On March 19, 2014, the U.S. Court of Appeals for the Seventh Circuit ruled that pre- and post-petition cash transfers from investment management firm Sentinel Management Group, Inc. (“Sentinel”) to futures commission merchant FCStone, LLC (“FCStone”) are protected from avoidance, while recognizing that the illegal actions of Sentinel’s managers makes this case unprecedented.

No New Deadlines, Requirements Met or Requirements Proposed. No rule making requirements were due in March and no new rules were adopted or proposed to meet rule making requirements.

Following the recent imposition of new U.S. economic sanctions, U.S. companies operating in or otherwise engaging in business or other dealings with, in, involving, or relating to Russia or Ukraine should ensure that such activities do not involve or otherwise relate to parties designated under the new sanctions.

The United States Court of Appeals for the First Circuit (the “Circuit Court”) recently held, in Sun Capital Partners III LP v. New England Teamsters & Trucking Industry Pension Fund, 1 that a private equity fund was a “trade or business” under the controlled group rules of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, as a result, could be held jointly and severally liable for the pension obligations of a bankrupt portfolio company.

Adjusting to the “new reality”, many companies have focused on all aspects of their balance sheets to improve performance for stakeholders.

In this Report: In the past month, no rulemaking requirement deadlines passed, no rulemaking requirements were proposed, and one rule was finalized that meets four rulemaking requirements. As of March 3, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed.

Argentina has now staked the future of its debt, and perhaps its financial fate, with the United States Supreme Court. Yes, you read that right. Argentina wants the nine justices to weigh in on a case involving its obligations to holders of its government bonds and to resolve the mess created by a handful of federal judges, The New York Times DealBook blog reported. The roots of the case go back to 2001, when Argentina, in the midst of a severe economic downturn, defaulted on $80 billion of government bonds.

Mayer Brown note and the actual opinion.

U.S. sanctions restrictions have been eased further for U.S. and non-U.S. companies that may be interested in providing to Iran certain services, software and hardware related to personal communications. As business with Iran remains subject to myriad restrictions and stiff enforcement, companies will want to review potential new engagements with Iran in consultation with economic sanctions experts.

The latest edition of Chadbourne's International Restructuring Newswire.