Features
Secured Lenders' Right to Full Payment
The U.S. Court of Appeals for the Seventh Circuit held on May 5, 2009, that two secured lenders were fully secured, "entitled to a full recovery" from the debtor despite the bankruptcy court's improper valuation of the collateral (improved airport terminal space) securing the lenders' underlying $60 million loan. <i>In re United Air Lines, Inc.</i>
Features
Section 503(B)(9) Four Years Later
In 2005, Congress added Code ' 503(b)(9) and created a new administrative claim which, in effect, creates a class of "critical" pre-petition creditors that debtors can pay without court authority. The creditors in this entitled class did nothing more than deliver goods to the debtor within 20 days prior to the petition date. Interestingly, the section provides no similar relief to providers of services or any class of lender.
Pension Plan Termination Premiums in Bankruptcy
In a case of timely significance, the Second Circuit Court of Appeals has recently ruled that pension plan termination premiums are not "claims" subject to being discharged under a Chapter 11 plan, but rather, must be paid in full upon emergence from bankruptcy.
Features
The Life and Times of the Non-Absolute Priority Rule
The absolute priority rule is supposed to provide some measure of order and certainty in the world of Chapter 11. But bankruptcy practitioners know that the mere inclusion of the word "absolute" in the rule's name does not make it so.
Secured Transactions: The Transfer of Security Interests
This article discusses the procedures for assigning Article 9 security interests, the issues highlighted in <i>Clark Contracting Services Inc. v. Wells Fargo Equipment Finance</i>, and the reaction to that decision.
Features
The Curious Case Of Bobby Brown v. F.L. Roberts
In fiscal year 2008, the EEOC received 2,880 complaints of religious discrimination, up from 1,786 complaints received in 1998. In response to the substantial increase in religious discrimination claims, in July 2008 the EEOC revised its Compliance Manual and published Questions and Answers and Best Practices.
Features
Recent Amendments to New York State Law
On Feb. 1, 2009, amendments to certain provisions of New York law went into effect that will have a profound effect on the manner in which New York employers review job applications, especially from applicants who have a record of criminal offenses.
Features
2009 FMLA Regulations
The DOL issued its first major overhaul of the FMLA in November. These final regulations, which became effective Jan. 16, 2009, include provisions addressing military leave entitlements created in early 2008 by the National Defense Authorization Act ("NDAA"). The new regulations also update and clarify employer and employee rights and responsibilities under the FMLA. The following are the key changes and suggested steps employers should take to comply.
Features
Performing a Litigation Audit on Your Corporate Agreements
In the event litigation occurs, previously ignored boilerplate provisions may well determine who maintains leverage throughout the case and, ultimately, who prevails. This article discusses the applicable general principles and drafting considerations for some of the most frequently litigated boilerplate provisions.
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