Ralph, Schwab & Schiever Chtd.; Vernon Hills, Ill.
A majority of individuals filing for bankruptcy relief do so in the wake of mounting mortgage debt and collapsing home values. In such circumstances, the ability to “strip off” a wholly unsecured mortgage lien could bring tremendous relief to debtors who are homeowners. Stripping off an unsecured mortgage lien requires it to be treated as an unsecured claim in the bankruptcy case. Such a claim would be discharged in a chapter 7 case or be paid as a pro rata distribution under a chapter 13 plan in conjunction with unsecured creditors.
Read the full article.
ABI is pleased to announce your new Secured Credit Committee Co-chairs. Stephen Falanga of Connell Foley LLP in Roseland, N.J. and Damian Schaible of Davis Polk & Wardwell LLP in New York will serve for the 2011-2012 term. Mr. Falanga will continue in his position as committee Co-chair, and Mr. Schaible advances to Co-chair after serving as the committee's Newsletter Editor from May 2009 through March 2011.
ABI would also like to thank Doug Deutsch of Chadbourne & Parke LLP in New York for his service as a Co-chair. Mr. Deutsch has been appointed to the ABI Board of Directors and will serve on the on the Board Membership Committee. We look forward to working with him in his new role in the years to come.
To view a complete list of your current committee leaders, please click here.
At the recently concluded 29th Annual Spring Meeting there were several sessions of interest to the committee. The Secured Credit Committee paired with the Asset Sales Committee to give a presentation titled "Plan Sales Revisited; Plan Sale v. Section 363 Sale." The presenters discussed the new value exception, structured dismissals, Rule 2019 and cited a variety of cases related to these topics. The panel included Hon. Laurel Meyerson Isicoff of the U.S. Bankruptcy Court (S.D. Fla.) Miami; Peter S. Kaufman of Gordian Group, LLC in New York; Stephen D. Lerner of Squire, Sanders & Dempsey, L.L.P. in Cincinnati; and Robin E. Phelan of Haynes and Boone, LLP in Dallas.
Plan Sales Revisited; Plan Sale v. Section 363 Sale
Also of interest to the committee was the presentation titled "Intercreditor Issues and their Impact on the Chapter 11 Process." The presenters discussed a variety of pertinent topics, including second lien holders and 363 sales in relation to the Boston Generating case, collective action, § 510(a), objections to confirmation and extinguishment of rights. Mark N. Berman of Nixon Peabody LLP in New York moderated the session. The panel included Hon. Robert D. Drain of the U.S. Bankruptcy Court (S.D.N.Y) in White Plains; Heather Lennox of Jones Day in Cleveland; Richard B. Levin of Cravath, Swaine & Moore LLP in New York; and William K. Snyder of CRG Partners Group LLC in Dallas.
Intercreditor Issues and their Impact on the Chapter 11 Process
You will also find the presentation titled "Complex UCC Issues" of interest. This session discussed several provisions of the bankruptcy code, including 101(37) and 552(b)(1); UCC Article 9 security interests; and best practices for the assignment of a note and mortgage. Deborah L. Thorne of Barnes & Thornburg LLP in Chicago moderated the session. Hon. Dennis R. Dow of the U.S. Bankruptcy Court (W.D. Mo.) in Kansas City; Terri L. Gardner of Nelson Mullins Riley & Scarborough, LLP in Raleigh, N.C.; and Steven O. Weise of Proskauer in Los Angeles.
Complex UCC Issues
Click here to view all educational materials related to the Secured Credit Committee.
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, 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, with several appendices that contain examples from actual cases.
Did you know that all of ABI's publications are written by experts in the field and are widely used by the bankruptcy bar and bench? You can own these same publications by visiting the online ABI Bookstore. The ABI Bookstore carries over 40 publications, offers several bundled packages for your convenience and includes free ground shipping!
Click here to order your copy today and have it shipped directly to your home or office!
With the arrival of the new season comes a plethora of ABI conferences. From the New York City Bankruptcy Conference and Nuts & Bolts program in early May, to the regional events - Northeast Bankruptcy Conference, Southeast Bankruptcy Workshop and Mid-Atlantic Bankruptcy Workshop - 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.
As a secured credit professional you may find these sessions at the Southeast Bankruptcy Workshop of interest: "Today's Chapter 13 in Three Installments: ABI Southeast Chapter 13 Panels," and "Secured Claim Issues: How Lenders and Their Lawyers Make Work for Litigators and Bankruptcy Lawyers; Developments Involving Commercial and Consumer Creditors."
Click here to view ABI's upcoming events.
