Case Law Update - Summer 2011 - By Catherine E. Vance, Esq.
7/26/2011
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Restructuring & Insolvency Alert - By Squire, Sanders & Dempsey (US) LLP
7/26/2011
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The Federal Priority Statute, By Catherine E. Vance, Development Specialists, Inc.
4/13/2011
What is the Federal Priority Statute?
The Federal Priority Statute is a federal law mandating that when certain events relating to a person’s insolvency occur, the federal government jumps to the head of the line for payment in most cases.
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2010 Golf Outing Details
1/31/2011
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Pulling An Elvis
1/31/2011
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Case Law Update - Fall, 2010. By: Catherine E. Vance, Development Specialists, Inc.
10/27/2010
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Personal Liability for Corporate Wrongdoing is Expanded in Ohio. By Eliot G. Bastian, Frost Brown Todd, LLC
10/27/2010
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Strategic Use of Bankruptcy Examiner Requests. By: Andrew M. Simon, Esq., Squire, Sanders & Dempsey, LLP
7/29/2010
Seeking to have an independent examiner investigate a debtor or its management can be a powerful tool available to creditors and other interested parties in a bankruptcy case. Typically, a party might request that an examiner be appointed if the debtor or it’s management is suspected of fraud or other misconduct.
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2010 Golf Outing Report
7/29/2010
The TACR Board and the Golf Committee wish to thank all of our sponsors and golfers who helped make our 2010 outing at Stonelick Hills a great success. We owe particular thanks to our title sponsor, Great American Group. Great American’s support enables TACR to provide you with the programs we bring the members all year long. Sponsorship reven...
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Case Law Update-July 2010. By Catherine E. Vance, Development Specialists, Inc.
7/29/2010
Recent Supreme Court Decisions
The Court ruled on fee enhancements in a non-bankruptcy case, holding that there is a strong presumption that the lodestar amount is sufficient. Fee enhancements beyond the lodesta are appropriate only in those rare circumstances when some other factor should be considered.
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Ohio Court of Appeals Decides Courts May Authorize Receiver’s Sales Free and Clear of Liens
4/26/2010
Receiverships have emerged as a powerful tool in Ohio for facilitating commercial loan workouts and foreclosures in state court proceedings. Particularly in the context of real estate assets, the benefits are obvious. At the very least, a court-appointed receiver can step into the shoes of the owner of the collateral and maintain it during the course of a foreclosure. On tenant-occupied properties, a receiver can collect the rents and take care of normal repairs and ma...
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Case Law Update - Spring 2010
4/26/2010
Interpreting BAPCPA’s debt relief agency (DRA) provisions, Court held 1) attorneys who provide bankruptcy assistance to assisted persons are DRAs; 2) § 526(a)(4) is not an overly broad, content based restriction on attorney-client communications, but merely a prohibition on advising a client to incur more debt because the client is filing for bankruptcy; and 3) § 528’s disclosure requirements do not act as an affirmative limitation on...
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In Pari Delicto Should Not Bar a Trustee’s Recovery. By Gerald L. Baldwin, Frost Brown Todd LLC
1/29/2010
Every bankruptcy practioner has heard these time honored maxims: The bankruptcy trustee stands in the shoes of the debtor and The trustee is subject to all defenses available against the debtor. Without any doubt, these statements apply in the vast majority of situations. But are they always true?
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Suggested Reading on the In Pari Delicto Doctrine
1/29/2010
As the application of the in pari delicto doctrine in bankruptcy cases becomes more expansive, controversy about the courts’ use of the doctrine continues to grow. Among the critics are two of your TACR Board members.
For those who are familiar with the in pari delicto doctrine, it is a mechanism by which courts will decline to allow litigation between parties who are "at equal fault" (which is basically what the phrase ...
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Case Law Update - Winter 2010. By Catherine E. Vance, Development Specialists, Inc.
1/29/2010
Certiorari Granted. The Supreme Court will hear an appeal in a consumer bankruptcy dispute regarding the proper interpretation of the phrase "projected disposable income" for above-median, chapter 13 debtors.
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Sponsorships Available for the 2009 Annual Holiday Social
10/30/2009
The 2009 TACR Holiday Social will be held on Wednesday, December 3, 2009 at the Queen City Club in Cincinnati.
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Case Law Update Fall 2009. By Catherine E. Vance, Development Specialists, Inc.
10/30/2009
Preemption of State Statutes of Repose. Trustee sued debtor’s law firm for pre-petition negligence within the limitations period of § 108 but beyond the one-year period afforded by the state’s statute of repose. Defendant argued that, unlike a limitations period, which bars enforcement of a legal right, the expiration of a statute of repose extinguishes the substantive right itself and § 108 cannot revive that right.&...
