to Promote Savings from Childhood Catching On
Three weeks shy of his first day of kindergarten, Austin Sambrano is the
only person in his family who has a savings account. Living with his parents
and older brother in a trailer park near Pontiac, Mich., he is part of an
called the SEED Initiative that is opening investment accounts for children in
an effort to ensure them a college education—and teach
their families the habit of putting aside money for the future, the Washington
Post reported Saturday.
The $800 deposited in his name places the rambunctious, blond 5-year-old
at the leading edge of a new wave of thought about how to create wealth,
curb poverty and improve the abysmal savings rate among Americans, particularly
those who are poor. The idea is to give newborns or young children a miniature
version of what affluent families have long provided their offspring: a trust
fund. To induce parents to save, families deposits are matched if they
add to the fund. Read
the full story.
in Rush to Bankruptcy as Change Nears
Rushing to beat an October deadline, when the biggest overhaul of the bankruptcy
law in a quarter century goes into effect, rising
numbers of Americans have filed for protection in the four months since the
law was changed, seeking
to have their debts erased, the New York Times reported Sunday.
Since President Bush signed the new law in April, bankruptcy filings have
jumped, particularly in the heartland. Filings in the four months through
July are up 17 percent this year over last in Cleveland, 14 percent in Milwaukee
and 22 percent in northern Iowa, according to court filings, matching similar
patterns in the Midwest and parts of the South and rural West.
Nationwide, bankruptcy filings for April, May and June were up by 12 percent
over the same period last year, according to LexisNexis. The rise is coming
after bankruptcy had leveled off and even started a slight decline last year.
Read the full story.
Miss “Best of New York Bankruptcy Conference”!
How do you put an insolvent chapter 11 debtor to rest? What are your alternatives
if you cannot confirm a “normal” plan? Find out at ABI’s “Best
of New York” Bankruptcy Conference at 1:00 p.m. on August 31, 2005.
This audio conference will explore both traditional and non-traditional
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 Judge Allan L. Gropper and attorneys Scott L. Hazan,
Andrew A. Kress, Deirdre A. Martini and Joseph Samet. Visit ABI
World for more information and to register for this timely event.
The “Best of ABI” series brings the highest-rated sessions
from each ABI conference right to your office.
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, 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
London Calling: 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 leading professional firms in the United
States and Europe.
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
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: