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What's New at ABI World
Online Features of Interest to Business
Reorganization Committee Members
Data released
May 15 by the Administrative Office of the U.S. Courts show that more
Americans filed for bankruptcy during the first quarter of 2003 than in
any other previous quarter in history. The 412,968 new cases filed during
the first three months of 2003 are up 9.0 percent from the same period
in 2002. Overall, bankruptcy filings rose 7.1 percent in the 12-month
period ending March 31, 2003. The latest bankruptcy
filing statistics are available at ABI World.
However,
business filings in March 2003 declined
5.8 percent to 37,548, down from 39,845
over the last 12 months. Chapter 11
filings fell by 6.6 percent to 10,722
for the 12-month period. Large, public
company cases through April are also
off the pace set in 2002 and 2001,
according to data from Bankruptcydata.com.
Through April 25, 52 public companies
have filed this year, compared to
83 filings through the same period
in 2002 and 81 filings in 2001. We
are on pace for about 175 public company
filings in 2003, compared to 191 in
2002 and 257 in 2001.
The upcoming
June issue of the ABI
Journal will feature two perspectives on the landmark District Court
opinion casting doubt on payments to critical vendors under the doctrine
of necessity. Also featured are articles on what's next under Section
525 after the Supreme Court's NextWave opinion, and how to do a "dirt-for-debt"
swap under Section 1129(b)(2)(A). Also featured are profiles of ABI's
10 new members of the Board of Directors, and more. Watch for the June
issue to reach your desk in the first week of June.
Read the
latest article posted
in the “Cracking the Code Interactive Newsletter,” by Frank
P. Kapusinski, "Casting a Wide 'Net': Conflicting Application of
the 'Net Result' Rule in Preference Litigation." As virtually all
commercial creditors eventually learn, bankruptcy trustees are empowered
by 11 U.S.C. §547(b) to challenge every transfer made by a debtor
to a creditor during the 90-day period immediately prior to the filing
of a bankruptcy petition. Fortunately for these creditors, §547(c)
provides numerous havens from the harsh effects of preference payments.
ABI's latest
publication, First-day Motions: A Practical Guide to the Critical
First Days of a Bankruptcy Case, is now available through the online
publications catalog. Written by Debra Grassgreen of Pachulski, Stang,
Ziehl, Young, Jones & Weintraub PC, this book addresses the basics
of first-day motions and provides an overview of administrative, operational
and substantive motions/orders.
Check out
the latest Collier
Case Update offered at ABI World. Case summaries are available to
ABI members.
The
latest edition of the West
Bankruptcy Newsletter is now available.
Provided by West Group, the newsletter
is a weekly update on bankruptcy and
debtor/creditor matters.
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OTHER
STORIES IN THIS ISSUE:
Minutes
for the Joint Meeting of the Business
Reorganization Committee and the Investment
Banking Committee
Third
Circuit Decision Impacts Commercial
Landlord Rights
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