the Asbestos Bill
Several consumer, environmental and victims’ groups criticized the asbestos bill
approved by the Senate Judiciary Committee last week, saying the bill would not
adequately compensate all asbestos victims, CongressDaily reported. Mike
Harbut, the co-director of the National Center for Vermiculite and Asbestos-Related
Cancers, said the medical criteria included in the bill to determine eligibility
would exclude some individuals with asbestos-caused illnesses. People exposed
to asbestos near facilities where asbestos was shipped from Libby, Mont., would
be denied payment under the fund, according to Richard Wiles, senior vice president
of the Environmental Working Group. “We’re going to keep this issue in the
forefront,” he said. “These people are literally denied any access
to any assistance.” The bill passed the committee with the support of all
Republicans and three Democrats. It has not yet been scheduled for a floor vote,
and several Republicans intend to offer amendments before it passes the Senate.
Filing Fee Increase and Effective Date Amendment for §325 of the New Bankruptcy Law
Section 325 of the Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005 has been amended by H.R. 1268, the Emergency Supplemental Appropriations
Act for Defense, the Global War on Terror, and Tsunami Relief, 2005 (Pub.
L No. 109-13), which the President signed into law on May 11, 2005.
The filing fee for chapter 7 cases is also increased under the Appropriations
Act amendment to $220 from the $200 fee provided for in S. 256. The fee
increases for chapter 11 and chapter 13 cases provided for in S. 256 are unchanged
by the Appropriations Act.
Confidence Rises in May
U.S. consumer confidence surprisingly rebounded in May after three straight monthly
declines, the Conference Board said today. The consumer confidence index rose
to 102.2 in May from 97.5 in April. Economists expected the index to fall to
95.9 from the earlier estimate of 97.7. “Consumer
confidence improved in May, gaining back nearly all of the ground it lost in
April,” says Lynn Franco, Director of The Conference Board’s Consumer
Research Center. “The Present Situation Index, despite fluctuations in
recent months, is more than 26 points higher than a year ago. Consumers’ concerns
about the economy and jobs have eased. The Expectations Index, while slightly
below year-ago levels, continues to signal economic growth in the months ahead.”
Arthur Andersen Conviction Overturned
The Supreme Court today overturned the conviction of Arthur Andersen for
destroying Enron Corp.–related documents because of flawed jury instructions,
In a defeat for the U.S. Justice Department, the unanimous high court ruled
that the jury instructions failed to convey properly the elements of what constitutes
a conviction for corrupt persuasion. Andersen, which had been Enron’s longtime
auditor, was convicted on a single count of corruptly persuading its employees
to destroy documents in October and early November 2001, to keep them from
federal investigators. Andersen’s lawyers had argued that jurors should have
been told that they needed to find the company had acted knowingly to subvert
an investigation in order to be found guilty. Chief Justice William Rehnquist
in the court’s opinion agreed with the company. The justices sent the case
back for further proceedings.
in the ABI Journal
The June issue of the ABI Journal features articles on §363
sales, preference proceedings under the new law and informal proofs of claim.
Other topics include volunteering for chapter 7 pro bono cases, changes in
the bankruptcy law affecting small retail debtors, bankruptcy reform implementation
now underway at the USTP, pre-emption and the Bankruptcy Code, bankruptcy appeals, fundamentals of intellectual
property valuation and more. Watch for the June issue of the ABI Journal coming
to your desks next week!
Now Posted Online
The following publications can now be ordered online at ABI’s bookstore.
This year’s ABI
membership directory provides information on more
than 10,300 members. Exclusive to members only for a limited time!
In this special
redlined edition, amendments made by the Bankruptcy Abuse
Prevention and Consumer Protection Act are printed in red and underlined;
deletions are made by striking through the text. The book features rules
references, practitioner’s index, landmark U.S. Supreme Court bankruptcy
cases incorporating the Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005 and a table of effective dates.
Banking: To the Abyss and Back
ABI Investment Banking Committee Co-chair Peter Kaufman and Henry Owsley
provide an insider’s
viewpoint on the methods and complexities of restructuring troubled companies in this fascinating area of investment banking.
ABI Conference Educational
Materials on CD-ROM
2005 Conference Educational
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: