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Recent Developments in Third Circuit Bankruptcy Law
Bankruptcy and corporate restructurings continue to be active despite generally strong U.S. financial markets and broader macroeconomic conditions. Below is a brief overview of three recent and noteworthy bankruptcy decisions within the Third Circuit.
In re Exide Technologies
The U.S. Bankruptcy Court for the District of Delaware recently denied debtor Exide Technologies' motion to reduce the maximum quarterly fees it is required to pay to the Office of the United States Trustee (U.S. Trustee). In re Exide Technologies, Case No. 13-11482 (Bankr. D. Del. Jan. 9, 2020).
Congress amended the quarterly fee statute in October 2017 so that a fee increase would take effect on Jan. 1, 2018. The amendment increased the maximum quarterly fees for Chapter 11 debtors making quarterly disbursements of over $1 million from $30,000 to $250,000. In Exide's case, its quarterly fees increased by approximately 800%.
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The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
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Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.