as U.S. Consumer Prices Rise Most in Three Months
dollar gained against the euro for a third day as prices paid by U.S.
consumers rose by the most in three months, reinforcing speculation that
the Federal Reserve will keep raising interest rates through year-end, Bloomberg
reported today. The consumer price index advanced 0.5 percent last month,
after no increase in June, the Labor Department said. Higher interest rates
in the United States relative to Europe have helped fuel the dollar’s 10
percent gain against the euro this year.
The Labor Department said that worker wages grew 0.4 percent in July, the
fastest pace in a year. A week earlier, the government said prices paid by
consumers for goods and services, excluding food and energy, rose 2 percent
last quarter. After revisions, it was the fifth quarter at or above that
the full story.
Bush Likely to Stay out
of Northwest Labor Disagreement
President Bush does not plan to take action to avert a possible strike
by mechanics at financially troubled Northwest Airlines that could begin
as soon as this weekend, the White House said yesterday. Shares of Northwest
rose 15 cents, or 3.7 percent, to close at $4.17 Monday on the Nasdaq Stock
Market, the Associated Press reported.
A 30-day cooling-off period that mediators declared between the nation’s
fourth-largest airline and its mechanics ends at 12:01 a.m. EDT Saturday.
If no agreement is reached beforehand, a strike could then begin or the airline
could lock out the mechanics.
President Bush can appoint a presidential emergency board, pre-empting a strike
or lockout until the panel examines the dispute. The president used that option
in the spring of 2001 when Northwest mechanics came within days of striking.
But White House spokesman Trent Duffy said no such move is expected this time.
New Lender Report from Fed
The Board of Governors of the Federal Reserve System has issued a report
on the Senior
Loan Officer Opinion Survey on Bank Lending Practices.
The July 2005 report addressed changes in the supply of and demand for bank
loans to businesses and households over the past three months. The survey
also queried banks about their current holdings and recent originations and
securitizations of nontraditional mortgage products. The report is based
on responses from 54 domestic banking institutions and 20 U.S.
branches and agencies of foreign banks. Read
the full article.
ABI Endowment to Fund Study
of Consumer Bankruptcy from Debtors’ Perspective
ABI’s Research Grant Committee has awarded
a two-year, $21,100 grant from the ABI Endowment to the Memphis-based RISE
Foundation to study the impact of bankruptcy on debtors in the Western District
The project will be the first study of bankruptcy from the debtor’s
perspective in the Memphis area. The district has the nation’s highest
per capita filing rate. The results will assist practitioners and policy-makers
in evaluating the factors behind the high filing rate. The research will
also provide insight into the debtors’ life after bankruptcy.
Now for ABI’s New Investment Banking Program
In an exciting new format and location, the 2005
Investment Banking Program,
to be held Sept. 8–9 at the Four Seasons Hotel in Las Vegas, will offer a
unique approach to understanding the role of investment bankers in insolvency
and restructuring. The case study will dramatize the many perspectives of
parties-in-interest as they examine strategic alternatives and seek the highest
value for an insolvent company. An “all-star” cast of industry
leaders will play the role of the major constituents as they work through
the case study in this day-long program. Register today!
Join Your Peers at ABI’s
International Insolvency Symposium
ABI’s first program in Europe, to be
held September 23, 2005 in London, at the renowned Savoy Hotel, will
bring together top international speakers to discuss the issues of the moment
in international insolvency and restructuring. The event has attracted significant
support from the industry’s top professional firms in the United States
Sir Gavin Lightman, Chancery Division High Court of Justice, London, will
present the keynote address: Views from the Bench. Other symposium sessions
will include International Forum Shopping, Hands Across the Pond: Identifying
Best Practices, Restructuring Trends in Europe, and Managing an International
today for this exciting international program.
You Miss Last Week ’s Consumer Bankruptcy Webinar?
Don’t worry—you can now access it in the Webinar
Mark your calendar for the last Webinar in the series:
The Judges’ Perspective—September 22, 2 p.m. EDT
This Webinar will be a special roundtable featuring a panel of leading
- Second Circuit: Hon. Elizabeth Stong, Eastern District of New York
- Fourth Circuit: Hon. Douglas Tice, Eastern District of Virginia
- Fifth Circuit: Hon. Barbara Houser, Northern District of Texas
- Sixth Circuit: Hon. Steven Rhodes, Eastern District of Michigan
- Ninth Circuit: Hon. Samuel Bufford, Central District of California
- Tenth Circuit: Hon. James Starzynski, District of New Mexico
- Eleventh Circuit: Hon. Mary Grace Diehl, Northern District of Georgia
Unsecured Trade Creditors
Committee E-Newsletter Now Available Online
The August edition of the Unsecured
Trade Creditors Committee e-newsletter is available online. Included
this month are Dennis J. Connolly’s article “BAPCPA
to Change Committee Make-up and Practice,” Dorman Wood’s article on §1102, “To
Serve or Not to Serve? That Is the Question!” and the agenda for the 2005
Winter Leadership Conference.
for the Certification Exam
The new bankruptcy law provides that courts will take into account board
certification when awarding attorney fees under §330. The American
Board of Certification is offering its exams several times this fall (covering
current law). You can prepare for the exams with a handy and affordable CD-ROM
prepared by board-certified ABI members. The CD includes materials on consumer
bankruptcy, business bankruptcy, ethics and creditors’ rights. Sample
exam questions and answers are also included. Member price is $195. Buy
the CD-ROM in ABI’s online store!
of Annual Spring Meeting” Archived Program Now Available Online
The “Best of ABI” series brings the highest-rated sessions
from each ABI conference right to your office. The “Best
of Annual Spring Meeting” archived program is now available online
at ABI World.
CLE/CPE credit will be available in certain states. The program
features Judges Joan Feeney, David Houston, Linda Riegle and Mary Walrath
analyzing the new law.
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: