Red: Americans Driven into Debt by Medical Bills
New analysis of the 2003 Commonwealth Fund Biennial Health Insurance Survey
reveals that an estimated 77 million Americans age 19 and older—nearly
two of five (37 percent) adults—have difficulty paying medical bills,
have accrued medical debt or both. Working-age adults incur significantly
higher rates of medical bill and debt problems than do adults 65 and older,
with rates highest among the uninsured. Even working-age adults who are continually
insured have problems paying their medical bills and have medical debt. Unpaid
medical bills and medical debt can limit access to health care: two-thirds
of people with a medical bill or debt problem went without needed care because
of cost—nearly three times the rate of those without these financial
the full report.
Risk Overstated, Says Study
The pension crisis is not as dire as many observers fear, a new analysis by Watson Wyatt
has found, CFO.com reported today. The consultancy found that pension plan
liabilities at about half of the Fortune 1000 companies with defined
benefit plans pose little risk to the financial stability of the company’s
core business; about 30 percent face a moderate amount of risk. Only the
remaining 20 percent or so face what Watson Wyatt deems to be relatively
high risk levels.
Watson Wyatt also asserted, however, that the companies that carry the
majority of the total value of pension risk tend to be financially healthy
and thus likely able to weather a financial crisis. The consultancy noted
that 84 percent of the aggregate pension risk currently in the system belongs
to investment-grade companies, while just 16 percent belongs to companies
with a junk-bond rating.
“Despite pockets of trouble in the pension system, employers for the
most part face only a small or moderate amount of risk,” said senior
research analyst Julia Coronado in a Watson Wyatt press release. Coronado
added that since relatively few companies have high pension risk, the broader
risk to the U.S. economy seems to be minimal.
Read the full story.
Delay Action on Insurance Receivership Model Law amid Industry Concerns
State regulators had planned by year’s end to adopt a new model law
for insurers in receivership, but a new round of industry comments and concerns
may stall progress, BestWire Services reported yesterday. After a special
meeting held in Chicago the week of Aug. 1, the National Association of Insurance
Commissioners’ (NAIC) Financial Condition Committee voted to continue
discussing concerns that insurers and others have raised since a working
group and a task force of the committee both approved amendments to the Insurer
Receivership Model Act earlier this year.
Originally, the measure was planned for a vote by the NAIC’s Executive Committee
at its June national meeting in Boston. The model has been billed by the industry
as among the most important model act projects the NAIC ever has undertaken.
Read the full story.
Now for ABI’s New Investment Banking Program
An “all-star” cast of industry leaders will play the roles
of the major constituents as they work through a case study in this day-long
program. In the new format and location, the 2005 ABI Investment
Banking Program will offer a unique approach to understanding the role
of investment bankers in insolvency and restructuring contexts. See how creditor
and debtor dynamics affect a case as the players seek the highest value for
an insolvent company. Join us for this year’s program, set to be
held in Las Vegas at the Four Seasons Hotel, September 8–9, 2005.
Moderators and Program Co-chairs:
- James D. Decker, Houlihan Lokey Howard & Zukin
- Peter S. Kaufman, Gordian Group LLC
- Board of Directors: Laura Davis Jones, Pachulski, Stang et. al
- Debtor/Management: William K. Snyder, Corporate Revitalization Partners LLC
- Trade Creditors: Peter M. Gilhuly, Latham & Watkins
- Senior Lender: Mitchell E. Drucker, CIT Group Inc.
- Private Equity Investor: Joel B. Piassick, Harbert Management
- Bondholders: Jeffrey S. Sabin, Schulte Roth & Zabel LLP
- CRO: Rebecca A. Roof, AlixPartners LLC
- U.S. Trustee: Ilene J. Lashinsky, Region 14, Arizona
- Judge: Hon. Wesley W. Steen, S.D. Texas
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.
Mark Your Calendar to
Participate in the New Bankruptcy Law Series’ Final Webinar!
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
Technology & Telecommunications
Cases Committee E-Newsletter Now Available Online
Should liquidating IT/technology companies choose auction or asset recovery?
Will VOIP providers be the next technology segment to fail? Read about these
and other technology issues in the August issue of the Technology & Telecommunications
Cases Committee e-newsletter.
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 “Judges’
Roundtable: The New Bankruptcy Law ” 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: