%1

EOUST DIRECTOR HIGHLIGHTS USTP EFFORTS, COMMISSION RECOMMENDATIONS AT HOUSE HEARING

EOUST Director Cliff White was among the DOJ witnesses testifying today before the "Ongoing Oversight: Monitoring the Activities of the Justice Department’s Civil, Tax and Environment and Natural Resources Divisions and the U.S. Trustee Program" hearing held by the House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law. White highlighted the U.S. Trustee Program's ongoing efforts, such as oversight of means testing, consumer protection, mortgage servicer violations, criminal enforcement and chapter 11 issues. White, a member of ABI's Commission to Study the Reform of Chapter 11, also testified that two recommendations of the Commission's Final Report would help support the role of the USTP in carrying out its duties and help clarify the law. Click here to read White's prepared testimony.

COMMENTARY: ABI CHAPTER 11 REFORM COMMISSION'S RECOMMENDATIONS ON SECURED CREDIT PROVIDE CONGRESS WITH ROADMAP TO MODERNIZING CODE

While today's American economy is primarily an information, service and finance economy, the Bankruptcy Code has not changed accordingly, a BakerHostetler blog noted. When the Bankruptcy Code was enacted in 1978, America boasted the world's dominant manufacturing economy, corporate debt was mostly unsecured trade debt, and secured loans provided tangible-asset financing for property, plants, and equipment. The concept of several "tranches" of secured debt covering goodwill and intangible assets, resulting in debt well over any measure of a company’s worth, would have seemed nonsensical to both Congress and the lending industry, according to the commentary. Reviewing the recommendations pertaining to secured credit, the blog said that the ABI Commission to Study the Reform of Chapter 11's effort to "level the playing field" regarding secured lender rights was perhaps the most contentious and important issue the Commission reviewed. While the Commission's Final Report reflects substantial compromises and relays the differing views expressed during the negotiations, the end result appears to provide debtors with a more reasonable opportunity to survive the bankruptcy process. Read the full blog post.

STUDY: MANY ON WALL STREET SAY IT REMAINS UNTAMED

Rather than indicating that Wall Street has cleaned itself up, a new study suggests that many of the lessons of the crisis still haven't been learned, the New York Times DealBook blog reported today. The study, conducted by the University of Notre Dame and Labaton Sucharow LLP, shows that billion-dollar settlements and stringent new rules brought on by the Dodd-Frank regulatory overhaul in 2010 appear to have had little deterrent effect. In the study released today, about a third of the people who said that they made more than $500,000 annually contend that they "have witnessed or have firsthand knowledge of wrongdoing in the workplace." One in 10 respondents in the study said that they had directly felt pressure "to compromise ethical standards or violate the law." And nearly half of the high-income earners say that law enforcement and regulatory are ineffective "in detecting, investigating and prosecuting securities violations." Read more.

Click here to read the study.

COMMENTARY: BANKRUPTCY PROTECTION, NOT A TAXPAYER BAILOUT, FOR PUERTO RICO

The U.S. territory of Puerto Rico is on the brink of financial collapse due to the incoherent mix of federal laws being applied, according to a commentary in today's Daily Caller. The territory is treated as a state in some laws, foreign in others, and unique in yet others. The territory's population is shrinking, and the island's economy has lagged that of the U.S. for four decades and been in recession for almost all of nine years. New Deal experimentation in Puerto Rico transformed private utilities into subsidized government "corporations" that could borrow easily -- and too much -- because the interest from their bonds is taxed even less than bonds of states and their municipalities, according to the commentary. With Puerto Rico's recession, at least one such corporation, the Electric Power Authority, can't pay all of its debts when due. Congress should pass the bill to give the territory the bankruptcy authority of a state, according to the commentary, and put the issue where it belongs: first with the territorial government, and then if the territorial government chooses, in a forum presided over by a federal bankruptcy judge. This would have the parties settle the dispute among themselves and not try to get the federal taxpayer to foot the bill. Read the full commentary.

ANALYSIS: FHA "SINGLING" OUT FANNIE AND FREDDIE

The Federal Housing Finance Agency, which regulates the mortgage giants, released critical details on Friday about the so-called single security that would replace separate mortgage-backed debt issued by Fannie and Freddie, the Wall Street Journal reported today. The FHFA said that the companies were on track to complete the final structure of the single security by year-end. The single security will resolve differences between the types of disclosures and timing of payments around mortgage bonds backed by Fannie and Freddie. But the biggest benefit would come from improved liquidity for such debt. Currently, Fannie's securities are far more liquid than Freddie's, with trading volume on a typical day for the former about 10 times that of the latter. As a result, Freddie has to compensate investors by rebating guarantee fees. Since all income of both companies is currently swept to the Treasury, this cost is borne by taxpayers. The issuance of a single security would not only eliminate the need for this rebate, it would result in greater overall liquidity in the market for mortgage securities and could lower mortgage rates. Read more. (Subscription required.)

LATEST ABI PODCAST LOOKS AT LIMITED LIABILITY PARTNERSHIPS IN BANKRUPTCY

ABI's latest podcast features former ABI Resident Scholar Anne Lawton speaking with Prof. Christine Hurt of BYU Law about issues that can arise with limited liability partnerships in bankruptcy. Prof. Hurt discusses her research about these issues, including recent "unfinished business claims" in law firm bankruptcies. Click here to listen.

To read Prof. Hurt's research, please click here.

DON'T MISS NEXT WEDNESDAY'S "TOP OF THE TOWN" D.C. NETWORKING EVENT WITH TMA CHESAPEAKE, ABI, IWIRC GREATER MD & DC AND ARNOLD & PORTER!

Don't miss next Wednesday's Annual "Top of the Town" Networking Event on the rooftop deck of Arnold & Porter LLP in Washington, D.C. The event is co-sponsored by ABI, TMA Chesapeake, IWIRC Greater MD, IWIRC DC and Arnold & Porter. Enjoy this D.C. networking event from 6-8 p.m. ET with a full bar and heavy hors d'oeuvres. For more information to register, please click here.

BLOOMBERG AND ABI'S "EYE ON BANKRUPTCY" WEBINAR ON MAY 28 EXAMINES LEADING BANKRUPTCY OPINIONS FROM APRIL

ABI members are invited to watch the next edition of Bloomberg's complimentary "Eye on Bankruptcy" webinar from 1-2 p.m. ET on May 28 to examine the latest opinions. The program is jointly prepared by ABI and Bloomberg Law, and features Bill Rochelle, editor-at-large and bankruptcy columnist for Bloomberg News, talking with G. Eric Brunstad, Jr. of Dechert LLP and Prof. Charles J. Tabb of the University of Illinois College of Law and an editor of Bloomberg Law: Bankruptcy Treatise.

This webinar is the third in a series of monthly presentations designed to keep you up to date on changes in bankruptcy and restructuring; track recent filings, motions, and decisions; and implement revisions to bankruptcy rules and forms. For your complimentary registration, please register here.

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

The next ABI Workshop, the 2015 Bankruptcy Judges Roundtable, 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. 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. Networking reception to follow from 5-7 p.m. ET for in-person attendees, and registration for just the reception is also available. Click here to register.

TAKE ADVANTAGE OF THE "EARLY ADOPTER" PROMOTION FOR THE AUDIO ABI JOURNAL FROM MODIOLEGAL!

Subscribe now to our new streaming audio Journal, offered by ModioLegal. Narrated articles from each issue of the ABI Journal are accessed through your web browser -- on your computer, smartphone, or tablet -- for a low monthly fee. For a limited time, subscribe to this new service now for just $9.95 a month (regularly $12.95) with coupon code abi-early.Sign up now for your free 1-month trial to ABI Journal Audio Edition. Go to http://www.modiolegal.com/subscribe to learn more, or send an email to accounts@modiolegal.com for a free demo.

NEW CASE SUMMARY ON VOLO: KAYMARK V. BANK OF AMERICA (3D CIR.)

Summarized by Ferve Ozturk of BakerHostetler

The Third Circuit ruled that the plaintiff in a state and federal fair debt collection action sufficiently pled that the disputed fees in the body of a foreclosure complaint against his home constituted an actionable misrepresentation under the Fair Debt Collection Practices Act.

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: STUDY EXAMINES CHALLENGES SHAREHOLDERS FACE IN GETTING AN EQUITY COMMITTEE IN BANKRUPTCY

A recent blog post looks at a recent study by Prof. Diane Lourdes Dick at Seattle University School of Law that traces the real challenges shareholders face in getting an equity committee appointed or being taken seriously in bankruptcy. Click here to read the study.

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 43 member associations worldwide with more than 9,000 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

May
- "Top of the Town" D.C. Networking Event
May 27, 2015 | Washington, D.C.
-"Eye on Bankruptcy" Webinar
May 28, 2015

June
- Memphis Consumer Bankruptcy Conference
June 5, 2015 | Memphis, Tenn.
- Central States Bankruptcy Workshop
June 11-14, 2015 | Traverse City, Mich.
- Cross-Border Insolvency Program
June 18, 2015 | New York

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

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

October
- Views from the Bench Conference
Oct. 9, 2015 | Washington, D.C.

STATE REGULATORS WANT DEBT RELIEF FOR FORMER CORINTHIAN STUDENTS

U.S. Department of Education Secretary Arne Duncan yesterday received a letter from 11 state attorneys general expressing concerns about information provided by the Department to students affected by the sudden closure of 28 colleges operated by now-bankrupt Corinthian Colleges Inc., Collections & Credit Risk reported today. The letter urges the Education Department to provide debt relief to students who do not qualify for a "closed school" discharge but were harmed by misconduct by the school. The letter asserts that such students should be permitted to raise Corinthian's misconduct as a defense to repayment of their student loans. The letter further urges the Education Department to provide clear guidance to students on how to assert a claim for relief. The letter was co-signed by the attorneys general of Connecticut, Hawaii, Illinois, Kentucky, Maine, Maryland, Minnesota, Missouri, New Mexico, New York and Oregon. Read more.

STUDENT LOAN STUDY COUNTERS COMMON CREDIT ACCESS VIEW

TransUnion released a new study showing that student loan obligations have not inhibited younger consumers' ability to access and repay other consumer credit categories such as auto loans and mortgages when compared to their peers without student loans, Collections & Credit Risk reported yesterday. Consumers ages 18-29 with a student loan in repayment are in fact generally able to gain access to new loans, according to the study, and perform on those loans as well as or better than similarly aged consumers without student loans. The study found that in only three to six years, it has been observed that student loan consumers in their 20s often surpass similarly aged consumers without a student loan in overall loan participation rates on mortgages, auto loans and credit cards. The percentage of consumers ages 20-29 with student loans has skyrocketed from 32 percent in 2005 to 52 percent at the end of 2014. In the last five years alone, student loan balances have increased from $589 billion in Q1 2010 to $1.1 trillion in Q1 2015, according to TransUnion data. Read more.

For further analysis of student loans and bankruptcy, be sure to pick up a copy of ABI's Graduating with Debt: Student Loans under the Bankruptcy Code.

COMMENTARY: BANKRUPTCY CAN HELP FINANCIALLY STRUGGLING SENIORS PROTECT ASSETS

Bankruptcy can bring much-needed financial relief for some older Americans from debt brought on by medical expenses or helping needy children, and experts say that it can be a valuable tool to protect retirement assets, according to a New York Times commentary today. "People usually postpone bankruptcy for several years before filing," said Deborah Thorne, an associate professor of sociology at Ohio University who has studied older Americans and bankruptcy. "When finances head south, they should file right away." By spending retirement assets, Thorne said, retirees risk a downward financial spiral from which they are less likely to recover than younger people. Retirement income and savings are usually untouchable during bankruptcies under federal law. Pensions, 401(k)'s and qualified profit-sharing plans are exempt from creditors, as are individual retirement accounts worth up to $1.245 million. Social Security payments are also exempt. However, seniors should try negotiating with creditors over outstanding debt, even medical bills, before filing for bankruptcy, according to Johanna Sweaney Salt, a certified public accountant with Gray, Salt and Associates. "In many cases, hospitals have even cut balances in half," she added. Read the full commentary.

PUERTO RICO TALKS SEEKING TO AVOID RECEIVER, ACCORDING TO HEDGE FUND

Creditors of Puerto Rico's power utility are pursuing negotiations to shore up the cash-strapped agency, seeking to avoid putting a receiver in charge of a debt restructuring, said the co-founder of a hedge fund that owns the utility's debt, Bloomberg News reported yesterday. "Rather than go that route, we and other bondholders have put forward a proposal," said Tom Wagner, the co-founding partner of New York-based hedge-fund firm Knighthead Capital Management. "We are focused on trying to find a capital markets solution to resolve the problem." Knighthead, which manages about $4.3 billion and invests in distressed debt, is part of a group of hedge funds and creditors that hold about $5 billion of Puerto Rico Electric Power Authority bonds and are negotiating with the agency over how to restructure its debt. Creditors have agreed not to take action against the agency until June 4. The two sides have been trying to come to an agreement for nine months as Puerto Rico struggles under the burden of $72 billion of obligations issued by the commonwealth and its agencies. While the public utility, which has more than $8 billion of municipal-bond obligations, hasn't yet submitted its own restructuring proposal, it has thrown barbs at the one bondholders proposed in April. Wagner is the second hedge fund executive to advocate in the last week for the creditor plan ahead of a June 1 deadline for the utility, known as Prepa, to deliver a counter-proposal. Read more.

