Respondents Closely Divided on Whether a Bankruptcy Attorney Violates Professional Conduct Rules by Paying a Fee to a Bankruptcy-Help Web Site Directing Consumers Only to the Services of Those Paying Professionals
Contact: John Hartgen
(703) 739-0800
[email protected]
RESPONDENTS CLOSELY DIVIDED ON WHETHER A BANKRUPTCY ATTORNEY VIOLATES PROFESSIONAL CONDUCT RULES BY PAYING A FEE TO A BANKRUPTCY-HELP WEB SITE THAT DIRECTS CONSUMERS ONLY TO THE SERVICES OF THOSE PAYING PROFESSIONALS
January 12, 2010, Alexandria, Va. — Respondents were closely divided in a recent ABI Quick Poll on whether a bankruptcy attorney violates the rules of professional conduct by paying a fee to a Web site that directs consumers in need of bankruptcy services exclusively to professionals paying for access to the site. Forty-seven percent thought that attorneys paying a fee to such a site were in violation of the rules of professional conduct, while 45 percent disagreed.
Of those respondents that agreed that an attorney paying a fee to such a Web site is in violation of the rules of professional conduct, 34 percent “strongly agreed” while 13 percent “somewhat agreed.” Conversely, 29 percent of respondents “strongly disagreed” that an attorney violates professional conduct rules for paying a fee to such a Web site, and 16 percent “disagreed somewhat.” Five percent of respondents did not know about the issue or had now opinion.
ABI members and members of the public were welcome to submit their response to the statement: “A bankruptcy attorney’s payment of a fee to a Web site that directs consumers in need of bankruptcy services exclusively to those paying the fee violates the rules of professional conduct.”
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 12,400 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 Releases Comprehensive Commercial Fraud Manual
Contact: John Hartgen
(703) 739-0800
[email protected]
ABI RELEASES COMPREHENSIVE COMMERCIAL FRAUD MANUAL
January 21, 2010 Alexandria, Va. — The American Bankruptcy Institute has released Commercial Fraud Manual, which provides the framework and vocabulary necessary to understand, confront and defeat commercial fraud issues. A special project of the American Bankruptcy Institute’s Commercial Fraud Task Force, the Manual was written by Eugene S. Becker of Becker Law, Margaret Daley of Duff & Phelps, LLC, Daniel F. Dooley of MorrisAnderson & Associates, Ltd., Michael Goldman of Michael Goldman & Associates, LLC, Richard S. Lauter of Freeborn & Peters LLP, David P. Leibowitz of the Lakelaw/Leibowitz Law Center and Eric S. Rein of Dykema Gossett PLLC. The Manual explains different types of fraud, the mechanics of forensic investigations and computer forensics, the legal response to fraud and international fraud remedies, concluding with a discussion of the major fraud cases in 2009.
Members of the press interested in interviewing any of the authors should contact John Hartgen at 703-894-5935 or [email protected]. The 174-page softbound Commercial Fraud Manualis available for pre-order ($35 ABI members; $55 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 12,400 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.
Professor Juliet M. Moingiello to Serve as Spring 2010 ABI Resident Scholar
Contact: John Hartgen
703-894-5935
[email protected]
PROFESSOR JULIET M. MORINGIELLO TO SERVE AS SPRING 2010 ABI RESIDENT SCHOLAR
January 11, 2010, Alexandria, Va. — Prof. Juliet M. Moringiello, Professor of Law at Widener University School of Law, will serve as the Robert M. Zinman ABI Resident Scholar for the Spring 2010 Semester. An editorial board member of ABI’s Law Review, Prof. Moringiello specializes in a number of areas of law including bankruptcy, commercial law and electronic commerce. Prof. Moringiello will serve in ABI's Alexandria, Va., office, assisting ABI with its educational programming and in its role as the authoritative source of bankruptcy information for Congress, the media and the public.
Prof. Moringiello teaches a dynamic range of subjects at Widener Law School, including courses on bankruptcy, property, secured transactions, payment systems and electronic commerce and sales. For her work in the areas of bankruptcy, commercial law and electronic commerce, Prof. Moringiello was honored by the Widener Law School in 2006 with the Douglas E. Ray Excellence in Faculty Scholarship Award. She has also taught as a visiting professor at the University of Georgia, Loyola University Chicago, the University of Pittsburgh, the University of Maryland, the Dickinson School of Law of the Pennsylvania State University and the Universite de Paris X in Nanterre, France.
Prof. Moringiello is an active member of the American Bar Association’s (ABA) Business Law Section and the Association of American Law Schools (AALS). She is a former member of the ABA’s editorial boards of The Business Lawyer and Business Law Today and is editor of The Business Lawyer's annual survey of cyberspace law. She is also a former co-chair of the International Coordinating Committee of the ABA Business Law Section. During the 2003-04 academic year, Prof. Moringiello was chair of the AALS Section of Commercial and Related Consumer Law.
Active in a number of law reform activities, Prof. Moringiello is an elected member of the American Law Institute and is chair of the Pennsylvania Bar Association's Uniform Commercial Code Committee. In 2007, the Pennsylvania Bar Association honored her with a Special Achievement Award for her work in the Uniform Commercial Code enactment process.
Prof. Moringiello received her bachelor’s degree from the Georgetown University School of Foreign Service in 1984, her J.D. from Fordham University School of Law in 1987 and her LL.M. from Temple University School of Law in 1993. She is admitted to practice law in New York and Pennsylvania.
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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 12,400 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.
University of Texas Takes Top Honors at Duberstein Competition
Contact: John Hartgen
[email protected]
703-894-5935
UNIVERSITY OF TEXAS TAKES TOP HONORS AT DUBERSTEIN COMPETITION
March 17, 2010 Alexandria, Va. — Students from the University of Texas-Austin earned top honors at the 18th Annual Conrad B. Duberstein National Bankruptcy Moot Court Competition, sponsored by the American Bankruptcy Institute and St. John’s University School of Law. Two teams of students from UT won both first and second place, and UT students also won the best written brief competition. A team from the University of Miami took third place overall, while a team from Texas Tech Law School finished in fourth place. Other top briefs were submitted by students from the University of Alabama, the University of Miami and the University of Houston. The top oralist award went to a student at Southern Methodist University. The ABI Endowment Fund provides cash awards to the winning participants, while St. John’s provides plaques.
The Duberstein Competition, named for the late Judge Conrad B. Duberstein – a St. Johns alumnus and former ABI Director -- has grown into the largest appellate moot court in the nation, with nearly 50 teams from 35 participating law schools. The final rounds are held at the recently-renamed Duberstein Federal Courthouse in Brooklyn, N.Y. Many of the teams are coached by ABI practitioners or academic members. More than 100 practitioners donated many hours serving as early round judges or graders of written briefs. This year’s case problem was pulled from today’s headlines involving Ponzi scheme bankruptcies, and raised two questions: whether a sophisticated investor who becomes suspicious and withdraws funds is denied the protection provided to good-faith transferees, and whether a bankruptcy trustee can waive an individual debtor’s attorney/client privilege. The competition is directed by Prof. G. Ray Warner, Associate Dean for Bankruptcy Studies at St. John’s and a member of the ABI Board of Directors.
The final round bench consisted of federal appeals court judges R. Guy Cole (6th Circuit), Steven Colloton (8th Circuit), Gerald Tjoflat (11th Circuit) and Wallace Tashima (9th Cir), along with bankruptcy judges Carla Craig (Chief Judge, E.D.N.Y.) and Stuart Bernstein (S.D.N.Y.). More than two dozen bankruptcy judges from around the country served on the quarter-final and semi-final rounds as judges.
More than 1,000 insolvency professionals attended the awards gala, held at Pier 60 in Manhattan. The dinner has become the New York insolvency event of the year. Judge Burton R. Lifland (S.D.N.Y.) was honored for his 30 years of service on the bench as jurist, scholar and innovator.
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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 12,400 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 Northeast Bankruptcy Conference to Examine Key Issues in Insolvency July 8-11
Contact: John Hartgen
703-894-5935
[email protected]
MORTGAGES, PENSIONS, PRE-PACKAGED CHAPTER 11’s AND RECENT SUPREME COURT BANKRUPTCY DECISIONS TO BE DISCUSSED AT ABI’S POPULAR NORTHEAST BANKRUPTCY CONFERENCE AND NORTHEAST CONSUMER FORUM ON JULY 8-11
March 31, 2010, Alexandria, Va. –More than 400 practitioners will join a 14-judge faculty at ABI’s 17th Annual Northeast Bankruptcy Conference, July 8-11 at the Ocean Edge Resort in Brewster, Mass. 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. Co-chairs for the Northeast Bankruptcy Conference are Michael J. Epstein of CRG Partners Group LLC (Boston) and Francis C. Morrissey of Morrissey, Wilson & Zafiropoulos (Boston). Bankruptcy Judge Joel B. Rosenthal (D. Mass.; Worcester) is the judicial chair.
Topics to be discussed at the Northeast Bankruptcy Conference include:
- Real Estate Loan Enforcement and Workouts in a Securitized World
- The Assault on the Secured Creditor
- Current Controversies in Bankruptcy Sales
- Is the PBGC Next? Retirement Plans and the Chapter 11 Debtor
- Need for Speed: Pre-Packaged and Pre-Negotiated Plans
For a list of speakers and more information on the programs at the Northeast Bankruptcy Conference, please visit http://www.abiworld.org/NE10/schedule.html.
In conjunction with the Northeast Bankruptcy Conference, ABI’s Fifth Annual Northeast Consumer Forum will be held July 8-10 and will 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:
- Mortgages! Mortgages! Mortgages!
- The Supreme Court Takes On Consumer Bankruptcy (and the Unintended Consequences)
- Individual Chapter 11s Are Not Just Big Chapter 13s
For a list of speakers and more information on the programs at the Northeast Consumer Forum, please visit http://www.abiworld.org/NE10/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 more than 12,600 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.
ABIs Ninth Annual Litigation Skills Symposium Provides Invaluable Trial Instruction to Insolvency Practitioners
Contact: John Hartgen
[email protected]
703-894-5935
ABI’S NINTH ANNUAL LITIGATION SKILLS SYMPOSIUM PROVIDES INVALUABLE TRIAL INSTRUCTION TO INSOLVENCY PRACTIONERS
March 1, 2010, Alexandria, Va. — The American Bankruptcy Institute and Tulane University Law School present the Ninth Annual Litigation Skills Symposium at the Tulane Law School in New Orleans from May 11-14, 2010. The four-day Symposium features an expert faculty demonstrating the specific advocacy skills necessary to be an effective insolvency practitioner. Participants work in small groups; their performances are videotaped and then evaluated by the faculty, who provide invaluable feedback on technique, style and strategy. The Symposium also features a final-day mock trial to be held at the Hale Boggs Federal Courthouse. Enrollment is limited to the first 24 registered practitioners to maximize the learning experience. Six additional spots are open for the first financial experts who register for the program. These financial experts will receive invaluable training on how to be an effective witness and will put their newfound skills to work during the final trial. Approximately 18.25 hours of CLE/CPE credit are available.
Lecture and demonstration topics will include:
- Introduction to Bankruptcy Litigation and Trial Preparation
- Direct Examination and Introducing Evidence
- Cross Examination of Expert and Lay Witnesses
- Art of Persuasion/Trial Techniques to Win Your Case
- Tactics and Strategies
- Litigation Ethics and Professional Responsibility
To find out more about ABI’s Ninth Annual Litigation Skills Symposium, please visit http://www.abiworld.org/LS10.
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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 12,400 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.
Winter Issue of the ABI Law Review Includes Feature on Alternative Dispute Resolution
Contact: John Hartgen
[email protected]
703-894-5935
WINTER ISSUE OF THE ABI LAW REVIEW FEATURES ALTERNATIVE DISPUTE RESOLUTION, MULTIPLE CLAIMS, FIDUCIARY RESPONSIBILITY OF DIP AND COMMITTEE COUNSEL AND MUCH MORE
March 4, 2010, Alexandria, Va. — The American Bankruptcy Institute (ABI) Winter 2009 Law Review (Volume 17, No. 2) features eleven articles and one student thesis that examine a number of timely insolvency topics. The articles cover such issues as multiple claims, issues surrounding the chapter 13 estate and the fiduciary responsibility of the debtor-in-possession. The issue also contains a set of feature articles looking at alternative dispute resolution in the bankruptcy process.
