Feature of Interest - Can Personal Information Be Sold or Transferred in a Bankruptcy?
As an added service to our members, the ABI will feature topics of interest, debates and studies about bankruptcy, the economy and other relevant areas.
This issue features a warning that the Federal Trade Commission has issued to creditors of a now defunct magazine and website oriented for young gay men. XY Magazine stopped operations in 2007 and the website ceased to exist in 2009. Both the magazine and website touted their absolute claim of privacy, which is deemed important because the sexual orientation of subscribers may have been confidential. Among other assets, creditors were seeking to obtain subscriber names. Under these circumstances, the FTC letter alleges that the act of transferring or selling the personal information of the subscribers in a bankruptcy could be in violation of the Federal Trade Commission Act's prohibition against deceptive acts and requests that the information be destroyed. Please click the links below to read the letter from the FTC and a relevant article on this interplay between bankruptcy and privacy issues.
Federal Trade Commission Letter
US Government Warns Bankrupt Website Not to Sell Subscriber Details
ABI's 7th Annual Complex Financial Restructuring Program will be held September 20 at the Fordham University School of Law in New York. This program offers a unique opportunity to gain an understanding of the various roles played by investment bankers, financial advisors and others representing stakeholders in today's complex cases. This year's hypothetical case of "Vandelay Industries Inc." will be dramatized by parties-in-interest as they examine strategic alternatives and seek the highest value for a troubled company. Throughout the one-day program, experienced professionals from the fields of finance, investment banking, accounting, law and turnaround play the roles of the constituents - company board, management, secured debt, trade creditors, attorneys and advisors, the government and others. From the decision concerning whether to file for bankruptcy through the exit strategy, the parties grapple with the real-world problems in real-time. Their positions frequently conflict and the debates can be heated, just as in today's cases.
This year will also mark the First Annual Anthony H.N. Schnelling Lecture in Commercial Bankruptcy. The lecture will feature a leading figure in the restructuring world, as a tribute to the memory of Tony Schnelling, a former ABI Vice President-Development. The first lecturer will be Hon. Burton R. Lifland, who, like Tony, is an alumnus of Fordham University School of Law.
Don't miss this unique, interactive event. Register today!
The ABI is pleased to join the New York University School of Law and the NYU Center for Law & Business to present this year's 36th Annual Lawrence P. King and Charles Seligson Workshop on Bankruptcy and Business Reorganization on September 22-23 in New York. This two day-long workshop includes a Basic Program designed for entry-level business bankruptcy lawyers, general practitioners and business professionals, as well as an Advanced Program for experienced practitioners and financial professionals. The program will again address the topics that practitioners need - fundamental business bankruptcy as well as advanced panels covering current issues. Click here to register today.
