American Bankruptcy Institute Update

May 10, 2005

In This Issue


Legislation Update

ABI Teleseminar Series on the New Bankruptcy Law Announced

The new bankruptcy law makes the most sweeping changes in a generation, affecting both consumer and business bankruptcies. ABI’s teleseminar series will cover all aspects of the new law. To view the schedule of the 90-minute programs (and topics covered) click here. These programs will be archived on ABI World, and available on demand later if you miss the live program. Live programs will be interactive: registrants will be able to ask questions during a portion of the program. Written materials will be provided in advance, and include a copy of the new Bankruptcy Code, as amended by P.L. 109-8. The cost will be $95 per program, with discounts offered for multi-program packages. Watch the ABI Update and ABI World for more details on how to register and faculty for each program.

Sen. Kennedy Sees Tough Road for Asbestos Bill

Legislation to establish a $140 billion asbestos compensation fund faces a lack of support even if it gathers enough support to be voted out of the Senate Judiciary Committee this week, Sen. Edward Kennedy (D-Mass.) said on Monday, Reuters reported. The bill has two declared Democratic supporters on the Judiciary Committee, but Sen. Kennedy said he doubted it could attract more Democrats when the panel resumes work on the legislation. "It seems that the very overwhelming group of Democrats (in the Senate) would have serious reservations, and would support a number of amendments on it," said Kennedy. It is expected that the markup, which begins tomorrow and probably will continue the next day, will include new amendments, in addition to the more than 80 that were offered during a markup session last month.

Separately, the RAND Corporation reported today that the number of individuals filing asbestos lawsuits climbed to 730,000 in 2002, and asbestos lawsuits have driven at least 73 companies into bankruptcy, according to a new study by the RAND Institute for Civil Justice. For additional information, click here.

New Educational Programs Available Online at West Legal Ed Center

Earn CLE credit without leaving your desk. The latest ABI on-demand educational programs from the 2004 Winter Leadership Conference are available on-demand at West Legal Ed Center:

  • Not That Pretty: Ethical Issues in "Beauty Contests" and the Solicitation of DIP and Committee Work by Professionals
  • Problem Clients and Lawyer Dilemmas: Ethical Issues in Consumer Cases
  • Will There Be Money in the Till? (And Other Questions): Secured Creditor Issues in Chapter 13 Cases
  • Here We Go Again: The Complexities of Serial Chapter 11 Cases
  • What Are All of These People Doing?: A Debate on the Roles of Different Financial Advisors in Chapter 11 Cases
  • What Are We Fighting For?: ADR & Mediation Options in Bankruptcy Cases
  • The "Third Way": Federal Receivership as a Creditor Option

Audioconference to Address “Deepening Insolvency” Liability Issues Tomorrow

ABI will present the second in a series of “Best of
ABI” audioconferences, the Best of 2005 Bankruptcy Battleground West live audioconference, "Deepening Insolvency Issues," tomorrow, May 11, 2005 at 1:30 pm (ET). The panel will explain the concept of “deepening insolvency,” as well as current trends in the law and the very practical and new potential forms of liability possible under this fast-evolving theory. To register, click here.

Seventh Circuit: Court May Not Enjoin Repossession of Aircraft

Read a summary of the latest United Airlines case, United Airlines, Inc., et al. v. U.S. Bank N.A., et al., by Deborah Thorne and John Gregg of Barnes & Thornburg LLP (Chicago).

New Article at Global Insolvency

Times Online (United Kingdom)
Personal Bankruptcy at Highest Level For 30 Years

New Opinion Posted Online

Northern District of Alabama

In re: Daniel Paul Derebery Jr. - May 2005

Latest Job Postings at ABI Career Center

Check out the ABI Career Center. The Center is a one-stop site for job seekers and employers in the insolvency community. Career Center resources are available free to both employers and job seekers. New positions are featured daily. The latest listings include: