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January 21, 2008

American College of Bankruptcy Induction Ceremonies

This is from the American College of Bankruptcy web site.  My friend Debra Grassgreen from the Pachulski, Stang firm is being inducted.  She is a brilliant bankruptcy lawyer and very deserving of the honor.   

March 14-15, 2008
Induction of Class XIX

On March 14 and 15, 2008, the American College of Bankruptcy will host the 2008 Induction Ceremony and Related Events in Washington, D.C. at the Mayflower Hotel and the Induction Ceremony at the National Building Museum. We are honored that our keynote speaker for the Induction Ceremony will be The Honorable Thomas L. Ambro, United States Court of Appeals, Third Circuit, Wilmington, Delaware.

Please join us for the many events which include the Circuit Luncheons; the Salon Panel Discussion hosted by Evelyn Biery and Paul Singer; the Joint International Insolvency Institute/College panel discussion and our new Welcoming Reception.

Michael Temin, Scholar-In-Residence, has coordinated another exciting and informational Educational Program (see below for more details). The All Fellows Luncheon will be hosted following the Educational Program, and we will honor our 2008 Distinguished Service Award recipient.

The Education Committee will honor Distinguished Bankruptcy Law students from the Fifth, Sixth, Seventh, Eighth and Tenth Circuits. For the first time, we are hosting the Class 19 Induction Ceremony on Saturday night, March 15, and we are happy to report that all 29 nominees have accepted. We look forward to seeing you at the Induction Ceremony and Related Events.

January 21, 2008 in Programs | Permalink | Comments (0) | TrackBack

January 20, 2008

Duke Lacrosse Prosecutor Files Chapter 7

I'm not usually this voyeuristic, but I found the bankruptcy schedules of Michael Nifong on the Credit Slips blog and noticed that the B22 "Means Test" form checked the box, "presumption arises."  Many of us have wondered whether this ever happens.  There is almost no wiggle-room for arguing your way out of a presumed abuse case.  Mr. Nifong's schedules declare more than $180,000 million in debts so he certainly doesn't qualify for chapter 13.  Many of us have wondered about the effect of inability to file chapter 13 has on the "abuse" test.  The cases tend to say that is not a reason to file chapter 7.  As to chapter 11, Nifong would have to pay in his net income for five years yet that appears to be very little as he has retired and has no income beyond his pension.  Since he has been disbarred, there is no lucrative practice he can turn too. 

This is a great case for arguing that it is not an abusive filing even though the means test says it is.

An argument can also be made that the $30 million claim against Mr. Nifong asserted by each of the six students is not a "consumer debt" and therefore the means test does not apply.

I'm not sure why he filed in any event.  The battleground irrespective of the chapter will be whether or not the debt is a "willful and malicious injury" to the players.  If it is not, and he can keep the chapter 7 alive, the debts will be discharged.  If it is, the bankruptcy obviously accomplishes nothing.  It likely accomplishes nothing anyway since his only income is a pension which is presumably exempt.  His schedules show no non-exempt property.  Maybe he is planning on writing a book.       

The chapter 7 case was filed on January 15, 2008, so we can all follow along to see at least how one judge handles these issues.      

January 20, 2008 in Current Affairs | Permalink | Comments (0) | TrackBack