BLOOMBERG AND ABI'S "EYE ON BANKRUPTCY" WEBINAR ON MAY 28 EXAMINES LEADING BANKRUPTCY OPINIONS FROM APRIL

ABI members are invited to watch the next edition of Bloomberg's complimentary "Eye on Bankruptcy" webinar from 1-2 p.m. ET on May 28 to examine the latest opinions. The program is jointly prepared by ABI and Bloomberg Law, and features Bill Rochelle, editor-at-large and bankruptcy columnist for Bloomberg News, talking with G. Eric Brunstad, Jr. of Dechert LLP and Prof. Charles J. Tabb
of the University of Illinois College of Law and an editor of Bloomberg Law: Bankruptcy Treatise.

This webinar is the third in a series of monthly presentations designed to keep you up to date on changes in bankruptcy and restructuring; track recent filings, motions, and decisions; and implement revisions to bankruptcy rules and forms. For your complimentary registration, please register here.

TAKE ADVANTAGE OF THE "EARLY ADOPTER" PROMOTION FOR THE AUDIO ABI JOURNAL FROM MODIOLEGAL!

Subscribe now to our new streaming audio Journal, offered by ModioLegal. Narrated articles from each issue of the ABI Journal are accessed through your web browser -- on your computer, smartphone, or tablet -- for a low monthly fee. For a limited time, subscribe to this new service now for just $9.95 a month (regularly $12.95) with coupon code abi-early.Sign up now for your free 1-month trial to ABI Journal Audio Edition. Go to http://www.modiolegal.com/subscribe to learn more, or send an email to accounts@modiolegal.com for a free demo.

NEW CASE SUMMARY ON VOLO: RAEL V. WELLS FARGO BANK (IN RE RAEL; 10TH CIR.)

Summarized by William Wallo of Weld, Riley, Prenn & Ricci SC

The Tenth Circuit ruled that the creditor in the case did not violate the stay or the terms of the individual debtors' confirmed chapter 11 plan when it sought to enforce its preserved lien rights in state court rather than returning to the bankruptcy court.

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: NO EVADING ILLINOIS PENSION WOES

The Illinois Supreme Court issued its unanimous opinion this past Friday putting a stake through the heart of the legislature's latest attempt to evade its responsibility for woefully underfunding four of the state's five public pensions, according to a recent blog post. The Court pointed out that it wasn't the legislature, but the people of Illinois, who imposed the pension protection restriction...and it seems now the people will likely have to revisit the idea of vastly increased state income taxes and the like, as "[a]dherence to constitutional requirements often requires significant sacrifice, but our survival as a society depends on it."

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 43 member associations worldwide with more than 9,000 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

May
- Forty-Hour Bankruptcy Mediation Training
May 17-21, 2015 | New York, N.Y.
- Litigation Skills Symposium
May 19-22, 2015 | Chicago, Ill.
-"Eye on Bankruptcy" Webinar
May 28, 2015

June
- Memphis Consumer Bankruptcy Conference
June 5, 2015 | Memphis, Tenn.
- Central States Bankruptcy Workshop
June 11-14, 2015 | Traverse City, Mich.
- Cross-Border Insolvency Program
June 18, 2015 | New York

July
- Northeast Bankruptcy Conference
July 9-12, 2015 | North Falmouth, Mass.
- Northeast Consumer Bankruptcy Forum
July 9-11, 2015 | North Falmouth, Mass.

- Beijing Insolvency & Restructuring Symposium
July 13-14, 2015 | Beijing, China
- Southeast Bankruptcy Workshop
July 23-26, 2015 | Amelia Island, Fla.

August
- Mid-Atlantic Bankruptcy Workshop
Aug. 6-8, 2015 | Hershey, Pa.

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

October
- Views from the Bench Conference
Oct. 9, 2015 | Washington, D.C.

