BankruptcyProf Blog

7TH ANNUAL BANKRUPTCY ETHICS SYMPOSIUM

THE BANKRUPTCY SECTION OF THE FEDERAL BAR ASSOCIATION & THE LOS ANGELES CHAPTER OF THE FEDERAL BAR ASSOCIATION Present the 7TH ANNUAL BANKRUPTCY ETHICS SYMPOSIUM 
 
TOPICS: Current State of Attorney (Mis)Conduct in Bankruptcy Attorney Compliance with Electronic Filing Requirements: Showing Cause New and Different: State Bar Approved Ethics Rules Changes before the Supreme Court A Behind the Scenes Look at a Disciplinary Proceeding, with a Bankruptcy Twist An Ethics Conversation with Professor Judy Sloan and Michael L. Tuchin

DATE: Friday, December 3, 2010 Registration: 8:30 a.m. Program: 9:00 a.m. - 12:45 p.m.

PLACE: United States Trustee 341(a) Meeting Room 725 South Figueroa St., Los Angeles

Registration Fee: $20 (FBA members); $25 (CDCBAA and LABF members); $35 (non-members). Register by November 29, 2010. As there is limited seating, please register early. Registration preference will be given to FBA members.  At Door registration will be $45.

PARKING: No-host parking is available at the 7th & Fig parking structure.

MCLE: This program offers up to 3.5 Hr. of MCLE credit in legal ethics.  This activity has been approved for Minimum Continuing Legal Education (MCLE) credit by the State Bar of California.  The FBA certifies that this activity conforms to the standards of approved education activities prescribed by the rules and regulations of the State Bar of California governing minimum continuing legal education.

Speakers: Hon. Donald F. Miles, Judge, State Bar Court of California Evan A. Jenness, Esq., Law Offices of Evan A. Jenness Professor Judy Sloan, Southwestern University School of Law J. Scott Bovitz, Esq., Bovitz & Spitzer Peter C. Anderson, United States Trustee, Region 16 Gary Klausner, Esq., Stutman Treister & Glatt Jeffrey Cozad, Law Clerk to Chief Bankruptcy Judge Vincent P. Zurzolo Arthur L. Margolis, Esq., Margolis & Margolis    Maria Soria, United States Bankruptcy Court Suzan J. Anderson, Esq., State Bar of California Paula Roe, United States Bankruptcy Court Thomas Layton, State Bar of California James Sandino, United States Bankruptcy Court Michael L. Tuchin, Esq., Klee, Tuchin, Bogdanoff & Stern LLP
 
Federal Bar Association, 210 N. Glenoaks Blvd. Ste C., Burbank, CA 91502 Phone (818) 843-1020 Fax (818) 843-7423 e-mail: fbala@emaoffice.com 

In Texas Rangers’ Bankruptcy, Lawyers and D.H. Annoyed Judge

Read the article here.

Bankruptcy Courts: Foreclosing? Prove It . . .

Read the article here.

Financial Lawyers Conf Program

After Philly News, Pacific Lumber, Chrysler, and Metaldyne:
Plans, Sales, Secured Lenders' Objections (And More)

Thursday, December 9, 2010

Speakers: Dan Bussell, Klee, Tuchin, Bogdanoff & Stern LLP
Ben Logan, O'Melveny & Myers, LLP
Jennifer Taylor, O'Melveny & Myers, LLP

Location:  The Olympic Collection
11301 Olympic Boulevard
Los Angeles, California

Time:  6:00pm - 6:45 pm - Registration and Cocktails
6:45pm - 7:30 pm - Dinner
7:30pm - 8:30 pm - Program

Cost:  $70.00 FLC Members
$85.00 Nonmembers
$40.00 Lawyers in Gov’t Svc.

Profiles in Doing Both: Is There a Sequel in Blockbuster's Future?

"GM has done it. Pilgrim's Pride and Delta Air Lines, too. Each of these companies entered bankruptcy wobbling, and emerged stronger afterwards. Now it's Blockbuster's turn."

Read the article here.

Texas Rangers' Official Got Death Threats During Sale Process, Lawyer Said

"The Texas Rangers’ chief restructuring officer, William Snyder, got death threats during the Major League Baseball team’s bankruptcy proceedings, a lawyer said in a July conference in the judge’s chambers."

Read the article here.

Lehman Bankruptcy Fees Top $1 Billion

Wall Street Journal:

Lawyers and other professionals presiding over the bankruptcy proceedings of
Lehman Brothers Holdings Inc. have taken in a collective $1 billion in fees.

They crossed the threshold in October, according to a monthly securities
filing. Since the bankruptcy filing in September 2008, fees paid for
professional services total $1.023 billion. The law firms, consultants and
other advisers took in $40.6 million in fees in October alone.

Lehman's collapse unleashed a contraction in the credit markets, leading to
a $700 billion government bailout of the financial system. Lehman was a
major derivatives counterparty, and the unwinding of those contracts is what
is costing so much money, said Lynn LoPucki, a law professor at University
of California Los Angeles. "This is clearly the most expensive bankruptcy
case in history," he said.

Law firm Weil Gotshal & Manges, the lead bankruptcy counsel, had $8.8
million in fees and expenses in October and a total of $245.8 million in the
proceedings.

