On Friday, April 4, 2008 at 4:00 p.m., the YNMC will jointly sponsor a program with the Finance and Banking Committee. The program, titled "Strengthen Your ABS: What and Why You Need to Understand About Asset Backed Securities and Their Progeny" will feature leading experts in the field, including Paul Possinger from Winston & Strawn, Colleen Lowmiller from Bridge & Associates, and Neil Luria from Navigant Consulting. Join them as they focus on the common threads that underlie all asset backed securities, from sub prime mortgages, to automobile loans, to secondary credit card debt. Come and unlock the secrets to better understanding of ABS, whether for today's issues (sub prime mortgages) or for tomorrow's (whatever they may be).
New members should also keep their eyes out for announcements regarding the Ambassador Program. At this relatively new Thursday (April 3, 2008 at 5:00 p.m.) program, new members are assigned senior ABI members ("Ambassadors") to facilitate their introduction to ABI, helping the new member identify ways to become more involved and assisting them in integrating into the organization by providing opportunities to meet and network with other ABI members. This program has turned into a great success. We encourage all new members to participate.
Melissa Kibler Knoll is the feature of our third ABI Leadership Profile column. Melissa is a Senior Managing Director with Mesirow Financial Consulting, current Vice-President-Membership of ABI and, most importantly, up until several years ago, a co-chair of the Young and New Members Committee. She is a Certified Public Accountant, Certified Insolvency and Restructuring Advisor and a Certified Turnaround Professional. In her spare time, Melissa serves as a member of the board of directors of the Chicago Children’s Choir and serves as First Vice Chair on its Executive Committee. Melissa earned her Bachelor of Business Administration summa cum laude from Texas A&M University and earned her M.B.A., graduating first in her class, from Southern Methodist University. She was named as the 2003 CIRA Gold Medal Winner and as one of the Crain’s Chicago Business 2004 “40 Under 40.”
Read the full interview.
Morris James LLP; Wilmington, Delaware
The enactment of 11 U.S.C. §503(b)(9) as part of BAPCPA was widely lauded as providing a great benefit to trade creditors. Under §503(b)(9), a creditor shall be allowed an administrative expense for “the value of any goods received by the debtor within 20 days before the date of the commencement of a case under [Title 11 of the U.S. Code (the Bankruptcy Code)] in which the goods have been sold to the debtor in the ordinary course of such debtor’s business.” Despite being on the books for over two years, there are few decisions of record interpreting the statute. The opinions thus far suggest two trends: (1) parties with allowed §503(b)(9) expenses cannot expect to receive immediate payment of their claims and (2) secured creditors may enjoy the benefit of §503(b)(9), but that claims against a debtor’s estate may be subject to the debtor’s right of setoff. A discussion of the cases exemplifying these trends will be followed by practice tips.
Read the full article.
