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Vol 13, Num 1 l March 2015

Technology and Intellectual Property

► In This Issue:

PBGC’s Claims in Chapter 11: Survey Says…


Ilia M. O’Hearn
Bracewell & Giuliani
Hartford, Conn.

The Pension Benefit Guaranty Corporation (PBGC) can be the largest unsecured creditor in chapter 11 cases and is usually a very influential member of creditors’ committees, which can lead to feuds with other creditors. For example, in In re Revstone Industries LLC, PBGC agreed with the debtor to settle PBGC’s allowed general unsecured claim of $95 million for $80 million. The creditors’ committee moved to remove PBGC from the committee, arguing that the settlement conflicted with a competing reorganization plan proposed by the committee. Ultimately, the creditors’ committee withdrew its motion when, as part of a global settlement, PBGC agreed to lower its recovery to $75 million.
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Potential Conflict? Potentially No Problem


Katherine Rea
U.S. Bankruptcy Court (D.S.C.)

The Bankruptcy Code generally restricts the trustee’s employment of professionals to those “that do not hold or represent an interest adverse to the estate, and that are disinterested.” Broadly speaking, “disinterested” persons are those who do not have a pre-petition interest in or relationship with the debtor. The Code does not define “adverse interest,” but generally a party holds an adverse interest if he or she (1) holds or asserts an economic interest that would reduce the value of or give rise to an actual dispute with the estate, or (2) possesses a bias against the estate. These requirements are “stringent.” The purpose of these restrictions is to ensure that professionals hired by trustees “tender undivided loyalty and provide untainted advice and assistance in furtherance of their fiduciary responsibilities.”
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Wedoff vs. Diehl Judicial Debate on Mortgage Cramdown at 2015 Annual Meeting

In the video above, Hon. Eugene R. Wedoff (N.D. Illinois; Chicago) discusses his upcoming debate at the Annual Spring Meeting with Hon. Mary Grace Diehl (N.D. Georgia; Atlanta) on mortgage cramdown issues.

The Young & New Members Committee will be teaming up with the Bankruptcy Taxation and Business Reorganization committees at this year’s Annual Spring Meeting to discuss new requirements for tax sharing agreements and how they impact banks and holding companies. Speakers for this panel include Richard J. Corbi ​of the U.S. Bankruptcy Court, Eastern District of New York; Brooklyn; Jeffrey Schmitt of the Federal Deposit Insurance Corporation in Washington, D.C.; Todd Meyers of Kilpatrick Townsend & Stockton LLP in Atlanta; and Whitman Holt of Klee, Tuchin, Bogdanoff & Stern LLP in Los Angeles.

Join us on April 16 at the Renaissance Washington D.C.!

Join the Committee at ASM for Late-Night Bowling


Don't forget your bowling shoes! The Young and New Members Committee will be hosting Late-Night Bowling at Lucky Strike in Chinatown on Friday, April 17th, from 10 pm - midnight. This event will be a great way to network and mingle with some of your colleagues in a fun, laid back setting. Add the optional event before you check out or log into your account to add it to your current registration. Thank you to our Late-Night Bowling sponsors, Bayard and Turnaround Underground!


Have You Visited the New Yet?


In early 2015, ABI introduced a new flagship website,, to continue to deliver better services and online resources for members to meet their professional needs. The new website provides a cleaner, more user-friendly interface for members to find the latest information on bankruptcy news and developments, register for ABI events and access other member resources. The membership directory is all new as well, complete with your photo and a enhanced listings of your experience and ABI activity. To update your member profile, click here (login required).

Should you have any questions or difficulty using the site, please go to to seek assistance.

April 16-19, 2015 American Bankruptcy Institute 33rd Annual Spring Meeting


abiLIVE webinar March 18, 2015

66 Canal Center Plaza, Suite 600, Alexandria, VA 22314 |
Tel. (703)-739-0800
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