On Saturday, November 22, Professor Norman I. Silber presented "Collapsing Bond Markets and the Nonprofit Debt Crises: Liability, Accountability, and Legal Reform," at the 37th Annual Conference of ARNOVA, the Association for Research on Nonprofit Organizations and Voluntary Action, in Philadelphia.

The presentation focused upon the origins and potential financial and legal consequences for Section 501 (c)(3) organizations of the failure of the auction-rate markets for tax exempt finance. It was part of a program entitled "Legal and Financial Implications of Blurred Sectoral Boundaries."