ABIs Newest Publications Assist Lenders Commercial Property Stakeholders in Understanding Their Roles in Bankruptcy Proceedings
Contact: John Hartgen
(703) 739-0800
[email protected]
ABI’S NEWEST PUBLICATIONS ASSIST LENDERS, COMMERCIAL PROPERTY STAKEHOLDERS IN UNDERSTANDING THEIR ROLES IN BANKRUPTCY PROCEEDINGS
September 10, 2008, Alexandria, Va. — The American Bankruptcy Institute (ABI) recently released two new publications- Bankruptcy-A Survival Guide for Lenders, Second Editionand Bankruptcy Issues for Commercial Landlords, Tenants and Mortgagees, Second Edition. The Survival Guide for Lenders was developed specifically to assist lenders in understanding the bankruptcy process in business and consumer cases, and their role in that process. This updated edition addresses the changes with the 2005 amendments to the bankruptcy law and covers substantive bankruptcy issues, procedures and strategies for lenders. TheGuide features practical advice in the form of 'sidebars' geared toward the protection of lenders' interests during a bankruptcy case, and glossaries of both bankruptcy terms and bankruptcy cases, as well as a list of commonly asked questions. Written with the nonattorney in mind, the text cross-references relevant terms and cases in the glossaries for further information, and highlights special points throughout. The 176-page softbound manual is available for $30 for ABI members and $50 for non-members.
Bankruptcy Issues for Commercial Landlords, Tenants and Mortgagees, Second Edition, written by David R. Kuney of Sidley Austin, LLP (Washington, D.C.), provides a comprehensive look at the rights and obligations of tenants, landlords and third parties in real estate bankruptcies. The book has been updated to add new cases and issues arising under BAPCPA as well as in other areas where there has been significant development of the law, including letters of credit, landlord claims and the calculation of the statutory cap for such claims. The book also covers lease assumption, rejection, curing of defaults, damage calculations and pre-petition strategies, among other matters. The 150-page softbound manual is available for $25 for ABI members and $45 for non-members.
Both publications are available for purchase through ABI’s Online Bookstore, which can be accessed at http://www.abiworld.org/abistore.
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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.
Mortgages Auto Loans Real Estate and Construction Industries to be Examined at ABIs Fourteenth Annual Rocky Mountain Bankruptcy Conference
Contact: John Hartgen
(703) 739-0800
[email protected]
MORTGAGES, AUTO LOANS, REAL ESTATE AND CONSTRUCTION INDUSTRIES TO BE EXAMINED AT ABI’S FOURTEENTH ANNUAL ROCKY MOUNTAIN BANKRUPTCY CONFERENCE
October 6, 2008, Alexandria, Va. — The American Bankruptcy Institute’s (ABI) Fourteenth Annual Rocky Mountain Bankruptcy Conference will take place Jan. 22-23, 2009, at the Westin Tabor Center in downtown Denver. The conference will feature nine bankruptcy judges and one circuit judge. Topics addressed at this year’s conference include mortgages and auto loans in consumer bankruptcy cases, construction and real estate trends, and bankruptcy alternatives for distressed companies. The conference will also feature a 2009 economic forecast by Dr. Richard L. Wobbekind, director of the Business Research Division and Associate Dean for External Relations at the University of Colorado at Boulder. Program co-chairs for the Rocky Mountain Bankruptcy Conference are Annette W. Jarvis of Ray, Quinney and Nebeker, PC (Salt Lake City) and Risa Lynn Wolf-Smith of Holland & Hart LLP (Denver). The judicial chair for the conference is Bankruptcy Judge Elizabeth E. Brown (Denver).
Concurrent workshops include:
The “Branding the Cattle: Executory Contracts—How to Keep the Ones You Want” session will be moderated by John F. Young of Block, Markus & Williams, LLC (Denver) with panelists Weston Anson of CONSOR Intellectual Asset Management (La Jolla, Calif.), Jill L. Murch of Foley & Lardner LLP (Chicago), Steven C. Strong of Ray, Quinney & Nebeker, PC (Salt Lake City) and Bankruptcy Judge Judith H. Wizmur (Camden, N.J.).
David E. Letaof Snell & Wilmer, LLP (Salt Lake City) will moderate “The Saloon or the Corral? Jurisdictional Battles from Forum-Shopping” session with panelists Troy J. Aramburu of Jones Waldo Holbrook & McDonough PC (Salt Lake City), Bankruptcy Judge A. Bruce Campbell (Denver), Sally E. Edison of McGuireWoods LLP (Pittsburgh) and Christian Carl Onsager of Onsager, Staelin & Guyerson, LLC (Denver).
“The Pony Express: Delivering the Latest News—Recent Developments” session, moderated by Michael J. Pankow of Brownstein Hyatt Farber Schreck, LLP (Denver), will feature panelists Lawrence Bass of Holme Roberts & Owen LLP (Denver), Bankruptcy Judge Sidney B. Brooks (Denver) and Steven B. Towbin of Shaw Gussis Fishman Glantz Wolfson & Towbin LLC (Chicago).
Moderator Danny C. Kelly of Stoel Rives LLP (Salt Lake City) will be joined by panelists F. Wayne Elggren of LECG, LLC (Salt Lake City), Christopher F. Graham of McKenna Long & Aldridge LLP (New York) and Bankruptcy Judge Michael E. Romero (Denver) for the “Building the Ranch House: Where's the Roof? Construction/Developers Gone Bad” session.
“Swing Your Partner Round and Round: Discovery, Disclosure and Ethics in Bankruptcy” will be moderated by J. Thomas Beckett of Parsons Behle & Latimer (Salt Lake City) with panelists Susan M. Freeman of Lewis and Roca LLP (Phoenix), Michael P. Richman of Foley & Lardner LLP (New York) and Bankruptcy Judge Howard R. Tallman (Denver).
Kimberley H. Tysonof Ireland, Stapleton, Pryor & Pascoe, P.C. (Denver) will moderate the “Culture in the West: The Fine Art of Recharacterization/Subordination of Debt” session with panelists Jo Ann J. Brighton of K&L Gates LLP (Charlotte, N.C.), Bruce A. Harwood of Sheehan, Phinney, Bass + Green (Manchester, N.H.) and Bankruptcy Judge Dana L. Rasure (Tulsa, Okla.).
Moderator Ellen R. Welner of George T. Carlson & Associates (Englewood, Colo.) will be joined by panelists Loretta A. Burnett (Colorado Springs, Colo.), Mark R. Stewart (Cheyenne, Wyo.), Bankruptcy Judge William T. Thurman (Salt Lake City) and John Turner (Colorado Springs, Colo.) for the first consumer workshop, “Knocked into a Cocked Hat—Means Test Unresolved Issues and Case Law Update.”
The “How the West Was Won: Trying the Insolvency/Valuation Case—Iridium and Beyond” session, moderated by Annette W. Jarvis of Ray, Quinney & Nebeker, PC (Salt Lake City), will feature panelists R. Bruce Den Uyl of AlixPartners LLP (Chicago), Bankruptcy JudgeJeffery P. Hopkins (Cincinnati), Peter Schulman of Hein & Associates LLP (Denver), Paul N. Shields of LECG, LLC (Salt Lake City) and Anne M. Sidrys of Kirkland & Ellis LLP (Chicago).
“There's a New Sheriff in Town: Receiverships and Other Alternatives to Bankruptcy” session will be moderated by Elizabeth K. Flaagan of Holme Roberts & Owen LLP (Denver) and feature panelists Edward B. Cordes of Cordes & Co. (Englewood, Colo.), Caroline Case Fuller of Fairfield & Woods, PC (Denver) and Jack L. Smith of Holland & Hart LLP (Denver).
The second consumer workshop, “Robber Barons, the Old Homestead and the Beloved Model T: Mortgages and Auto Loans in Chapter 7 and 13 Cases,” will be moderated by Ellen R. Welner of George T. Carlson & Associates (Englewood, Colo.) who will be joined by panelists Britney Beall-Eder of Castle Meinhold & Stawiarski LLC (Denver), Tara E. Gaschler of The Gaschler Law Firm (Denver) and Kim R. Wilson of Snow, Christensen & Martineau (Salt Lake City).
Bankruptcy Judge Elizabeth E. Brown (Denver) will moderate the “Plain Speaking: Do They Mean What They Say or Say What It Means? Debate on Equitable vs. Plain Meaning Jurisprudence of the Supreme Court” session featuring panelists Brett A. Axelrod of Greenberg Traurig, LLP (Las Vegas), Steven J. McCardell of Durham Jones & Pinegar (Salt Lake City) and Tenth Circuit Court of Appeals Judge Michael R. Murphy (Salt Lake City).
Moderator Duane H. Gillman of Durham Jones & Pinegar (Salt Lake City) will be joined by panelists Stephen E. Berken of Berken & Associates (Denver), Kenneth L. Cannon II of Durham Jones & Pinegar (Salt Lake City) and Robert Padjen of Laufer and Padjen LLC (Englewood, Colo.) for the third consumer workshop, “Riding the Circuits—Case Law Update, Eligibility, Consumer Chapter 11.”
The fourth consumer workshop, “Beat the Devil Around the Stump—Ethically Making Adversary Proceedings Affordable to Debtors,” will be moderated by Duane H. Gillman of Durham Jones & Pinegar (Salt Lake City) and joined by Bankruptcy Judge Elizabeth E. Brown (Denver), Peter Lucas of Appel & Lucas PC (Denver) and Holly Renee Shilliday of Snell & Wilmer, LLP (Denver).
Two programs sponsored by the International Women's Insolvency & Restructuring Confederation (IWRC) will also be featured at the start of the 2009 Rocky Mountain Bankruptcy Conference.The “Women and Finance: A Winning Hand” session will feature Stephanie S. Anderson of AlixPartners LLP (Dallas), Kesli Jensen of PricewaterhouseCoopers LLP (West Valley City, Utah), Elizabeth B. Monty of Veriti Consulting (Scottsdale, Ariz.), Lori L. Payne of BDO Seidman, LLP (Los Angeles) and Susan M. Smith of Mesirow Financial Consulting, LLC (Miami). “Hitting Four of a Kind—Matching Financing Needs with Financing Sources” will feature Anne Kenney Gardner of AJL Renewal Partners LLC (Park City, Utah), Peggy Hunt of Ray, Quinney & Nebeker, PC (Salt Lake City), Carla Meine of VAST (Salt Lake City), Sherilyn A. Olsen of Holland & Hart LLP (Salt Lake City) and Melody Stallings of Wells Fargo Business Credit, Inc. (Denver). IWIRC is also sponsoring a keynote luncheon featuring Circuit JudgeDeanell Reece Tacha of the U.S. Court of Appeals for the Tenth Circuit.
For more information on ABI’s 2009 Rocky Mountain Bankruptcy Conference, please visit http://www.abiworld.org/RMBC09.
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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.
August Consumer Bankruptcy Filings Up 29 Percent Over Previous Year Set Post-BAPCPA Record for Single Month
Contact: John Hartgen
703-739-0800
[email protected]
AUGUST CONSUMER BANKRUPTCY FILINGS UP 29 PERCENT OVER PREVIOUS YEAR; SET POST-BAPCPA RECORD FOR SINGLE MONTH
September 3, 2008, Alexandria, Va.— U.S. consumer bankruptcy filings increased 29.2 percent nationwide in August from the same period a year ago, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The overall August consumer filing total of 96,413 also set a single month high since the October 2005 effective date of the new bankruptcy law. Chapter 13 filings constituted 33.2 percent of all consumer cases in August, a slight increase from July.
“The latest data reflect the growing trend of U.S. consumers to seek bankruptcy as a way out of financial problems,” said ABI Executive Director Samuel J. Gerdano. “We expect bankruptcies to exceed 1.1 million by year end.”
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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.
