Highlights
JOBLESS CLAIMS INCREASE BY 7,000 OVER LAST WEEK
A Labor Department report released today showed that first-time claims for state unemployment insurance benefits increased to a seasonally adjusted 318,000 in the week ended Sept. 16, after an upwardly revised 311,000 in the prior week, Reuters reported today. Meanwhile, the four-week moving average of jobless claims, which is considered a more accurate measurement of employment trends because it irons out weekly volatility, remained unchanged at 315,000 in the week ended Sept. 16. New claims have held steady in this range for nearly a year after a surge to levels above 400,000 when a burst of U.S. workers sought unemployment aid in the aftermath of Hurricane Katrina last September. Click here to read the full article.
MORTGAGE REFINANCINGS AT EIGHT-MONTH HIGH
The Mortgage Bankers Association reported yesterday that the number of applications for loans to refinance existing mortgages increased last week to the highest level since early February, MarketWatch.com reported yesterday. Refinancing filings accounted for 43.7 percent of total applications last week, up from 40.3 percent the previous week, to reach the highest proportion since January. Applications for loans to buy a home fell 3 percent on a week-to-week basis, while refinancing loans rose 9.5 percent. The share of loans with adjustable interest rates increased to 27 percent from 25.5 percent, which previously represented the lowest ARM share in nearly three years. Overall, mortgage applications filed with major U.S. banks rose by a seasonally adjusted 2 percent from last week to reach the highest level since April, the association reported. Still, mortgage applications have been down 22.5 percent over the past year. Click here to read the full article.
LATEST ABI WORLD WEEKLY PODCAST AVAILABLE TOMORROW
The latest installment in the weekly series of ABI podcast chats will be available tomorrow from the ABI World Web site. This week’s podcast will feature the second installment of a conversation between Prof. David Skeel, ABI’s Resident Scholar, and bankruptcy legend Harvey R. Miller, vice chairman and managing director at Greenhill & Co., Inc. Miller, a panelist at this year’s ABI Winter Conference, shares anecdotes from some of the early mega-cases under the Code, and the development of debtor-in-possession financing, distressed-debt traders and other trends.
In addition to the podcasts available in streaming and mp3 format, the ABI World Web site also allows you to subscribe to the ABI World Podcasts for free through Apple’s iTunes Music store. Simply click here and you will be directed to the iTunes Music store to subscribe to the podcast. Once you click “subscribe,” the weekly ABI World podcast will be automatically available to your computer within the ‘Podcast’ heading of your computer’s iTunes library for easy transfer if you are utilizing an iPod mp3 player.
SPONSORSHIP OPPORTUNITY AVAILABLE FOR ABI’S 2006-07 MEMBERSHIP DIRECTORY CD-ROM!
ABI’s 2006-07 Directory CD-ROM is coming! As the sole Sponsor, you can include a one-minute demo of your product to automatically launch when the CD is initially used. Additional benefits include:
- Company name/logo on the CD-ROM;
- Company logo on the home page of the CD-ROM (on ABI World Web site) with hyperlink and “Sponsored By” credit;
- Vertical banner ad in the Membership section of the ABI World Web site;
- Mention in several ABI publications, including ABI Journal and ABI Update;
- Horizontal banner ad at the bottom of every page of the Online Directory;
- Company name promoted in all HTML announcements for the CD-ROM Directory;
- One-time use of ABI Membership list including all names, addresses, phone, fax and e-mail information.
Don’t miss this opportunity to reach out to 11,500 insolvency professionals! For more information, please contact Sharisa Sloan, ABI Marketing Director, at (703) 739-0800 or ssloan@abiworld.org.
“NEW PENSION LAW FOR BANKRUPTCY ATTORNEYS AND TURNAROUND MANAGERS” WEBINAR SCHEDULED FOR OCT. 3
Don’t miss the “New Pension Law for Bankruptcy Attorneys and Turnaround Managers” webinar on Oct. 3 from 3-4:30 p.m. ET. This program will focus on the most important aspects of the Pension Protection Act of 2006 (Public Law 109-280) for bankruptcy attorneys and turnaround specialists. The distinguished panel of speakers includes John Hanley, the Pension Benefits Guaranty Corp.’s director of Legislative and Regulatory Affairs (Washington, D.C.); Carol Connor Flowe of Arent Fox PLLC (Washington, D.C.); Michael B. Cox, managing director of the Seabury Group/Seabury Transportation (New York); and John Tittle, Jr., director of LECG, LLC (Dallas). In this interactive webinar format, you will be able to listen to speakers on your phone while simultaneously accessing program materials on the Web. The speakers will also be available to answer questions by phone during the program.