Alvarez & Marsal, the restructuring firm overseeing the unwinding of
Lehman's operations and the unraveling of its derivatives contracts, had
$13.4 million in fees and expenses for the month and a total of $369.8
million since the start of the case—the most of any adviser.

Lehman's chief executive officer, Bryan Marsal of the Alvarez & Marsal firm,
noted progress, including increased estimates of recoveries for creditors, a
reduction in the amount of claims, and an anticipated workforce reduction in
the next year.

A court recently ordered Bank of America Corp. to return $500 million it had
seized from Lehman shortly after its bankruptcy filing. Closing briefs in a
separate $11 billion lawsuit against Barclays PLC are due to be filed
Monday.

"The strategy of managing and maximizing the value of assets rather than
liquidating quickly at fire-sale values—and of pursuing litigation when we
believe the potential value warrants it—will yield far greater returns for
the creditors," Mr. Marsal said in an emailed statement.

Milbank Tweed Hadley & McCloy, the creditors' lead counsel, had $4.4 million
in fees and expenses in October and $75.6 million overall.

FTI Consulting Inc., a financial adviser to the creditors, had $2.5 million
in fees and expenses in October and $42.6 million overall.

'Real Housewife' Sonja Files for Bankruptcy

Read the article here.

Federal Bankruptcy Filing Questions Compensation at Crystal Cathedral

Read the article here.

BofA Must Return $500 mln Seized Lehman Deposits

"Bank of America Corp (BAC.N) was ordered by a U.S. judge to return $500 million of deposits it seized from Lehman Brothers Holdings Inc (LEHMQ.PK) shortly after Lehman's bankruptcy.

U.S. Bankruptcy Judge James Peck said Bank of America violated federal law when it "brazenly" seized the deposits after having taken advantage of Lehman's weakened condition in the summer of 2008 in obtaining the money."

Read the article here.

Great Article on Attorney's Role in Reaffirmations

Divided Loyalties: The Attorney’s Role in Bankruptcy Reaffirmations
by Gregory M. Duhl
Associate Professor of Law
William Mitchell College of Law


Abstract:     
Section 524 of the Bankruptcy Code divides the consumer bankruptcy attorney’s loyalties between the client and the court. On the one hand, the attorney is the gatekeeper for the court in ensuring that whether a debtor enters into a reaffirmation agreement is balanced against one of the primary objectives of the bankruptcy system—to give the debtor a “fresh start.” On the other hand, the attorney has an obligation under the Model Rules of Professional Conduct to pursue the client’s objectives during the bankruptcy representation.

This Article is about the lawyer-client relationship. Ethics scholars have traditionally adopted either a client-autonomy or paternalistic model to analyze the lawyer-client relationship. This Article rejects both and proposes a collaborative model of lawyer-client decision-making. Congress must free bankruptcy lawyers of their ethical conflict, so that lawyers can work in collaboration with their clients to help debtors improve financially post-bankruptcy. Then, the client might be able to be her own gatekeeper, freeing both the courts and attorneys from that responsibility.

Owner of NY's Lipstick Building Files bankruptcy

"The owner of the Lipstick Building, the Manhattan office tower where Bernard Madoff ran his Ponzi scheme, filed for bankruptcy protection, becoming the latest victim of a downturn in commercial real estate."

Read the article here.

Loehmann's Files for Bankruptcy Protection

Read the article here.

How the Roof Fell in on Countrywide

Great article in Fortune Magazine. 

Ambac Gives Top Lawyer Pre-Bankruptcy Bonus

Read the article here.

Subprime Mortgage Pioneer C-Bass Files Bankruptcy

Read the article here.

Bankruptcy Community Holiday Party at the Roybal Federal Building

Los Angeles Bankruptcy Forum
Financial Lawyers Conference
LACBA Commercial Law and Bankruptcy Section
Central District Consumer Bankruptcy Attorneys Association and
Beverly Hills Bar Association Bankruptcy Comittee

Invite you to a Holiday Party at the Roybal Federal Building on December 13, 2010 6:00 p.m. - 8:00 p.m.
 
Support the efforts of Public Counsel, Bet Tzedek, Neighborhood Legal Services, The Legal Aid Foundation of Los Angeles and others who contribute to those in need of bankruptcy-related services in our community. 

Edward R. Roybal Federal Building
255 East Temple Street
Los Angeles, CA 90012

$100 for Members
$125 for Non-Members
$35 Government
Registration at Door - Additional $25

Network with your professional colleagues and bankruptcy judges.  All net proceeds from the event will be donated to participating pro-bono organizations.

To register on-line visit Holiday Party Registration www.labankruptcyforum.org

Bow Ties: Who Wore It Best?

"Every year, the members of the Central District Consumer Bankruptcy Attorneys Association recognizes an attorney, trustee, or judge for their exemplary efforts affecting consumer debtors. The award presented is the Calvin Ashland Award. This year's honor was awarded to Chapter 13 Trustee of the year, Kathy A. Dockery.  Aside from the incredible honors, I noted the scuttle but about bow ties being appropriate for this occasion."

Read the article here.

Developer of Bundy Village Medical Complex Files for Bankruptcy Protection

Read the article here.

AVP Beach Volleyball Tour Files for Bankruptcy

Read the article here.