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Financial Lawyers Conf Program on Claims Trading

FINANCIAL LAWYERS CONFERENCE

In or Out? Do creditors become insiders for claims trading purposes by negotiating plan treatment with the debtor and other constituencies?

Thursday, February 9, 2012

In September 2011, Bankruptcy Judge Walrath issued an opinion in the Washington Mutual case, finding that colorable claims for “equitable disallowance” had been stated against certain creditors who were negotiating a settlement of plan issues based upon alleged “insider trading” by those creditors during the bankruptcy case. Some of the alleged nonpublic information concerned the prospects for a consensual plan, something that the creditors knew by virtue of their involvement in settlement discussions.

This program analyzes the backdrop to and potential implications of the Washington Mutual opinion, including the general rules applicable to trading debt inside and outside of bankruptcy, questions raised by different elements of the opinion, and ramifications of the opinion for individual creditors, informal groups of creditors, debtors, and their respective counsel. The program will offer the perspectives of both bankruptcy and non-bankruptcy attorneys on the ripples created when bankruptcy and securities laws collide.

Speakers: Whitman L. Holt, Klee, Tuchin, Bogdanoff & Stern LLP Thomas E. Patterson, Klee, Tuchin, Bogdanoff & Stern LLP Gary J. Cohen, Sidley Austin LLP

Read more…

Professor Peter Lively

I survived my first day as assistant professor at my alma mater, UCLA law school, yesterday.  I was nervous for a while until I fully realized that I wasn’t going to be called on at random by the professor to answer difficult questions about the voluminous reading material.  It is certainly more fun watching the socratic method than being subjected to the process.  P.L.

2011 Honor Roll of Pro Bono Volunteers

Honor Roll from Chief Judge Peter Carroll.

Hi everyone,  Happy New Year!

 I wanted to thank you for generously donating your time volunteering with Public Counsel’s Debtor Assistance Project.  In recognition of your volunteer work, the United States Bankruptcy Court recognized your contribution on the 2011 Honor Roll of Pro Bono volunteers.  The Honor Roll is posted on the bankruptcy court website at www.cacb.uscourts.gov.

I am also attaching a copy of the 2011 Honor Roll of Pro Bono Volunteers for your convenience.   Thank you!   Also, Public Counsel has launched a new video and I wanted to take this opportunity to share it with you.

As you know, Public Counsel continues to provide desperately needed legal assistance to thousands of pro se debtors every year.  This couldn’t have been possible without your support.  I hope you will share this video with anyone who would like more information about Public Counsel.

 Wishing you all the best in 2012!

Best,

Magdalena Reyes Bordeaux
Senior Staff Attorney
Public Counsel
Consumer Law Project & Debtor Assistance Project

Southern California Bankruptcy Inn of Court

The Southern California Bankruptcy Inn of Court will be meeting on Tuesday, February 7, 2012 at the Downtown Daily Grill located at 612 South Flower Street, Los Angeles, CA 90017 beginning at 6:00 p.m. Pupillage Team 4 will be presenting.

4th Annual Earle Hagen Memorial Golf Tournament

Dear Colleagues!

The 4th Annual Earle Hagen Memorial Golf (and Tennis?) Tournament Start-up Meeting will be held on Wednesday, January 18th at 6:00 pm in downtown LA. If you would like to be part of this very successful ongoing event, please contact our Chairperson, Jim King @ king@kingobk.com. This event has raised over $70,000 thus far for the Debtor’s Assistance Project.

KEITH HIGGINBOTHAM 2012 cdcbaa President

Cafeteria at Roybal Closing this Friday! – forever!

The big cafeteria at Roybal is closing this friday – for good apparently.   I guess that little coffee shop will be getting more business.  There are no plans for a new cafeteria as far as I know.   One is supposedly coming to the Federal Building across the courtyard in the next x amount of months.

2011 ‐ 2014 Bankruptcy & Insolvency Events Calendar

2011 ‐ 2014 Bankruptcy & Insolvency Events Calendar prepared by Armstrong & Associates International, Inc.

View here.

I can’t wait until NCBJ 2012! It was held in Tampa this year — the Professor sent me and I had the best time.

Octomom’s Doctor Filed Chapter 7

Dr. Michael Kamrava filed Chapter 7 on December 23, 2011. His Chapter 7 Trustee is Elissa Miller.

2:11-bk-62013-TD Michael M Kamrava
Case type: bk Chapter: 7 Asset: No Vol: v Judge: Thomas B. Donovan
Date filed: 12/23/2011 Date of last filing: 12/30/2011

I was surprised to see that he does not own any real property or even a motor vehicle, he does not even pay rent. His main assets are miscellaneous home furnishings and about $7,000 in the bank.  He also claims an ownership interest in a trust that owns four medical patents, but claims that there is no market for them. The trust was created in 2001.

His priority debts total approximately $61,000 — all taxes. His unsecured non-priority debts total approximately $1.16M. His wife and corporation (WEST COAST IVF CLINIC, Inc.) are codebtors on most of the debts. The “primarily business debts” box is checked on the petition.

Mr. Kamrava’s medical license has been revoked because of the Octomom debacle and Schedule J states that “he is not currently earning any income. Reinstatement could occur in 3 years.”


New Book from Prof. Katie Porter

A few listserv members might be interested in a new book called Broke: How Debt Bankrupts the Middle Class (available on Amazon at http://amzn.to/yslcVQ  among other places). The Amazon page has a table of contents and more information.

The book editor is Katie Porter, a law professor at UC-Irvine and Bankr-L list member. The chapters are from academics in economics, sociology, psychology, political science, and law (including two from me). For academics on the list, Katie Porter and Debb Thorne have syllabi that use the book for classes in law and sociology, respectively.

Bob

— Robert M. Lawless Professor of Law & Co-Director of the Illinois Program on Law, Behavior & Social Science University of Illinois College of Law

PACER Fees Going Up From 8 cents per page to 10 cents

Conference Approves Fee Increase
In September 2011, the Judicial Conference of the United States authorized an increase in the Judiciary’s electronic public access fee in response to increasing costs for maintaining and enhancing the electronic public access system. The increase in the electronic public access (EPA) fee, from $.08 to $.10 per page, will take effect on April 1, 2012.  The change is needed to continue to support and improve the Public Access to Court Electronic Records (PACER) system, and to develop and implement the next generation of the Judiciary’s Case Management/Electronic Case Filing system.

The EPA fee has not been increased since 2005.  As mandated by Congress, the EPA program is funded entirely through user fees set by the Conference.

The Conference was mindful of the impact such an increase could have on other public entities and on public users accessing the system to obtain information on a particular case.  For this reason, local, state, and federal government agencies will be exempted from the increase for three years.  Moreover, PACER users who do not accrue charges of more than $15 in a quarterly billing cycle would not be charged a fee. (The current exemption is $10 per quarter.)  The expanded exemption means that 75 to 80 percent of all users will still pay no fees.