Click here to register for the New Pension Law Webinar.
CENTRAL STATES “BEST OF ABI” AUDIOCONFERENCE FEATURES “HEAVY METAL: LIENS ON AUTOMOBILES AND PERSONAL PROPERTY IN CHAPTER 7 AND 13 AFTER BAPCPA”
The “Best of ABI” live audioconference on Sept. 27 at 1 p.m. ET will feature “Heavy Metal: Liens on Automobiles and Personal Property in Chapters 7 and 13 after BAPCPA,” the top-rated program from ABI's Central States Bankruptcy Workshop. Panelists for the session include Judge Susan V. Kelley (E.D. Wis.), James M. Philbrick of The Law Offices of James M. Philbrick PC (Mundelein, Ill.) and Grant F. Shipley of Shipley & Associates (Fort Wayne, Ind.).
Click here to register for “Best of Central States.”
ABI’S DISTANCE LEARNING LETS YOU EARN CLE CREDITS ACCORDING TO YOUR SCHEDULE
Not able to attend the ABI conference or meeting you wanted to attend? Watch or listen to selected sessions of various ABI programs via ABI Distance Learning, starting at the low cost of $65 per session. ABI Distance Learning provides expanded online access to programming from ABI meetings and events in audio or video format, with the opportunity to earn CLE credit from the convenience of your home or office computer 24 hours a day, seven days a week. Click here for more information.
NEW FROM ABI! AUTO SUPPLIER INSOLVENCIES & BANKRUPTCIES: ISSUES FOR SUPPLIERS AND CUSTOMERS OF FINANCIALLY TROUBLED AUTO SUPPLIERS
Written by the Creditors' Rights Department of Barnes & Thornburg LLP and edited by Prof. James J. White of the University of Michigan Law School, this manual on automotive supply insolvencies and bankruptcies provides timely strategies for buyers and sellers in the supply chain both prior and subsequent to a supplier's bankruptcy filing. The manual includes suggestions for legal strategies, including discussions of Article 2 of the Uniform Commercial Code as it relates to automotive suppliers and customers, accommodation agreements, access and security agreements, parts banks, and special tooling lien acts, both pre- and post-BAPCPA. Softbound, 270 pages. Click here to order your copy today! (To obtain the discounted member price, please log into the ABIWorld Web site first.)
SECOND EDITION OF BANKRUPTCY BUSINESS ACQUISITIONS Available for purchase
Edited by Richard Tilton, the Second Edition of Bankruptcy Business Acquisitions is the essential reference for anyone involved in buying or selling financially distressed companies. Newly revised by 55 of the nation's top bankruptcy experts, Bankruptcy Business Acquisitions, Second Edition covers the full spectrum of relevant topics from the Bankruptcy Code and court system to the specifics of pre-packaged plans, bidding incentives, selling assets in regulated industries, strategic roles of the investment banker, tax issues, pension and ERISA issues, due diligence, issuance of securities, trading claims, intellectual property transfers and more. This 1,542-page hardbound book includes 30 practice-tested forms.
Click here to order your copy today! (To obtain the discounted member price, please log into the ABIWorld Web site first.)
DON’T MISS ABI’S “BANKRUPTCY 2006: VIEWS FROM THE BENCH” CONFERENCE IN WASHINGTON, D.C.
Join ABI for “Bankruptcy 2006: Views from the Bench” on Oct. 6 at The Georgetown University Law Center. Attendees will have the opportunity to earn 7.0 CLE credits, including 1.0 hour of ethics.
Topics at the conference include:
- First-Day Motions: Including Critical Vendors; Stay Bonuses; Ordinary-Course Professionals; Abuse of DIP Financing; Sale Orders on Day One
- Confirmation and Plan Issues: Liquidating Trusts and Post-confirmation Jurisdiction; “Gift” Plans; Absolute Priority after Armstrong; Appeals; Unfair Discrimination
- Creditors and Equity Committees: Appointment, Disclosure Obligation; Sharing Information; Waiver of Attorney/Client Privilege; Hedge Funds on Committees
- Substantive Consolidation: Deemed Consolidation; Structured Finance; Pre-packaged Plans
- Legal Ethics: Conflicts Issues; Attorney Conflicts from Multiple Representation; Senior, Junior Lienholders
- Corporate Governance: Enjoining Shareholder Meetings and Proxy Fights; Derivative Suits and Releases
This year’s program also features three break-out lunch sessions with judges and faculty to follow up on some of the topics in a small-group format. Click here to register for the “Views from the Bench” conference.