Seventeenth Annual Duberstein Bankruptcy Moot Court Competition to be Held March 14-16 in New York
Contact: John Hartgen
(703) 739-0800
[email protected]
SEVENTEENTH ANNUAL DUBERSTEIN BANKRUPTCY MOOT COURT COMPETITION TO BE HELD MARCH 14-16 IN NEW YORK
October 17, 2008, Alexandria, Va. — The American Bankruptcy Institute (ABI) and St. John’s University School of Law will co-sponsor the 17th Annual Chief Judge Conrad B. Duberstein Bankruptcy Moot Court Competition, March 14-16, 2009, in New York. The competition promotes and recognizes the finest oral written advocacy on a significant problem in bankruptcy practice. 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. The competition’s preliminary and octo-final rounds will be held on March 14-15, and quarter-final, semi-final and final rounds held on March 16. The preliminary and octo-final rounds will be held at the St. John’s University School of Law, while the quarter-final, semi-final and final rounds will be held at the U.S. Bankruptcy Court for the Southern District of New York in Brooklyn. The courthouse will be officially renamed to the “Conrad B. Duberstein U.S. Bankruptcy Courthouse” during a special ceremony on Monday morning, March 16.
Judging the final round will again be the chief judges of the U.S. Bankruptcy Courts for the Eastern and Southern Districts of New York (Carla E. Craig and Stuart M. Bernstein) along with Federal Appeals Court Judges R. Guy Cole (Sixth Circuit), Hon. Michael J. Melloy (Eight Circuit) and Jerry E. Smith (Fifth Circuit). More than 15 bankruptcy judges, including Nancy Alquist (D. Md), Randolph Baxter (N.D. Ohio), Michael Deasy (D. N.H.), Wesley Steen (S.D. Texas), Laurel Isicoff (S.D. Fla.), Pamela Hollis (N.D. Ill.), Joel Rosenthal (D. Mass.), Margaret Dee McGarity (E.D. Wis.), Robert Kressel (D. Minn), and Stephen Raslavich (E.D. Pa.) along with several bankruptcy judges of the Second Circuit, will judge the quarter-final and semi-final rounds.
Approximately 50 ABA-accredited law schools will participate in this year’s competition. 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. The Mississippi College School of Lawis the defending champion, while past winners include Brooklyn Law School, Baylor University School of Law, University of Connecticut Law School, Emory University School of Law, University of Miami School of Law, University of Idaho College of Law, William & Mary Law School, the University of Florida Law School, the University of Alabama School of Law, Stetson University College of Law and New York University School of Law.
The ABI Endowment Fund will present awards of $5,000 to the first-place team, $3,000 to the second-place team and $1,500 to the two third-place teams. Individual awards of Best Oral Advocate and Best Brief will receive $1,000 each.
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. Hotel and travel accommodations are at the school’s expense. The New York Marriott Financial Center is the host hotel.
The registration deadline for teams is November 24. Visit the competition website for more information: http://www.abiworld.org/moot09/index.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 nearly 11,600 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 Up 28.6 Percent over Previous Year
Contact: John Hartgen
(703) 739-0800
[email protected]
SEPTEMBER CONSUMER BANKRUPTCY FILINGS UP 28.6 PERCENT OVER PREVIOUS YEAR
October 3, 2008, Alexandria, Va.— U.S. consumer bankruptcy filings increased 28.6 percent nationwide in September from the same period a year ago, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). While representing an increase from the previous year, the overall September consumer filing total of 88,663 represented an 8 percent decline fromAugust. Chapter 13 filings constituted 33.5 percent of all consumer cases in September, a slight increase from August.
'The continued rise in personal bankruptcies reflects high consumer debt, made worse by energy costs and the weak housing market, trapping many households in homes they can neither afford or sell,” said ABI Executive Director Samuel J. Gerdano. “We expect consumer bankruptcies to exceed 1.1 million new cases by year end.”
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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.
ABI Releases Thorny Issues in Consumer Bankruptcy Cases
Contact: John Hartgen
703-739-0800
[email protected]
ABI RELEASES THORNY ISSUES IN CONSUMER BANKRUPTCY CASES
November 3, 2008, Alexandria, Va. - Based on a series of successful Webinars that discussed consumer bankruptcy topics, the American Bankruptcy Institute's Thorny Issues in Consumer Bankruptcy Cases addresses some of the controversial issues arising in today's consumer bankruptcy practice. The authors, ABI Resident Scholar Prof. Jack Williams and Susan Seabury of BDO Seidman LLP, provide a compilation of materials that were presented during a series of Webinars held in 2007 and 2008, covering such topics as getting the discharge, paying debtor and creditor counsel in chapter 13, credit counseling and debtor education, and post-confirmation modifications.
Thorny Issues in Consumer Bankruptcy Cases examines the sometimes ambiguous path of consumer bankruptcy practice in the wake of BAPCPA by focusing on the recurring 'thorny' issues that do not have clearly defined answers, presenting both sides to the arguments. In addition, overturned decisions are presented to help practitioners understand the development of the current positions.
The 154-page softbound manual is available for purchase ($25 ABI members; $45 non-members) at ABI's Online Bookstore. Click here to order. http://www.abiworld.org/abistore
Northwestern University Wins Fifth Annual Corporate Restructuring Competition
Contact: John Hartgen
(703) 739-0800
[email protected]
NORTHWESTERN UNIVERSITY WINS FIFTH ANNUAL CORPORATE RESTRUCTURING COMPETITION
November 11, 2008, Alexandria, Va. — A team from the Northwestern University Kellogg Graduate School of Management won the Bettina M. Whyte Trophy at the Fifth Annual ABI Corporate Restructuring Competition, held Nov. 6-7 at Northwestern University in Chicago. The second-year MBA student winners also shared a $6,000 cash prize. Students from the Dartmouth College Tuck School of Business won the second-place award of $3,500, with the University of Illinois College of Business receiving the $2,500 prize for third place.
The competition, which is co-sponsored by ABI and Houlihan Lokey, an international investment banking firm, provided 11 of the nation’s top MBA programs with a unique opportunity to learn by solving a real-world restructuring case problem. The students had a week to “solve” the problem and prepare comprehensive presentations showing their operational and financial plans before panels of judges representing a mock board of directors and bondholders, with a final round before mock first and second lienholders.
Past winners of the Corporate Restructuring Competition include the University of Pennsylvania Wharton School of Business, New York University Stern School of Business and the Stanford Graduate Business School. Northwestern also won the Third Corporate Restructuring Competition in January 2007. Other schools in this year’s competition in addition to the finalists and past years’ winners included the Purdue University Krannert School of Management, University of California-Berkeley Haas School of Management, University of Chicago Graduate School of Business, University of Virginia Darden School of Business, University of Michigan Ross School of Business and Notre Dame University Mendoza School of Business. Prof. Tim Thompson of the Kellogg School of Management serves as the lead faculty advisor to the competition.
In addition to the case presentations, the competition featured a sponsored networking dinner keynoted by ABI Executive Director Sam Gerdano, who spoke on bankruptcy issues in the new Congress. An awards luncheon also followed the final round of the competition.
ABI acknowledges the commitment of Houlihan Lokey to the competition, led by Matt Neiman, Scott Jackson, Andrew Turnbull, Ryan Sandahl and John Colling in the firm’s financial restructuring practice, who prepared the case problem.
Some top bankruptcy practitioners and financial advisers served as competition judges, including: U.S. Trustee Diana Adams (New York), Bruce Blackwell of MBIA Insurance Corp. (Armonk, N.Y.), Michael Buenzow of FTI Palladium Partners (Chicago), Rick Chesley of Paul, Hastings, Janofsky & Walker (Chicago), Acting U.S. Trustee Roberta DeAngelis (Philadelphia), Brad Erens of Jones Day (Chicago), Penny Friedman of CIT Corporate Finance (Chicago), Ed Green of Foley & Lardner (Chicago), J. Eric Ivester of Skadden, Arps, Slate, Meagher & Flom LLP (Chicago), Suzanne Kelly of the Pension Benefit Guarantee Corp. (Washington, D.C.), Melissa Kibler Knoll of Mesirow Financial Consulting (Chicago), Tom Luther of Prudential (Chicago), Thomas Morrow of AlixPartners LLC (Southfield, Mich.), Jon Nash of CRG Partners (Houston), Matt Nieman of Houlihan Lokey (Chicago), Sandra Reese of Reese Partners, LLC (Chicago), Rebecca Roof of Alix Partners LLC (New York), Nate Van Duzer of Fidelity Investments (Boston), David Shapiro of Houlihan Lokey (Chicago) and Michael Zorich of Principal Global Investors, LLC (Chicago).
To find out more about the Corporate Restructuring Competition, please visit www.abiworld.org/crc.
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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.
October Consumer Bankruptcy Filings Top 100000 for First Time Since Law Change in 2005
Contact: John Hartgen
703-739-0800
[email protected]
OCTOBER CONSUMER BANKRUPTCY FILINGS TOP 100,000 FOR FIRST TIME SINCE LAW CHANGE IN 2005
November 4, 2008, Alexandria, Va.- U.S. consumer bankruptcy filings increased 40 percent nationwide in October from the same period a year ago, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The overall October consumer filing total of 106,266 also represented a 20 percent increase from September. Chapter 13 filings constituted 32.6 percent of all consumer cases in October, a slight decrease from September.
The October consumer filing total also represents the first time that bankruptcies have topped 100,000 since the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect in October 2005. The 880,076 consumer filings through the first 10 months of 2008 (Jan. 1 - Oct. 31) have already eclipsed the filing total of 822,590 for all of last year.
“October's sharp spike in new consumer bankruptcies confirms the severe financial stress on household budgets caused by high debts, flat incomes, and declining home values,” said ABI Executive Director Samuel J. Gerdano. “We expect the 2008 numbers to be the highest since the new bankruptcy law went into effect in 2005.”
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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.
Federal Bailout Legislation Will Not Help Foreclosure Crisis According to Latest ABI Quick Poll
Contact: John Hartgen
(703) 739-0800
[email protected]
FEDERAL BAILOUT LEGISLATION WILL NOT HELP FORECLOSURE CRISIS, ACCORDING TO LATEST ABI QUICK POLL
October 23, 2008, Alexandria, Va. — A overwhelming majority of respondents (75 percent) in a recent ABI Quick Poll believe that the recently enacted federal bailout package will not be effective in reducing the number of foreclosures. Responding to the statement, “The Federal bailout legislation will be effective in reducing the number of foreclosures to deserving borrowers,” 51 percent of respondents “strongly disagreed” and 24 percent “somewhat disagreed.”
Fifteen percent of respondents did think that the federal bailout legislation would be effective in reducing the number of foreclosures. Six percent “strongly agreed” and 9 percent “agreed somewhat” that the bailout package would be effective in slowing the number of foreclosures. Seven percent of respondents did not know or had no opinion on the issue.
On Oct. 3, President Bush signed the “Emergency Economic Stabilization Act” to authorize the U.S. Treasury Secretary to spend up to $700 billion to purchase distressed assets, especially mortgage-backed securities, from the nation's banks. The measure was in response to the recent credit crisis and economic turmoil that threatened the stability of the U.S. financial system.
While the financial bailout package encourages loan modifications for distressed mortgages, it does not require lenders to modify home loans in exchange for taxpayer dollars. An estimated 3.2 million homes will be lost to foreclosure this year and next, according to published reports.
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.
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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 Fifth Annual Caribbean Insolvency Symposium Examines Financing for Distressed Companies and Other Cross-Border Insolvency Issues
Contact: John Hartgen
703-739-0800
[email protected]
ABI’S FIFTH ANNUAL CARIBBEAN INSOLVENCY SYMPOSIUM EXAMINES FINANCING FOR DISTRESSED COMPANIES AND OTHER CROSS-BORDER INSOLVENCY ISSUES
November 6, 2008, Alexandria, Va.— The American Bankruptcy Institute (ABI) will hold the fifth Caribbean Insolvency Symposium at the Westin Casuarina in Grand Cayman, Cayman Islands, Feb. 5-7, 2009. The program features a faculty of outstanding practitioners, scholars and nine bankruptcy judges. The program chair for the Symposium is Patricia A. Redmond of Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson, PA (Miami). 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 8.0 CLE credit hours with an expanded program that includes sessions looking at financing distressed companies and a “Views from the Bench” discussion comprised of five bankruptcy judges.
Featured program sessions include:
The “Who Has $$, and What Are They Buying?” session, moderated by Soneet R. Kapila of Kapila & Company (Fort Lauderdale, Fla.), will feature panelists Corali Lopez Castro of Kozyak Tropin Throckmorton (Miami), Martina E. M. Kopacz of Grant Thornton (New York), Bankruptcy Judge Robert A. Mark (Miami) and Ward Mooney of Crystal Capital Fund Management (Boston).
Bankruptcy Judge Judith K. Fitzgerald (Pittsburgh) will moderate the “‘101’ on Restructuring Portfolio Companies” session with panelists Matthew B. Berk of Morgan Joseph & Co. Inc. (New York), Stuart M. Brown of Edwards Angell Palmer & Dodge LLP; (Wilmington, Del.) and D. Ross Martin of Ropes & Gray (Boston).
“U.S. Litigation Reaching Cayman Directors - What to Do?” will be moderated by Laura Hatfield of Solomon Harris (Grand Cayman) and feature panelists Lawrence Edwards of STS Capital Partners (Grand Cayman), John Lewis of DMTC Group (Grand Cayman), Paul Scrivener of Solomon Harris (Grand Cayman) and Mark J. Wolfson of Foley and Lardner LLP (Tampa, Fla.).
Bankruptcy Judge Elizabeth S. Stong (Brooklyn, N.Y.) will moderate the “New and Exciting Developments in Chapter 15” session with panelists Judith Elkin of Haynes and Boone, LLP (New York), Brian K. Gart of Berger Singerman, PA (Ft. Lauderdale, Fla.), Christopher A. Jarvinen of Paul, Weiss, Rifkind, Wharton & Garrison LLP (New York) and Sheryl E. Seigel of Lang Michener LLP (Toronto).
The “View from the Benches” session will be moderated by Steven Leslie of Stichter, Riedel, Blain & Prosser, PA (Tampa, Fla.) and feature Bankruptcy Judges A. Jay Cristol (Miami), Paul G. Hyman (West Palm Beach, Fla.), Enrique Lamoutte (San Juan, P.R.), John K. Olson (Ft. Lauderdale, Fla.) and Steven Rhodes (Detroit).
Bankruptcy Judge Gerardo Carlo (San Juan, P.R.) will moderate the “Distressed Industries in the Caribbean” session with panelists Hugh Dickson of Grant Thornton (Grand Cayman), Luis Salazar of Greenberg Traurig, LLP (Miami) and Byron Smyl of Alvarez & Marsal (Miami).
The “Claims Trading in Aid of Hostile Takeovers in Bankruptcy or in Defense of a Plan of Reorganization (including Green Mail)” session, moderated by Dennis J. Drebsky of Nixon Peabody LLP (New York), will feature panelists Bruce S. Bennett of Hennigan, Bennet & Dorman, LLP (Los Angeles), Brian Bloom of W.R. Huff Asset Management Co. (Morristown, N.J.) and Jeanne P. Darcey of Edwards Angell Palmer & Dodge, LLP (Boston).
Moderator Patricia A. Redmond of Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson, PA (Miami) will be joined by panelists Peter B. Castle of Husch Blackwell & Sanders (Memphis, Tenn.), Christopher Redmond of Husch Blackwell Sanders LLP (Kansas City, Kan.), Andrew Bolton of Appleby (Grand Cayman) and Simon Whicker of KPMG LLP (Grand Cayman) for the “Alternatives to Chapter 15: United States/Caribbean” session.
For more information about the Caribbean Insolvency Symposium, call ABI at (703) 739-0800 or visit http://www.abiworld.org/CIS09.
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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.