Association of Insolvency & Restructuring Advisors


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President's Letter

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How to Prepare an Asset Purchase Agreement For a Sale Under Section 363 of the Bankruptcy Code, Part Two
Miles Stover, CIRA

Thoughts on Improving Your Company’s Valuation
Alan J. Glazer and Andrew G. Barnett

Tax Cases
Alan Barton, CIRA

Bankruptcy Cases
Baxter Dunaway

Club 10

New CIRA

New AIRA Members

Members on the Move

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December/January 2005/06

AIRA President’s Letter 

Soneet R. Kapila

Dear AIRA Members:

Looking back over 2005 I reflect on the challenges that we encountered. First congress launched the new Bankruptcy Reform on our industry, and then mother nature dropped a series of hurricanes on the southeast regions. AIRA responded with its usual educational programs and continued to strengthen its presence in providing quality educational programs. We demonstrated our commitment to providing quality education consistent within a constantly changing environment. AIRA offered timely regional educational seminars, teleconferences and the Annual Conference in Boston focusing on the substantial reforms in the bankruptcy area.

The New York Advanced Plan of Reorganization Conference held in November 2005, with its attendance exceeding the prior year, would not have been successful without a combination of excellent topics, speakers and the efforts of Andrew Silfen who chaired the conference. Many thanks to Andrew and all other participants.

The registration for the CIRA and the CDBV courses has increased demonstrating a greater acceptance of the value of both of these programs.

Several regional programs and our annual conference in Washington, Seattle will cover current hot topics. “Looking Back At The First 90 Days” will be the subject of a joint luncheon and afternoon program in January, 2006, by the AIRA in conjunction with the New York Institute of Credit. Other regional programs will include the West Coast Corporate Restructuring Conference in San Francisco and the Advanced Plan of Reorganization Conference in New York.

The accomplishments are note worthy with many thanks to the quality or efforts of the membership and other outside speakers. I urge other members to extend their skills to the AIRA by offering to teach at the various seminars as well as the CIRA programs.

On behalf of your Board of Directors and all the staff of the AIRA, I wish you a 2006 filled with health, happiness and prosperity.

Best wishes,


Soneet R. Kapila
AIRA President


Soneet R. Kapila, CPA, CIRA, CFE, is the founding principal of Kapila & Company which has concentrated its efforts for many years in the areas of consulting and representing bankruptcy debtors, creditor bodies and trustees. His practice is concentrated in the areas of creditors’ rights, bankruptcy and financial transactions litigation. He also regularly advises clients about the insolvency implications involved in business transactions. Mr. Kapila has served as Bankruptcy Trustee, Examiner and state Court Receiver in numerous matters in the Southern District of Florida. He has advised and represented debtors and creditors’ committees in formulating, analyzing and negotiating plans of reorganization.

AIRA Journal is published six times a year by the Association of Insolvency and Restructuring Advisors, 221 Stewart Avenue, Suite 207, Medford, OR 97501. Copyright 2005 by the Association of Insolvency and Restructuring Advisors. All rights reserved. No part of this newsletter may be reproduced in any form, by xerography or otherwise, or incorporated into any information retrieval systems, without written permission of the copyright owner.

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