Highlights
GROUP CALLS ON NEW CONGRESS TO ENACT CREDIT CARD ABUSE LEGISLATION
The Center for American Progress, a liberal think tank closely allied with the new Democrat majority in Congress, challenged the 110th Congress to enact legislation that protects consumers from “abusive credit card lending practices” in a press release today outlining the Center’s legislative priorities for the new Congress. Citing that Americans pay about $90 billion annually in interest and penalty payments on credit cards, the group called on Congress to: (1) enact legislation to ban retroactive application of interest rate increases so credit card companies can no longer raise a customers’ interest rate and then apply that higher rate to earlier purchases; (2) ban the practice of universal default to prevent credit card companies from changing the terms of a card based on a customer’s experiences with another issuer; (3) ban what it deems to be abusive and excessive fees (such as unilateral over-the-limit fees when the issuer approved the over-the-limit transaction, and processing fees when consumers pay their bill by phone or online); (4) improve disclosure by fully adopting the recommendations made in the GAO’s Sept. 12 report entitled “Credit Cards: Increased Complexity in Rates and Fees Heightens Need for More Effective Disclosures to Consumers;” and (5) crack down on predatory debt-collection companies by updating and strengthening the Fair Debt Collection Practices Act (FDCPA).
DEMOCRATS' PROPOSAL ON COLLEGE LOANS MAY FACE FUNDING PROBLEMS
The Democrats’ plan to cut student loan interest rates in half, expected to be part of incoming House Speaker Nancy Pelosi's agenda for the beginning of the 110th Congress, may face funding difficulties, CongressDaily reported yesterday. The proposal would reduce the interest rate on subsidized student loans from 6.8 percent to 3.4 percent at a cost of $2.6 billion, according to a Democratic leadership aide. The move to cut the interest rate on subsidized loans, which serve nearly 5.7 million students each year, would be the first in a string of Democratic efforts to make higher education more affordable. House Education and the Workforce ranking member George Miller (D-Calif.) offered a bill in April that would pare the 8.5 percent interest rate for parent loans to 4.75 percent. Republicans contend that Miller's plan, which would provide interest rate cuts for both subsidized and unsubsidized student loans and parent loans, would cost $60 billion over five years, although a Democratic committee aide said the figure is around $30-40 billion. Miller is not expected to act on the broader bill until the committee takes up the Higher Education Act, which is up for reauthorization next year.
HOME PRICES CONTINUE TO DECREASE IN OCTOBER
The price of existing homes sold in October fell for the third straight month and posted the biggest drop on record, an industry group said Tuesday, adding that it expects weakness in pricing to drag on into next year, CNNMoney.com reported today. The National Association of Realtors said that the median price of a home sold in October was $221,000, the same as in September, but down 3.5 percent from October 2005. The previous record drop was a 2.1 percent decline in November 1990, the real estate group said. The weakness in home prices isn't likely to go away soon, according to Realtors spokesman Walter Molony. "We do expect we'll see prices stay below year-ago levels through the end of this year, and pick up in the first quarter of 2007," he said. Click here to read the full article.
FINANCE COMPANIES’ RECEIVABLES TOP $2 TRILLION
Consumer, real estate and business receivables outstanding held by U.S. finance companies increased to $2 trillion in September led by real estate investments, Credit and Collections World News reported yesterday. Consumer receivables, which include vehicle loans and credit cards, totaled $812 billion, down 0.6 percent from August, according to the Federal Reserve Board’s G.20 report. People are still financing home purchases, as real estate receivables increased 1.24 percent to $609.4 billion from August’s $601.9 billion. Business receivables slipped 0.25 percent from August to $578.5 billion in September. Click here to read the full article.
SPONSORSHIP OPPORTUNITIES NOW AVAILABLE FOR ABI’S 2007 ANNUAL SPRING MEETING
Reach more than 1,000 senior-level partners and decision-makers of national law and accounting firms by sponsoring an event at the ABI’s 25th AnniversaryAnnual Spring Meeting being held next April 12-15 at the JW Marriott in Washington, D.C.!
ABI’s Annual Spring Meeting provides numerous networking opportunities, and our staff will work closely with you to maximize your firm's message to this target market. A variety of options are available, so let us know how we can accommodate your needs and make the most out of your sponsorship. For the 25th Anniversary, Hall & Oates will be performing at the Final Night Dinner on Saturday, April 14th. Don’t miss out on the chance to sponsor this big-name entertainment! If you are interested in sponsoring an event or would like to find out more about sponsorship opportunities at ABI’s 2007 Annual Spring Meeting, please contact Sharisa Sloan at ssloan@abiworld.org.
TOMORROW! SOUTHEAST “BEST OF ABI” AUDIOCONFERENCE FEATURES “COMPLEX CHAPTER 11 CASE DEVELOPMENTS YOU NEED TO KNOW”
The “Best of ABI” live audioconference taking place tomorrow at 1 p.m. ET will feature "Complex Chapter 11 Case Developments You Need to Know," the top-rated program from ABI’s Southeast Bankruptcy Workshop. The program looks at cramdown plans post-Armstrong World, new issues surrounding the retention of investment bankers and advisors post-BAPCPA, and answers to the question of who owns the D&O policy proceeds when a company files for bankruptcy. Panelists for the session include Anna Phillips of Giuliani Capital Advisors LLC (Atlanta), John P. Whittington of Bradley, Arant, Rose & White, LLP (Birmingham, Ala.) and Bankruptcy Judge Michael G. Williamson (M.D. Florida).
Click here to register for “Best of Southeast.”
ONE-YEAR BAPCPA ANNIVERSARY PROGRAM SESSIONS NOW AVAILABLE ON ABI WORLD
If you were not able to attend ABI’s One-Year Anniversary Program on BAPCPA at Georgetown University Law Center on Oct. 16, you can now purchase an audio copy of the program from the ABI World Web site.
Audio files of all the One-Year Program sessions are now available:
- “Macro Overview of the Effects of BAPCPA”
- “Credit Counseling: What Has Been the Outcome of the Credit Counseling Requirements of the New Law?”
- “Business Bankruptcy: How Has BAPCPA Affected Chapter 11 Filings?”
- “Chapter 7 & 13 Issues: Means Testing and Good Faith”
- “How Has BAPCPA Impacted Debtor’s Attorneys?”
- Summarization of Proposed Rules Implementing BAPCPA
Listen to ABI’s One-Year Anniversary Program sessions at your convenience with the opportunity to earn CLE credits! Purchasers will receive access to audio of the program. Once you have purchased the program, you can listen to it up to eight times within 30 days.
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.
ABI’S UPDATED GENERAL ASSIGNMENTS FOR THE BENEFIT OF CREDITORS NOW FOR SALE!
Written by Geoffrey L. Berman of Development Specialists, Inc., General Assignments for the Benefit of Creditors, 2nd Edition: The ABCs of ABCs incorporates BAPCPA changes and provides information on how general assignments are administered as well as the differences that various state laws have on the administration of the assignment estate. The guide was developed for debtor and creditor lawyers, as well as for credit professionals faced with the prospect of a state law liquidation. Includes 30 pages of sample forms and checklists. Softbound, 118 pages.
Click here to order your copy today! (To obtain the discounted member price of $15, please log into the ABIWorld Web site first.)
FEDERAL EMPLOYEES ARE ENCOURAGED TO CONTRIBUTE TO THE ABI ENDOWMENT FUND THROUGH THE COMBINED FEDERAL CAMPAIGN
ABI is an approved Combined Federal Campaign (CFC) charity. Please consider contributing to the ABI Endowment through the CFC. Most CFC open seasons end on Dec. 15, so please designate ABI as one of your charities. The CFC identification number for the ABI Endowment Fund is 1108.
Funds contributed to the Endowment are used to fund a number of programs including the Robert M. Zinman Resident Scholar Program, Law and Business School Competitions such as the Moot Court Competition and the Corporate Restructuring Competition, and various grants to scholars including most recently the Professional Compensation Study. Donors with contributions greater than $2,000 will be recognized at the Annual Spring Meeting or the Winter Leadership Conference. You’ll receive a lifetime ABI membership when you reach the donor level of $10,000 or more. Click here to find out more information about ABI’s Endowment Program.
PROVIDE YOUR FEEDBACK ON DOW JONES PUBLICATIONS AND RECEIVE A FREE TRIAL
Dow Jones is looking to enhance its High Yield Weekly and International Insolvency newsletters and would like your help. To share your insights on what’s missing from existing publications covering these areas, please fill out the surveys:
Dow Jones High Yield Weekly Survey
Dow Jones International Insolvency Survey
For your participation in the surveys, Dow Jones will provide you with a free trial to its popular electronic newsletter Daily Bankruptcy Review, as well as a free trial to High Yield Weekly and International Insolvency respectively. Click on the links below for samples of High Yield Weekly and International Insolvency.
ABI INVITES NEW YORK MEMBERS TO REGISTER FOR IWIRC’S HOLIDAY GALA
ABI invites New York and New Jersey members to register for the International Women's Insolvency and Restructuring Confederation’s (IWIRC’s) Holiday Gala on Dec. 6 at the Yale Club of New York in New York City from 6-9 p.m. The registration rate for members interested in attending is $160. If you are interested in attending the IWIRC’s Holiday Gala, please contact Elizabeth Ellison at (212) 481-1411 or eellison@donlinrecano.com.
REGISTER ON-SITE FOR ABI’S 18th ANNUAL WINTER LEADERSHIP CONFERENCE
Join ABI for the 18th 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!
Please register on-site for the conference.
REGISTER FOR ABI’S 12TH ANNUAL ROCKY MOUNTAIN BANKRUPTCY CONFERENCE
Start 2007 with ABI at the 12th Annual Rocky Mountain Bankruptcy Conference, to be held at the Hyatt Regency Denver at the Colorado Convention Center from January 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?
- Four Consumer Workshops, Including Ethics
Click here to register.
REGISTER FOR ABI’S THIRD CARIBBEAN INSOLVENCY SYMPOSIUM
Join ABI, the Puerto Rico Bankruptcy Bar Association and the Federal Bar Association of Puerto Rico for the third Caribbean Insolvency Symposium at the beachfront Ritz-Carlton San Juan in San Juan, Puerto Rico, Feb. 8 - 10, 2007. The program features up to 9.5 CLE credit hours, including 1.5 hour of ethics, with an expanded program including both consumer and business topics with a faculty of outstanding scholars, judges and practitioners from the region.
Timely topics—all updated with the latest legislative revisions—include:
- Consumer Case Law and Practice Updates Including Continuation and Reimposition of Stay, New Confirmation Standards in Chapter 13 Cases, New Chapter 13 Discharge Requirements, Adequate Protection and Issues Regarding Equal Monthly Installments to Holders of Secured Claims
- Liquidating Cross-Border Assets and Recovering Cross-Border Claims
- Debtor, U.S. Trustee and Panel Trustee Perspectives on Hot Consumer Issues under BAPCPA
- Hedge Fund Failure: The Good, the Bad, the Ugly
- Cross-Border Consumer Issues: Citizenship, Residency and the Extra-Territorial Reach of a Bankruptcy Discharge, and Cross-Border Recovery of a Fraudulent Transfer
- Update on Chapter 15: Where in the World (Caribbean) Is COMI?
- Consumer Views from the Bench
- Lenders' Panel: Caribbean/South American Cross-Border Issues
- Bankruptcy Issues for Nonbankruptcy Lawyers
- Regional Updates and Cross-Border Issues
- Ethics Courtesy and Results in the Region
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.
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:
