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Secured lenders to U.S. companies should generally expect to defeat competing retention of title claims asserted by foreign vendors, but this should not be taken for granted. The supporting legal framework is open to judicial interpretation and requires a disciplined application of numerous Uniform Commercial Code (UCC) terms. For an outcome that many secured lenders assume without much hesitation, applicable law does little to justify easy confidence.
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Appellate Court Holds FCC Penalty Claim Survives Chapter 11 Corporate Debtor’s Discharge
By Michael L. Cook
A Chapter 11 corporate debtor’s monetary penalty obligation owed to the FCC, resulting from “fraud on consumers,” survived the debtor’s reorganization plan discharge, even when the FCC “was not a victim of the fraud,” the U.S. District Court for the Southern District of New York recently held.
Payment Under Critical Vendor Order Does Not Bar Pursuing a Preference Claim
By Andrew C. Kassner and Joseph N. Argentina Jr.
A supplier’s receipt of payment under a critical vendor order does not bar the debtor or trustee from pursuing a preference claim to recover amounts paid prepetition to the vendor, according to a recent ruling from the U.S. Bankruptcy Court for the District of Delaware.
By Rudolph J. Di Massa Jr. and Drew S. McGehrin
The U.S. Bankruptcy Court for the District of New Mexico recently ruled that any attempt to avoid preferential or fraudulent transfers must be supported by evidence that the avoidance will benefit the debtor’s estate and the debtor’s creditors — not just the debtor itself.
Plaintiffs Bar Not Happy with J&J’s Shift of Liability to Victim Fund
By Amanda Bronstad
A bankruptcy filing allows Johnson & Johnson to shift legal liability over its talc-based baby powder into a potential $2 billion compensation program for cancer victims, but not without a big fight from the plaintiffs bar.
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