ANALYSIS: FEDS OFFER PUERTO RICO ADVICE, BUT NO BAILOUT

Just as lawmakers in 2013 opposed a federal bailout of Detroit, and the Obama administration didn't step in to prevent the largest municipal bankruptcy in U.S. history, the U.S. Treasury is striking a similar stance toward Puerto Rico and its unsustainable debt, Bloomberg News reported today. What Treasury officials are offering Puerto Rico is advice on how to help ease its fiscal burdens and ensure that the U.S. territory receives all federal funding it's eligible for -- about $6 billion a year. More extensive aid, such as loan guarantees requiring congressional approval, is unpopular with lawmakers, and it’s unlikely that the federal government will aid Puerto Rico after refusing to help Detroit, investors said. "I can't see any way that they would do that when they didn't do it for Detroit," said Brandon Barford, partner at Beacon Policy Advisors LLC in Washington, D.C., and a former Senate Banking Committee staffer. Instead, the Obama administration is making a special effort to support the $100 billion Puerto Rican economy by helping the commonwealth and its residents take full advantage of aid that's available to it through programs such as Social Security and Medicaid, and funds for nutrition, education and agriculture. Another channel is financing infrastructure expenditures with federal money, which allows the Puerto Rican government to use its own funds elsewhere, said Daniel Hanson, an analyst at Height Securities LLC, a Washington-based broker-dealer. Read more.

In related news, oral argument began yesterday in the U.S. Court of Appeals for the First Circuit regarding Puerto Rico Electric Power Authority's (PREPA) appeal to reverse a federal court decision in February to block the Puerto Rico Public Corporation Debt Enforcement and Recovery Act. The Act, passed last year by lawmakers in Puerto Rico, was intended to give PREPA breathing room as it slipped into financial crisis since the territory is not eligible to file for chapter 9 bankruptcy. But OppenheimerFunds, a unit of insurer MassMutual Financial Group and Franklin Templeton, immediately sued the utility and argued that the recovery act violates the U.S. Constitution. To listen to yesterday's oral argument before the U.S. Court of Appeals for the First Circuit, please click here.

Puerto Rico Resident Commissioner Pedro Pierluisi issued a statement regarding yesterday's oral argument before the U.S. Court of Appeals for the First Circuit on the constitutionality of the "Puerto Rico Public Corporation Debt Enforcement and Recovery Act," and highlighted that the arguments made by the plaintiff bondholders in that case undercut the arguments these same bondholders are making to oppose Pierluisi's bill (H.R. 870) to include Puerto Rico in chapter 9 of the federal Bankruptcy Code. Click here to read the statement.

BANKERS AND REGULATORS VOICE FEARS ON BOND MARKET VOLATILITY

In recent months, Wall Street chieftains, huge investment firms and top bank regulators have been warning that the world's bond markets, where companies and countries borrow trillions of dollars, are in danger of breaking down, the New York Times DealBook blog reported yesterday. Their fear is that in an event like a surprise increase in interest rates, trading could rapidly dry up, causing violent movements in bond prices and even disrupting the functioning of the market. According to this view, the destabilizing volatility in the bond market could make it harder and more expensive for companies and countries to borrow. Bankers and asset managers, after all, might be tempted to overstate their concerns, with an eye on their bottom lines. Yet the caution is also coming from prominent regulators, like Mark Carney, governor of the Bank of England, and the units at the International Monetary Fund and the U.S. Treasury Department that are tasked with scouring the globe for financial threats. Read more.

"FLASH CRASH" OVERHAUL IS SNARLED IN RED TAPE

A giant data project at the center of the regulatory response to the 2010 "flash crash" that sent the Dow plummeting nearly 1,000 points is years behind schedule and mired in red tape, the Wall Street Journal reported today. The Consolidated Audit Trail (CAT) originally was conceived as a way to enable regulators to monitor stock and options orders in real time and zero in on manipulators quickly. After the flash crash -- which occurred May 6, 2010, and saw some big stocks lose nearly all their value before markets rebounded -- the CAT was seen as a crucial step in protecting the markets from future swings. Yet the 10 organizations overseeing the process, including Nasdaq OMX Group Inc. and Intercontinental Exchange Inc., which operates the New York Stock Exchange, still haven't chosen a firm to build and run it, and a final plan hasn't been approved by the Securities and Exchange Commission. Read more. (Subscription required.)

