Puerto Rico

HEDGE FUNDS ARE A HOLDOUT IN FED'S PLAN TO PREVENT THE NEXT LEHMAN

The Federal Reserve, Federal Deposit Insurance Corp. and Bank of England have met with representatives for hedge funds such as Citadel LLC, D.E. Shaw & Co., BlackRock Inc. and Pacific Investment Management Co. to try to persuade them to wait before canceling contracts with a collapsing lender, Bloomberg News reported yesterday. The purpose is to give regulators a bit more time to resurrect a failed bank so that the derivative trades and lending arrangements that underpin the global financial system don’t have to be terminated. Money managers who account for trillions of dollars of swaps trades are resisting, because they’re concerned that giving up their right to quickly kill contracts with a bankrupt firm could stick them with losses and violate a requirement that they act in their investors’ best interests. "What you're giving up is, in many cases, not your own money; it's your client’s money," said Darrell Duffie, a finance professor at Stanford University who has studied derivatives markets. Late last year, regulators resolved the issue for an estimated 90 percent of the swaps market when they persuaded the International Swaps and Derivatives Association to change its legal documents for transactions directly between banks. Under that agreement with the industry's main standard-setter for derivatives, lenders will wait as long as 48 hours before pulling collateral from failed lenders and canceling transactions. Read more.

ANALYSIS: LEHMAN CASE SHOWS BLURRED LINES ON REPOS

In a little-noticed recent opinion, a distressed-debt trader came awfully close to undermining the basis for the repo safe harbors, according to a commentary by Prof. Stephen Lubben in the New York Times DealBook blog. However, the U.S. Court of Appeals for the Second Circuit blocked that possibility. The case arose out of the liquidation that is dealing with Lehman's brokerage subsidiary. In 2000 and 2001, Doral Financial of Puerto Rico entered into a repo agreement with Lehman whereby Doral could "sell" various securities to Lehman in exchange for cash. Doral promised to buy back those securities at a set point in the future, for slightly more than the cash it had received from Lehman. Nonetheless, under both the Bankruptcy Code and the Securities Investor Protection Act, repo transactions are not treated like ordinary secured loans. They are exempt from the automatic stay and other features of normal insolvency law. In the case before the circuit court, Doral wanted to retrieve securities that it had given to Lehman when the Wall Street firm failed. But Doral ultimately sold whatever claims it had against the Lehman estate to distressed-debt investors. The investors in turn wanted to argue that Doral had been a customer of Lehman’s brokerage subsidiary. The appeals court noted that Doral had signed a contract saying that it was transferring full title to Lehman. It's hard to argue that Lehman was nonetheless holding the securities in trust, according to Lubben. Read more.

STUDENT LOANS MAY BE DRIVING THE TUITION EXPLOSION

A report by the Federal Reserve Bank of New York said that the surging cost of U.S. college tuition has an unlikely culprit: the generosity of the government’s student-aid program, Bloomberg News reported today. Increases in federal loans, meant to help students cope with rising costs, are quickly eaten up by schools with higher prices, wrote David O. Lucca, Karen Shen and Taylor Nadauld. Private colleges raise their tuition 65 cents for every dollar increase in federal subsidized loans and 55 cents for Pell grants given to low-income students, according to the report. College tuition has outstripped U.S. inflation for decades. “The subsidized loan effect on tuition is most pronounced for expensive, private institutions that are somewhat, but not among the most, selective,” they wrote in a paper released this month. The premise, raised in 1987 by former Education Secretary William Bennett, is more pronounced today as the sticker price of college has increased to $65,000 annually at some private schools. About two-thirds of undergraduates take out loans to fund their education. Outstanding student debt is now more than $1.36 trillion, according to the Federal Reserve Bank. Read more.

Click here to read the full study.

