Press

The bills from professional services firms that bankrupt companies often have to pay were the subject of an April 19 panel by the American Bankruptcy Institute (ABI).
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Turnaround guru Wilbur Ross told one of the biggest annual gatherings of restructuring professionals on Friday the industry's system of basing pay on hours worked should be scrapped to control the spiraling cost of chapter 11.
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Thomson Reuters reported turnaround guru Wilbur Ross told one of the biggest annual gatherings of restructuring professionals on Friday the industry's system of basing pay on hours worked should be scrapped to control the spiraling cost of Chapter 11.
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Billionaire investor Wilbur Ross—who made his money on bets in the troubled steel, auto parts, coal and textile industries—told an audience of hundreds of bankruptcy professionals gathered for an American Bankruptcy Institute conference near Washington, D.C., that the hourly billing system that they use to get paid is “primitive” and encourages frivolous legal actions.
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"Whatever the specific proposals the commission ultimately recommends, the key is to restore balance," Joshua Gotbaum, Director of the Pension Benefit Guaranty Corporation, told the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11 March 14 at the commission's second public hearing of 2013. Gotbaum was one of eight witnesses who testified at the hearing, which examined labor issues in business bankruptcy cases. (Reprinted with permission from Bloomberg BNA's Bankruptcy Law Reporter.)
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Read a Q&A with bankruptcy lawyer Al Togut of Togut Segal & Segal, a co-chair of ABI's Chapter 11 Commission.
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McIntire Professor David C. Smith testified before the American Bankruptcy Institute’s Bankruptcy Reform Commission during a bankruptcy conference, VALCON 2013, in Las Vegas, Feb. 21, 2013.
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Focusing on contested valuation issues in bankruptcy in the ABI commission’s first field hearing this year, bankruptcy, financial, and scholarly practitioners testified on one panel that no significant changes were needed to a bankruptcy system that works well. (Reprinted with permission from Bloomberg BNA's Bankruptcy Law Reporter.)
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With the Bankruptcy Code now 35 years old, 2013 looks to be a key year in developing a replacement. The American Bankruptcy Institute Commission to Study the Reform of Chapter 11 was organized last year to analyze the chapter and recommend changes to the current law, after there was consensus that Chapter 11 needed a reboot during the 2009 event "Chapter 11 at the Crossroads: Does Reorganization Need Reform?"
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As co-chairs of the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 (ABI Commission), we are proud to note that the ABI Commission is entering its second year of operation. Thus, it is an appropriate time to reflect on the reasons for the formation of the ABI Commission, its mission, its activities over the prior year, what it has learned, and its course for the future.
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