NCBJ is in Chicago this year. The weather is pleasantly cool compared to the continuing Austin heat and the first day of CLE had some interesting programs. Here is a wrap of Day 1, which included Chapter 9, reorganization for closely held companies, e-discovery, an economist from the Chicago Fed, claims trading and treatment of "interests" in section 363 sales. I will divide the day between separate posts on the educational seminars and the economist's prognostications. There will be another Fed economist speaking tomorrow.
Chapter 9: Judge Steven Rhodes, Daniel Heimowitz (RBC Capital Markets), Marc Levinson (Orrick, Herrington & Sutcliffe, LLP), Ron Oliner (Duane Morris) and Judge Elizabeth Perris
While Chapter 9 may seem exotic and unusual, three California Cities, as well as Detroit and Jefferson County, Alabama have all used this mechanism. In Texas, it has been used on a smaller scale for many road and water districts.
Municipal finance is big business. There is about $3.7 trillion of municipal bonds outstanding with 11,464 issued during 2013. Nevertheless, only about 4-5 default in any given year. However, when they do, it creates a big stir.