J. Scott Victor Elected to ABIs Board of Directors
Contact: John Hartgen
(703) 739-0800
[email protected]
J. SCOTT VICTOR ELECTED TO ABI’S BOARD OF DIRECTORS
April 10, 2009, Alexandria, Va. — The American Bankruptcy Institute (ABI) announces that J. Scott Victor of National City Capital Markets (West Conshohocken, Pa.)has been elected to ABI’s Board of Directors. An ABI member since 1990, Victor has served as co-chair of ABI’s Investment Banking Committee and ABI’s Complex Financial Restructuring Program, and on the Advisory Board of the 2007 ABI Mid-Atlantic Bankruptcy Workshop. He will serve a term of three years on the 60-member ABI Board of Directors.
Victor is a senior managing director and co-head of the Special Situations Group/SSG of National City Investment Banking in West Conshohocken, Pa. He has more than 20 years of experience in representing companies in chapter 11 proceedings, workouts and restructurings, refinancing and sale of distressed middle-market companies. Victor is a Fellow of the American College of Bankruptcy and an active member of the Turnaround Management Association. He has also been named a “Pennsylvania Super Lawyer” for 2006 and 2007 and a “Top Investment Banker” by The Deal for 2005, 2006 and 2007. Victor received his B.A. from the University of Pennsylvania and his J.D. from the University of Miami School of Law.
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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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 12,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Consumer Bankruptcy Filings Top 125000 in April
Contact: John Hartgen
(703) 739-0800
[email protected]
CONSUMER BANKRUPTCY FILINGS TOP 125,000 IN APRIL
May 4, 2009, Alexandria, Va.—
U.S. consumer bankruptcy filings increased 36 percent nationwide in
April 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 April consumer filing total of 125,618 represented
a 3.5 percent increase from the March total of 121,413. Chapter 13
filings constituted 26 percent of all consumer cases in April, slightly
above the March rate.
“The filings reveal that American families are continuing to seek
relief from the financial pressures of today’s economy,”
said ABI Executive Director Samuel J. Gerdano. “The April
total is in line with our estimate of more than 1.4 million consumer
cases to be filed in 2009.”
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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 12,000 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.
Cullen Drescher of William & Mary Wins ABIs Inaugural Law Student Writing Competition
Contact: John Hartgen
(703) 739-0800
[email protected]
CULLEN DRESCHER OF WILLIAM & MARY WINS ABI’S INAUGURAL LAW STUDENT WRITING COMPETITION
May 1, 2009, Alexandria, Va.— Cullen Drescher of the William & Mary School of Law won the American Bankruptcy Institute’s First Annual Bankruptcy Law Student Writing Competition. Drescher’s paper, “Introducing the Foreign Gap Debtor: The Applicability of Code Section 549 in Chapter 15 Cases,” received the highest overall score from a judging panel of leaders from ABI’s Bankruptcy Litigation Committee, which sponsored the competition. As the winner of the competition, Drescher will receive a $1,000 cash prize, publication of the paper in the ABI Journal and a one-year ABI membership. Prior to submission, Prof. Paul K. Campsen of the William & Mary School of Law reviewed Drescher’s paper.
R. Travis Santos of Emory University School of Law received second place for his “Credit Default Swaps and Plan Confirmation” submission. Santos will receive a cash award of $750, publication of the paper in the ABI Bankruptcy Litigation Committee’s quarterly newsletter and a one-year ABI membership. Taejin Kim, also from Emory University School of Law, received third place and will be presented a cash award of $500, publication of the paper in the ABI Bankruptcy Litigation Committee’s quarterly newsletter and a one-year ABI membership. Kim’s topic was the “Limitation of Professional Compensation by the Bankruptcy Court Under 11 U.S.C. §328.” Prior to submission, Adjunct Prof. James A. Pardo of Emory University School of Law reviewed these two papers.
Twenty-nine law students submitted papers for the competition, which focused on current issues regarding bankruptcy jurisdiction, bankruptcy litigation, or evidence related to bankruptcy cases or proceedings. All papers were reviewed by a law professor prior to submission and were then judged by a panel of bankruptcy experts, including a bankruptcy judge, former U.S. Trustee and several practitioners. The judges considered factors such as style, substance and relevance. ABI sponsored the first-place prize while Traxi LLC sponsored the second-place prize and King & Spalding LLP sponsored the third-place prize.
