Asset Sales Committee

ABI Committee News

Central States Bankruptcy Workshop Materials

The Central States Bankruptcy Workshop, held June 12-15, 2008, attracted nearly 400 insolvency professionals to beautiful Traverse City, Michigan.  The conference featured the “Jaunty Judicial Debates,” where leading judges squared off on the hot bankruptcy topics of the day.  It also featured the highly informative and entertaining ABI Presidents’ Panel and the popular Breakfast with a Judge - an opportunity to sit down and discuss insolvency law one-on-one with key decision makers from your district.

One of the Friday morning sessions, “Business Subprime Lending Issues: Whoa to the Woes,” featured speakers John T. Gregg, Barnes & Thornburg LLP in Grand Rapids, MI, Alex D. Moglia of Moglia Advisors in Schaumburg, IL, Jean R. Robertson of Calfee, Halter & Griswold LLP in Cleveland, OH, and Hon. Lawrence S. Walter, U.S. Bankruptcy Court, Southern District of Ohio.  The session materials included a paper, authored by the speakers, entitled “Bankruptcy Acquisitions and an Introduction to Second Tier Liens,” which discusses the sale of DIP property outside of the “ordinary course” of business, as well as the DIP’s and  the creditors’ best practices to ensure a smooth transaction.

Bankruptcy Acquisitions and an Introduction to Second Tier Liens

 

Recent Committee Listserve Discussions

The committee’s listserve has been active lately.  Below are recent posts from committee co-chair Gary Jacobson and Listserve Moderator Jeff LeForce.  The post regarding limited partnership interests, in particular, tipped off a lively discussion.

Limited Partnership Interest – Gary Jacobson

Wearing my trustee hat, I am faced with how to obtain value from a debtor's interest in a family limited partnership.  I expect that state law provides that the debtor's interest is at most subject to a charging order to satisfy a judgment creditor.  Is the value of this asset the Debtor-partner's capital account?  Does anyone have some insight as to whether the trustee could force a sale of this asset? 

Click the following link to review the discussion and add your own input!  http://dizzy.abiworld.org/read/?forum=abi_asset_sales

Florida Dept. of Revenue v. Piccadilly Cafeterias – Jeff LeForce

I am sure most of you are already aware of the June 16, 2008 Supreme Court ruling in Florida Dept. of Revenue v. Piccadilly Cafeterias, Inc.  In its opinion, the Supreme Court held that 11 U.S.C. § 1146(a)'s transfer tax exemption does not apply to sales or transfers made before a Chapter 11 plan is confirmed.  The opinion is available at:  http://www.supremecourtus.gov/opinions/07pdf/07-312.pdf. 

Click the following link to add your input!  http://dizzy.abiworld.org/read/?forum=abi_asset_sales

To review the discussions or to add your take on them, go to Post a question or comment to the list anytime by emailing to abi_asset_sales@dizzy.abiworld.org.