ABI's Annual Spring Meeting: Committee Educational Session
ABI's 26th Annual Spring Meeting, the networking and CLE event of 2008, will be held April 3-6 at Washington, D.C.'s Renaissance Hotel in the Nation's Capital! Join us during cherry blossom season for exciting and informative sessions, including a luncheon keynote by Supreme Court Justice Samuel A. Alito, Jr.
The committee will meet on Saturday, April 5, from 4:00 to 5:30 p.m.
Collusion in Bankruptcy Sales
by: Jason Binford
Haynes and Boone, LLP;
Dallas
Please note that this article was created as a joint effort with the Commercial Fraud Task Force committee.
This article is the first in a series of articles discussing 363(n) and collusion in bankruptcy sales. Subsequent articles will discuss the fine line between collusion and collaboration, and will explore the application of the specific elements of a 363(n) action.
Real Estate Auctions Generate Value in a Soft Market
by: Randy Koster
Koster Industries Inc., Melville, NY
A familiar complaint from someone who has sold real estate is that he was not able to get the price that he asked for. Equally familiar is the rejoinder of the broker; “I’m sorry, this is the best price we could get in this market.” Ironically, the person that provides this rationalization is the same person who advised the seller how to price the property.
Sale through the auction process, however, follows a different dynamic than listing a property with a broker. The auction process involves a more concentrated and direct advertising campaign because marketing efforts work toward a specific sale date. On the date of sale, a buyer will attend an auction, bid on the property and know immediately if he is the successful bidder. The seller at the auction is able to see what the market is offering and decides if that price is satisfactory; the seller is not left to question whether or not he obtained the “best” price.
Committee meeting minutes from the Winter Leadership Conference
The committee met at the Winter Leadership Conference at the Westin Mission Hills Resort in Rancho Mirage, Calif., on Dec. 8, 2007. Conducting the meeting on behalf of the Asset Sales Committee was Weston Anson and Daryl Martin of CONSOR.