Bill on Bankruptcy: Lawyers Must Disclose Fees

June 19 (Bloomberg) -- Lawyers may object to disclosing how much they actually collect per hour from non-bankrupt clients, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their video discussing new fee guidelines promulgated by the U.S. Trustee Program. The Bankruptcy Judge of the Week is Kathy A. Surratt-States from St. Louis whose efforts at resuscitating Patriot Coal Corp. may be undone by the United Mine Workers union. Rochelle describes the new Chapter 11 filings for Exide Technologies, National Envelope, and Orchard Supply Hardware Stores Corp., commenting on which will survive and which might not. The video ends with discussion of a case to be argued late this year in the U.S. Supreme Court and a decision from the Court of Appeals in Atlanta casting doubt on the ability of creditors to negotiate collectively with a troubled company in advance of bankruptcy.

Ermotti: UBS Operating in a `Challenging' Environment
57:21 - UBS Group AG said profit slipped 14 percent in the second quarter as both wealth management and investment banking generated less revenue during a rocky period for markets. Net income fell to 1.03 billion Swiss francs ($1.05 billion), from 1.21 billion francs a year earlier, the Zurich-based bank said in a statement Friday. That beat the 668 million-franc average of five analyst estimates compiled by Bloomberg. UBS CEO Sergio Ermotti told Bloomberg's Manus Cranny in Zurich the lack of visibility has an impact on clients’ risk aversion, saying “at this stage, our job is to stay close and try to find the right risk profile for clients. Many of them want to be extremely conservative.” Ermotti added that Brexit is posing “a lot of challenges” to the U.K. and the rest of Europe but UBS has a “high degree of flexibility.”
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