News Archive

Posted: January 31, 2019
The ACIC is pleased to introduce our new members since June 2018:
Posted: January 31, 2019
On January 17, 2019, the United States Court of Appeals for the Fifth Circuit in the Ultra Petroleum matter became the first court of appeals to hold the make-whole amount is unmatured interest and therefore disallowed by the Bankruptcy Code (the Code).  This decision is inapposite to existing precedent of the Second Circuit and other state and federal courts, including bankruptcy courts, that have decided this issue.  It also conflicts with other Fifth Circuit decisions holding that, for purposes of state law usury statutes, make-wholes are not interest.  The Fifth Circuit has vac
Posted: January 3, 2019
Posted: December 30, 2018
November 29, 2018Benchmark ReformI now turn to the matter of benchmark reform.
Posted: December 30, 2018
Message from ACIC PresidentHappy New Year to all!  It seems that every year goes by quicker than the last. Before 2019 kicks into high gear and my mind wipes out 2018, I wanted to reflect upon 2018 for a moment.
Posted: November 26, 2018
In recent years, the UK Government has consulted on, inquired into and produced a number of reports on issues relating to insolvency and corporate governance, and their reform.  Some of these considerations were proactive, while others were reactive, primarily to a series of high profile corporate failures in the UK in recent years.
Posted: October 29, 2018
Conditional Language Trumps Market Customs in Claims Trading Dispute
Posted: October 29, 2018
Street v. ACC Enters., LLC, 2018 U.S. Dist. LEXIS 167299 (D. Nev. Sept. 27, 2018)Plaintiff Bart Street III (the “Plaintiff”), a Nebraska entity, is a money lender.  Defendants ACC Enterprises, LLC, ACC Industries, Inc. (collectively, the “ACC Entities”) and Calvada Partners, LLC (collectively with the ACC Entities, the “Defendants”), all Nevada entities, allegedly own and operate a Nevada cannabis cultivation plant.
Posted: October 29, 2018
Pac. W. Bank v. Fagerdala USA-Lompoc, Inc. (In re Fagerdala USA-Lompoc, Inc.), 891 F.3d 848 (9th Cir. 2018)
Posted: October 29, 2018
De La Torre v. CashCall, Inc., 236 Cal. Rptr. 3d 353, 422 P.3d 1004 (Cal. 2018)
Posted: September 25, 2018
No Exemplary Damages as a result of Fraudulent Financing Statement Filing
Posted: September 25, 2018
Claim Arising out of Equity Redemption is Subject to Mandatory Subordination in Bankruptcy
Posted: September 20, 2018
Posted: September 10, 2018
FERC Changes to PJM Capacity Market.  In an action that will impact finance transactions with respect to projects located within the PJM market, the Federal Energy Regulatory Commission (“FERC”) issued an order in late June of this year rejecting market revisions proposed by PJM Interconnection, LLC (“PJM”) to its capacity market structure to accommodate State public policy initiatives in wholesale competitive markets (the “Order”).[1] In the Order, FERC determined that PJM’s capacity market has become “untenably threatened” by state ou
Posted: September 10, 2018
Six-Year Statute of Limitations Under Vermont UCC, Instead of Fourteen-Year Statute of Limitations for a witnessed promissory note Under Vermont Statutes, Applied To Claim To Recover On Promissory Note.  Clark v. DiStefano, 2018 WL 3799978 (VT, August 10, 2018).
Posted: September 10, 2018
An Assignment Of A Promissory Note Carried With It An Assignment Of The Guarantee Thereof Even Where No Assignment Of The Guarantee Was Specified In The Allonge.  Jenzack Partners LLC v. Stoneridge Associates, LLC, et. al., 183 Conn. App. 128 (July 3, 2018)
Posted: September 10, 2018
District Court Holds That Acceleration Of The Maturity Date Of A Promissory Note Secured By A Mortgage Does Not Affect The Maturity Date Of Said Mortgage for the purposes of the Massachusetts obsolete mortgage statute.  Gelfgatt v. U.S. Bank National Association, 2018 WL 3614139 (D. Mass., July 27, 2018)
Posted: September 10, 2018
South Carolina Supreme Court clarifies Single Business Enterprise criteria: shared ownership, shared management, and a lack of corporate formalities are insufficient in proving Single Business Enterprise where statutory requirements for corporate structure allow for lack of corporate formalities and there is no evidence of bad faith; Single Business Enterprise requires evidence of bad faith, abuse, fraud, wrongdoing, or injustice resulting from the blurring of the entities’ legal distinctions. Pertius v. Front Roe Restaurants, Inc., Case No. 2016-000749 (Sup. Ct. S.C.
Posted: September 10, 2018
In the context of a close corporation, a minority shareholder may have a direct cause of action for breach of fiduciary duty against a majority shareholder(s) based upon the majority’s oppressive conduct. Tri-State Petroleum Corp. v. Coyne, 240 W. Va 542 (2018).
Posted: September 10, 2018
Trial court erred in initial proceeding and again on remand by failing to permit successor bank to deduct its expenses prior to distributing sale proceeds, in accordance with participation agreements; a participation agreement and Georgia precedent required proceeds to be distributed pro rata based on ownership interest in the loans. Community & Southern Bank v. First Bank of Dalton, 344 Ga. App. 815, 811 S.E.2d 490 (2018).
Posted: September 10, 2018
Eleventh Circuit Court of Appeals extends “equitable mootness” doctrine and dismisses an appeal of the confirmation of a plan of reorganization for Jefferson County Alabama.  Bennett v. Jefferson County, Alabama,  2:14-cv-00213-SLB (11th Cir. 2018).
Posted: September 10, 2018
Getting to Know the Officers and TrusteesHave you ever wondered how the Officers and Trustees got started in the ACIC?  Or are you interested in finding fun things (other than work) to talk about during networking?  Below some of your Officers and Trustees have answered both serious and not-serious questions about themselves.  Want to know more? Make sure to seek them out at the upcoming Annual Meeting on October 18 and 19 and ask!_____________________________________________________________________________
Posted: August 2, 2018

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