U.S. CONSUMER CREDIT CLIMBS 5.7 PERCENT IN MAY

American consumers increased credit by an annualized 5.7 percent pace in May, mainly to buy cars and trucks and pay for college loans, MarketWatch.com reported yesterday. Consumers increased their debt by a seasonally adjusted $16.1 billion in May, the Federal Reserve said yesterday. Credit had climbed at a 7.6 percent annual pace in April, 7.6 percent in March and 5.4 percent in February. The amount of credit taken out by consumers has risen every month since August 2011. Nonrevolving credit that involves longer-term debt such as federal student loans jumped 7 percent. Credit card debt rose a much smaller 2.1 percent after an 11.5 percent spike in April. Read more.

MISS THE SPECIAL PRESENTATION AT ABI'S CROSS-BORDER PROGRAM FOCUSING ON BRAZIL'S PETROBRAS SCANDAL AND ECONOMIC DISTRESS? WATCH NOW!

ABI's Cross-Border Program on June 18 featured a special Bloomberg "Eye on Bankruptcy" Presentation featuring Bloomberg's Bill Rochelle, Fabio Vassel of Banco Brasil Plural and Luis DeLucio of Alvarez & Marsal discussing the Brazilian Petrobras bribery and corruption scandal. The case has had wide-ranging effects on Brazilian companies, from the criminal prosecution of corporate executives and government officials to open-ended prohibitions on future contracts with Petrobras and, in some instances, fines of millions of reals. Watch the video to gain insight on how the current economic and political landscape is likely to impact Brazilian companies, lenders and investors in the years to come.

NEXT THURSDAY: CASES AND ISSUES SURROUNDING "MAKE-WHOLE" PROVISIONS TO BE DISCUSSED ON ABI'S UTC COMMITTEE CALL

All members are welcome to join a special presentation on July 16 of ABI's Unsecured Trade Creditors Committee examining "make-whole" provisions in bankruptcy. While lenders have relied on the protections of make-whole provisions in their loan agreements in the voluntary-redemption context for years, what happens when a borrower files for bankruptcy and challenges the enforceability of such provisions in the bankruptcy context? What specific language do bankruptcy courts require to ensure enforceability? What strategies have creditors and creditors’ committees employed to challenge these provisions? Jon Pearson and Christine Barba of Ballard Spahr LLP will answer these questions and examine recent important decisions in Momentive Performance Materials, Inc. and Energy Future Holdings. Corp, et al. To join the UTC Committee teleconference on July 16 at 4 p.m. ET, please utilize the following dial-in:

Phone: (712) 432-1500
PIN: 6 9 2 9 3 3

ABI WORKSHOP TO FEATURE BANKRUPTCY JUDGES EXAMINING COMMISSION RECOMMENDATIONS ON RESOLVING COURT SPLITS

Which Chapter 11 Reform Commission recommendations are most likely to be well received by judges? The 2015 Bankruptcy Judges Roundtable, an ABI Workshop, will take place at ABI headquarters on Aug. 4 to examine the Chapter 11 Reform Commission's recommendations on resolving court splits. The Commission identified more than 30 splits in case law on important bankruptcy issues. Attend the program from 3:00-4:30 p.m. ET in person or via live webstream to hear five bankruptcy judges discuss the recommendations and issues surrounding the court splits. Speakers on the program are Bankruptcy Judges Dennis R. Dow (D. Mo.), Bruce A. Harwood (D. N.H.), Barbara J. Houser (N.D. Texas), C. Ray Mullins (N.D. Ga.) and Eugene R. Wedoff (N.D. Ill.). ABI will seek 1.5 hours of general CLE credit in 60-minute-hour states and 1.5 hours of credit in 50-minute-hour states for the program. A networking reception will follow from 5-7 p.m. ET for in-person attendees, and registration for just the reception is also available. Click here to register.

NEW CASE SUMMARY ON VOLO: JONES, JR. V. CASTELLUCCI (10TH CIR.)

Summarized by Lars Fuller of BakerHostetler

The Tenth Circuit affirmed the district court's (D. Colo.) grant of summary judgment in favor of the plaintiff and the district court's denial of post-judgment motion to reconsider. The Tenth Circuit agreed that the disputed term in the settlement agreement did require defendant to make a settlement payment, and the defendant's failure to make a payment constituted a breach.

There are more than 1,800 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI's Volo website.

NEW ON ABI'S BANKRUPTCY BLOG EXCHANGE: EMERGING SECONDARY MARKET FOR CROWDFUNDED SECURITIES

Crowdfunded equity investments are generally illiquid because there is no organized secondary market for crowdfunded shares, according to a recent blog post. However, the post predicts that a secondary market will emerge, not only for private securities in general, but for some crowdfunded shares specifically, as securities crowdfunding grows and evolves.

To read more on this blog and all others on the ABI Blog Exchange, please click here.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 23 member associations worldwide with more than 9,800 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

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2015

July
- UTC Committee Telecon (See above.)
July 16, 2015
- Southeast Bankruptcy Workshop
July 23-26, 2015 | Amelia Island, Fla.

August
- Mid-Atlantic Bankruptcy Workshop
Aug. 6-8, 2015 | Hershey, Pa.
- ABI Workshop: Bankruptcy Judges Roundtable
Aug. 4, 2015 | Alexandria, Va.

September
- Southwest Bankruptcy Conference
Sept. 10-12, 2015 | Las Vegas, Nev.
- Lawrence P. King & Charles Seligson Workshop on Bankruptcy and Business Reorganization
Sept. 16-17, 2015 | New York, N.Y.

October
- Views from the Bench Conference
Oct. 9, 2015 | Washington, D.C.
- 7th Circuit Consumer Bankruptcy Conference
Oct. 12, 2015 | Chicago, Ill.
- Midwestern Bankruptcy Institute
Oct. 15-16, 2015 | Kansas City, Mo.

November
- Corporate Restructuring Competition
Nov. 5-6, 2015 | Philadelphia, Pa.
- Complex Financial Restructuring Program
Nov. 5, 2015 | Philadelphia, Pa.
- Detroit Consumer Bankruptcy Conference
Nov. 11, 2015 | Detroit, Mich.

FOLLOWING COURT RULING, CONGRESSMAN URGES PASSAGE OF LEGISLATION TO GRANT PUERTO RICO CHAPTER 9

Following yesterday's decision by the U.S. Court of Appeals for the First Circuit affirming a Feb. 6 decision by the U.S. District Court for the District of Puerto Rico that the "Puerto Rico Corporations Debt Enforcement and Recovery Act" is preempted by the Bankruptcy Code, Puerto Rico Resident Commissioner Pedro Pierluisi called on Congress to act on his legislation to grant the territory access to chapter 9. "The Court of Appeals has concluded that 'Congress preserved to itself that power to authorize Puerto Rican municipalities to seek chapter 9 relief.' This means that Puerto Rico has one option and one option only, namely to 'turn to Congress for recourse,'" Pierluisi said in a press release. In February, he introduced H.R. 870, the Puerto Rico Chapter 9 Uniformity Act, which seeks state-like treatment for Puerto Rico under chapter 9. A companion bill will soon be filed in the Senate. Read more.

COMMENTARY: THREAT OF PAY "CLAWBACKS" MAY BE AS POWERFUL AS RECOVERIES

The Securities and Exchange Commission and the Bank of England recently proposed rules that provide for a much more aggressive approach to recover corporate bonuses than the current rules adopted under the Sarbanes-Oxley Act, according to a commentary yesterday on the New York Times DealBook blog. Like most such efforts, however, the regulators' new rules are at best only a small step, unlikely to change significantly how most executives operate. But, if nothing else, they will draw attention in the C-suite, so the benefit may be more in the perception of a potential threat through compensation clawbacks than the amount of any actual recoveries. Mary Jo White, the S.E.C. chairwoman, said that the proposed rules would result in increased accountability and would benefit investors and the markets. The Bank of England, along with the Financial Conduct Authority, issued rules in June that require banks and financial firms operating in Britain to adopt rules for recovering bonuses from an executive who "participated in, or was responsible for, conduct which resulted in significant losses to the firm." The clawback period can be extended up to 10 years when a bank has been notified that it is under investigation. The British rules are far tougher than any in the United States. But they are limited to banks and financial firms and do not apply to other large companies that can engage in financial misconduct that could significantly affect investors and the markets, according to the commentary. Read more.

ANALYSIS: MASS UNEMPLOYMENT, LOWERED WAGES THE NEW "NORMAL" ECONOMY

Even after another month of strong hiring in June and a sinking unemployment rate, pay is sluggish and many part-timers can't find full-time work, according to an Associated Press analysis on Saturday. Many economists think these trends will persist for years despite steady job growth. "The Fed may recognize that this is a new labor-market normal, and it will begin to normalize monetary policy," said Patrick O'Keefe, an economist at accounting and consulting firm CohnReznick. Thursday's monthly jobs report from the government showed that employers added a solid 223,000 jobs in June and that the unemployment rate fell to 5.3 percent from 5.5 percent in May. However, the percentage of Americans in the workforce -- defined as those who either have a job or are actively seeking one -- dropped to 62.6 percent, a 38-year low, from 62.9 percent. (The figure was 66 percent when the recession began in 2007.) Fewer job-holders typically means weaker growth for the economy. The growth of the labor force slowed to just 0.3 percent in 2014, compared with 1.1 percent in 2007. Read more.

LATEST ABI PODCAST FEATURES AUTHOR DISCUSSING CREDIT BIDDING ISSUES AND CASES

ABI's latest podcast features ABI Deputy Executive Director Amy Quackenboss speaking with Paul Hage, a co-author of ABI's Credit Bidding in Credit Bidding in Bankruptcy Sales: A Guide for Lenders, Creditors, and Distressed-Debt Investors. Hage, a partner in Jaffe Raitt Heuer & Weiss (Southfield, Mich.), co-chair of ABI's Unsecured Trade Creditors Committee and a coordinating editor for the ABI Journal, talks about the book and examines issues and cases (Fisker, Free Lance-Star, etc.) surrounding credit bidding in bankruptcy. Click here to listen.

To purchase a copy of Credit Bidding in Bankruptcy Sales: A Guide for Lenders, Creditors, and Distressed-Debt Investors, please click here (be sure to log in to obtain the ABI member price).

MISS THE SPECIAL PRESENTATION AT ABI'S CROSS-BORDER PROGRAM FOCUSING ON BRAZIL'S PETROBAS SCANDAL AND ECONOMIC DISTRESS? WATCH NOW!

ABI's Cross-Border Program on June 18 featured a special Bloomberg "Eye on Bankruptcy" Presentation featuring Bloomberg's Bill Rochelle, Fabio Vassel of Banco Brasil Plural and Luis DeLucio of Alvarez & Marsal discussing the Brazilian Petrobras bribery and corruption scandal. The case has had wide-ranging effects on Brazilian companies, from the criminal prosecution of corporate executives and government officials to open-ended prohibitions on future contracts with Petrobras and, in some instances, fines of millions of reals. Watch the video and to gain insight on how the current economic and political landscape is likely to impact Brazilian companies, lenders and investors in the years to come.

TOMORROW: ABI LIVE WEBINAR EXAMINES CHAPTER 11 REFORM COMMISSION'S RECOMMENDATIONS ON PROFESSIONAL FEES AND EXPENSES

Don't miss tomorrow's abiLIVE webinar examining the Chapter 11 Reform Commission's recommendations on professional fees and expenses. The panel will discuss the recommended reforms that provide for more effective oversight, as well as alternative fee structures consistent with professionals' ethical obligations under the Code of Professional Responsibility. The webinar is hosted by ABI's Ethics & Professional Compensation Committee. Click here to register.

ABI WORKSHOP TO FEATURE BANKRUPTCY JUDGES EXAMINING COMMISSION RECOMMENDATIONS ON RESOLVING COURT SPLITS

The 2015 Bankruptcy Judges Roundtable, an ABI Workshop, will take place at ABI headquarters on Aug. 4 to examine the Chapter 11 Reform Commission's recommendations on resolving court splits. The Commission identified more than 30 splits in case law on important bankruptcy issues. Attend the program from 3:00-4:30 p.m. ET in person or via live webstream to hear five bankruptcy judges discuss the recommendations and issues surrounding the court splits. Speakers on the program are Bankruptcy Judges Dennis R. Dow (D. Mo.), Bruce A. Harwood (D. N.H.), Barbara J. Houser (N.D. Texas), C. Ray Mullins (N.D. Ga.) and Eugene R. Wedoff (N.D. Ill.). ABI will seek 1.5 hours of general CLE credit in 60-minute-hour states and 1.5 hours of credit in 50-minute-hour states for the program. A networking reception will follow from 5-7 p.m. ET for in-person attendees, and registration for just the reception is also available. Click here to register.

NEW CASE SUMMARY ON VOLO: ELLMANN V. BAKER (IN RE BAKER; 6TH CIR.)

Summarized by Laura Bartell of Wayne State University School of Law

Affirming the district court, the Court of Appeals held that the Supreme Court's decision in Law v. Siegel, 134 S. Ct. 1188 (2014), limits the bankruptcy court's power to disallow claimed exemptions on the basis of debtor misconduct, and that the trustee waived his objection to the timeliness of the amendments to the bankruptcy schedules.

There are more than 1,800 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI's Volo website.

NEW ON ABI'S BANKRUPTCY BLOG EXCHANGE: PUERTO RICO PREEMPTION REDUX: BACK TO YOU, CONGRESS

A recent blog post examines the U.S. Court of Appeals for the First Circuit's decision to uphold the U.S. District Court's Feb. 6 ruling that the Puerto Rico Recovery Act is preempted by the Bankruptcy Code.

To read more on this blog and all others on the ABI Blog Exchange, please click here.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 23 member associations worldwide with more than 9,800 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

Have a Twitter, Facebook or LinkedIn Account?

Join our networks to expand yours.

2015

July
- abiLIVE Webinar: "Ethics - Chapter 11 Commission Recommendations on Professional Fees and Expenses"
July 8, 2015
- Northeast Bankruptcy Conference
July 9-12, 2015 | North Falmouth, Mass.
- Northeast Consumer Bankruptcy Forum
July 9-11, 2015 | North Falmouth, Mass.
- Southeast Bankruptcy Workshop
July 23-26, 2015 | Amelia Island, Fla.

August
- Mid-Atlantic Bankruptcy Workshop
Aug. 6-8, 2015 | Hershey, Pa.
- ABI Workshop: Bankruptcy Judges Roundtable
Aug. 4, 2015 | Alexandria, Va.

September
- Southwest Bankruptcy Conference
Sept. 10-12, 2015 | Las Vegas, Nev.

- Lawrence P. King & Charles Seligson Workshop on Bankruptcy and Business Reorganization
Sept. 16-17, 2015 | New York, N.Y.

October
- Views from the Bench Conference
Oct. 9, 2015 | Washington, D.C.
- 7th Circuit Consumer Bankruptcy Conference
Oct. 12, 2015 | Chicago, Ill.
- Midwestern Bankruptcy Institute
Oct. 15-16, 2015 | Kansas City, Mo.

November
- Corporate Restructuring Competition
Nov. 5-6, 2015 | Philadelphia, Pa.
- Complex Financial Restructuring Program
Nov. 5, 2015 | Philadelphia, Pa.
- Detroit Consumer Bankruptcy Conference
Nov. 11, 2015 | Detroit, Mich.

BANKRUPTCY FILINGS FALL 12 PERCENT FOR THE FIRST HALF OF 2015, COMMERCIAL FILINGS DROP 19 PERCENT

Total bankruptcy filings totaled 422,782 nationwide during the first six months of 2015 (Jan. 1-June 30), a 12 percent decrease from the 479,573 total filings during the same period a year ago, according to data provided by Epiq Systems, Inc. The 407,764 total noncommercial filings for the first half of 2015 represented a 12 percent drop from the noncommercial filing total of 460,931 for the first half of 2014. Total commercial filings during the first six months of the year were 15,018, representing a 19 percent decrease from the 18,642 filings during the same period in 2014. Commercial chapter 11 filings also fell during the first half of 2015 as the 2,576 filings represented a 15 percent decrease from the 3,046 commercial chapter 11 filings during the first six months of 2014. "Bankruptcy filings through the first half of the year continue to recede amid sustained low interest rates and flat consumer debt levels," said ABI Executive Director Samuel J. Gerdano. "Total bankruptcies remain on a pace to total just over 800,000 for 2015." Read the press release.

OBAMACARE COULD FURTHER REDUCE CONSUMER BANKRUPTCY FILINGS, ACCORDING TO EXPERT

After the Supreme Court last week upheld the Obama administration’s health care reform, Prof. Daniel Austin of Northeastern University Law thinks that further decreases in consumer bankruptcy filings could be a result of the reform, the Wall Street Journal reported yesterday. In a 2014 study, Prof. Austin dug into personal bankruptcy filings to figure out what happened after Massachusetts lawmakers made health insurance mandatory in 2005. He found that Massachusetts residents who filed for bankruptcy protection now have considerably less medical debt compared to the rest of the country. The typical Massachusetts person or couple who filed in 2013 had $3,041 in medical debt, while people everywhere else had an average of $8,594 in medical debt. With the Obamacare reforms upheld, Prof. Austin thinks the same trend could be seen nationally. "It absolutely should show a reduction in bankruptcies [filed] due to medical debt," Prof. Austin said. Read more. (Subscription required.)

EDITORIAL: PUERTO RICO NEEDS DEBT RELIEF

Federal lawmakers have to allow Puerto Rico's public corporations, such as its electric utility and highway authority, to restructure their $25 billion in debt in bankruptcy court, according to an editorial in today's New York Times. A bill to change the bankruptcy law has been introduced in the House, but has not advanced because of opposition from some hedge funds. As for the remaining $47 billion in the island’s debt, Puerto Rico Gov. Alejandro Garcia Padilla is asking creditors to give Puerto Rico more time to pay back those bonds. Even though doing so would hurt, investors would lose far more money if the island stopped paying its debt altogether, a step that would lead to a long legal battle, according to the editorial. In exchange for debt relief, investors and Congress should press Puerto Rico to make significant regulatory reforms. Garcia Padilla should make it easier to do business on the island by reducing the time it takes to get government permits and register property, which takes much longer on the island than it does in the states, according to the World Bank's Doing Business report. Read the full editorial.

NEW FRAUD AND FORENSICS BOOK AVAILABLE FOR PRE-ORDER IN ABI'S BOOKSTORE!

Now available for pre-order in the ABI Bookstore is Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case. Cases such as Madoff and Enron have hinged on the ability of talented investigators to uncover the truth amidst layers of fraud, and this book highlights the areas of specialty, challenge and reward for forensic accountants and the professionals who work with them in commercial fraud cases. Written by members of ABI's Commercial Fraud Committee among other noted professionals, Fraud and Forensics provides a broad and deep look at the challenges faced in the course of a commercial fraud matter, as well as the tools available to help identify, unwind and prove fraudulent transactions. This book will also assist both forensic accountants and the professionals who work with them to sift through the fine details while creatively considering all of the possibilities to fit together the pieces of a fraud puzzle. Click here to pre-order. (Book to be shipped in mid- to late July; make sure to log in to obtain the ABI member price).

NEXT WEDNESDAY: ABI LIVE WEBINAR ON JULY 8 TO EXAMINE CHAPTER 11 REFORM COMMISSION'S RECOMMENDATIONS ON PROFESSIONAL FEES AND EXPENSES

Don't miss the abiLIVE webinar on July 8 examining the Chapter 11 Reform Commission's recommendations on professional fees and expenses. The panel will discuss the recommended reforms that provide for more effective oversight, as well as alternative fee structures consistent with professionals' ethical obligations under the Code of Professional Responsibility. The webinar is hosted by ABI's Ethics & Professional Compensation Committee. Click here to register.

