Consumer Credit Quality May Fall
U.S. consumer credit dropped in May for the first time since November 2003, falling by 1.7 percent or $3 billion, the Federal Reserve said on Friday. Revolving credit, such as credit card debt, increased by 1.1 percent, but nonrevolving credit such as auto loans fell by 3.4 percent. Economists polled by MarketWatch were forecasting a rise of $3.5 billion.
The decline may be a function of diminished supply as the rise in short-term interest rates and tightening of home equity lending standards begin to take effect, Barron’s Online reported. With those in financial trouble now forced to borrow at higher rates (and minimum payments poised to rise per the new bankruptcy law), the potential for a material erosion in credit quality -- one that would ricochet through the asset-backed securities market in which these payments were securitized -- is high and rising, Barron’s warned.
Make Plans to Attend ABIís First International Insolvency Symposium in Europe
Register to attend ABI’s first program in Europe, to be held Sept. 23, 2005, at The Savoy in London. The International Insolvency Symposium will bring together top international speakers to discuss the latest developments in international restructuring. The symposium has attracted significant support from the industry’s top professional firms in the United States and Europe.
Topics include managing an international reorganization, restructurings in Europe, international forum shopping and more! Register online today!
International Committee e-Newsletter Available Online
The July issue of ABI’s International Committee e-newsletter is available online. Read articles on ancillary relief in Canadian and U.S. courts and the legal status of aircraft component parts under Dutch law.
Register By This Friday to Attend ABIís First Annual Mid Atlantic Bankruptcy Workshop and Save
Make plans to attend ABI’s First Annual Mid Atlantic Bankruptcy Workshop, to be held August 4–6 at the Hyatt Regency Chesapeake Bay in Cambridge, Md. Register by this Friday, July 15, and save $50 off the late registration rate. This workshop brings together the region’s top insolvency professionals for three days of hands-on learning, offering up to 9 hours of continuing education credit. Topics this year include the latest on retention of professionals, asbestos cases after Combustion Engineering, sales under Section 363, receiverships and other alternatives, professional liability, understanding diverse opinions in the Third and Fourth Circuits and selected ethical issues.
Plenty of networking opportunities are planned including a welcome reception, crab feast dinner, golf, tennis, sailing, sporting clays tournament and much more!
Register online today!
ABI World Tutorial Highlights Search Engine
A new online tutorial focuses on the capability of ABI’s search engine. The tutorial features a visual demonstration of how to use the online search engine and locate documents quickly and easily on a particular bankruptcy topic within the thousands of articles, reports, publications, court documents and many other sources available at the ABI World web site. This is the third in a series of tutorials that highlight the many resources and services available at ABI World.
New Opinions Posted Online
District of Arizona
In re Robin Bruce McNabb - June 2005
Western District of Pennsylvania
In re Dycoal Inc. - June 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: