With the move to WordPress, we can now connect the blog to our Bluesky account. Our posts should now automatically post there. A good way to keep updated on our content is to follow us on Bluesky — @creditslipsblog.bsky.social. No promises, but if there are other social media sites on which you like to see our content, I would be interested to hear your comments.
Category: Blog Stuff
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Welcome to the New Credit Slips
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This is the new Credits Slips! A few things have changed, and most things are the same. Most importantly, you will continue to find us here at this same URL. We hope you like the new, cleaner design. If you are reading us on an RSS feed, you will need to change the feed URL to our new one (https://creditslips.org/feed/). All of the old posts have been imported to this new site. Linked files and images might have disappeared on old posts.
Most significantly, the author team has changed a bit. We welcome Professor Christopher Odinet from Texas A&M. He is another of our commercial and insolvency law junkies, and he adds significant expertise to the blogging team with his knowledge of digital assets.
Thank you for being a reader. We look forward to bringing you the same content here as we always have.
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Typepad and the Future of Credit Slips
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As many of you have seen, Typepad is closing down on September 30. They have hosted this blog since 2006.
The good news is that we are moving the blog to a WordPress site. The URL, creditslips.org, will remain the same. We hope the new format is a little cleaner than our current site. We hope that work is done in a week or two. Until then, it seems that Typepad is having more problems as we get closer to the shutdown date. In fact, it ate the first draft of this posit. Please have patience if the Typepad site suffers from periods when it is not accessible.
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Credit Slips Now on Mastodon
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Nine years ago, Credit Slips announced its new Twitter feed. Credit Slips is now also on Mastondon, at @creditslips.mastodon.lawprofs.org. We’ll put links to our posts on Mastodon as they are published, as well as boost Credit Slips authors. For now, we’ll also continue adding posts to our Twitter feed. Come find us on Mastodon!
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Bye, Bye, ABI
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I have been an American Bankruptcy Institute member since June 1999, but I have finally made the difficult decision to allow my membership to lapse after 22 years at the end of next month.
I've been thinking about this for some time. Academic friends had been suggesting to me for years that they were uncomfortable with some of ABI's practices, and I was shocked when ABI sharply raised my membership dues for the first time in two decades a few years ago. I've been thinking since then about the value proposition of my membership, and I had begun to notice that I seemed to be getting very little value for my increased dues … and then I received the first of several renewal notice emails.
When I reviewed the renewal webpage, I recalled my friends' concerns about ABI's objectionable practices as I saw what seemed to me to be a troublesome new practice. For years, I have simply renewed and paid electronically, with no "gotcha" commitments. This year, for the first time, I noticed that I had to select a box indicating that I agreed to have my membership auto-renewed and my credit card auto-charged for future dues. Perhaps it's irrational, but this really stuck in my craw. I envisioned one of those misleading commercials for leggings or bamboo socks that suck you into an auto-renewal scheme, and more importantly, I recalled the FTC's concerns about the abusive auto-renewal trend that seems to have popped up in recent years. States have begun to pass anti-auto-renewal laws to curb this abusive practice. I understand, of course, that auto-renewal is convenient and desirable for many people, and the checkbox on ABI's renewal page would be unobjectionable if it were optional. But forcing members to "agree"–again, for the first time ever–to auto-renew and auto-pay in the following years (or navigate back into the electronic membership labyrinth and manage to figure out how to cancel this auto-renewal in time to avoid it) is a shocking practice for an organization that purports to stand for (among other things) protecting consumers. Unseemly at the very least.
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15 Years of Credit Slips
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Today marks fifteen years of the Credit Slips blog. We started modestly on this date in 2006 while we were in the throes of doing all the tedious ground work for what would be the 2007 version of the Consumer Bankruptcy Project. After 15 years, I think I can reveal that I had originally proposed–and I am not making this up–a different name for the blog. Proof of the bona fides of that big reveal are to the right, which was the original mockup of the blog banner. Much, much wiser heads prevailed. The blog got a different name, and Credit Slips was launched. Many thanks to all of our bloggers over the years, both regulars and guests, but especially many thanks to our readers who have helped us create this little corner of the Internet that we will keep going as long as you'll have us.
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Welcome to Chris Odinet
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On behalf of the other Credit Slips bloggers and myself, I would like to welcome Professor Chris Odinet as a guest blogger. Chris is a professor at the University of Iowa College of Law and is part of a new generation of scholars in the consumer finance space that our readers should know about. He already has an impressive list of scholarly publications and part of important conversations in consumer finance, especially fintech. Welcome, Chris, to Credit Slips.
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Best Interest Blog
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There's a new bankruptcy blog around: the Best Interest Blog. Welcome to the blogosphere!
I'm delighted that the blog features a great post by my former student and research assistant Mitchell Mengden about the "J. Screwed" maneuver of stripping out collateral from the restricted group and then pledging it to other creditors. While the maneuver has been going on for a while, as Mitchell explains, it's interesting how infrequently underwriter's counsel has insisted on J. Crew provisions in bond indentures, although the use seems to be picking up in junk indentures.
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David Lander Is Back!
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Welcome to occasional guest blogger, David Lander, currently a professor of practice at Saint Louis University School of Law. In addition to his current and past academic postings, David has practiced consumer bankruptcy law with legal services organizations as well as business bankruptcy law at the Greensfelder Law Firm. Long-time readers will know that this mix of experience gives David a perspective that few others have. Welcome back, David!
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Congratulations to Former Slipster and (Congresswoman-Elect) Porter!
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The New York Times, the Associated Press, The Hill, and many other media outlets are reporting that former Credit Slips blogger Katie Porter has won her election for California's 45th Congressional District. Anyone who knows Katie's work knows that she will fight for middle-class households. As happy as I am for Katie and for the country, it is bittersweet to lose a great co-author and research collaborator.
We also have been remiss in not congratulating another former blogger, Senator Elizabeth Warren, on her reelection. It is hard to believe that this modest little blog now has two former bloggers in Congress.