Bryan Cave LLP; Kansas City, Mo.
Bryan Cave LLP; Kansas City, Mo.
With the economy still lagging and an apparent end to federal assistance for state and local governments, some experts are predicting an increase in chapter 9 bankruptcy filings. Chapter 9 of the Bankruptcy Code provides a rarely used avenue for municipalities and other political subdivisions to obtain relief from creditors. Since its adoption in 1937, there have only been an estimated 620 filings, [1] but 2011 filings are already outpacing those of 2010, [2] with one analyst predicting 100 significant municipal defaults this year. [3] There are even discussions of amending the Code to allow financially troubled states to reorganize their finances under bankruptcy court supervision. [4]
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Dear Secured Credit Committee Members:
The ABI Spring meeting is about two months away (March 31-April 3, 2011). We hope to see you there! Not only does ABI have a great program for all, we have some exciting Committee events planned including a new event for Secured Credit Committee members: an April Fools breakfast (no, seriously). The Committee breakfast will be held at the Potomac One room starting at 8:00 a.m. on Friday, April 1, 2011. While we know it is early in the morning and follows a lot of Thursday night activity, we hope you will join us. The meeting should serve as a great way to see what the Secured Credit Committee is doing and it allows you to shape the future direction of the Committee. We also hope attending will allow you (if desired) to get more involved in the Committee. And if you are not interested in getting more involved with the Committee, give us your input on what we should be doing and share your thoughts on secured credit issues.
In addition to the breakfast, we also encourage you to attend the Secured Credit/Asset Sales presentation on Friday afternoon (April 1, 2011) regarding plan sales vs. section 363 sales. The panel is truly superb. Judge Isicoff (Miami), Peter Kaufman, Stephen Lerner and Robin Phelan (it is unclear whether he will bring all his hats to this presentation or not) are all speaking. Saturday, April 2, 2011 will also include a main ABI panel featuring one of the Committee's co-chairs, Doug Deutsch. The program is on Chapter 11 Creditors' Committees and Examiners. Other speakers include Scott Hazan, Bill Lenhart and Prof. Michell Harner. Again, this promises to be an exciting and entertaining session.
If you want to get more involved with the Secured Credit Committee, we wanted to take this opportunity to remind you that a great way to do it is to write for our Committee's newsletter. The Committee newsletter editor, Damian Schaible, is always looking for articles. We need you. Reach out to Damian! If the educational programs or membership outreach are more your interest, contact your other Committee leaders, such as Mark Mullin who is our education director or Mark Stingley who is our membership coordinator. Please note that we track your involvement in the Secured Credit Committee and try to select future leaders from those with demonstrated interest in Committee matters.
There will undoubtedly be some changes in Committee's leadership composition this year following ABI's Spring meeting, as is always the case (the ABI wants to encourage new members to get involved so it always looks to change the committee leadership teams). We will report on what positions are available when that time arrives. For now, we wanted to let you know that the position of Special Projects/Task Force Leader is currently available but will not be filled unless we identify a really good "special project." If you have an idea for a new project you want to run with that you think is appropriate for the Secured Credit Committee, we would love to hear from you. We would love to appoint someone excited and enthusiastic about their special project to that leadership position. Other ABI committee "special projects" have been publications (perhaps a compendium of law among jurisdictions related to a particular issue of interest to the Secured Credit Committee members) and educational programs. Whatever the idea, follow-up with your Committee co-chairs. Again, get involved!
We hope to see you at National Harbor soon!
Doug Deutsch
Stephen Falanga
The Secured Credit Committee made a joint presentation with the Unsecured Trade Creditors Committee at the Winter Leadership Conference in December titled "Protecting What You Get While Keeping It 'Business as Usual' in the Wake of Marathon Petroleum Co. v. Cohen (In re Delco Oil Inc.)." The session presented the factual and procedural background of In re Delco Oil Inc., discussed the 11th Circuit's opinion and also covered topics related to the case. The panel was moderated by Ailen W. Hollowell of the U.S. Bankruptcy Court (D. Ariz.) in Tucson, and also included Jacob A. Brown of Akerman Senterfitt in Jacksonville, Fla.; Tobey M. Daluz of Ballard Spahr LLP in Wilmington, Del.; and Joanne Fungaroli of CapitalSource Finance LLC in Chevy Chase, Md.
Protecting What You Get While Keeping It "Business as Usual" in the Wake of Marathon Petroleum Co. v. Cohen (In re Delco Oil Inc.)
Another session of interest to the committee was titled "Attacking the Secured Lender: New Ideas for an Old Strategy." The session discussed various lender liability actions, equitable subordination and a variety of related and supporting cases. Jo Ann J. Brighton of K&L Gates LLP in Charlotte, N.C. moderated the session. The panel also included J. Thomas Beckett of Parsons Behle & Latimer in Salt Lake City; Steven B. Towbin of Shaw Gussis Fishman Glantz, Wolfson & Towbin, LLC in Chicago; and Hon. Eugene R. Wedoff of the U.S. Bankruptcy Court (N.D. Ill.) in Chicago.
Attacking the Secured Lender: New Ideas for an Old Strategy
ABI's 29th Annual Spring Meeting will be held March 31 - April 3, in National Harbor, Md. The Secured Credit Committee will give a joint presentation with the Asset Sales Committee titled “Plan Sales Revisited v. Section 363 Sales.” Also of interest to the committee is a session titled “Complex UCC Issues,” which will discuss recent hot topics concerning the Uniform Commercial Code. With these panels and dozens of other presentations, the Annual Spring Meeting provides the opportunity for earning up to 15.75/18.5 CLE/CPE credits, including 3 ethics credits. Optional events, including a group outing to watch the Cleveland Cavaliers take on D.C.'s own Washington Wizards, and final night entertainment with LeAnn Rimes make this an event not to miss!
While you are there, don’t forget to check out the membership table for tutorials and information on ABI’s newest products – Volo, Asset Sales Databank and our exclusive online Code and Rules – as well as a chance to win a free Kindle®!
Click here to register.
ABI is pleased to announce the launch of the newly updated and enhanced ABI Journal Online. ABI Journal Online provides immediate access to the current issue of the ABI Journal as well as issues dating back to the year 2000. ABI members are able to search ABI Journal Online by year and issue, keyword, author and column. In addition, members can submit articles for publication. Use your ABIWorld login and password to access the site.
Click here to view the new site.
Do you sometimes wonder what your peers think about timely issues? Share ideas and knowledge on the Secured Credit Committee listserve. The listserve is a great way to converse with colleagues about current issues and cases. To post a question or comment, simply send an email to
abi_secured_credit@dizzy.abiworld.org. To view previous discussions on the listserve, please click here.
