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THE CONSUMER BANKRUPTCY LETTER |
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In This Issue:
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November 21, 2004
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ACADEMY NEXT STOP - TEXAS!
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PENDING EVENTS, SEMINARS & CLE
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HEADS-UP ON RECENT CASES
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NACBA PICKS NEW OFFICERS
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December 2-4, 2004
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Marriott's Camelback Inn, Scottsdale, AZ
Contact: 1-703-739-0800 or
abiworld.org
December 17, 2004
BANKRUPTCY ACADEMY LIVE WEB CASTS
BankruptcyAcademy.com
January 27, 28, 29 2005
KING BANKRUPTCY ACADEMY
Discharging Taxes in Bankruptcy From A to Z
San Antonio, Texas
(925) 829-6460
BankruptcyAcademy.com
February 10-12, 2005
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Denver, Colorado
Contact: 1-703-739-0800 or
abiworld.org
February 26 - March 1 2005
NORTON INSTITUTES OF BANKRUPTCY LAW
Park City, Utah
nortoninstitutes.org
April 9-12 2005
NORTON INSTITUTES OF BANKRUPTCY LAW
Las Vegas, NV
nortoninstitutes.org
April 29 - May 1 2005
NACBA Annual Convention
San Diego, California
nacba.org
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The National Association of Consumer Bankruptcy Attorneys has elected new officers who will take office on January 1, 2005. Their term of office will be two years. The next election of officers will take place in the Spring of 2006. The new officers:
Henry J. Sommer
Philadelphia, PA
President
Carey Dalton Ebert
Hurst, TX
Vice President
James (Ike) Shulman
San Jose, CA
Treasurer
John Rao
Boston, MA
Secretary
Maureen Thompson
Arlington, VA
Executive Director
NACBA is the only national organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the rights of consumer debtors in bankruptcy. Formed in 1992, NACBA now has more than 1200 members located in all 50 states and Puerto Rico. Since 1997, NACBA has led the fight against the anti-debtor legislation in Congress for which the consumer credit industry has lobbied so aggressively.
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LIONEL DERAILED - FILES BANKRUPTCY
NEW YORK (Reuters) - Lionel LLC, a famous name in American model trains for more than a century, says it has been forced to file for bankruptcy protection after a court ruled against it for the alleged misappropriation of a competitor's train designs by a subcontractor.
Lionel, based in Chesterfield, Mich., intends to appeal the $41 million judgment against the company, said Chief Executive Officer Jerry Calabrese.
The suit was originally brought by Mike's Train House in South Korea, where it won a small judgment. It then brought the suit to a U.S. court,
Lionel, which has been making model trains and accessories since 1900, said it filed for Chapter 11 protection in the Bankruptcy Court of the Southern District of New York.
SOURCE: CNNMoney
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IRS REPORTS 2004 ENFORCEMENT COLLECTIONS
$43.1 BILLION - UP 15% IRS
WASHINGTON - The Internal Revenue Service reported Thursday a jump in audits and taxes collected through its enforcement programs in the 2004 fiscal year, with a record $43.1 billion in enforcement revenue brought in, up 15% from the preceding year.
The numbers reflect a 40% increase in audits of high-income taxpayers for the 2004 fiscal year, which ended Sept. 30. Audits of large businesses with more than $10 million in assets jumped to 17% of all companies in this category in the 2004 fiscal year, up from 12% the year earlier.
"The centerpiece of our enforcement efforts continues to be on high income individuals and corporations," Internal Revenue Service Commissioner Mark Everson told reporters.
Dow Jones Newswires
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RETROACTIVE RELIEF FROM AUTOMATIC STAY NOT ALLOWED
An innocent creditor who, without knowledge of the pendency of bankrutpcy, proceeded to obtain a judgment and sanctions against the debtor during the debtor's three bankruptcy cases was not entitled to annulment of the automatic stay to validate its secured position as to debtor's National Football League deferred contract payments.
In re Brown (Bankr. N.D. Tex. 2004)
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COURT EXPLAINS GUIDELINES FOR SETTLEMENT OF CONTROVERSIES
The pivotal question in approving a bankruptcy settlement is “whether the settlement is in the best interests of the estate.” In re Andreuccetti, 975 F.2d 413, 421 (7th Cir. 1992); In re Energy Co-op., Inc., 886 F.2d 921, 927 (7th Cir. 1989). To answer that question, the court must compare “the settlement’s terms with the litigation’s probable costs and probable benefits.” LaSalle Nat’l Bank v. Holland (In re Am. Reserve Corp.), 841 F.2d 159, 161 (7th Cir. 1987). Relevant factors the court should consider include the litigation’s probability of success, its complexity, and its “attendant expense, inconvenience and delay.” Id. Approval of a settlement is committed to the court’s sound discretion. 5/ Andreuccetti, 975 F.2d at 421; Energy Co-op., 886 F.2d at 926.
There is a similar middle ground when it comes to how critically the court should scrutinize the trustee’s settlement decision. The court cannot simply “rubber stamp” the decision and must do more than take the trustee’s word that the decision is reasonable.
In re Commercial Loan Corp. (Bkrtcy.E.D.Ill. 2004)
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PUBLISHED BY KING BANKRUPTCY MEDIA FOR BANKRUPTCY PROFESSIONALS 7080 Donlon Way Suite 222 Dublin California 94568 (925) 829-6460
© King Bankruptcy Media 2004 CONTACT US AT editor@bankruptcymedia.com
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