Bankruptcy Experts Provide Their Outlook on Business, Consumer and Municipal Bankruptcy Trends for 2012
(January 19, 2012)

Issue:

While total bankruptcy filings in 2011 decreased 12 percent from 2010, tight credit markets, slowed consumer spending and elevated unemployment levels continue to plague distressed companies, consumers and municipalities. Three panels of experts discuss what trends to expect in 2012 for business, consumer and municipal bankruptcies.

The speakers include:

I. Business Panel:

• Corrine Ball is a partner with Jones Day in New York and co-head of its Business Restructuring & Reorganization Practice. She has 30 years of experience in business finance and restructuring with a focus on complex corporate reorganizations and distressed acquisitions, both court-supervised and extra judicial, including matters involving multi-jurisdictional and cross-border enterprises.


• Anders Maxwell is a partner and managing director at Peter J Solomon Company, L.P. in the firm's Restructuring and Recapitalization group in New York. Prior to joining Peter J Solomon, he was in charge of GE Capital's Project Finance and Equity Capital groups, in high-yield sales and distressed securities trading at Kidder Peabody, LF Rothschild and Lazard Frères, and head of high-yield research at Smith Barney, Harris Upham.


• Lynn Lewis Tavenneris a founding member of Tavenner & Beran, PLC in Richmond, Va., where she focuses primarily on bankruptcy, creditors' rights, out-of-court workouts and business reorganizations. In addition, she is a panel member of the chapter 7 trustees for the Richmond Division of the U.S. Bankruptcy Court.

II. Consumer Panel:

• Rudy Cerone is a member of McGlinchey Stafford, PLLC in New Orleans where he is a member of the firm's commercial litigation section with primary emphasis in the areas of business bankruptcy and commercial litigation.


• Claire Ann Resop is a shareholder in the Madison, Wis., office of von Briesen & Roper SC, where she concentrates her practice in bankruptcy, real estate and commercial and claim litigation. She is appointed to the Panel of Chapter 7 Trustees for the Western District of Wisconsin.


• Randy Nussbaumis a founding shareholder of Nussbaum Gillis & Dinner, P.C. in Scottsdale, Ariz., specializing in complex and unusual bankruptcies, commercial litigation, construction, corporate and transactional law, real estate and general business law. He concentrates his bankruptcy practice in real estate, construction and contracting law.

III. Municipal Panel:

• H. Slayton Dabney, Jr. of Dabney PLLC in New York practices commercial bankruptcy, insolvency-related litigation and corporate restructuring. He has served as counsel to Financial Guaranty Insurance Company and Syncora Guarantee Inc. in connection with $3.2 billion of credit insurance issued to back fixed, variable and auction rate sewer debt of Jefferson County, Ala.


• Juliet M. Moringiello is a professor at Widener University School of Law in Harrisburg, Pa., where she teaches bankruptcy, commercial law, cyberspace law and property. She was ABI's Spring 2010 Robert M. Zinman Resident Scholar and she writes in the areas of bankruptcy and electronic commerce, and is a frequent speaker on the Harrisburg, Pa., bankruptcy.


• Richard Levin leads Cravath, Swaine & Moore LLP's restructuring department in New York, where his practice focuses on corporate restructuring, insolvency and bankruptcy issues. He has negotiated and structured complex domestic and international transactions involving distressed or insolvent companies, including the New York City Off-Track Betting chapter 9 case.

Moderator:

• Prof. David Epstein is ABI's Spring 2012 Resident Scholar and the George E. Allen Chair in Law at the University of Richmond Law School in Richmond, Va.

Background:

The fallout from the recent recession continues to take a toll on U.S. businesses, consumers and municipalities as access to credit remains and debt levels remain elevated. The consumer filing total for calendar year 2011 was 1,304,971, representing an 11 percent decrease from the 1,468,938 total consumer filings during the same period in 2010, according to data provided by Epiq Systems, Inc. The total commercial filings for calendar year 2011 also decreased to 74,142, representing a 19 percent decline from the 92,070 business filings recorded in 2010. The continuing trends of declining housing values, restrictive credit markets, slowed consumer spending and rising unemployment are still compelling many cities and municipalities to consider the option of filing for chapter 9 bankruptcy.

The teleconference features top experts in business, consumer and municipal bankruptcies sharing their thoughts on what bankruptcy trends might emerge in 2012.

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