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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 12,000 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 Northeast Consumer Forum to Address Current Bankruptcy and Economic Topics
Contact: John Hartgen
(703) 739-0800
[email protected]
ABI’S POPULAR NORTHEAST BANKRUPTCY CONFERENCE AND NORTHEAST CONSUMER FORUM TO ADDRESS CURRENT BANKRUPTCY AND ECONOMIC TOPICS
April 15, 2009, Alexandria, Va. –More than 400 practitioners will join a 14-judge faculty at ABI’s 16th Annual Northeast Bankruptcy Conference, July 16-19 at the Mount Washington Inn in Bretton Woods, N.H. The conference provides up to 8.75 hours of continuing education credits including 1.5 hours of ethics. This year’s conference will again offer a separate three-day consumer forum at a reduced conference rate. Hon.
Conference co-chairs are Michael A. Fagone of Bernstein Shur (Portland, Maine) and Robert P. Wexler of The Tron Group (Boston). Bankruptcy Judge Joel B. Rosenthal (D. Mass.; Worcester) is the judicial chair.
Programs at the main conference include:
The “Nuts and Bolts of Representing a (Really) Small Business” session, moderated by Lynne Riley of Altman Riley Esher LLP (Boston), will feature panelists William S. Gannon of William S. Gannon, PLLC (Manchester, N.H.), Bankruptcy Judge Enrique S. Lamoutte (D. P.R.; San Juan) and Thomas J. Raftery of the Raftery Law Offices (Carlisle, Mass.).
Andrew Z. Schwartz of Foley Hoag LLP (Boston) will moderate the “Single-asset Real Estate” session, which includes panelists Jeffery L. Jonas of Brown Rudnick LLP (Boston) and D. Sam Anderson of Bernstein Shur (Portland, Maine).
The “Outlook for Restructuring Industry” session will be moderated by Richard E. Mikels of Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC (Boston) and include panelists Jameson J. Grant of Mirus Special Situations Group (Burlington, Mass.), Josh Davis of D.E. Shaw & Co. (Bethesda, Md.) and Shelia T. Smith of Deloitte Financial Advisory Services LLP (Boston).
Moderator Daniel C. Cohn of Cohn Whitesell & Goldberg LLP (Boston) will be joined by panelists Bankruptcy Judge James B. Haines, Jr. (D. Maine; Portland), Richard L. Levine of Nelson, Kinder, Mosseau & Saturley, P.C. (Boston) and John O. Mirick of Mirick O'Connell (Worcester, Mass.) for the “Ethical Considerations in Insolvency Cases – Beyond Conflicts” session.
The “Evidence” session, moderated by Elizabeth J. Austin of Pullman & Comley LLC (Bridgeport, Conn.), will feature panelists Bankruptcy Judge Frank J. Bailey (D. Mass.; Boston), Bankruptcy Judge Joan N. Feeney (D. Mass.; Boston), Julia Frost-Davies of Bingham McCutchen LLP (Boston) and Robert J. Kerwin of Tarlow, Breed, Hart & Rodgers, PC (Boston).
Marjorie Kaufman of Getzler Henrich & Associates LLC (Boston) will moderate the “Fraud Investigations” session with panelists Alistaire Bambach of the U.S. Securities and Exchange Commission (New York), Bankruptcy Judge Gerardo Carlo (D. P.R.; San Juan), Douglas E. Spelfogel of Baker & Hostetler LLP (New York) and Christopher Stavrakos of Wells Fargo Business Credit, Inc. (New York).
Panelists Peter J. Haley of Wolf Block LLP (Boston), Adam L. Ruttenberg of Looney & Grossman LLP (Boston) and Bankruptcy Judge Elizabeth S. Stong (E.D.N.Y.; Brooklyn) will join moderator D. Ethan Jeffrey of Hanify & King, PC (Boston) for the “Asset Protection in Bankruptcy – The Good, The Bad and The Ugly” session.
The “Hedge Fund Workouts and Chapter 11 Cases” session, moderated by Eric A. Henzy of Reid and Riege, PC (New Haven, Conn.), will feature panelists Charles A. Dale of Kirkpatrick & Lockhart Preston Gates Ellis, LLP (Boston) and Francis C. Morrissey of Edwards Angell Palmer & Dodge LLP (Boston).
Lee Harrington of Nixon Peabody LLP (Boston) will moderate the “Industry Focus: Retail and Restaurant Bankruptcies” session including panelists Craig M. Boucher of CRG Partners (Bethesda, Md.), Robert J. Duffy of FTI Consulting, Inc. (Boston) and Bankruptcy Judge William C. Hillman (D. Mass.; Boston).
The Effective Strategies for Trade Creditors” session will be moderated by Joseph S. U. Bodoff of Bodoff & Associates, P.C. (Boston) and feature panelists Bankruptcy Judge Robert E. Gerber (S.D.N.Y.; New York), Lisa E. Herrington of Choate Hall & Stewart LLP (Boston) and John P. McVeigh of Preti, Flaherty, Beliveau & Pachios, LLP (Portland, Maine).
The “Mountainside Bankruptcy Chat” will feature Bankruptcy Judge Joan N. Feeney (D. Mass.; Boston), ABI Resident Scholar Prof. Adam J. Levitin of Georgetown University Law Center (Washington, D.C.) and Bankruptcy Judge James F. Queenan (retired).
The “Judges Roundtable,” moderated by Bruce A. Harwood of Sheehan, Phinney, Bass + Green (Manchester, N.H.) will feature Bankruptcy Judges Frank J. Bailey (D. Mass.; Boston), Gerardo Carlo (D. P.R.; San Juan), Michael Deasy (D. N.H.; Manchester), Joan N. Feeney (D. Mass.; Boston), James B. Haines, Jr. (D. Maine; Portland), Robert E. Gerber (S.D.N.Y.; New York), Enrique S. Lamoutte (D. P.R.; San Juan), Joel B. Rosenthal (D. Mass.; Worcester) Elizabeth S. Stong (E.D.N.Y.; Brooklyn), Brian K. Tester (D. P.R.; San Juan) and Mark W. Vaughn (D. N.H.; Manchester).
For more information on the Northeast Bankruptcy Conference, please visit http://www.abiworld.org/NE09/index.htm.
In conjunction with the Northeast Bankruptcy Conference, ABI’s Fourth Annual Northeast Consumer Forum will be held July 16-18 and focus on consumer bankruptcy educational programs designed for both experienced and new professionals. Back by popular demand, this three-day forum offers insolvency practitioners an opportunity to earn approximately 6.0 hours of CLE/CPE credit. Patricia Antonelli of Partridge, Snow & Hahn, LLP (Providence, R.I.) and Nina M. Parker of Parker & Associates (Winchester, Mass.) are co-chairs of the Northeast Consumer Forum.
The Consumer Forum programs include:
The “Home Retention and Loss Mitigation Update” session, moderated by Peter V. Guaetta of Guaetta & Benson, LLC (Chelmsford, Mass.), features panelists Jerrold S. Levinsky of The Massachusetts Fair Housing Center (Holyoke, Mass.), Bankruptcy Judge Joel B. Rosenthal (D. Mass.; Worcester) and Mitchell E. Starr of Mitchell Starr, PC (Boston).
Patricia Antonelliof Partridge, Snow & Hahn, LLP (Providence, R.I.) will moderate the “Credit Card Defaults” session with panelists Bankruptcy Judge J. Michael Deasy (D. N.H.; Manchester), David C. Phalen of Bartlett Hackett Feinberg P.C. (Boston) and Mary F. Stewart of Stewart Law Offices (Concord, N.H.).
The “Cramdowns Now and New: Ins and Outs of Chapter 13 Mortgage Cramdowns” session will be moderated by Deidre Keady of Harmon Law Offices PC (Newton, Mass.) and feature panelists William J. Amann of Sheehan, Phinney, Bass + Green, PA (Manchester, N.H.), Nicholas F. Ortiz of Law Office of Nicholas F. Ortiz, PC (Boston) and Bankruptcy Judge Mark W. Vaughn (D. N.H.; Manchester).
Moderator Nina M. Parker of Parker & Associates (Winchester, Mass.) will be joined by panelists James F. Molleur of James F. Molleur, LLC (Biddeford, Maine), Bankruptcy Judge Brian K. Tester (D. P.R.; San Juan), Christopher J. Panos of Craig and Macauley, PC (Boston) and Michael J. Pappone of Goodwin Procter LLP (Boston) for the “High-income, High-debt Reorganization: Chapter 11 for the People” session.
For more information about the Northeast Consumer Forum, visit http://www.abiworld.org/NE09/consumer.html
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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 12,000 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 Publication Provides In-Depth Analysis of Second Liens and Intercreditor Agreements
Contact: John Hartgen
703-739-0800
[email protected]
NEW ABI PUBLICATION PROVIDES IN-DEPTH ANALYSIS OF SECOND LIENS AND INTERCREDITOR AGREEMENTS
May 7, 2009 Alexandria, Va. — The American Bankruptcy Institute today releases the Handbook on Second Lien Loans & Intercreditor Agreements to assist practitioners in understanding the development and practices involved with second lien financing. Second lien loans are typically made by creditors to a bankrupt company with a security interest in the assets of a company that are second behind a primary or “senior” credit facility. As second lien financing has become more prevalent in today’s chapter 11 practice, authors Mark N. Berman of Nixon Peabody LLP (Boston) and Jo Ann J. Brighton of K&L Gates LLP (Charlotte, N.C.) wrote the Handbook to examine implications of the second lien financing market over the last decade. The Handbook provides an in-depth analysis of intercreditor agreements used in second lien financings, by providing practical examples of sample clauses, followed by an analysis of the legal issues presented when parties contemplate the enforceability of those clauses in the context of a borrower bankruptcy proceeding.
Members of the press interested in interviewing the authors should contact John Hartgen at 703-894-5935 or [email protected]. The 116-page softbound Handbook is available for pre-order ($25 ABI members; $45 non-members) at ABI's Online Bookstore. Click here to order. 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 12,000 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.
BAPCPAs Restriction on Attorney Advice is Unconstitutional According to Latest ABI Quick Poll
Contact: John Hartgen
703-739-0800
[email protected]
BAPCPA’S RESTRICTION ON ATTORNEY ADVICE IS UNCONSTITUTIONAL, ACCORDING TO LATEST ABI QUICK POLL
May 8, 2009, Alexandria, Va. — A majority of respondents (59 percent) in a recent ABI Quick Poll thought that BAPCPA’s restriction on attorney advice concerning a debtor’s acquisition of pre-petition debt is unconstitutional on its face. Fifty percent “disagreed strongly” and 9 percent “somewhat disagreed” with the statement that the “restriction within the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 on attorney advice concerning a debtor’s acquisition of pre-petition debt is not unconstitutional on its face.” Section 526(a)(4) of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 provides that a 'debt relief agency' may not advise a client (whether or not in bankruptcy) to incur more debt in contemplation of such person filing a case, or to pay an attorney or bankruptcy petition preparer fee or charge for services performed as part of preparing. A 'debt relief agency' under this section is defined as 'any person who provides any bankruptcy assistance to an assisted person in return for the payment of money or other valuable consideration.” (11 U.S.C. 101(12A)).
In a departure from rulings by the U.S. Court of Appeals for the Eighth Circuit and several lower courts, the U.S. Court of Appeals for the Fifth Circuit held in Susan B. Hersh v. United States of America, No. 07-10226 (5th Cir. 12/18/08), that §526(a)(4) passes constitutional scrutiny and that attorneys could be considered 'debt relief agencies.'
Thirty-three percent of respondents agreed that BAPCPA’s restriction on attorney advice concerning a debtor’s acquisition of pre-petition debt is not unconstitutional on the surface. Twenty-seven percent “agreed strongly” and 6 percent “somewhat agreed” that §526(a)(4) is not unconstitutional. Seven percent of respondents did not know or had no opinion on the issue.
ABI members and members of the public were welcome to submit their response to the statement: “BAPCPA’s restriction on attorney advice concerning a debtor’s acquisition of pre-petition debt [sec 526(a)(4)] is not unconstitutional on its face. Hersh v. United States (5th Cir. 12/18/08).”
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 12,000 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.
Economic Recovery Retail Industry Distress and Employment Issues in Bankruptcy Among the Issues to be Discussed at ABIs Mid-Atlantic Bankruptcy Workshop
Contact: John Hartgen
(703) 739-0800
[email protected]
ECONOMIC RECOVERY, RETAIL INDUSTRY DISTRESS AND EMPLOYMENT ISSUES IN BANKRUPTCY AMONG ISSUES TO BE DISCUSSED AT ABI’s MID-ATLANTIC BANKRUPTCY WORKSHOP
April 29, 2009, Alexandria, Va. — Ten regional bankruptcy judges head the faculty for ABI’s Fifth Annual Mid-Atlantic Bankruptcy Workshop, to be held Aug. 6-8 at theHotel Hershey in Hershey, Pa. More than 250 attendees are expected to take part in the event, which brings together this region’s top insolvency professionals for three days of current developments and networking, with the opportunity to earn 7.0 CLE credits, including 1.0 hour of ethics.
Program co-chairs for the Mid-Atlantic Bankruptcy Workshop are Howard Brod Brownstein, CTP, of NachmanHaysBrownstein, Inc. (Narberth, Pa.), Heather Lennox of Jones Day (Cleveland) and Frank A. Monaco Jr. of Womble Carlyle Sandridge & Rice PLLC (Wilmington, Del.). The judicial co-chairs for the workshop are Bankruptcy Judges Kevin J. Carey (D. Del.; Wilmington) and Kathryn Preston (S.D. Ohio; Columbus).
One of the highlights of the conference will be Dr. Herbert E. Taylor, Vice President of the Federal Reserve Bank of Philadelphia, who will deliver insights into the banking and financial markets during a plenary session titled “Been Down So Long, It Looks Like Up to Me: The Economic Recovery.”
Concurrent sessions include:
Bankruptcy Judge Kevin Gross (D. Del.; Wilmington) will moderate the “Capital Markets: Making Bricks without Straw” session featuring panelists Derek C. Abbott of Morris, Nichols, Arsht & Tunnell LLP (Wilmington, Del.), Mark D. Collins of Richards, Layton & Finger, PA (Wilmington, Del.), Geraldine E. Ponto of Gibbons PC (Newark, N.J.) and J. Scott Victor of National City Capital Markets (West Conshohocken, Pa.).
The “Clean-up on Aisle 5: Retail Industry Reorganizations and Liquidations” session, moderated by Bankruptcy Judge Kevin R. Huennekens (E.D. Va.; Richmond), will include panelists Walter Jones of J.H. Cohn, LLP (Edison, N.J.), Stacey L. Meisel of Becker Meisel LLC (Livingston, N.J.), Deborah J. Piazza of Hodgson Russ LLP (New York) and David L. Pollack of Ballard Spahr Andrews & Ingersoll, LLP (Philadelphia).
Bankruptcy Judge Judith H. Wizmur (D. N.J.; Camden) will be joined by panelists Jamie L. Edmonson of Bayard, P.A. (Wilmington, Del.), H. Jason Gold of Wiley Rein LLP (Mc Lean, Va.), Raymond H. Lemisch of Benesch, Friedlander, Coplan & Aronoff LLP (Wilmington, Del.) and John K. Sherwood of Lowenstein Sandler PC (Roseland, N.J.) for the “After the Ball: Post-confirmation Issues” session.
The “Prove It! Evidence in Bankruptcy Proceedings” session will be moderated by Bankruptcy Judge Mary Ann Whipple (N.D. Ohio; Toledo) with panelists Robert S. Brady of Young Conaway Stargatt & Taylor, LLP (Wilmington, Del.), James S. Feltman of Mesirow Financial Consulting, LLC (Miami), John E. Lucian of Blank Rome LLP (Philadelphia) and Jeffrey C. Wisler of Connolly Bove Lodge & Hutz LLP (Wilmington, Del.).
Bankruptcy Judge Thomas P. Agresti (W.D. Pa.; Erie) will moderate the “Anything but Bankruptcy! Redux: Nonbankruptcy Alternatives” session featuring panelists M. Colette Gibbons of Schottenstein, Zox & Dunn Co., LPA (Cleveland), Mark A. Gittelman of PNC Bank, NA (Philadelphia), Camille W. Hill of Bond, Schoeneck & King, PLLC (Syracuse, N.Y.), Michael R. Lastowski of Duane Morris LLP (Wilmington, Del.) and Nancy A. Valentine of Hahn Loeser & Parks LLP (Cleveland).
The “Not So Fast! Creditor Committees Stake Their Claim” session, moderated by U.S. Trustee Roberta A. DeAngelis (Philadelphia), will include panelists Mark E. Felger of Cozen O'Connor (Wilmington, Del.), Edward T. Gavin, IV, CTP of NachmanHaysBrownstein, Inc. (Wilmington, Del.), Joshua T. Klein of Fox Rothschild LLP (Philadelphia) and Laurie Selber Silverstein of Potter Anderson & Corroon LLP (Wilmington, Del.).
“When Circuits Collide: Circuit Splits” will feature Bankruptcy Judges Kay Woods (N.D. Ohio; Youngstown), Jean K. FitzSimon (E.D. Pa.; Philadelphia), James M. Peck (S.D.N.Y.; New York) and Stephen S. Mitchell (E.D. Va.; Alexandria) on a panel moderated by Prof. David A. Skeel of the University of Pennsylvania Law School (Philadelphia).
“The Forgotten Faces: Employment Issues in Bankruptcy” session will be moderated by Bankruptcy Judge John J. Thomas (M.D. Pa.; Wilkes Barre) and include panelists Kenneth H. Brown of Pachulski Stang Ziehl & Jones LLP (San Francisco), Michael G. Busenkell of Womble Carlyle Sandridge & Rice PLLC (Wilmington, Del.), Robert Lapowsky of Stevens & Lee, PC (Philadelphia) and Richard F. Shaw of Jones Day (Pittsburgh).
Martha R. Hildebrandt of the Office of the U.S. Trustee (Newark, N.J.) will be joined by Bankruptcy Judge Richard E. Fehling (E.D. Pa.; Reading) and M. Stephanie Wickouski of Drinker Biddle & Reath LLP (New York) for the “Do Not Pass 'Go': Bankruptcy Crimes/Ethics” plenary session.
For more information about the Fifth Annual Mid-Atlantic Bankruptcy Workshop, call ABI at (703) 739-0800 or visit http://www.abiworld.org/MA09.
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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 12,000 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.
Podcast Features Scholars Rethinking the Goverments Muscular Role in Chryslers Bankruptcy
Podcast Features Scholars Rethinking the Government’s Muscular Role in Chrysler’s Bankruptcy
Issue: The Federal government has assumed an unprecedented role in engineering the Chrysler bankruptcy, altering the usual bargaining process and upsetting traditional procedures in chapter 11. Listen to a podcast featuring bankruptcy scholars examining the government’s role in Chrysler and what it suggests about the coming GM bankruptcy.
What: The podcast is available for free with a total run time of 42 minutes. To listen or download the podcast, please visit http://podcast.abiworld.org.
Who: Speakers on the podcast include:
- Prof. Mark Roe of Harvard Law School
- Prof. David Skeel of the University of Pennsylvania Law School
- Prof. Todd Zywicki of the George Mason University School of Law
Moderator: Sam Gerdano, ABI Executive Director
Background:
The Chrysler bankruptcy has many experts asking questions about the manner in which the federal government has inserted itself into the chapter 11 process. Is the government’s taxpayer-financed plan little more than a sham sale, and/or a violation of the Code’s absolute priority rule? Should the government have the power to pick the winners and losers among the stakeholders in the bankruptcy cases? Did it have to engineer the process this way because of the special circumstances of the industry and the crisis presented? And what is the future effect on lenders who now must weigh new potential risks of their investments?
Listen to a panel of bankruptcy scholars answering these questions about the government’s role in Chrysler and what it suggests about the coming GM bankruptcy. Visit http://podcast.abiworld.org to listen or download the podcast.
# # #
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 12,000 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 ABI World at http://www.abiworld.org. For additional conference information, visit http://www.abiworld.org/events/newevents.html.
New ABI Publication Provides In-Depth Analysis of Asset Sales under 363 of the Bankruptcy Code
Contact: John Hartgen
(703) 739-0800
[email protected]
NEW ABI PUBLICATION PROVIDES IN-DEPTH ANALYSIS OF ASSET SALES UNDER §363 OF THE BANKRUPTCY CODE
May 11, 2009 Alexandria, Va. — The American Bankruptcy Institute’s latest book, A Comparison Shopping Guide for 363 Sales, provides practitioners with an in-depth review and analysis of asset sales approved pursuant to §363 of the Bankruptcy Code. Written by Kelly K. Frazier of Steptoe & Johnson LLP (Los Angeles), the Guide analyzes more than 25 key provisions in purchase agreements approved in bankruptcy cases, including break-up fees, expense reimbursement, record retention and transition services. The book also provides an overview of a debtor's restructuring options and discusses the bankruptcy sale process, including the steps to a successful sale, the ability to sell assets free and clear of liens and other interests, the assumption and assignment of executory contracts as part of the sale, the availability of an exemption from certain taxes, and other key issues to consider when deciding whether to buy assets or equity interests through a §363 sale.
Members of the press interested in interviewing the author should contact John Hartgen at 703-894-5935 or [email protected]. The 284-page softbound Guide includes a CD-Rom of Appendices and Exhibits, and is available for pre-order ($50 ABI members; $75 non-members) at ABI's Online Bookstore. Click here to order. 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 12,000 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 Endowment to Fund Study to See Whether BAPCPA Has Substantially Increased Consumer Bankruptcy Filing Costs
Contact: John Hartgen
(703) 739-0800
[email protected]
ABI ENDOWMENT TO FUND STUDY TO SEE WHETHER BAPCPA HAS SUSBSTANIALLY INCREASED CONSUMER BANKRUPTCY FILING COSTS
May 29, 2009, Alexandria, Va. — The American Bankruptcy Institute Endowment Fund has awarded an initial $82,500 grant to Professor Lois R. Lupica, the Maine Law Foundation Professor at the University of Maine School of Law, to examine whether the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) has substantially increased the costs of accessing the bankruptcy system for consumer debtors and their creditors. Many experts and advocates have expressed concern that BAPCPA has significantly raised costs for consumer debtors and their creditors since its enactment in October 2005 because of the additional fees and conditions that must be met for a consumer to file and receive a discharge from bankruptcy.
BAPCPA mandated that consumers looking to file for bankruptcy must first enroll in credit counseling from an approved counselor 180 days prior to filing. Once the credit counseling requirement is met, consumers must pay a filing fee of $299 for a chapter 7 case and $274 for a chapter 13 case, in addition to any lawyer’s fees. Some courts also impose an additional administrative fee. Once a debtor has filed for bankruptcy, he or she must also pay for a financial-management course prior to receiving a discharge. The court may waive the filing fee in a chapter 7 case if a debtor’s income is below specified levels and the court finds that the debtor cannot pay the filing fee in installments. As job-loss numbers and consumer bankruptcy filings continue to increase in the current economic downturn, BAPCPA’s opponents are continuing to raise arguments that the 2005 bankruptcy law changes made consumer bankruptcy more expensive, more time-intensive and less effective for the consumers who use it.
Prof. Lupica, a former ABI Resident Scholar, will conduct a pilot study of select districts to see whether data from consumer bankruptcy case files show that BAPCPA made the costs of consumer bankruptcy substantially more expensive. Data will be collected with respect to distributions to creditor classes, trustee fees, debtor’s counsel fees and other costs and expenses (such as credit counseling, filing fee and post-filing financial management), and will take into account local rules and orders of the sample districts. The results of the pilot study will be released at ABI’s 2009 Winter Leadership Conference, Dec. 3-5 in La Quinta, Calif. Prof. Lupica will then engage in a full-scale national study on consumer bankruptcy expenses in early 2010, with a targeted completion date of Winter 2011.
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 over $900,000 in grants and scholarships.
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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 12,000 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.