ABI WORKSHOP TO FEATURE BANKRUPTCY JUDGES EXAMINING COMMISSION RECOMMENDATIONS ON RESOLVING COURT SPLITS

The 2015 Bankruptcy Judges Roundtable, an ABI Workshop, will take place at ABI headquarters on Aug. 4 to examine the Chapter 11 Reform Commission's recommendations on resolving court splits. The Commission identified more than 30 splits in case law on important bankruptcy issues. Attend the program from 3:00-4:30 p.m. ET in person or via live webstream to hear five bankruptcy judges discuss the recommendations and issues surrounding the court splits. Speakers on the program are Bankruptcy Judges Dennis R. Dow (D. Mo.), Bruce A. Harwood (D. N.H.), Barbara J. Houser (N.D. Texas), C. Ray Mullins (N.D. Ga.) and Eugene R. Wedoff (N.D. Ill.). ABI will seek 1.5 hours of general CLE credit in 60-minute-hour states and 1.5 hours of credit in 50-minute-hour states for the program. A networking reception will follow from 5-7 p.m. ET for in-person attendees, and registration for just the reception is also available. Click here to register.

NEW CASE SUMMARY ON VOLO: HART V. BANK OF AMERICA HOME LOANS (IN RE HART: 9TH CIR.)

Summarized by Joel Newell of Lane & Nach, P.C.

The debtor did not have standing based on the related loan documents, and to the extent that the debtor had an interest in a claim against Bank of America, the claim belonged to the chapter 7 estate; therefore, the debtor did not have standing to pursue the adversary proceeding against Bank of America.

There are more than 1,700 appellate opinions summarized on Volo, and summaries typically appear within 24 hours of the ruling. Click here regularly to view the latest case summaries on ABI's Volo website.

NEW ON ABI'S BANKRUPTCY BLOG EXCHANGE: EXAMINATION OF SEC RULE PROPOSAL ON CLAWBACK OF EXECUTIVE COMPENSATION

A recent blog post examined the SEC rule proposal directing national exchanges and associations to establish listing standards requiring companies to develop and implement clawback policies on executive compensation.

To read more on this blog and all others on the ABI Blog Exchange, please click here.

INSOL INTERNATIONAL

INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 23 member associations worldwide with more than 9,800 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.

Have a Twitter, Facebook or LinkedIn Account?

Join our networks to expand yours.

2015

July
- abiLIVE Webinar: "Ethics - Chapter 11 Commission Recommendations on Professional Fees and Expenses"
July 8, 2015
- Northeast Bankruptcy Conference
July 9-12, 2015 | North Falmouth, Mass.
- Northeast Consumer Bankruptcy Forum
July 9-11, 2015 | North Falmouth, Mass.
- Southeast Bankruptcy Workshop
July 23-26, 2015 | Amelia Island, Fla.

August
- Mid-Atlantic Bankruptcy Workshop
Aug. 6-8, 2015 | Hershey, Pa.
- ABI Workshop: Bankruptcy Judges Roundtable
Aug. 4, 2015 | Alexandria, Va.

September
- Southwest Bankruptcy Conference
Sept. 10-12, 2015 | Las Vegas, Nev.

- Lawrence P. King & Charles Seligson Workshop on Bankruptcy and Business Reorganization
Sept. 16-17, 2015 | New York, N.Y.

October
- Views from the Bench Conference
Oct. 9, 2015 | Washington, D.C.
- 7th Circuit Consumer Bankruptcy Conference
Oct. 12, 2015 | Chicago, Ill.
- Midwestern Bankruptcy Institute
Oct. 15-16, 2015 | Kansas City, Mo.

November
- Detroit Consumer Bankruptcy Conference
Nov. 11, 2015 | Detroit, Mich.