Off Topic – Best Article Ever on Insider Trading

By | September 9, 2012 | Current Events | No comments

I am teaching two sections of Business Organizations this year at the University of West Los Angeles, School of Law.  This is the 7th or 8th year in a row for this subject for me.  One of the toughest concepts to teach is insider trading, also colloquially known as Rule 10(b)(5).  Rule 10(b)(5) is called the most famous rule in the world of business law.  It is tough for students to understand because there is this general belief that anyone who buys or sells stock having inside information should be shot.  It is also tough because Rule 10(b)(5) says nothing about trading with inside information.

Prof. Steve Bainbridge, UCLA bus law prof extraordinaire, who is not the easiest guy to understand in the first place, has written a brilliant article laying out the basics of the concept.  Insider Article Bainbridge  The ban on insider trading goes hand-in-hand with fiduciary duties.  Take a look.

10,000th “Hit” Today

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

Thanks to those following this blog.  We started on January 1 of this year and reached 10,000 hits today.  About 3,500 of the hits are from people returning to the blog.  The blog is aimed at bankruptcy lawyers and professionals in the Central District of California so thanks to those who return regularly to get updates on what’s going on.  Jon Hayes

Filing in Central District Up in August, 2012 Although Still Below Year Ago

By | September 9, 2012 | Bankruptcy Data | 1 Comment
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%
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

Thanks to the Bankruptcy Internet Project and Prof. Bob Lawless

Filings in August 2012 Creep Up, Although 14% Less than Year Ago

By | September 9, 2012 | Bankruptcy Data | 2 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% 97,100 -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%
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%

Where Has Civility Gone?

By | September 7, 2012 | Books & Articles | 1 Comment

Article by Lou Esbin, certified bankruptcy specialist.

Michael Gouveia’s Riverside BK Notes

By | September 6, 2012 | Chapter 13, Current Events | 1 Comment

Michael Gouveia’s RIVERSIDE BK Notes

The  Chapter 13’s in September  and October creditors meetings will be at the 12th Street Courthouse.   Yes, you read right.  The 341’s for the weeks of Septmeber 10th, September 17th, September 24th  and now into October are scheduled for 3420 12th street (at the Court house in little room 100a).   The 14th Street/ Martin Luther King Blvd. Bridge on 91 freeway  will be widened starting next week—for two years.  Expect major delays using that exit.  If you are going to the Riverside Bankuptcy Court, use the Mission Inn Blvd. exit (7th street) off the 91 freeway, or exit off the 60 freeway as the 14th Street bridge will go from three lanes down to one.

Federal Bar Association (L.A. Chapter) — Annual Supreme Court Review with Dean Chemerinsky

By | September 6, 2012 | Programs | 2 Comments

ANNUAL SUPREME COURT REVIEW
September 27, 2012
Time: 12:00 p.m. – 1:30 p.m.
Registration: 11:30 a.m.

Featuring UCI Law School Dean Erwin Chemerinsky.
Also Featuring Annual Judge Barry Russell Scholarship Awards.

Location: The Biltmore Hotel
506 S. Grand Ave., Los Angeles, CA
Cost: $75 (FBA Members), $50 (government employees/Clerks/Students) $90 (non members)
Group Registration Fees: FBA member table of 9 $650; Nonmember table of 9 $775
Federal judiciary receive complimentary admission.

UPDATE: Prof. Hayes’ son Cassidy Hunter Hayes will receive the Judge Barry Russell Scholarship Award for excellence in the field of federal practice at UCLA.  So exciting!  We will all be there to cheer him on. 

Inn of the Court – Time to Join

By | September 6, 2012 | Current Events, Programs | 1 Comment

Inn of Court is starting again.  We get a lot of questions about how to join during the year.  Here is the application. Inn of Court Flyer  We are starting up again next month.

It may look expensive, but you are paying for six dinner meetings.  The meetings are fun.  They usually have a skit where an area of bankruptcy is covered.

You will be put in a group with a couple of grey haired lawyers with a lot of experience to whom you can direct questions.

Jill Sturdevant is President and Judges Kwan and Robles are co vice-presidents, attend the dinners and do a lot of chit-chatting.

Come join us!

Dennis McGoldrick

LACBA Program – 9th Circuit Review – Sept 25, 2012 with Judge Julia Brand

By | September 3, 2012 | Programs | No comments
Ninth Circuit Bankruptcy Review 2011-2012
09/25/2012

Presented by: Commercial Law and Bankruptcy Section

Program Information: This program is a survey of published bankruptcy decisions in 2011-2012 from the Supreme Court, Ninth Circuit Court of Appeals, Ninth Circuit BAP, and selected District and Bankruptcy Courts.

Speakers:
Hon. Julia Brand, United States Bankruptcy Court, Central California
M. Jonathan Hayes, Law Office of M Jonathan Hayes

Location: Los Angeles County Bar Association 1055 West 7th Street, 27th Floor Los Angeles, CA 90017

Parking: Self Parking is available for $10.00.

Times: Registration: 11:30 AM Meal/Reception: 11:30 AM -12:00 PM Program: 12:00 PM – 1:00 PM  Read more…

Kagenveama Still Alive – In re Flores – Congratulations to Nancy Clark

By | September 3, 2012 | Case Briefs, Chapter 13 | No comments

Danielson v. Flores (In re Flores), — F. 3d — 2012 WL ————(9th Cir. August, 2012)

Issue:   May “a debtor with no ‘projected disposable income’ confirm a plan that is shorter in duration than the ‘applicable commitment period’ found in §1325(b)”?

Holding:   Yes, the 9th Circuit ruling in Kagenveama is still binding as to the applicable commitment period.

Appeal from Bankruptcy Court – direct appeal
Bankruptcy Judge Meredith Jury
Attorney for Defendants, Nancy Clark

Judge Chen for the majority and Judge Susan Graber dissenting.

These are above-median chapter 13 debtors whose “monthly ‘disposable income,’ as that term is defined in the Bankruptcy Code, is negative.”  The debtors proposed to pay $148 per month for 36 months.  The trustee objected that the applicable commitment period was 60 months.  The court agreed and confirmed the plan for 60 months.

Read more…

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