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Clinton Still Opposed to Bankruptcy Reform Bill, Willing to
Veto
Senate Majority Leader Lott (R-Miss.) indicated late Tuesday that, based
on discussions with the President Clinton, the administration is still
opposed to the current version of the Bankruptcy Reform Bill (H.R. 833)
and is willing to veto it, the Commercial Law League of America
reported. Lott also stated that he is 'not very optimistic' about the
bill and Democrats' willingness to compromise. One of the sticking
points is Senator Schumer's (D-N.Y.) amendment to make non-dischargeable
any bankruptcy debt related to abortion clinic violence. Schumer's
language was initially held up on the Senate floor when it was offered
as an amendment and was subsequently allowed to proceed by Republicans
on the thought that it would be a later 'throwaway' item.
Also on Tuesday and in response to the bankruptcy of Toysmart.com,
Senators Leahy (D-Vt.) and Torricelli (D-N.J.) introduced a bill to
protect the privacy of persons who filed for bankruptcy. The Privacy
Policy Enforcement in Bankruptcy Act of 2000 (bill number is not yet
available) prohibits the sale of personally identifiable information
held by a failed business if such sale would violate a privacy rule
existing when the information was collected. The bill is intended to
thwart failed Internet firms from selling customer databases, despite
having a company privacy policy, when the business is in bankruptcy. It
is believed the Democratic Senators will try to include the provision in
any final bankruptcy reform package.
United Companies Receives Approval for Disclosure Statements,
Voting Solicitation Procedures
United Companies Financial Corp. announced yesterday that, in connection
with the chapter 11 cases of United Companies and certain of its
subsidiaries, the U.S. Bankruptcy Court for the District of Delaware
approved the debtors' disclosure statement, the equity committee's
disclosure statement, and solicitation procedures and form of ballots in
connection with both the debtors' and the equity committee's second
amended reorganization plans, according to a newswire report. The Baton
Rouge, La.-based corporation is a specialty finance company that
historically provided consumer loan products nationwide and currently
provides loan services through its lending subsidiary, UC Lending®.
It was announced that the company and certain subsidiaries signed an
asset purchase agreement and a mortgage loan and REO property purchase
agreement for the sale of substantially all of its whole loan portfolio
and REO properties, assets related to its mortgage servicing operations
and its interest and residual interests as of Dec. 31, 1999, to EMC
Mortgage Corp. and EMC Mortgage Acquisition Corp., subsidiaries of The
Bear Stearns Companies Inc., for a cash purchase price of approximately
$781 million plus the assumption of certain liabilities.
SNH Announces Approval of its Agreements with Mariner and
Integrated
Senior Housing Properties Trust yesterday announced that the bankruptcy
courts supervising the chapter 11 proceedings by Mariner and Integrated
approved its agreements with Mariner Post-Acute Networks Inc. and
Integrated Health Services Inc., according to a newswire report. Senior
Housing Properties Trust owns nursing homes and senior living properties
located throughout the United States. A spokesman for the Newton,
Mass.-based real estate investment trust said the approvals are an
important step in implementing the settlement agreements with Mariner
and Integrated. Full implementation of the settlement agreements is
still contingent on state licensing and other regulatory approvals for
SNH subsidiaries to operate the facilities formerly leased by SNH to
Mariner and Integrated. David J. Hegarty, president of SNH, said, 'We
expect that licensing of SNH subsidiaries to operate these properties to
take between 30 and 90 days depending upon the procedures in the
different states in which these facilities are located. In the interim,
now that the court has approved these agreements, we will begin to take
a more active role in the management of operations at these properties
and expect that the turnaround process will begin.'
Spatial's Planet CAD Unit Buys Prescient Tech for $1.4
Million
Spatial Inc.'s PlanetCAD unit announced yesterday that it acquired
financially troubled Prescient Technologies Inc. in a cash and stock
deal valued at about $1.4 million, according to a newswire report. In a
press release Thursday, Spatial, a Boulder, Colo.-based Web technology
company, said the acquisition of the software engineering company was an
asset purchase, and the company will issue Prescient between 300,000 and
350,000 shares of Spatial stock and $100,000 cash. The deal was delayed
for 45 days after Stone & Webster, Prescient's parent company, filed
for bankruptcy.
Energy America Acquires 50,000 Gas Customers from Titan
Energy
Energy America, one of Georgia's leading energy marketers, announced
yesterday that it has acquired 50,000 residential and small-business
customers from Titan Energy of Georgia, which declared bankruptcy and
solicited bids for its customer base, in a transaction valued at $2.5
million, according to a newswire report. Based in Stamford, Conn., with
offices in Georgia, Energy America is a joint venture between Sempra
Energy, a Fortune 500 energy services holding company, and Direct Energy
Marketing Ltd., Canada's largest independent natural gas marketing
company.
Bankruptcy Exchange and Auction Market Announces Web Site Launch
at ABI's Northeast Conference
At ABI's Northeast Bankruptcy Conference currently being held in
Newport, R.I., the Bankruptcy Exchange and Auction Market (BEAM)
announced the launch of its new business-to-business Web site dedicated
to the bankruptcy industry, according to a newswire report. The
Cambridge, Mass., company said that it has created an information
network for bankruptcy professionals that provides quick and easy access
to bankruptcy information for attorneys, credit officers, the judiciary,
trustees, debtors and creditors. Currently, BEAM has the files on all
the open chapter 11 cases in the First Judicial Circuit; the rest of New
England and the remainder of the country are being added and will be
updated daily. Features offered by BEAM include a bulletin board, chat
room, current updates on cases, industry news, selected audio tapes of
creditor's meetings, overview and commentary on all cases to date, and
links to all related bankruptcy information sources. To visit the site,
go to www.beamweb.com.
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