Credit card offers are surging again after a three-year slowdown, as banks seek to revive a business that brought them huge profits before the financial crisis wrecked the credit scores of so many Americans. For more from Boston.com, click here
A bipartisan group of U.S. senators is urging the U.S. Federal Reserve to make sure that consumers aren’t hurt by new rules that would limit debit-card transaction fees. For more from the Wall Street Journal, click here
CAMBRIDGE, MA.- Molecular Insight Pharmaceuticals Inc. said Friday it is filing for Chapter 11 bankruptcy protection as part of an agreement with an investor that will buy 90 percent of its stock. For more from Boston.com, click here
(NY)Boston Generating LLC’s unsecured creditors have sued Wilmington Trust Corp., Credit Suisse Group, and Goldman Sachs Group for over $1.8 billion in allegedly fraudulent transfers. For more from Boston.com, click here
New York – Boston Generating LLC’s unsecured creditors have sued Wilmington Trust Corp., Credit Suisse Group, and Goldman Sachs Group for over $1.8 billion in allegedly fraudulent transfers. For more from Boston.com, click here
The Honorable Frank J. Bailey has been appointed the Chief Judge of the United States Bankruptcy Court for the District of Massachusetts for a term of four years, effective December 10, 2010. He succeeds the Honorable Henry J. Boroff.
Secretary of State William F. Galvin plans to submit a bill next month that would force Massachusetts mortgage lenders to get court approval before seizing homes, in an effort to protect homeowners and address concerns about how foreclosures are conducted. More from The Boston Globe here
On November 30, 2010, the Young Lawyers Committee of the Bankruptcy Section hosted a cocktail reception at Ned Devine’s Parris Lounge. The event was designed as an informal “meet and greet” for young bankruptcy practitioners. Over 20 people attended, including several new faces of bankruptcy associates, law students, and in-house counsel. After hosting a “Kick-off” breakfast at the start of the BBA calendar year, the event allowed committee members to get together once more before the upcoming “Young Bar Meets Bench” program in February 2011, which will feature the Massachusetts Bankruptcy Judges in a panel discussion. The “Young Bar Meets Bench” program has become the Committee’s premier event and was attended by over 100 people last year.
Individual Chapter 11 cases are more and more commonplace. Debtors with more than $1,010,650 in non-contingent secured debt and $336,900 in non-contingent liquidated unsecured debt are ineligible for Chapter 13. Given that Massachusetts is still one of the most affluent states in the nation, Chapter 11 for individuals is often the best and only option.
This program will address the process for administering a Chapter 11 case, with particular emphasis on Chapter 11 individual debtors and changes wrought on such cases by the 2005 amendments to the Bankruptcy Code.
First Day Motions
i. Cash collateral
iii. Retention of professionals
iv. Utility usage
v. Payment of priority taxes
i. Initial Debtor conference
ii. Section 341 meeting
iii. U.S. Trustee fees
Professional Retention and Compensation
Selected Confirmation Issues
i. Classification of claims
ii. Cramdown issues (absolute priority rule and whether it applies to chapter 11 individual debtors)
iii. Plan payments (payment requirements in the event of objections to a Chapter 11 individual debtor’s plan)
iv. Best interests test and exemption issues
v. Plan feasibility
vi. Discharge issues (changes to individual debtor discharge rules as a result of BAPCPA)
Eric K. Bradford, Esq.
Senior Trial Attorney
United States Department of Justice, Office of the United States Trustee
Andrew G. Lizotte, Esq.
Hanify & King, P.C.
Craig Jalbert, CIRA
Verdolino & Lowey, P.C.
Deirdre Keady, Esq.
Harmon Law Offices, P.C.
John F. Sommerstein, Esq.
Bankruptcy Law Section
Consumer Bankruptcy Committee
The Bankruptcy Section is hosting its first “Consumer Rap” of the season with a get together on November 10 at the offices of Parker & Associates. The “Rap” sessions are opportunities for practitioners who represent individual debtors as well as those who represent creditors to come together informally and talk about the practical issues faced when representing their clients – how to do their jobs effectively as well as ways to improve their respective practices and the interactions between counsel. There is no formal “speaker” as we ask those who are coming to bring with them their knowledge and experience (forms are welcome too) and together have a discussion (hence the get together is called a “rap” ). These gatherings are informal, cooperative and a benefit all in attendance.
This first session is extremely timely in light of what is going on in the world of foreclosure. We are going to be talking about the current state of the practice in light of the recently enacted emergency law Chapter 258 of the Acts of 2010 “An Act relative to Mortgage Foreclosures” as well as the foreclosure moratorium and other related rule changes and how courts and clients are responding.
Please bring some food or drink to share and come ready to “rap”.
Please RSVP to the BBA as soon as possible as space is limited!
Hope to see you there. Nina Parker