Reminder: File Those Chapter 13 Mortgage Payment Declarations

By | October 16, 2012 | Chapter 13 | 8 Comments

Dear Ch13 Colleagues:

In Court today, one of our Ch13 Judges pointed out that there appears to be a significant increase in the failure of debtors and their counsel to file mortgage payment declarations.  This Court pointed at that since 95% of Ch13 cases involve real property, the proving up of the post petition pre confirmation mortgage payments goes to the heart of feasibility as a requirement of confirming a Ch13 case.

I just wanted to pass this on to my fellow colleagues.

KEITH ALAN HIGGINBOTHAM
2012 cdcbaa President

Public Notices: PN 12-016 and PN 12-017

By | October 15, 2012 | Court Clerk Information | 1 Comment

ATTENTION RE: Two New Public Notices Posted

Two new Public Notices – PN 12-016 Re: New Process for Returned BNC Notices and PN 12-017 Re: Increases to Bankruptcy Court Fees Effective November 21, 2012, have been posted.  Please copy and paste the links below to each respective notice for additional information.

PN 12-016:  go.usa.gov/YZFY

PN 12-017:  go.usa.gov/Y9AV

Regards,

ECF Help Desk
(213) 894-2365

Relocation of the Office of the U.S. Trustee – Riverside

By | October 11, 2012 | U.S. Trustee | 6 Comments

The Office of the United States Trustee currently located at 3685 Main Street, Suite 300, Riverside, CA 92501-2804, will be closed to the public on Thursday, October 18th at 12 Noon. Mail or deliveries received on that day will not be processed until October 22nd, when the office reopens at our new address:

Office of the United States Trustee
3801 University Avenue, Suite 720
Riverside, California 92501-3200
Phone: (951) 276-6990
Fax: (951) 276-6973

The Chapter 7 and 13 meetings will be held at the U.S. Bankruptcy Court until Friday, October 26th. Effective October 22nd, Chapter 11 meetings will be held at the new location on the First Floor. For updated information regarding the office, please log on to our website at http://www.justice.gov/ust/r16/index.htm.

Carol O. Raineri, Regional Analyst
U.S. Department of Justice/Office of the U.S. Trustee
725 S. Figueroa St., 26th Floor
Los Angeles, CA 90017
carol.raineri@usdoj.gov

Bankruptcy Prof. Ralph Brubaker Takes Apart Absolute Priority Rule Narrow View

By | October 11, 2012 | Absolute Priority Rule, Chapter 11 | 3 Comments

Here’s the background:

On Nov 8 the LACBA is doing an evening debate on the Absolute Priority Rule in Individual Chapter 11 Cases, with participating bankruptcy judges Albert, Ahart, Clarkson and Kwan.  Here’s an interesting update —

Professor Ralph Brubaker of University of Ill. School of Law yesterday published a blistering deconstructive analysis of the narrow view interpretation of the Absolute Priority Rule as it applies to individual chapter 11 debtors at 32 No. 10 Bankruptcy Law Letter 1 entitled, The Absolute Priority Rule for Individual Chapter 11 Debtors: To Be or Not to Be?  It is officially published on Oct. 15, 2012 (but appears on Westlaw now).  He obliterates the narrow view and opines that the 9th Cir. BAP’s In re Friedman was spot on (way to go Scott Clarkson by the way).

It is a magnum opus on the misconceptions being held by those asserting the narrow view, and calls those who adopt the narrow view as having invented a new canon of statutory interpretation called the “Jam it to the Debtor Good and Hard” Canon.  Anyone who knows Brubaker’s work and background will appreciate the significance of this article.  Brubaker is one of the leading authors of Bankruptcy Law textbooks in the nation.

Prof. Brubaker’s article is a MUST READ for anyone wanting to understand the debate.

Central District Case Filings Drop 28% in September 2012

By | October 10, 2012 | Bankruptcy Data | 2 Comments
Central District of California
   2008    2009    2010    %    2011    2012
Jan 3,694 6,004 9,013 50% 10,868 21% 8,835 -19%
Feb 3,787 6,971 9,659 39% 10,631 10% 9,307 -12%
March 4,381 8,529 12,840 51% 13,543 5% 10,108 -25%
April 5,023 8,512 12,114 42% 12,087 0% 9,034 -25%
May 5,177 8,967 11,906 33% 11,669 -2% 9,620 -18%
June 5,351 9,595 12,190 27% 11,718 -4% 8,165 -30%
July 5,983 9,894 12,737 29% 10,418 -18% 8,201 -21%
Aug 6,195 9,748 12,720 30% 11,496 -10% 8,779 -24%
Sept 6,290 9,214 12,412 35% 10,006 -19% 7,222 -28%
Oct 6,364 10,322 11,753 14% 9,887 -16%
Nov 6,029 9,462 10,900 15% 9,099 -17%
Dec 6,615 9,864 10,925 11% 9,089 -17%
64,889 107,082 139,169 30% 130,511 -6%
% of total 0.059 0.075 0.089 0.095

