by: Jon J. Lieberman
Atkinson, Simms & Kermode PLLC; Lexington, Ky.
In 2009, the bankruptcy courts for the Districts of Rhode Island and New York began loss-mitigation programs, whereby the court may order a homeowner and loan servicer to try in good faith to negotiate a settlement that would be preferable to foreclosure for all parties. [1] Under these programs, the servicer is required to provide a negotiator with the authority to modify and/or settle. There is no requirement that the parties reach a settlement, and all settlements under the loss-mitigation programs are consensual.
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Earlier this month the U.S. Government Accountability Office (GAO) released a report titled "Mortgage Foreclosures: Documentation Problems Reveal Need for Ongoing Regulatory Oversight." The report discussed the improper filing and notarization of foreclosure documents, what the GAO was asked to examine before completing this report, its findings and a list of the Office's recommendations to various affected agencies.
Click here to view this report.
ABI is pleased to announce the 2011-2012 Legislation Committee Co-Chairs - Karen Cordry of the National Association of the Attorneys General in Washington D.C. and Alexandra Barrage of Morrison & Foerster in Washington D.C.
ABI would like to thank John McMickle of Winston & Strawn in Washington D.C. for his continued support to the Legislation Committee, and we look forward to working with John on future projects.
Click here to view the full listing of your 2011-2012 Legislation Committee leaders.
At ABI's 13th Annual New York City Bankruptcy Conference, held May 6th at the Hilton New York, there were several sessions that will prove to be an interesting read to the committee. The first, titled "Municipal and Other State Agency Restructurings," was moderated by Marc Abrams of Willkie Farr & Gallagher LLP in New York. Panelists included William A. Brandt, Jr. of Development Specialists, Inc. in Chicago, the Hon. Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York, Harrison J. (Jay) Goldin of Goldin Associates, LLC in New York; Scott L. Hazan of Otterbourg, Steindler, Houston & Rosen, PC in New York, and Lary Stromfeld of Cadwalader, Wickersham & Taft LLP in Washington D.C. During the session, the panelists discussed updates and the current dynamic to a chapter 9, gave a checklist of credit issues for state and municipal entities and also listed notable chapter 9 filings and municipalities currently under distress.
Municipal and Other State Agency Restructurings
Next up was "Dodd-Frank Authority over Too-Big-to-Fail Companies," in which the presenters discussed the Act's approach to systemic risk, which companies are potentially subject to the orderly liquidation authority and how the decision to invoke orderly liquidation authority is made and funded. Presenters also listed specific and general terms applicable to the authority. James E. Millstein, the former Chief Restructuring Officer for the
U.S. Department of Treasury in
Washington D.C., moderated the session. Panelists included Wilbur L. Ross, Jr. of WL Ross & Co. in New York, Paul Singer of Elliott Management Corporation in New York and R. Penfield Starke of the FDIC in Washington D.C.
Dodd-Frank Authority over Too-Big-to-Fail Companies
Finally, we have the presentation titled "Examiners and Mediators: Appointment, Retention Orders, Information Access, Uses and Abuses of Confidentiality, Role as Expert," in which the panel discussed the historical and current role of bankruptcy examiners while also citing several related acts and areas of Code, reviewed several related cases and opinions from the Southern District of New York, and Judge Stong recounted her piece, which was originally published in the Winter 2009 American Bankruptcy Institute Law Review, titled "Some Reflections From the Bench on Alternative Dispute Resolution in Business Bankruptcy Cases." The session was moderated by Peter L. Borrowitz, who is a member of the Register of Mediators for the Southern District of New York. Panelists included Ira L. Herman of Thompson & Knight LLP in New York; Alec P. Ostrow of Becker, Glynn, Melamed & Muffly LLP in New York; Steven J. Reisman of Curtis, Mallet-Prevost, Colt & Mosle LLP in New York; Sanford P. Rosen of Rosen & Associates, P.C. in New York; and the Hon. Elizabeth H. Stong of the U.S. Bankruptcy Court for the Eastern District of New York in Brooklyn.
Examiners and Mediators: Appointment, Retention Orders, Information Access, Uses and Abuses of Confidentiality, Role as Expert
Did you know that once an ABI conference has concluded you can find the education materials online?
Click here to view all previous conference materials relating to the Legislation Committee, including this year's Annual Spring Meeting!
With the arrival of the new season comes a plethora of ABI conferences. With several regional events - Northeast Bankruptcy Conference, Southeast Bankruptcy Workshop, Mid-Atlantic Bankruptcy Workshop and Southwest Bankruptcy Conference - throughout the summer, there is sure to be an event that fits your schedule! All conferences and workshops offer a variety of great panels and sessions, networking events and CLE/CPE credit.
Join us at the Southwest Bankruptcy Conference for the session titled "Chapter 11 Track: Getting Crammed: Up or Down?," in which the panelists will work to discuss recent case-law developments dealing with cram-ups and cram-downs.
Click here to view ABI's upcoming events.
