CASE SNAPSHOT
Section 4-9-513 of the Colorado Uniform Commercial Code (UCC) provides that "a secured party shall cause the secured party of record for a financing statement to file a termination statement . . . within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance . . . ." Simply stated, when a secured obligation is paid and there is no commitment to make an advance, the secured party is obligated to file a termination statement.
On August 15, 2013, in Zucker v.
I have blogged several times about the difficulties of preserving non-qualified plan benefits, particularly when the plan sponsor goes bankrupt. At the time of a bankruptcy, the company's non-qualified plan becomes nothing more than an unfunded promise to pay benefits and participants usually have to get in line with the company's other creditors. The recent decision in Tate v. General Motors LLC (56 EBC 1363, 6th Cir.
While the American economy continues to grow at a tepid pace, the filing rate for both personal and business bankruptcies has slowed dramatically. As banks have cleared many, but certainly not all, of their problem loans and have curtailed lending activity, the main driver of small- and medium-business bankruptcies has slowed. However, like death and taxes, bankruptcy is not going to go away. The retail sector appears to be primed for the next wave in bankruptcy filings, and that means that vendors, suppliers, and other creditors should be prepared.
LightSquared, the satellite-terrestrial venture backed by Phil Falcone, continues to push for a spectrum solution that the FCC will accept. On Aug.
I. Introduction
Former shareholders in leveraged buyouts may be sued by the estate representative or by creditors to recover funds paid to them for their shares as fraudulent transfers under federal or state law if the debtor subsequently files for bankruptcy.
CASE RESULTS DEPEND UPON A VARIETY OF FACTORS UNIQUE TO EACH CASE AND DO NOT GUARANTEE OR PREDICT A SIMILAR RESULT IN ANY FUTURE CASE