Fed Raises Interest
The Federal Reserve raised a key interest rate by a quarter-point today, CongressDaily reported.
The action pushed the federal funds rate up to 3.5 percent. It marked the
10th consecutive increase in the rate that banks charge each other on overnight
loans and left this benchmark rate at its highest level since August 2001.
When the Fed started its credit-tightening campaign last year, the rate had
been at a 46-year low of 1 percent.
Asbestos Bill Moves
to Senate Floor, But Faces Hurdles
U.S. Senate Judiciary Committee Chairman Arlen Specter (R–Pa.) has said
that he expects the Senate to take up asbestos-victim compensation legislation
as soon as possible. While conceding that the exact schedule will be up to
Senate Majority Leader Bill Frist (R–Tenn.), Specter said the bill has “momentum
in hand” and that “it would be very much in the national interest
… to move ahead.” Sen. Frist included the bill in his long list of
legislative priorities for the fall. The controversial legislation would
create a $140 billion industry-funded trust from which to pay claims to workers
with asbestos-related injuries.
in 401(K) Plans Reach Five-Year High
survey finds that 401(k) balances have reached a five-year high, MarketWatch
reported Friday. Those findings come from Fidelity, the largest U.S. provider
of 401(k) plan services to employers. The Fidelity survey covers more than
10,000 plans and hundreds of thousands of workers, so its results are fairly
indicative of what’s going on in the retirement-savings realm.
Paradoxically, this follows news last week that the overall U.S. savings
rate is at zero percent. Too many people who should be taking advantage of
these savings plans still don’t participate, and the modest gains in
accounts still leave most Americans a long way short of prudent goals. Read
the full story.
Now for ABI’s Winter Leadership Conference and Save!
Join ABI for the 17th Annual Winter
Leadership Conference in beautiful
Indian Wells, Calif. The meeting will be set at the Hyatt Grand Champions
Resort and Spa, one of the desert’s most luxurious hotels. Register
before Sept. 16 and save $50!
The program of 14 CLE credit hours (including 3 hours of ethics) features
a faculty of outstanding scholars, judges and practitioners from across the
United States. More than 700 will attend! Timely topics—all updated
with the latest legislative revisions—include:
- The Year in Review (other than legislation) and Emerging Issues for 2006
- Solemn Promise or Past Sin? Implications of Pension Terminations
- Pre-petition Sanctions, Contempt (Civil/Criminal), Penalties and Punitive
Damages: Allowability and Enforceability
- Ten Hints to Surviving the New Consumer Bankruptcy Law
- A Gift by Any Other Name: Absolute Priority Rule after Armstrong World
- New Realities for Financial Advisors under the New Law and Other Emerging Problems
- Right Without a Remedy?: Individual and Small Business Chapter 11 under the New Code
- Breakfast Educational Program: New Law in Practice
- Ethics: Swearing Contest—Certifications of Information and Other
Ethical Quandaries of the New Law
- Ethics: Special Conflicts Counsel: Best Practice or Big Case Aberration
This year’s meeting will also feature stand-up comedian Steve Bridges
(a.k.a. “Mr. President”) and the all-ABI member rock-and-roll
band, the Indubitable Equivalents.
Optional events will include golf and tennis tournaments, The Living Desert
tour, hot air ballooning, a Joshua Tree Jeep Eco-tour, an off-road quad tour
and a cooking class.
Miss Tomorrow’s Bankruptcy Webinar!
The next Webinar in our comprehensive series about the new bankruptcy law,
Consumer Bankruptcy III, will be held tomorrow at 2:00 p.m. EDT. The Webinar
features such topics as debtor education, disposable income in chapter 11
individual cases, discharge and dischargeability, impact on domestic support
claims, bankruptcy appeals and tax treatment in individual cases. Participants
will listen to the program live via telephone. Materials will be provided
Click here to register!
“Best of New York” Bankruptcy
Conference Coming Soon!
The “Best of ABI” series brings the highest rated sessions
from each ABI conference right to your office via teleconference.
How do you put an insolvent chapter 11 debtor to rest? What are your alternatives
if you cannot confirm a “normal” plan? Find out by participating
in ABI’s “Best of New York Bankruptcy Conference” at 1:00
p.m. on August 31, 2005.
This audioconference will explore both traditional and unconventional ideas
including case dismissal, entry of a “bifurcation order,” a “virtual” chapter
7 proceeding in the chapter 11 proceeding, taking a “shot” at
operating an administratively insolvent chapter 11 proceeding without a bifurcation
order and confirmation of a plan for an administratively insolvent estate.
The program features Chief Judge Stuart M. Bernstein; attorneys Scott L.
Hazan, Andrew A. Kress and Joseph Samet; and U.S. Trustee Deirdre A. Martini.
ABI World for more information and to register for this timely event.
ABI Releases New Edition
of Health Care Insolvency Manual
ABI’s timely second edition of Health Care Insolvency Manual, Second
Edition, includes the significant health care and nonprofit provisions
of the newly enacted Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005. Written by leading health care and bankruptcy practitioners,
it covers such topics as the structure of different types of health care
providers, the unique executory contract issues involved in health care
cases, fraud and abuse, Medicare and Medicaid fundamentals and much more.
William W. Kannel (Mintz Levin et al, Boston) and David C. Hillman (Verrill
Dana, Portland, Maine) are co-editors. The 224-page book is available for
purchase at ABI World. Member price is $15 and non-member price is $20.
ABI World Tutorial Highlights
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 will highlight the many resources and
services available at ABI World.
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: