pre-bankruptcy counseling required as a precondition for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of the 2005 (BAPCPA). The grant expands upon a $32,000 study funded by the Consumer Protection and Education Fund (the Sears Fund) in late 2006 to study pre-bankruptcy counseling.
Traditional credit counseling and the pre-bankruptcy counseling required
as a precondition for bankruptcy under BAPCPA have important
differences, including counseling sessions with different
characteristics, economics and educational goals. The combined study
will double the sample size, thus enhancing the value of the findings to
regulators such as the Internal Revenue Service and Executive Office for
U.S. Trustees, Congress, academics and the consumer public.
The ABI Endowment Fund was created in 1989 to provide a secure financial
base for the Institute and to provide resources for insolvency research
and education. Projects eligible for Endowment funding include research
by individuals or entities relating to bankruptcy or insolvency; surveys
or other analytical investigation; the education of judges, court
personnel, other governmental personnel and the general public;
scholarships or other educational grants; support for the Robert M.
Zinman Resident Scholar; and support for both the Chief Judge Conrad B.
Duberstein National Bankruptcy Memorial Moot Court Competition and
ABI’s Corporate Restructuring Competition. Since 1998, the Fund
has awarded nearly $750,000 in grants. Learn more about the ABI
Endowment fund by visiting http://www.abiworld.org/contribute.
###
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.
Respondents Divided Over Bankruptcy Courts Authority to Issue a Nondebtor Release Over a Creditors Objection
Contact: John Hartgen
703-739-0800
[email protected]
June 24, 2008, Alexandria, Va. — Respondents to
the latest ABI Quick Poll were divided over whether bankruptcy courts
have the authority to issue nondebtor, or third party, releases over a
creditor’s objection in appropriate circumstances. Fifty percent
of respondents did not think that bankruptcy courts had such authority.
Thirty-eight percent “strongly disagreed” and 12 percent
“somewhat disagreed.”
Thirty-nine percent of respondents, however, thought that courts do have
the authority to issue nondebtor releases over a creditor’s
objection in appropriate circumstances. Twenty-two percent of
respondents “strongly agreed” and 17 percent “somewhat
agreed.” Nine percent of respondents did not know or no opinion on
the issue.
The poll was based on the case In re Airadigm Communications, Inc., in
which the Seventh Circuit Court of Appeals affirmed a bankruptcy
court’s ruling to release a third party financier from liability
over the objection of a creditor, the Federal Communications Commission
in this case. The Seventh Circuit found that the bankruptcy court was
within its authority to grant the third party financier a limited
release from liability since financing from the third party was
essential to the reorganization and the release was appropriately
tailored so that the financier was not exempt from liability to willful
misconduct.
ABI members and members of the public were welcome to submit their
response to the statement: “Bankruptcy courts have the authority
to issue nondebtor releases over a creditors’ objection in
appropriate circumstances. (In re Airadigm Communications, Inc., 2008 WL
649704 (7th Cir. 2008)).”
ABI’s 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 nearly 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.
ABI Partners with UMKC to Hold the 28th Annual Midwestern Bankruptcy Institute Program in October
Contact: John Hartgen
703-789-0300
[email protected]
ABI PARTNERS WITH UMKC TO HOLD THE 28TH ANNUAL
MIDWESTERN BANKRUPTCY INSTITUTE PROGRAM IN OCTOBER
June 12, 2008, Alexandria, Va. — The American Bankruptcy Institute (ABI) and the University of Missouri-Kansas City School of Law are partnering to present the 28th Annual Midwestern Bankruptcy Institute program and Midwestern Consumer Track on Oct. 3. The conference will take place at the H. Roe Bartle Hall Convention Center in Kansas City, Mo. The Midwestern Bankruptcy Institute features distinguished speakers on current developments. There will also be a special discounted Consumer Track that will feature breakout sessions specifically designed for consumer practitioners.
Bankruptcy Judges Dennis R. Dow (W.D. Mo.; Kansas City) and Robert E. Nugent (D. Kan.; Wichita) will join Prof. G. Ray Warner of St. John’s University/Greenberg Traurig, LLP (Jamaica, N.Y.) and ABI Resident Scholar Prof. Jack F. Williams of Georgia State University/BDO Seidman LLP (Atlanta) for the “Case Law Update” plenary session.
The luncheon program will feature a forward-looking analysis of ABI’s landmark Professional Fee Study with panelist C.R. “Chip” Bowles Jr. of Greenebaum Doll & McDonald PLLC (Louisville, Ky.) and U.S. Trustee Nancy J. Gargula (Regions 10 and 13; Indianapolis).
The conference will also feature ABI’s popular “Great Debates” program, consisting of two debates. In Debate No. 1, “The failure of a sole supplier without a contract to ship to a debtor in the early days of a chapter 11 case violates the automatic stay,” Bankruptcy Judge Arthur B. Federman (W.D. Mo.; Kansas City) will debate Richardo I. Kilpatrick of Kilpatrick & Associates, PC (Auburn Hills, Mich.).
In Debate No. 2, “Official Form 22C conclusively determines 'projected disposable income' for chapter 13 debtors with above-median income,” Claire Ann Resop of von Briesen & Roper, SC (Madison, Wis.) will debate Bankruptcy Judge Robert D. Berger (D. Kan.; Kansas City).
Also included in the programming is a “Judges Roundtable” with Bankruptcy Judges Robert D. Berger (D. Kan.; Kansas City), Dennis R. Dow (W.D. Mo.; Kansas City), Arthur B. Federman (W.D. Mo.; Kansas City), Janice M. Karlin (D. Kan.; Topeka), Robert E. Nugent (D. Kan.; Wichita), Dale L. Somers (D. Kan.; Topeka), Kathy A. Surratt-States (E.D. Mo.; St. Louis) and Jerry W. Venters (W.D. Mo.; Kansas City).
The session “Business Ethics: Does Conflicts Counsel Solve the Problem? Reconciling a Practical Solution and State Ethics Rules” will feature Bankruptcy Judge Jerry W. Venters (W.D. Mo.; Kansas City), Craig D. Hansen of Squire, Sanders & Dempsey, LLP (Phoenix) and Mark A. Shaiken of Stinson Morrison Hecker LLP (Kansas City).
Mark V. Bossi of Thompson Coburn LLP (St. Louis), Daniel C. Cohn of Cohn, Whitesell & Goldberg LLP (Boston) and Douglas M. Neeb of Dickinson Financial Corp. (Kansas City) will participate in the “Nonbankruptcy Business Alternatives” session.
“The Mortgage Forgiveness Debt Relief Act and Other Hot Topics in Bankruptcy Tax” plenary session will feature Prof. Michelle Arnopol Cecil of University of Missouri School of Law (Columbia, Mo.) and is part of the Consumer Track.
The Consumer Track breakout sessions include:
“Consumer Ethics: Balancing the Multiple Roles of Consumer Debtor’s Counsel under BAPCPA: Can You Be a Watchdog, Counselor and Advocate at the Same Time?” will be presented by E. Rebecca Case of Stone, Leyton & Gershman (St. Louis), Daniel J. Casamatta of the Office of the U.S. Trustee (Kansas City) and Cynthia F. Grimes of Grimes & Rebein, LC (Lenexa, Kan.).
The “Mortgage Claims in Chapter 13: The Good, The Bad and The Ugly” session will feature Bankruptcy Judge Kathy A. Surratt-States (E.D. Mo.; St. Louis), Chapter 13 Trustee Richard V. Fink (Kansas City), and Chapter 13 Trustee Debra L. Miller (South Bend, Ind.).
Click on the link below for more information on the 28th Annual
Midwestern Bankruptcy Institute program.
http://www.abiworld.org/MW08
###
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.
ABI President Announces Committee Co-Chairs for 2008-09
Contact: John Hartgen
703-739-0800
[email protected]
June 19, 2008, Alexandria, Va. — American
Bankruptcy Institute (ABI) President John W. Ames of
Greenebaum, Doll & McDonald PLLC (Louisville, Ky.) announced that
the following ABI members would serve as co-chairs of ABI member
committees for 2008-09. ABI has 25 active committees that focus on
specific projects and issues important to all areas of bankruptcy.
Committee co-chairs play an important role in working with committee
members on these projects, such as planning educational programs for
ABI's popular conferences, authoring committee e-newsletters on relevant
topics and sharing ideas on committee listserves. Many committees have
produced valuable publications on a variety of topics such as consumer
bankruptcy, preferences, creditors' committees and first-day
motions.
The following ABI members will serve as co-chairs for the following
committees in 2008-09:
Alternative Dispute Resolution Committee: Bankruptcy Judge
Barbara J. Houser (N.D. Texas; Dallas) and Judy
D. Thompson of Poyner & Spruill LLP (Charlotte, N.C.)
Asset Sales Committee: Weston Anson of CONSOR
Intellectual Asset Management (La Jolla; Calif.) and Gary S.
Jacobson of Herold and Haines, PA (Warren, N.J.)
Bankruptcy Litigation Committee: Mark M. Maloney
of King & Spalding LLP (Atlanta) and Irving E.
Walker of Cole, Schotz, Meisel, Forman & Leonard, PA
(Baltimore)
Bankruptcy Taxation Committee: David Howard
Stein of Wilentz, Goldman & Spitzer, PC (Woodbridge, N.J.)
and John Tittle, Jr. of NachmanHaysBrownstein, Inc.
(Dallas)
Business Reorganization Committee: Deborah A.
Crabbe of Foster Pepper PLLC (Seattle), Leonard
Klingbaum of Kirkland & Ellis LLP (New York) and
Bradley D. Sharp of Development Specialists, Inc. (Los
Angeles)
Commercial Fraud Task Force: Francis A. Monaco,
Jr. of Womble Carlyle Sandridge & Rice PLLC (Wilmington,
Del.) and Sheryl L. Toby of Dykema Gossett PLLC
(Detroit)
Consumer Bankruptcy Committee: Dennis J. LeVine
of Dennis LeVine & Associates, PA (Tampa), Bankruptcy Judge
C. Ray Mullins (N.D. Ga.; Atlanta) and John
Rao of the National Consumer Law Center (Boston)
Court Administration Committee: David D. Bird of
the U.S. Bankruptcy Court, for the District of Delaware (Wilmington) and
Kelly Beaudin Stapleton (Malvern, Pa.)
Employee Benefits in Bankruptcy Committee: Carol Connor
Cohen of Arent Fox LLP (Washington, D.C.), Jeffrey B.
Cohen of Ivins, Phillips & Barker (Washington, D.C.) and
Charles M. Dyke of Thelen Reid Brown Raysman &
Steiner LLP (San Francisco)
Ethics Committee: Terri L. Gardner of Nelson
Mullins Riley & Scarborough, LLP (Raleigh, N.C.) and Judith
Greenstone Miller of Jaffe, Raitt, Heuer & Weiss, PC
(Southfield, Mich.)
Finance and Banking Committee: Jeff J. Marwil of
Winston & Strawn LLP (Chicago) and Suzanne S. Yoon
of CIT (Chicago)
Financial Advisors Committee: Stephen S. Gray of
CRG Partners (Boston) and Gerald A. Shapiro of CRG
Partners Group LLC (Wilton, Conn.)
Health Care Committee: Leslie Ann Berkoff of
Moritt Hock Hamroff & Horowitz LLP (Garden City, N.Y.) and
Suzanne Koenig of SAK Management Services, LLC
(Chicago)
International Committee: Luis Salazar of
Greenberg Traurig, LLP (Miami), Sandy Shandro of the
University College (London) and Ronald J. Silverman of
Bingham McCutchen LLP (New York)
Investment Banking Committee: Lorie R. Beers of
KPMG Corporate Finance LLC (New York) and J. Scott
Victor of National City Capital Markets (West Conshohocken,
Pa.)
Law School Committee: Prof. Nancy B. Rapoport of
the William S. Boyd School of Law at the University of Nevada-Las Vegas
(Las Vegas) and Prof. G. Ray Warner of St. John's
University and Of Counsel Greenberg Traurig, LLP (Jamaica, N.Y.)
Legislation Committee: Bankruptcy Judges Jeffery P.
Hopkins (S.D. Ohio; Cincinnati) and David W. Houston,
III (N.D. Miss.; Aberdeen)
Mass Torts Committee: Adam Paul of Kirkland
& Ellis LLP (Chicago) and David B. Wheeler of Moore
& Van Allen, PLLC (Charleston, S.C.)
Professional Compensation Committee: T. Edward
Malpass of the Law Offices of T. Edward Malpass (Newport Beach,
Calif.) and Thomas A. Morrow of AlixPartners LLP
(Southfield,
Mich.)
Public Companies and Claims Trading Committee: H. Slayton
Dabney, Jr. of King & Spalding LLP (New York) and
Andrea J. Pincus of Reed Smith LLP (New York)
Real Estate Committee: Berry D. Spears of
Fulbright & Jaworski LLP (Austin, Texas) and John F.
Young of Block, Markus & Williams, LLC
(Denver)
Technology and Telecommunication Cases Committee: H.
Jason Gold of Wiley Rein LLP (McLean, Va.) and William
K. Snyder of CRG Partners (Dallas)
Uniform Commercial Code Committee: Gary A.
Norton of Whitfield & Eddy, PLC (Des Moines, Iowa) and
Romaine S. Scott III of Haskell Slaughter Young &
Rediker, LLC (Birmingham, Ala.)
Unsecured Trade Creditors Committee: Ronald E.
Gold of Frost Brown Todd LLC (Cincinnati), Jean R.
Robertson of Calfee, Halter & Griswold LLP (Cleveland) and
Val Venable of SABIC Innovative Plastics (Huntersville,
N.C.)
Young and New Members Committee: Douglas E.
Deutsch of Chadbourne & Parke, LLP (New York) and
Kathryn Pamenter of Goldberg Kohn Bell Black Rosenbloom
& Moritz, Ltd. (Chicago)
You may find additional information and resources regarding ABI’s
member committees at http://committees.abiworld.org/.
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.
Eighteen Bankruptcy Judges Featured at ABIs Bankruptcy 2008 Views from the Bench Conference
Contact: John Hartgen
703-739-0800
[email protected]
EIGHTEEN BANKRUPTCY JUDGES FEATURED AT ABI’S “BANKRUPTCY 2008: VIEWS FROM THE BENCH” CONFERENCE
June 9, 2008, Alexandria, Va. — Eighteen bankruptcy judges
will participate at the American Bankruptcy Institute’s
“Bankruptcy 2008: Views from the Bench” program on Sept. 12
at the Georgetown University Law Center in Washington, D.C. David R.
Kuney of Sidley Austin LLP (Washington, D.C.) is the program
chair for the conference. Attendees will have the opportunity to earn
7.0 CLE credits, including 1.0 hour of ethics, at the conference.
Panel sessions include:
The “Liquidating Cases and Asset Disposition; Sales, Auctions,
Appeals” session, moderated by Melanie L. Cyganowski of
Otterbourg, Steindler, Houston & Rosen, PC (New York) and
facilitated by Irving E. Walker of Cole, Schotz, Meisel, Forman
& Leonard, PA (Baltimore) will include Bankruptcy Judges Judith
K. Fitzgerald (W.D. Pa.; Pittsburgh), Michael B. Kaplan (D.
N.J.; Trenton) and Eugene R. Wedoff (N.D. Ill.; Chicago).
Moderator David R. Kuney of Sidley Austin LLP (Washington, D.C.)
will be joined by facilitator Michael L. Bernstein of Arnold
& Porter LLP (Washington, D.C.) and Bankruptcy Judges Rosemary
Gambardella (D. N.J.; Newark), Robert A. Mark (S.D. Fla.;
Miami) and Gregg W. Zive (D. Nev.; Reno) for the “Real
Estate: Homebuilders, Commercial and Hotels” session.
“The New Wave of Retail Bankruptcies” session moderated by
David L. Pollack of Ballard Spahr Andrews & Ingersoll, LLP
(Philadelphia) and Laura Davis Jones of Pachulski Stang Ziehl
& Jones LLP (Wilmington, Del.) will feature Bankruptcy Judges
Christopher S. Sontchi (D. Del.; Wilmington), Douglas O. Tice,
Jr. (E.D. Va.; Richmond) and Peter J. Walsh (D. Del.;
Wilmington).
The lunch programming will feature four working break-out sessions. The
first three break-out sessions will feature the facilitators leading a
discussion from the three morning panels and allow a unique opportunity
for attendees to follow up on the morning’s topics in small groups
over lunch with the judges and speakers.
The fourth break-out luncheon session will focus on debtor-in-possession
financing, moderated by Marcia L. Goldstein of Weil, Gotshal
& Manges, LLP (New York) and facilitated by Peter S. Clark,
II of Reed Smith LLP (Philadelphia) with Bankruptcy Judge Gregg
W. Zive (D. Nev.; Reno).
The afternoon sessions resume with “The Changing Paradigm in
Distressed Debt and Claims Buying: Securitized Lending and Capital
Markets Issues” session. Jay M. Goffman of Skadden, Arps,
Slate, Meagher & Flom LLP (New York) will moderate the session along
with facilitator Alan J. Carr of Strategic Value Partners, LLC
(Greenwich, Conn.) and a panel with Bankruptcy Judges Thomas B.
Bennett (N.D. Ala.; Birmingham), Kevin J. Carey (D. Del.;
Wilmington) and Robert D. Drain (S.D.N.Y.; New York).
Moderator Richard M. Meth of Day Pitney LLP (Morristown, N.J.)
and facilitator Mark D. Taylor of Kilpatrick Stockton LLP
(Washington, D.C.) will be joined by Bankruptcy Judges Stephen S.
Mitchell (E.D. Va.; Alexandria), S. Martin Teel (D. D.C.) and
Judith H. Wizmur (D. N.J.; Camden) for the “Current
Developments in Ethics” session.
The “Confirmation Issues” session will be moderated by
Robert J. Rosenberg of Latham & Watkins, LLP (New York) with
facilitator Mark D. Collins of Richards, Layton & Finger, PA
(Wilmington, Del.) and feature Bankruptcy Judges Leif M. Clark
(W.D. Texas; San Antonio), Arthur J. Gonzalez (S.D.N.Y.; New
York) and Barbara J. Houser (N.D. Texas; Dallas).
Those who register by June 13 can save $50. For more information on the
“Views from the Bench” conference, please be sure to visit
http://www.abiworld.org/GT08.
###
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 11,700
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 Complex Financial Restructuring Program Reenacts Corporate Bankruptcy Dealmaking
Contact: John Hartgen
703-739-0800
[email protected]
ABI’S COMPLEX FINANCIAL RESTRUCTURING
PROGRAM REENACTS CORPORATE BANKRUPTCY DEALMAKING
June 6, 2008, Alexandria, Va. — The American Bankruptcy Institute (ABI) will hold its Eighth Annual Complex Financial Restructuring Program at the Four Seasons Hotel in Las Vegas, Sept. 4-5, 2008. The program offers a unique approach to understanding the role of investment bankers and financial advisors in insolvency and restructuring contexts. A case study will be presented that will dramatize the various perspectives of parties-in-interest as they examine strategic alternatives and seek the highest value for a troubled company. Leaders in the industry will play the role of the major constituents as they work through the case study in this day-long program. The program is presented by ABI's Investment Banking Committee and will be held in conjunction with the ABI 16th Annual Southwest Bankruptcy Conference.
Presenting the case study will be program co-chairs Lorie R. Beers of KPMG Corporate Finance LLC (New York) and Saul E. Burian of Houlihan Lokey (New York).
F. Duffield Meyercord of Carl Marks Advisory Group LLC (New York) will explain the perspective of the CEO and Craig V. Rasile of Hunton & Williams LLP (Miami) will present the role of the debtor’s counsel for the “Debtors’ Perspective” presentation.
The “Hiring the CRO” discussion will include Michael J. Epstein of CRG Partners (Boston), Rebecca A. Roof of AlixPartners LLP (New York) and Scott W. Winn of Kroll Inc. (New York).
The “Positions of the Case Constituents” portion of the program will be moderated by Saul E. Burian and Lorie R. Beers, with the panelists taking on the following roles:
· CEO: F. Duffield Meyercord of Carl Marks Advisory Group LLC (New York)
· Company Equity: Paul Halpern of Versa Capital Management, Inc. (Philadelphia)
· Counsel to Company Craig V. Rasile of Hunton & Williams LLP (Miami)
· Investment Banker: Martin F. Lewis of Greenhill & Co. (New York)
· Senior Lender: Penny Friedman of CIT Group (Chicago)
· Senior Lender Counsel: Ira L. Herman of Thompson & Knight LLP (New York)
· Indenture Trustee: James J. McGinley of the Wilmington Trust Co. (New York)
· Trade Creditor: Judith Elkin of Haynes and Boone, LLP (New York)
· Purchase Noteholders: Joel M. Walker of Duane Morris LLP (Pittsburgh)
· Crisis Managers: Michael J. Epstein of CRG Partners (Boston) and Scott W. Winn of Kroll Inc. (New York)
· Bondholders: Jonathan P. Friedland of Levenfeld Pearlstein, LLC (Chicago)
The first team presentation will feature Nancy A. Mitchell of Greenberg Traurig, LLP (New York) playing the role of the lawyer and J. Scott Victor of National City Capital Markets (West Conshohocken, Pa.) in the role of the investment banker.
The second team presentation will feature the practitioners in the following roles:
· Bondholder: Jonathan P. Friedland of Levenfeld Pearlstein, LLC (Chicago)
· Investment Banker: Andrew Torgove of Lazard Middle Market (New York)
· Counsel: John J. Monaghan of Holland & Knight LLP (Boston)
Program attendees will also be able to attend a special presentation featuring Supreme Court Justice John Paul Stevens, moderated by ABI Executive Director Samuel J. Gerdano and Bankruptcy Judges James D. Gregg (W.D. Mich.; Grand Rapids) and Eugene R. Wedoff (N.D. Ill.; Chicago).
For more information on ABI’s Eighth Annual Corporate Financial Restructuring Program, please visit www.abiworld.org/CFRP08 <http://www.abiworld.org/CFRP08> .
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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 11,700 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 Chicago Consumer Bankruptcy Conference to be Held October 13
Contact: John Hartgen
703-739-0800
[email protected]
June 25, 2008, Alexandria, Va. — Offering
Chicago-area practitioners the opportunity to examine current issues
affecting the consumer bankruptcy profession, the American Bankruptcy
Institute (ABI) will hold the Chicago Consumer Bankruptcy Conference on
Oct. 13 at The Standard Club in Chicago. Faculty members include
experienced local chapter 7 and 13 consumer attorneys, bankruptcy judges
and panel trustees from the Northern District of Illinois and a
representative from the Executive Office for the U.S. Trustees. In
addition, attendees are invited to join ABI Executive Director
Samuel J. Gerdano for a lunchtime discussion on current
developments in and future prospects for consumer bankruptcy legislation
on the eve of the 2008 Congressional and Presidential elections.
Panel sessions include:
Bankruptcy Judge Manuel Barbosa (N.D. Ill.; Rockford),
David J. Frankel of Sorman & Frankel, Ltd.;
(Chicago) and John E. Gierum of Gierum & Mantas
(Rosemont, Ill.) will be the featured panelists for the “Keeping
Your Collateral: Reaffirmation, Redemption and Post-petition
Financing” session.
The “Disposable Income: Choosing a Chapter under the Means
Test” session includes panelists Joseph E. Cohen
of Cohen & Krol (Chicago), Keisha M. Hooks, a staff
attorney for the chapter 13 trustee in Chicago, Mark A.
Redmiles, the Deputy Director for the Executive Office for the
U.S. Trustees (Washington, D.C.) and Bankruptcy Judge Eugene R.
Wedoff (N.D. Ill.; Chicago).
The “Recurring Automatic Stay Issues in Consumer Bankruptcy:
Section 362(c)” session panel will include Joseph A.
Baldi of Joseph A. Baldi & Associates, PC (Chicago),
Michael C. Burr of Robert J. Adams and Associates
(Chicago), A. Stewart Chapman of Pierce &
Associates (Chicago) and Bankruptcy Judge Pamela S. Hollis (N.D. Ill.;
Chicago).
Bankruptcy Judge A. Benjamin Goldgar (N.D. Ill.;
Chicago) and Catherine L. Steege of Jenner & Block
LLP (Chicago) will take part in the “Litigation Practice Skills:
Writing Good Motions, Briefs, Complaints and Answers” session.
The “Is Bankruptcy the Real Answer? Moral and Ethical Issues
Attorneys (Should) Face When Deciding if Bankruptcy is in the Client's
Best Interest” session will feature panelists Bennett A.
Kahn of the Law Offices of Melvin Kaplan and Associates, PC
(Chicago), Prof. Deborah K. Thorne of
Ohio University (Athens, Ohio) and David S. Yen of the
Legal Assistance Foundation of Chicago (Chicago).
For more information on ABI’s Consumer Bankruptcy Conference,
please visit http://www.abiworld.org/CH08/.
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 11,700
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 Fourth International Insolvency Symposium Features International Real Estate Insolvency Professionals and Financial Fraud Experts
Contact: John Hartgen
703-739-0800
[email protected]
ABI’S FOURTH INTERNATIONAL INSOLVENCY SYMPOSIUM FEATURES INTERNATIONAL REAL ESTATE INSOLVENCY PROFESIONALS AND FINANCIAL FRAUD EXPERTS
July 16, 2008, Alexandria, Va.— The American Bankruptcy Institute will hold its Fourth Annual International Insolvency Symposium on Oct. 31, 2008, at the Hilton Frankfurt in Frankfurt, Germany. Top presenters from both sides of the Atlantic will handle various international insolvency topics. The Symposium chair is ABI Board Member Ian G. Williams of Geldards LLP (Nottingham, U.K.).
Sessions at the Symposium include:
Dr. Steffen Koch of Wienberg Wilhelm (Hamburg, Germany) will moderate the 'America Now!' session with panelists John DiDonato of Huron Consulting Group (New York), David A. Murdoch of K&L Gates (Pittsburgh) and James H.M. Sprayregen of Goldman Sachs (New York) discussing developments in U.S. insolvency law and practice, financial trends and developments in restructuring and turnarounds.
The 'Real Estate - The Rise and the Fall' session, to be moderated by Johannes Conradi of Freshfields Bruckhaus Deringer (Hamburg, Germany), will include panelists Dr. Juan Ferré of Pluta, Alemania (Barcelona, Spain), Achim Langrehr of Ernst & Young (Berlin) and Marc Puntus of Miller Buckfire & Co. LLC (New York).
Moderator Tammo Andersch of KPMG (Frankfurt) will be joined by panelists Ronald DeKoven of 3/4 South Square (London), Peter H. Hoegen of Allen & Overy (Frankfurt) and Ulrich Wlecke of AlixPartners (Dusseldorf, Germany) for 'The Wandering Creditor - Controlling the Process' session.
Lionel Van Tonderof PricewaterhouseCoopers (Frankfurt) will moderate the 'Fraud and Business Risk or Silent Killer' session with panelists Dr. Klaus U. Eyber of Kaye Scholer (Frankfurt), Klaus Saffenreuther of Linklaters (Frankfurt) and Henning Störmer of PricewaterhouseCoopers (Munich).
To find out more about ABI’s International Insolvency Symposium, please visit www.abiworld.org/IIS08.
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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.
ABI Launches Redesigned Consumer Bankruptcy Center
Contact: John Hartgen
703-739-0800
[email protected]
ABI LAUNCHES REDESIGNED CONSUMER BANKRUPTCY CENTER
July 15, 2008, Alexandria, Va.— Consumer bankruptcy cases continue to increase, and the American Bankruptcy Institute (ABI) has responded by launching its redesigned Consumer Bankruptcy Center to provide consumers and practitioners with a user-friendly resource to find information critical to the consideration of personal bankruptcy. The redesigned Consumer Bankruptcy Center has two main sections: one for the consumer and one for the consumer bankruptcy professional. You may view the site at http://consumer.abiworld.org/.
A consumer who is seeking information about the bankruptcy process or looking for a bankruptcy attorney may visit the “For Consumers” section for links to valuable updated information, including:
- “Should I File for Bankruptcy?” – complete with a “consumer bankruptcy checklist” of important considerations.
- Comprehensive bankruptcy FAQs that take the consumer from the decision-making process all the way through exiting bankruptcy.
- Links to pertinent resources, including major credit counseling organizations and a host of “financial literacy” sources.
A consumer bankruptcy professional may direct his or her clients to this section, and should also visit the “For Consumer Professional” section for a wealth of resources that will assist in practice. The section for the consumer bankruptcy professional has four subsections covering upcoming events, consumer publications, educational resources and useful links to other sections of ABI World, such as headlines, blogs, podcasts and statistics. Recent cases are highlighted in weekly updates from Collier and West’s Bankruptcy Newsletter. The site also includes a search function where consumers or professionals can use keywords to search for consumer bankruptcy topics of interest.
ABI acknowledges in particular the assistance of Alane A. Becketof Becket & Lee LLP (Malvern, Pa.) in the redesign.
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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.