ABI is pleased to announce your 2008-2009 co-chairs, as well as the addition of five new leadership positions. These new positions are a result of your feedback regarding opportunities for involvement and advancement in the association.
Co-Chairs: Deborah A. Crabbe
Leonard Klingbaum
Bradley D. Sharp
Education Director: William. P. Weintraub
Listserve Moderator: AVAILABLE
Membership Relations Director: Mark L. Radtke
Newsletter Editor: Mark P. Williams
Special Projects/Task Force Leader: Marcus Jermaine Watson
Click here for contact details for each position, in addition to position descriptions and instructions for expressing your interest in available positions.
Written by: Michael J. Lichtenstein
Shulman, Rogers, Gandal, Pordy & Ecker, P.A.; Rockville, Md.
Written by: Stephen A. Metz
Shulman, Rogers, Gandal, Pordy & Ecker, P.A.; Rockville, Md.
Constructive trusts are creations of state law. However, some bankruptcy courts have exercised their equitable powers to impose constructive trusts on estate assets. Other bankruptcy courts have concluded that the notion of constructive trusts is at odds with the goals of the Bankruptcy Code. As set forth below, a party seeking imposition of a constructive trust must commence an adversary proceeding. The plaintiff has the burden of proof, and the standard is clear and convincing evidence. Courts evaluate several factors in determining whether a constructive trust can and should be imposed. Depending on applicable state law, these factors generally include some showing of wrongdoing and an ability to trace the funds upon which a constructive trust is sought to be imposed.
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Teitelbaum & Baskin, LLP; White Plains, N.Y.
On April 29, 2008, the Second Circuit Court of Appeals in In re The Penn Traffic Co., 2008 WL 1885328, held that under Bankruptcy Code §365, a nondebtor party to a contract that is executory at the time a bankruptcy case is commenced cannot, by post-petition tender or performance of its own outstanding obligations under the contract, deprive the debtor party of the ability to exercise its statutory right to reject the contract as disadvantageous to the estate.[2]
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Materials from The Annual Spring Meeting
The Annual Spring Meeting, held April 3-6, 2008, attracted more than 1,100 insolvency professionals from around the world. The conference featured some excellent educational sessions in addition to featured speakers Justice Samuel A. Alito Jr. and Senator Sheldon Whitehouse (D-R.I.). Below are links to materials from two of the Saturday sessions.
The Saturday morning session entitled "Ad Hoc Committees and Other (Unofficial) Creditor Groups: Management, Disclosure and Ethical Issues," moderated by Robert J. Rosenberg of Latham & Watkins LLP in New York, focused on the role of ad hoc groups as a tool for creditors or equity holders to advance a common agenda in a bankruptcy case. The panel for the session included Martin J. Bienstock of Dewey & LeBoeuf LLP, New York, Hon. Robert D. Drain, U.S. Bankruptcy Court, New York, Ramona D. Elliot, Executive Office For U.S. Trustees, Washington, DC, and Jeffrey L. Jonas of Brown Rudnick Berlack Israels LLP, Boston.
Click here to review the materials from this session.
The Saturday afternoon session entitled "The Church In Chapter 11: The Lessons Of The Catholic Diocese Cases," moderated by James I. Stang of Pachulski Stang Ziehl & Jones LLP, Los Angeles, discussed the chapter 11 filings of the five Cathoic diocese cases as a result of claims of sexual abuse. The article below, distributed at the session, addesses the role of the creditors' committee in asserting avoidance actions, litigation to determine what is property of the diocese, the role of parishes and parishioners as parties in interest, and the constitutional issues that are unique to the diocese cases.
Click here to read the article.