Winter Issue articles include:
- “Multiple Claims, Ivanhoe and Substantive Consolidation” by Daniel J. Bussel of Klee, Tuchin, Bogdanoff & Stern LLP (Los Angeles)
- “The Chapter 13 Estate and Its Discontents” by Prof. David Gray Carlson of Yeshiva University, Cardozo Law School (New York)
- “Are DIP and Committee Counsel Fiduciaries for Their Clients’ Constituents or the Bankruptcy Estate? What Is a Fiduciary, Anyway?” by Susan M. Freeman of Lewis and Roca LLP (Phoenix)
Articles for the “Alternative Dispute Resolution Meets Bankruptcy: Cross-purposes or Cross-pollination?” series include:
- An introduction to the Alternative Dispute Resolution series by attorney Elayne E. Greenberg
- “Some Reflections from the Bench on Alternative Dispute Resolution in Business Bankruptcy Cases” by Bankruptcy Judge Elizabeth S. Stong (E.D.N.Y., Brooklyn)
- “The Uses of Mediation in Chapter 11 Cases” by Prof. Ralph Peeples of Wake Forest University School of Law (Winston-Salem, N.C.)
- “You’ve Got Your Mother’s Laugh: What Bankruptcy Mediation Can Learn from the Her/History of Divorce and Child Custody Mediation” by Prof. Nancy A. Welsh of the Penn State University Dickinson School of Law (Carlisle, Pa.)
- “The Third Way: Mediation of Products Claim in the Piper Aircraft Trust” by Prof. William J. Woodward Jr. of Temple University
- “Bankruptcy Law’s Treatment of Creditors’ Jury Trial and Arbitration Rights” by Prof. Stephen J. Ware of the University of Kansas School of Law
- “Limiting Litigation over Arbitration in Bankruptcy” by Prof. Marianne B. Culhane of the Creighton University School of Law
- “Arbitration, Bankruptcy, and Public Policy: A Contractarian Analysis” by Prof. Paul F. Kirgis of St. John's University School of Law
- “Conclusion: We Can Work It Out: Entertaining a Dispute Resolution System Design for Bankruptcy Court” by Elayne E. Greenberg
The student thesis examines whether §1141(d)(6) of the Bankruptcy Code will have a negative effect on corporate chapter 11 reorganizations by rendering SEC claims non-dischargeable.
ABI’s Law Review, published in conjunction with St. Johns University School of Law in Jamaica, N.Y., is among the most cited and respected scholarly publications in the bankruptcy community. It has the largest circulation of any bankruptcy law review. Past issues of the Law Review have focused on a variety of timely insolvency topics, including distressed sectors, single-asset cases, consumer bankruptcy, the revised Article 9 of the Uniform Commercial Code and other topics.
Members of the press looking to obtain a copy of the Winter 2009 issue should contact John Hartgen at 703-894-5935 or [email protected].
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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 12,400 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 New York City Bankruptcy Conference to be Held May 24
ABI's POPULAR NEW YORK CITY BANKRUPTCY CONFERENCE TO BE HELD MAY 24
February 23, 2010 Alexandria, Va.-- The American Bankruptcy Institute's (ABI) twelfth annual New York City Bankruptcy Conference is scheduled for May 24 at the New York Marriott Marquis in New York City. The day-long conference brings together a faculty of New York bankruptcy judges with practitioners from the top national insolvency firms in New York City to discuss timely issues related to bankruptcy. The workshops and plenary sessions offer 7 hours of CLE credit, including 1.25 hours of ethics.
Jay M. Goffman of Skadden, Arps, Slate, Meagher & Flom LLP, Glenn E. Siegel of Dechert LLP and Todd R. Snyder of Rothschild, Inc. are the programs chairs for the conference. Bankruptcy Judge James M. Peck (S.D.N.Y.) serves as the judicial chair.
New to this year?s New York City Bankruptcy Conference is a special 'Bankruptcy 101' session for members of the media. The session, featuring a panel of bankruptcy experts and moderated by ABI Executive Director Sam Gerdano, will provide members of the media with tips and insights on covering bankruptcy issues, including large corporate bankruptcies, consumer bankruptcies and filing trends.
'Nuts & Bolts: Bankruptcy Fundamentals for Young Practitioners,' a separate program on bankruptcy fundamentals for practitioners new to the bankruptcy arena, will be offered again this year. The program, chaired by Ira L. Herman of Thompson & Knight LLP, will be held on May 21 at the U.S. Bankruptcy Court of the Southern District of New York, located at the Alexander Hamilton U.S. Custom House in New York City.
A Judges' Roundtable, moderated by Bankruptcy Judge James M. Peck (S.D.N.Y.), will feature a panel of bankruptcy judges from the Southern and Eastern Districts of New York discussing current developments.
Conference sessions will cover a broad range of timely bankruptcy topics. Some of the featured panel sessions include:
* Government's Growing Role in Bankruptcy and Restructuring: How Much Is Too Much?
