We hope you all enjoyed a wonderful holiday season with your family and friends. As we march into 2016 with a renewed sense of purpose, we are not alone in our resolve to make changes. This month’s Digest takes a look at the proposed changes affecting secured lenders in Chapter 11 bankruptcies. It has been said the only constant in life is change.
Wendy M. Reutebuch recently completed ten years’ service on the Board of Directors of the Garfield Park Conservatory Alliance (GPCA). The GPCA, in partnership with the Chicago Park District, runs the programming, exhibits and events for the Garfield Park Conservatory and raises funds to support the programming, exhibits and events at the Garfield Park Conservatory.
During her tenure as a GPCA Board member, Wendy served on the Executive Committee, the Fundraising Committee and as Chair of the Nominations Committee. Wendy also served as chair for the GPCA’s first Fleurotica event in 2008, which has become one of the GPCA’s signature events.
Proposals for Change in Chapter 11 Affecting Secured Lenders
The American Bankruptcy Institute (ABI) formed a Commission to Study the Reform of Chapter 11 which has submitted a report containing a number of proposals for change. The Commission’s aim was to reduce barriers to the entry of a Chapter 11 filing, facilitate more certainty of resolutions and timeliness of disputes, enhance exit strategies for debtors and resolve uncertainty between court circuits. Read about the four biggest changes that could affect secured creditors.
Costly Bathroom Breaks
Many workers are familiar with having to clock in and out when they start or end their workday, but a publishing company in Pennsylvania took it a step further. American Future Systems, Inc. dba Progressive Business Publications forced workers to clock out for short breaks, including bathroom breaks. The U.S. District Court for the Eastern District of Pennsylvania decided that Progressive failed to comply with the Fair Labor Standards Act and faces a fine of up to $1.75M for the unpaid breaks.
Progressive plans to appeal the decision. The company views this as a “generous” work policy that allows employees to take an unpaid break for any reason and length of time. If upheld Progressive stated they would need to discontinue this policy which is “greatly valued” by employees. Learn more.