Huge Drop in Filings in September, 2012

By | October 10, 2012 | Bankruptcy Data | No comments
2007    2008    2009    2010 %    2011 %    2012
Jan 55,200 70,300 89,000 102,600 15% 102,200 0% 87,900 -14%
Feb 58,800 79,500 102,000 117,800 15% 109,600 -7% 104,400 -5%
March 73,100 90,400 131,000 159,200 22% 146,400 -8% 122,100 -17%
April 67,800 93,200 128,700 146,200 14% 129,800 -11% 108,900 -16%
May 69,900 89,700 120,400 133,500 11% 122,800 -8% 109,300 -11%
June 67,300 89,900 124,800 133,850 7% 120,700 -10% 99,047 -18%
July 69,100 96,400 130,500 134,600 3% 110,200 -18% 97,083 -12%
Aug 77,100 94,300 120,000 135,600 13% 120,900 -11% 104,300 -14%
Sept 67,500 96,200 125,500 134,000 7% 110,400 -18% 87,500 -21%
Oct 81,200 108,900 130,200 129,700 0% 111,500 -14%
Nov 74,200 91,400 115,500 118,100 2% 98,500 -17%
Dec 65,900 95,900 117,000 114,700 -2% 96,500 -16%
827,100 1,096,100 1,434,600 1,559,850 9% 1,379,500 -12%

Financial Lawyers Conference Program – November 1, 2012

By | October 9, 2012 | Programs | 3 Comments

FINANCIAL LAWYERS CONFERENCE

Unavoidable Consequences:  Recent Developments In Avoidance Actions Affecting Equity Interests

Thursday, November 1, 2012

A number of recent cases have involved the effect of avoidance actions on the rights and liabilities of holders of equity interests, including shareholders, parent companies, and law firm partners. The panel will examine the Tronox decision addressing whether recovery of avoidance actions is capped at creditor claims, the conflicting decisions in the Brobeck, Coudert, Heller, and Thelen cases addressing whether a partnership agreement waiving unfinished business profits constitutes a fraudulent transfer, the Tousa decisions addressing the use of subsidiary assets to satisfy creditor claims against the parent, the Dynegy examiner’s report addressing the propriety of transferring subsidiary assets to the parent if such transfers are not contractually prohibited by the subsidiary debt agreements, and attempts in the Tribune and Lyondell cases to avoid the section 546(e) defense by having creditors assert state law fraudulent transfer claims against shareholders.

Speakers:
Erin N. Brady, Jones Day
Seth Goldman, Munger, Tolles & Olson LLP
Bradley R. Schneider, Munger, Tolles & Olson LLP

Read more…

Prof. Katie Porter’s First Report as California Monitor

By | October 9, 2012 | Current Events | 1 Comment

As you know, Prof. Katie Porter was named “California Monitor” and asked to keep an eye on the settlement between California and the “nation’s five largest mortgage companies.”  This is her first report.   The California Monitor website is here.  You can read about Katie and her nine person staff.

LACBA Commercial Law and Bankruptcy Program on Absolute Priority Rule in Individual Cases (I assume this will clear everything up!)

By | October 8, 2012 | Absolute Priority Rule, Chapter 11, Programs | 19 Comments

Absolute Priority Rule for Individual Chapter 11 Cases
Thursday, November 8, 2012 Registration: 5:30 PM

Dinner: 5:30 PM – 6:30 PM

Program: 6:00 PM – 8:00 PM
Omni Los Angeles Hotel
251 South Olive Street
Los Angeles, California 90012

2.0 hrs CLE Credit Program Information: Please join us for this review of bankruptcy cases decided in 2011-2012 by the Ninth Circuit Court of Appeals.

Speakers:
Hon. Alan M. Ahart, U.S. Bankruptcy Court
Hon. Theodor C. Albert, U.S. Bankruptcy Court
Hon. Scott C. Clarkson, U.S. Bankruptcy Court
Stanley E. Goldich, Pachulski Stang Ziehl & Jones
Hon. Robert R. Kwan, U. S. Bankruptcy Court
David Shemano, Peitzman Weg LLP

Registration Information CLE+ Members (meal not included) FREE Law Students with meal $45.00 CLE+ Plus Members with meal $60.00 Commercial Law & Bankruptcy Committee Section Members $100.00 LACBA Members with meal $120.00 All Others with meal $150.00 2hr CLE Credit Registration Code: 011802

Read more…

New Bankruptcy Judge Position Open in Las Vegas

By | October 8, 2012 | Current Events, Judges Corner | 1 Comment

The announcement is here. 

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