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The Date is set for the 2010 TACR Golf Tournament
10/29/2009
First of all, thanks to all the members and guests who made the 2009 Golf Outing one of our best and most successful ever. We enjoyed great support from sponsors and golfers alike. The weather wasn’t bad either! We had 86 golfers so we are approaching that “magic” number of 100, a goal we would like to hit in 2010. We have reserved Stonelick Hills again, this time the date will be Wednesday, June 9, 2010. The following week, the course will...
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Trust Me - I’m From the IRS. By Gerald L. Baldwin, Frost Brown Todd LLC
7/31/2009
The phrase used as the title of this article has been the punch line in a lot of bad jokes. But it certainly isn’t a joke when the IRL files its claims in your bankruptcy case and you have to decide whether to do an in-deptth examination of that claim. Surely, the trustee and the creditors can trust that the IRS has done all its homework, knows the proper amount and priority of its claim.
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Case Law Update Summer 2009. By Catherine E. Vance, Development Specialists, Inc.
7/31/2009
In its recently concluded term, the Supreme Court decided or denied certiorari on a handful of bankruptcy cases, granted certiorari in two consumer-related bankruptcy cases and bid adieu to Justice Souter, who served on the Court since 1990. The confirmation of his replacement, Judge Sotomayor, is expected in early August. In lieu of the usual Case Law Update, this edition will take a look at the 2008 term and its soon to be newest justice. ...
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A Special Thank You to our Golf Tournament Sponsors
7/31/2009
The TACR Annual Golf Tournament held on June 17th at The Golf Club at Stonelick Hills was once a again a great success! This golf tournament could not have been possible if it weren’t for the many gracious sponsorships and donations. Continued support from our members is what makes the TACR beneficial to the turnaround industry.
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Case Law Update Spring 2009. By Catherine E. Vance, Development Specialists, Inc.
4/14/2009
Creditor Granted Derivative Standing to Pursue $544(b) Action. Creditor alleged in a pre-petition lawsuit that debtor’s majority owners, who also held majority interests in two other dealerships, schemed to transfer debtor’s property to dealership thayt had no obligation to creditor. Later, creditor filed an involuntary chapter 7 petition against debtor.
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Bankruptcy Issues in Intercreditor Agreements. By Jeffrey A. Marks, Squire, Sanders & Dempsey, L.L.P.
4/4/2009
This article addresses bankruptcy issues commonly arising in connection with intercreditor agreements, and is intended to provide a general examination of provisions that relate specifically to bankruptcy or other insolvency proceedings. By reviewing variations of these provisions that have appeared in negotiated second lien fiancings, the discussion provides a checklist that will be useful at the front end of deals of this kind.
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Case Law Update Winter 2009. By Catherine E. Vance, Development Specialists, Inc.
1/29/2009
Power of Attorney Insufficient to Confer Standing. Investment advisor that had discretionary authority to make decisions for its clients and power of attorney to bring lawsuits on behalf of clients did not have constitutional standing to bring securities litigation for damage suffered by clients. Unlike assignment of claim, power of attorney did not transfer title or ownership of claim. Advisor, therefore, had no “injury ...
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A Survival Guide for Middle Market Companies Caught in the Credit Crisis. By Mark A. Greenberg, Ludlow, Ward & Greenberg Capital Partners, LLC
1/29/2009
With the economic crisis laying siege to virtually every corner of the National economy, the Treasury’s $700 billion (TARP) credit market bailout to selected commercial banks is thus far proving to be a holding action and not much more. The measures taken have bought time (how much is difficult to say), in addition to providing some potential insulation against further asset deterioration and loan portfolio problems that may emerge on the other side...
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Business Turnarounds-A Delicate Balance. By Michael P. Gendron Tatum LLC
1/29/2009
Business turnarounds – pre-bankruptcy challenges – often require a deft touch to balance the constituents’ needs, i.e. lenders and suppliers want to collect the debt … owners want to preserve ownership. It is important to understand the constituents’ requirements to execute a successful turnaround.
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Message from the President
11/5/2008
As we near the end of 2008, it’s good time to share with you the many exciting changes and accomplishments that TACR has experienced.
This year TACR has seen a true "corporate renewal". Last year, we lost a long time board member in Fritz Reed due to his unexpected passing. However, Cathy Vance, a fellow member of Development Specialists, Inc.,...
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The Purpose and Application (So Far) of New Bankruptcy Rule 6003
11/5/2008
On December 1, 2007, some significant changes to the Federal Rules of Bankruptcy Procedure took effect. Among them is new Bankruptcy Rule 6003, which precludes the granting of certain relief within the first 20 days of a bankruptcy case.
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New Law Amends Ohio Exemption, Garnishments Statutes
11/5/2008
Effective September 30, 2008, changes to Ohio’s exemption and garnishment statutes took effect. The law increases the exemptions the ddollar amount of certain exemptions, including the homestead, and expands a debtor’s use of the $400 wildcard exemption, which, prior to the ammendment, was available only in bankruptcy cases. Beginning April 1, 2010, and every three years thereafter, exemption amounts will be automatically adjusted for inflation. The timing of the...
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