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Highlights of the latest equipment leasing news from around the country.
Features
The office of the Michigan Attorney General has announced that it has reached a multistate settlement with Ford Motor Credit regarding its leasing practices. This settlement will affect more than 150,000 Ford customers and bring $485,500 to the state of Michigan in legal fees and costs.
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In an announcement that comes as a relief to the leasing industry, the Treasury Department stated on June 18 that it will extend the "make available" provisions of the Terrorism Risk Insurance Act (TRIA) through 2005, the third year of the federal Terrorism Risk Insurance Program.
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Can a debtor's conduct give rise to an administrative rejection claim? The answer to this question was set forth in a memorandum opinion issued by U.S. Bankruptcy Judge Mary F. Walrath on March 31 in <i>The Matter Fleming Cos. Inc., et al., debtors,</i> Case No. 03-10945.
Over the last year, it has become obvious that there must be a fundamental shift in the way large-ticket leasing companies look at their tax shelter businesses. This article will examine what has brought about this shift and how lessors will find ways to cope with it.
One of the most difficult conversations a bankruptcy lawyer can have with a client is explaining why it has been sued for the recovery of money received pre-petition from a debtor for services rendered or goods supplied. We often hear the same incredulous mantras: "But the [debtor] owed me the money ... for a long time." "We helped stave off bankruptcy because we extended the payment terms." Often these comments are made to the trustee or debtor who commenced the preference suit, before the creditor consults its attorney. The client believes the suit is a big misunderstanding because the payments it received were on account of a real debt and does not understand the admissions contained in its statements.
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Recent rulings of importance to you and your practice.
The Supreme Court on June 29, for the second time in 2 years, rebuffed another effort by Congress to restrict minors' access to adult material on the Internet.
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The U.S. Supreme Court held on June 14 that the Sherman Anti-Trust and Clayton Acts cannot be invoked by foreign individuals or entities to redress injuries suffered due to anti-competitive conduct when the price-fixing conduct complained of adversely affects customers inside and outside the United States, but the adverse foreign effect is independent of any adverse domestic effect.