* DIP/Exit Financing Trends
* The Pluses and Minuses of Expedited Restructurings
* FDIC/Bank Holding Company Issues
* Securitization and Real Estate
* Trends in Bankruptcy Litigation
* SIPA Liquidations and Ponzi Schemes
To view the full schedule with the session speakers listed, please click here:
http://www.abiworld.org/NY10/schedule.html
All New York City Bankruptcy Conference attendees will receive a complimentary copy of ABI's Bankruptcy Business Acquisitions, Second Edition-- a $282 value!
Press interested in attending the New York City Bankruptcy Conference should contact ABI Public Affairs Manager John Hartgen at (703) 894-5935 or [email protected].
For more information about the New York City Bankruptcy Conference, call ABI at (703) 739-0800 or view conference details at http://www.abiworld.org/NY10.
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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 over 12,400 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.
March Consumer Bankruptcy Filings Reach Highest Monthly Total Since 2005 Bankruptcy Overhaul
Contact: John Hartgen
703-894-5935
[email protected]
MARCH CONSUMER BANKRUPTCY FILINGS REACH HIGHEST MONTHLY TOTAL SINCE 2005 BANKRUPTCY OVERHAUL
April 2, 2010 Alexandria, Va. —The 149,268 consumer bankruptcies filed in March represented the highest monthly consumer filing total since Congress overhauled the Bankruptcy Code in 2005, according to the American Bankruptcy Institute (ABI) relying on data from the National Bankruptcy Research Center (NBKRC). The March filing total represented a 34 percent increase from the February filing total of 111,693 and a 23 percent increase from March 2009 total of 121,413. Chapter 13 filings constituted 25 percent of all consumer cases in March, representing a 2 percent decrease from February.
“The sustained economic pressures of unemployment coupled with high pre-existing debt burdens are a formula for consumer filings to surpass 1.5 million filings,” said ABI Executive Director Samuel J. Gerdano. “As consumers continue to look to bankruptcy for financial shelter, annual filings will likely equal those averaged in the years leading up to the Bankruptcy Abuse Prevention and Consumer Protection Act of 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 12,600 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.
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.
New in the ABI Bookstore Municipalities in Peril The ABI Guide to Chapter 9
Contact: John Hartgen
[email protected]
703-894-5935
NEW IN THE ABI BOOKSTORE: MUNICIPALITIES IN PERIL: THE ABI GUIDE TO CHAPTER 9
March 5, 2010 Alexandria, Va. — The American Bankruptcy Institute has released Municipalities in Peril: The ABI Guide to Chapter 9, which provides a resource to insolvency professionals addressing relevant issues and the many unique problems that arise under chapter 9. Cities and other local governments are under unprecedented financial stress, burdened with massive infrastructure costs as well as often-crushing employee compensation and benefits obligations at a time of declining sales and property tax revenues. Authored by H. Slayton Dabney, Jr. of King & Spalding LLP, Patrick Darby of Bradley Arant Boult Cummings LLP, Daniel G. Egan of King & Spalding LLP, Marc A. Levinson of Orrick, Herrington & Sutcliffe LLP and George B. South III of DLA Piper, the Guide addresses such issues as eligibility requirements, pros and cons of filing, and pre-filing considerations through case administration, confirmation and beyond.
Commentators predict levels of municipal insolvency unmatched since the Great Depression. Municipalities must conduct their business in public, and are subject to intense scrutiny, so even the hint of a potential chapter 9 filing may have a devastating effect on their credit ratings. Many cities, counties, hospital districts and tax districts may be forced to consider seeking bankruptcy relief. Chapter 9 differs from the other reorganization chapters of the Bankruptcy Code because municipality debtors are different from other debtors, with special rules and practices for fundamental issues of governance, credit and debt adjustment. The Guide includes a convenient summary of all state statutes authorizing (or not authorizing) municipalities to seek chapter 9 relief and a comparison of key features of chapter 9 and chapter 11. It is a must-have for bankruptcy professionals contemplating entering a burgeoning practice area, and is an excellent resource for municipal finance personnel and counsel.
Members of the press interested in interviewing any of the authors should contact John Hartgen at 703-894-5935 or [email protected]. The 130-page softbound Municipalities in Peril: The ABI Guide to Chapter 9 is available for pre-order ($25 ABI members; $35 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 12,400 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.