Double Duty: UCC Definition of Goods Same for ' 503(b)(9)
December 18, 2009
As most practitioners know, the Bankruptcy Code imposes a specific priority scheme that controls the payment of claims. The higher the priority of a particular claim, the more likely it is to be paid. Generally, secured claims are paid first from the specific collateral backing that claim, followed by administrative priority claims, unsecured priority claims and then general unsecured claims. Equity takes last, assuming there is anything left.
Heightened Pleading Standards Apply to Avoidance Complaints
December 18, 2009
Parties to preference and fraudulent transfer actions should pay careful attention to the decision in <i>Angell, Trustee v. Ber Care, Inc. f/k/a PPS, Inc., et al. (In re Caremerica, Inc.)</i>. There, Bankruptcy Judge J. Rich Leonard dismissed certain avoidance claims and upheld others asserted by a Chapter 7 trustee. <i>Caremerica</i> provides useful guidance regarding whether particular elements of a preference or fraudulent transfer claim have been adequately pled.
Taxpayer Victory in Con Edison LILO Shocks IRS
December 18, 2009
In <i>Consolidated Edison Company v. United States</i>, the taxpayer's tax treatment of a LILO transaction was upheld by the court, and all tax benefits claimed by the taxpayer were sustained. Naturally, some muckraking columnists hurried to criticize the Con Edison decision, expressing disappointment that the court actually applied historic leasing case law to a well-developed factual record. Despite their whining, the case demonstrates that the IRS (and the muckrakers) was wrong to treat all LILO and SILO transactions as though they were some prepackaged tax-shelter commodity. Each case turns on its facts, and the taxpayer wins in a properly chosen and argued case.
Development
December 18, 2009
Recent important litigation.
Can a Lender's Own Acts Void Its Title Policy?
December 18, 2009
It has long been recognized that claims go up in an economic downturn just as the underwriters' ability to pay decreases. But is there more going on in this new era of strict scrutiny for title claims? Is the evidence merely anecdotal?
2010 RED ZONE LEGAL SALES LEADERSHIP
December 18, 2009
2010 RED ZONE LEGAL SALES LEADERSHIP During the past few years, I have been pushing our firm's clients to clearly define their business development training objectives. They all fall into 4 categories that enhance legal sales: * Revenue Growth * Brand Recognition * Enhanced Visibility * Profitability. A forward thinking lawyer marketing program develps tactics which combine all four objectives. See our series of blogs which detail the most successful business development consultant tools at www.closersgroup.com/blog/.…
Index
December 18, 2009
Everything in this issue, listed in an easy-to-read format.
NJ & CT News
December 18, 2009
Recent rulings from neighboring states.
