Archive for December, 2007
Thursday, December 13th, 2007
Assessing the filing bankruptcy cost is an important step if you are on the way to file a court petition for bankruptcy. Since you are filing for bankruptcy, it is a clear indication that you are in a deep financial trouble and the debts that you owe to various creditors are much more than…
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Thursday, December 13th, 2007
Assessing the filing bankruptcy cost is an important step if you are on the way to file a court petition for bankruptcy. Since you are filing for bankruptcy, it is a clear indication that you are in a deep financial trouble and the debts that you owe to various creditors are much more than…
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Thursday, December 13th, 2007
Assessing the filing bankruptcy cost is an important step if you are on the way to file a court petition for bankruptcy. Since you are filing for bankruptcy, it is a clear indication that you are in a deep financial trouble and the debts that you owe to various creditors are much more than…
Click here to play
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Thursday, December 13th, 2007
Now days, with the wide availability of bankruptcy form processing services on Internet, filing bankruptcy online has now become easier and the good part of the story is that the process is very easy and time saving.
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Thursday, December 13th, 2007
Now days, with the wide availability of bankruptcy form processing services on Internet, filing bankruptcy online has now become easier and the good part of the story is that the process is very easy and time saving.
Posted in Finance | Comments Off
Thursday, December 13th, 2007
Now days, with the wide availability of bankruptcy form processing services on Internet, filing bankruptcy online has now become easier and the good part of the story is that the process is very easy and time saving.
Posted in Finance | Comments Off
Thursday, December 13th, 2007
Because of some reasons or others, if you have caught yourself in the heavy piles of various kinds of debts, you might be thinking about filing bankruptcy to relieve the pressure of debt.
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Thursday, December 13th, 2007
Because of some reasons or others, if you have caught yourself in the heavy piles of various kinds of debts, you might be thinking about filing bankruptcy to relieve the pressure of debt.
Posted in Finance | Comments Off
Thursday, December 13th, 2007
Because of some reasons or others, if you have caught yourself in the heavy piles of various kinds of debts, you might be thinking about filing bankruptcy to relieve the pressure of debt.
Posted in Finance | Comments Off
Wednesday, December 12th, 2007
Many commentators have suggested that President Bush’s mortgage plan was intended to sandbag the effort to make home mortgages subject to modification in bankruptcy. Naturally, mortgage lenders and investors would much prefer a plan that left the decisions in their…
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Monday, December 10th, 2007
Bankruptcy lawyers and bloggers eyeing the Supreme Court’s docket this term had to be concerned at the absence of any bankruptcy cases on the Court’s docket after two straight banner years of bankruptcy decision-making. Thankfully, the Court on Friday granted the State of Florida’s cert. petition in State of Florida v. Piccadilly Cafeterias, Inc., Case No. 07-312.
The issue facing the Court is one that has split the circuits, and asks:
Does Code section 1146, which exempts sales under a confirmed plan from state and transfer taxes, apply to pre-confirmation sales of assets under Section 363?
At first blush, the answer seems obvious given that Section 1146 on its face is limited to transfers "under a plan confirmed under section 1129 of this title." But just to show you how creative bankruptcy lawyers—and judges—can get, the Eleventh Circuit agreed with the argument that the Section 1146 exemption "may apply to those pre-confirmation transfers that are necessary to the consummation of a confirmed plan of reorganization, which, at the very least, requires that there be some nexus between the pre-confirmation transfer and the confirmed plan." State of Florida Dept. of Rev. v. Piccadilly Cafeterias, Inc. (In re Piccadilly Cafeterias, Inc.), 484 F.3d 1299, 1304 (11th Cir. 2007) (emphasis in original). In so holding, the Eleventh Circuit disagreed with the holding of the Third Circuit in In re Hechinger Inv. Co. of Del., Inc., 335 F.3d 243 (3d Cir. 2003), which concluded that "the most natural reading of the phrase ‘under a plan confirmed’ in 11 U.S.C. § 1146(c) is ‘authorized’ by such a plan" and held that the § 1146(c) exemption does not apply to pre-confirmation transfers." Id. at 252-254.
One small problem for the respondents, and Bingham McCutcheon’s Eric Brunstad, who represents the respondent-debtor; that is, Hechinger was decided by none other than then-Judge, now-Justice Alito, the author of the two latest bankruptcy opinions decided by the Supreme Court (i.e., Travelers & Marrama). I think that it’s fair to say that reversal of the Eleventh Circuit’s decision is about as safe a bet as you’ll find.
Note: The inset picture is a famous pre-Revolutionary War political cartoon depicting "Bostonians paying the excise-man by tarring and feathering." Ahh, the good ol’ days!
And thanks again to the many well-wishers on the birth of my twin boys, now 10 weeks old, who clearly prefer bottles to blogging.
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