ANALYSIS: MORE RETIREES OPTING TO KEEP MORTGAGE PAYMENTS

Maybe their parents paid off the house before retiring, but many baby boomers today say that it makes more sense to carry a mortgage, according to a Wall Street Journal analysis today. Older Americans may come out ahead by keeping 401(k)s and other holdings invested rather than cashing out to make a house payment, says Tom Wind, executive vice president of home lending at Jacksonville, Fla.-based EverBank. Reflecting that more active, long-range perspective, 64 percent of today's retirees say that they are likely to move at least once, according to a study released in February by Merrill Lynch and Age Wave. Of these, 37 percent have already moved and 27 percent anticipate doing so. Many older home buyers have the means to pay all cash, but either on the advice of their financial adviser or their own decision, they choose to take out a loan, says Peter Grabel, managing director of Stamford, Conn.-based Luxury Mortgage. Read more. (Subscription required.)

NEWEST ABI TITLE EXAMINES CREDIT-BIDDING IN BANKRUPTCY SALES!

Make sure to pre-order a copy of Credit-Bidding in Bankruptcy Sales: A Guide for Lenders, Creditors, and Distressed-Debt Investors, the newest title available for purchase in ABI's Bookstore. Although credit-bidding -- in which the secured creditor can credit-bid the amount of its allowed claim in any sale of its collateral by its debtor -- is acknowledged as being an important part of the secured creditor's bundle of rights, some argue that in certain circumstances credit-bidding can chill bidding or otherwise prevent the debtor from maximizing the value of its assets. Credit-Bidding in Bankruptcy Sales details how the courts have handled this debate, with reference to specific cases such as Fisker and Free Lance-Star, and also provides practitioners with the information that they need to know when reviewing credit agreements, debtor-in-possession financing orders and sale orders related to credit-bidding. The book also includes an in-depth analysis of how credit-bidding affects professional fees. Click here to purchase (make sure to log in to receive the discounted ABI member price).

DISCOUNTED SUBSCRIPTIONS TO AUDIO ABI JOURNAL AVAILABLE FROM MODIOLEGAL!

Subscribe now to our new streaming audio Journal, offered by ModioLegal. Narrated articles from each issue of the ABI Journal can now be accessed through your web browser -- on your computer, smartphone, or tablet -- for a low monthly fee. For a limited time, subscribe to this new service now for just $9.95 a month (regularly $12.95) with coupon code abi-early. Sign up for any audio Journal plan, and your first month is free! Go to http://www.modiolegal.com/subscribe to learn more, or send an email to accounts@modiolegal.com for a free demo.

NEW CASE SUMMARY ON VOLO: ROSEMANN V. SIGILLITO (8TH CIR.)

Summarized by Lars Fuller of BakerHostetler

The Eighth Circuit affirmed the decision of the U.S. District Court (E.D. Mo., St. Louis) granting summary judgment in favor of the defendant in a legal malpractice claim brought by a former client against a disbarred attorney. The Eighth Circuit agreed that in a negligence case, Missouri law required expert testimony about the duty of care owed. Because the plaintiff failed to provide an expert by the conclusion of discovery, the trial court properly granted the defendant's motion for summary judgment.

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: FURTHER EXAMINATION OF THE SUPREME COURT'S RULING IN BULLARD

A recent blog post takes an in-depth look at the Supreme Court's ruling yesterday in Bullard v. Blue Hills Bank. The Court unanimously ruled that an order denying confirmation but not dismissing a bankruptcy case is not a "final" order that the debtor can immediately appeal.

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 43 member associations worldwide with more than 9,000 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

May
- New York City Bankruptcy Conference
May 14, 2015 | New York, N.Y.
- Forty-Hour Bankruptcy Mediation Training
May 17-21, 2015 | New York, N.Y.
- Litigation Skills Symposium
May 19-22, 2015 | Chicago, Ill.

June
- Memphis Consumer Bankruptcy Conference
June 5, 2015 | Memphis, Tenn.
- Central States Bankruptcy Workshop
June 11-14, 2015 | Traverse City, Mich.
- Cross-Border Insolvency Program
June 18, 2015 | New York

July
- Northeast Bankruptcy Conference
July 9-12, 2015 | North Falmouth, Mass.
- Northeast Consumer Bankruptcy Forum
July 9-11, 2015 | North Falmouth, Mass.

- Beijing Insolvency & Restructuring Symposium
July 13-14, 2015 | Beijing, China
- Southeast Bankruptcy Workshop
July 23-26, 2015 | Amelia Island, Fla.

August
- Mid-Atlantic Bankruptcy Workshop
Aug. 6-8, 2015 | Hershey, Pa.

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