SulmeyerKupetz is pleased to welcome Claire Wu...
SulmeyerKupetz is pleased to welcome Claire Wu to the firm as an Associate Attorney. Wu focuses on representing bankruptcy trustees and creditors in chapter 7 and 11 cases. Prior to joining the firm, Wu served as a judicial law clerk to the Honorable Robert N. Kwan, U.S. Bankruptcy Judge for the Central District of California.
Wu received her J.D. from Loyola Law School and her B.A. from the University of California, Los Angeles. Wu serves as the Events Co-Chair and Board Member for the International Women’s Insolvency & Restructuring Confederation, Southern California Network and as the Young Insolvency Professional Co-Chair for the 2018 California Bankruptcy Forum.
SulmeyerKupetz is proud to be a sponsor of the Turnaround Management Association (TMA). On Wednesday, January 10, 2018 from 4 – 7 PM at the Jonathan Club, TMA will be hosting a joint event “Trends in the Debt and Equity Markets,” with the Association for Corporate Growth and the Commercial Finance Conference of California.
The session is presented by panelists Leland Jones of Endeavour Capital, James Pade of Clearlake Capital Group, Brian Zaumeyer of Odyssey Investment Partners, Bobby Bans with Bank of America Merrill Lynch and Stephen Krawchuk with LBC Credit Partners. A reception and networking session will follow the panel.
TMA is an organization with a network of more than 9,000 turnaround practitioners, bankruptcy attorneys, lenders, bankers, workout officers, investors and other related professionals worldwide.
Litigation can be a tough and emotionally draining process, even for the most thick-skinned of cynics. But it can be particularly tough to stay sane and calm when you’re a “nice” person who somehow ended up working in litigation. In his Litigation Daily article, “10 Survival Tips for Nice People Who Happen to be Litigators,” Senior Counsel Dave Richardson outlines strategies that litigators can use to navigate the stresses of a litigation practice.
Far too many careers in litigation are ended by the stresses of short-term litigation battles. Survival in a litigation practice takes skills that are often counter-intuitive to a career that is centered on battles between hired guns. “Nice” litigators are more likely to take a professional battle personally, to toss and turn throughout sleepless nights while thinking of all the things they should have said, and to forget that normal human instincts – such as wanting to get along, or wanting to be liked – are weaknesses that some opponents will use to their advantage. But “nice” people can survive, and thrive, as litigators without compromising their personality.
Some of the survival skills that Richardson proposes are a matter of priorities, such as finding the time for exercise and sleep. Others require a committed effort to acquire a skill or achieve an understanding about our emotional responses, such as recognizing when your stress response to a dispute in litigation is a habitual response that has no connection to the specific dispute. Each conflict may seem important at the time, but from the perspective of a career in litigation, none of them matter in the slightest. “Learn as early in your career as you can that today’s conflict will be tomorrow’s barely-remembered war story, so that you don’t let the stress linger after the memory of the conflict is long gone,” Richardson writes. “As a wise Disney heroine advises, let it go.”
For the 12th consecutive year, David Kupetz has authored Collier’s Handbook for Creditors’ Committees, a book that bankruptcy practitioners, corporate counsel and members of creditors’ committees in Chapter 11 cases turn to for guidance on all aspects of participating in and representing creditors’ committees.
The 2018 edition features discussion of significant recent decisions, including the appellate court decision applying the Barton doctrine to protect members of an unsecured creditors’ committee from suit and the Supreme Court decision addressing the use of structured dismissals. In addition, the handbook addresses other recent developments in the law, including appointment of equity committees, compensation of committee professionals, attorney-client privilege and more.
Written by Elissa Miller
Effective December 1, 2017, amendments to the Federal Rules of Bankruptcy Procedure went into effect. While many of the changes are geared primarily towards debtors in consumer cases, changes to Rule 3002 will materially affect creditors, both secured and unsecured, in a voluntary Chapter 7 (liquidation), 12 (farm) and 13 (personal reorganization) cases.
Rule 3002(a) and (c) have been significantly revised in the following respects:
(a) – All creditors, both secured and unsecured, will need to file a proof of claim or interest. Notwithstanding that secured creditors will have to file a proof of claim, the revision also state that “A lien that secures a claim against the debtor is not void due only to the failure of any entity to file a proof of claim.”
Previously, secured creditors were not required to file a claim.
(C) – To be timely filed in a voluntary Chapter 7, 12 or 13, a proof of claim must be filed not later than 70 days after the entry of the Order for Relief or the date of the Order of conversion to a case under Chapter 12 or 13 or 90 days from the date of entry of an order for relief in an involuntary case.
This is a significant change from prior law. Previously, the claims bar date was not later than 90 days after the date first set for the meeting of creditors pursuant to Bankruptcy Code Section 341a, or approximately 4-5 months after the case was filed. Under the revised rule, that time period is now shortened to 70 days from the date the bankruptcy was filed or approximately two and a half months. Note, however, that the revisions left intact the provision that if a case is determined to be a no-asset case, not less than 90 notice will be given of the bar date if it is later determined to be an asset case.
Note: these are the general rules – limited exceptions may apply.
Elissa Miller is a Member with SulmeyerKupetz. She can be reached at <http://www.privatedaddy.com?q=SWx6dENFYWZKNhBzYU5HNzpeRQh7LGphcER0_19> or (213) 626-2311.
The retail sector is hurting due to the growth of e-commerce, decreased spending on consumer goods, and high debt levels following “going-private” transactions, among others. In his Retail Merchandiser article “Navigating the Retail Meltdown,” Jeffrey Pomerance, head of the Transactional Practice for SulmeyerKupetz, outlined strategies that retailers can implement to not only survive the retail meltdown but actually thrive and grow.
In the article, Pomerance advised brick-and-mortar retailers to recognize their competitive advantage against e-commerce giants: “Physical stores, when part of a multichannel effort to generate sales, allow potential buyers the ability to feel and touch products that online retailers are unable to offer.” He also recommended that retailers “servicize” their products, manage cash intelligently rather than simply cutting costs, revisit the company’s capital structure, manage inventory, revisit their leases and embrace technology.
Pomerance concluded the article by noting that price is not the only point of competition that brick-and-mortar stores have against internet juggernauts like Amazon. “Executing on the strategies outlined above, amongst others, can actually give a brick-and-mortar retailer a winning advantage over its online competition and generate profitability,” he wrote.