REGISTER FOR ABI’S ONE-YEAR ANNIVERSARY PROGRAM ON BAPCPA TO BE HELD OCT. 16
ABI’s One-Year Anniversary Program on the new law will be held on Oct. 16 at the Georgetown University Law Center in Washington, D.C. Plan to attend ABI’s special program analyzing the effects of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Congress enacted the most sweeping reform of the federal bankruptcy laws last year. One year later, what has been the impact of the new law on debtors, creditors and the other players in the bankruptcy system? Is the Bankruptcy Code in better balance today as Congress intended? What conclusions can be drawn about what is working and what is not from the first year of reported opinions? What does the future hold?
This day-long conference brings together the leading experts and practitioners from the private and public sectors to assess the first-year experience from a variety of balanced perspectives. Click here to register.
REGISTER FOR ABI’S 18th ANNUAL WINTER LEADERSHIP CONFERENCE!
Join ABI for the Annual Winter Leadership Conference at the beautiful Hyatt Regency at Gainey Ranch, in sunny Scottsdale, Ariz., Nov. 30 – Dec. 2! Explore the impact of BAPCPA in action. Panel topics include:
• Management vs. Labor: The Collision of Bankruptcy and Labor Law and Policy
• Thinking Outside the Box: Nonbankruptcy Options after BAPCPA
• Supply Contracts in Chapter 11 Cases: Executory Contracts, Forward Contracts
• The “New Lenders”: Second-Lien Financing, “Loan to Own,” DIPs to Sell
• BAPCPA’s Consumer Bankruptcy Provisions in Practice
• The Death of Retail Chapter 11? BAPCPA in Practice
• International: There Is a Chapter 15 in Your Future
• Which Sectors of the Economy Will Thrive (or Dive) in 2007?
• Fibermark and Beyond: Ethical Problems of Committees and Representation in a “Hedge-Fund World”
• Ethically Juggling the Multiple Roles of Consumer Counsel
Plus 21 ABI Committee Education Sessions featuring prominent ABI members and special guest speakers on hot topics. And don’t forget numerous networking opportunities, our exhibition hall and many optional events, including the annual Golf Tournament, Tennis Tournament and Final Night Dance featuring ABI’s own Indubitable Equivalents!
Click here to register.
REGISTRATION NOW OPEN FOR ABI’S 2007 ROCKY MOUNTAIN BANKRUPTCY CONFERENCE!
Registration is now open for ABI’s 12th Annual Rocky Mountain Bankruptcy Conference to be held at the Hyatt Regency Denver at the Colorado Convention Center from Jan. 25-27, 2007.
Conference programming will feature a faculty of outstanding scholars, judges and practitioners from the region with up to 12 CLE credit hours available, including 3 hours of ethics. Timely topics include:
- Circuit Splits Not Yet Resolved in the 10th Circuit
- Protecting and Enforcing Second-Lien Positions
- State Court Collection and Protection Remedies and Methods
- The Intersection Between Domestic Relations, Probate and Bankruptcy
- Cleaning Up the Mess—Recovering from the Bad Guys and Their Advisors: Fraud, Breach of Duty, Standing/In Pari Delicto, Aiding and Abetting
- Hot Topics under BAPCPA—New Published and Unpublished Decisions
- Real Estate and Single Asset-Cases: Is This the Next Wave?
Click here to register today.
GET INVOLVED!
From publishing opportunities to committee involvement, ABI offers many options for members to raise their professional profiles. Click here for more opportunities.
INSOL INTERNATIONAL
The International Association of Restructuring, Insolvency & Bankruptcy Professionals INSOL International is a worldwide federation of national associations for accountants and lawyers who specialize in turnaround and insolvency. There are currently 37 member associations worldwide with more than 8,000 professionals participating as members of INSOL International. As a member association of INSOL, ABI's members receive a discounted subscription rate. See ABI's enrollment page for details.
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