Ethics & Professional Compensation Committee

ABI Committee News

Should Judges ‘Friend’ You? Judicial Ethics in the Age of Social Media

Markowitz, Ringel, Trusty & Hartog, P.A.; Miami

Social media transformed the way people communicate and interact with one another. With close to 500 million active users, half of whom login daily and maintain an average of 130 friends, Facebook is the leader among social media platforms. [1] Nearly one-fifth of Facebook’s active user population is found in the United States, which equates to one-third of the country’s total population.

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Seventh Circuit Denies Fees to Breaching DIP Lender

The Seventh Circuit affirmed a district court’s ruling that a debtor-in-possession (DIP) lender had breached its financing agreement, barring its claim for commitment and funding fees from the DIP. [1] Although the DIP itself had also breached the agreement, that breach was not, in the court’s view, effective until after the lender had already “walked away.” [2] Since the lender first breached the agreement, it could not now recover the fees from the DIP.

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Corporate Insolvency and Director and Officer Fiduciary Duties: What’s a Lawyer to Do?

The Professional Ethics Committee for the State Bar of Texas recently issued Opinion No. 603 regarding a lawyer’s duties when he or she represents an insolvent corporation. The opinion was based on a situation [1] in which the company’s sole shareholder was also its sole officer and sole director, engaging in conduct that the company lawyer concluded breached her fiduciary duties to the company. The lawyer advised the corporate director that, although her intended conduct would not harm the company, it could “significantly harm” the company’s creditors. He further advised her to cease and desist her conduct, and she refused. Moreover, the director specifically instructed the lawyer not to share his advice with the company’s creditors.

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Your 2011-2012 Ethics & Professional Compensation Committee Co-chairs Announced

ABI would also like to thank Judith Greenstone Miller of Jaffe, Raitt, Heuer & Weiss, PC and W. Clarkson McDow of the Office of the U.S. Trustee for Region 4 for their service to the committee. We look forward to working with them on future ABI projects.

Click here to view a complete listing of the Ethics & Professional Compensation Committee leadership team.

 

Related Conference Materials from the Annual Spring Meeting are Available Online

Hot Off the Press: "The Bankruptcy Court's Watchdog: Examiners Today"

ABI is pleased to announce the arrival of it's newest publication, "The Bankruptcy Court's Watchdog: Examiners Today." This new publication, written by John C. (Kit) Weitnauer of Alston & Bird LLP in Atlanta, walks practitioners through the appointment of an examiner in a bankruptcy case, the examiner's responsibilities, the selection and appointment process, the requirements for the examiner's final report and the examiner's fee structure. This comprehensive manual is replete with case law and several appendices that contain examples from actual cases.

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