News Archive

Posted: August 21, 2015
From 2009 to 2011, jacqueline fjellin and james van liew, acting as co‑trustees (the “plaintiffs”) of the leonard van liew living trust (the “trust”), made three loans (the “loans”) to four m corporation, a nebraska corporation (the “corporation”).  The corporation was engaged in, among other things, operating three dairy queen stores.  To secure the loans, the corporation granted the trust a security interest in certain of its property, including the dairy queen stores.  The trust’s security interest was perfected by the filing of a financing s
Posted: August 21, 2015
Trilogy development company (“trilogy”), a real estate development company, contracted with j.e.
Posted: August 21, 2015
In 2006, eagle woods, llc, a missouri limited liability company (“eagle woods”), entered into a ten‑year lease (the “lease”) with flex financial holding company (“flex”) for a commercial building in olathe, kansas.  In 2012, eagle woods sued flex for delinquent rent in kansas district court.  Flex filed for chapter 11 bankruptcy protection in june 2013, and a claims bar date of february 28, 2014 was established.  On february 13, 2014, eagle woods filed its proof of claim asserting a nonpriority unsecured claim for $1,340,614.91 for flex’s prepetition b
Posted: August 21, 2015
In November 2007, sylva corp. (“sylva”) and a predecessor‑in‑interest to ge capital commercial, inc. (“ge”) entered into a “lift lease agreement” (the “lease”) for certain equipment (the “equipment”).  The lease was for an initial term of sixty (60) months expiring on november 20, 2012 (the “initial term”).
Posted: July 23, 2015
It is hard to believe that summer is halfway over.  In my last message I pointed out how busy everyone in the College seems to be. That hasn’t appeared to have changed, so I am hoping that everyone (me included) finds time for a vacation!
Posted: July 23, 2015
 Andrew Thomison – Senior Associate , Baker Botts L.L.P., Houston, TX
Posted: June 30, 2015
Tax Credits and Effect on Investment in U.S. Renewable Energy Industry       By: Craig Kline and Eric Teszler
Posted: June 29, 2015
On 31 March 2015, Mr Justice Richards in the High Court delivered a judgment in Heis and others v MF Global UK Services Ltd, [2015] EWHC 883 (Ch), in which it was held that an implied contract concerning the secondment of staff existed between MF Global UK Services Limited (“Services”), as the supplier of the seconded staff, and MF Global UK Limited (“MFG UK”), as the recipient of the seconded staff, and that the terms of the implied contract incorporated an indemnity on the part of MFG UK in relation to a debt arising under section 75 of the Pen
Posted: June 29, 2015
The UK corporate tax landscape has been undergoing reform for a number of years.  A significant part of the changes involve the ongoing modernisation of the UK’s complex tax regime for corporate debt, a project which has included proposals to provide new tax exemptions for consensual debt restructurings.  The changes have not been limited to legislation, as the UK tax treatment of loans has been materially impacted by recent developments in UK generally accepted accounting practice (“GAAP”).
Posted: June 29, 2015
Connacher Oil and Gas Limited ("Connacher") recently applied to the Court of Queen's Bench of Alberta (the "Court") for approval of a plan of arrangement pursuant to section 192 of the Canada Business Corporations Act ("CBCA"). In this unreported decision, Justice Jones of the Court limited the use of CBCA for debt restructurings to situations where the entity emerging from the plan of arrangement is solvent.
Posted: June 29, 2015
In this month's edition, the ACIC Private Notes is spotlighting the ACIC Development Committee, which is co-chaired by Tina Smith and Renée Dailey.  The mission of the Development Committee is three-fold: (1) to promote collegiality amongst ACIC members and provide a forum for members to continually develop and expand their network and relationships;(2) to address membership needs and interests; and(3) to engage the ACIC membership and encourage active involvement in the College.
Posted: April 27, 2015
Several recent cases in Texas continue to develop the rules for lender (and lenders’ assignee) recovery against borrowers or guarantors.  The Texas appellate court in Houston set out, in Ho v. Saigon Nat’l Bank, 438 S.W. 3d 871  (Tex.
Posted: April 27, 2015
Janvey v. The Golf Channel Incorporated, case No. 13-11305, 780 F.3d 641, 2015 WL1058022  (5 Cir. March 11, 2015).
Posted: April 27, 2015
In re D.E.I. System, Inc., 996 F. Supp. 1142 (D. Utah 2014).
Posted: March 24, 2015
Communications Committee:
Posted: March 24, 2015
Under Georgia law, a court that issues a judgment against an LLC member may also issue an order in the same case charging the member's LLC interest with payment of the judgment; the LLC need not be a party to the suit, and the judgment creditor need not establish that jurisdiction and venue over the LLC is proper.  Mahalo Invs. III, LLC v. First Citizens Bank & Trust Co., No. A14A1940, 2015 WL 687922 (Ga. Ct. App. Feb. 19, 2015).
Posted: March 24, 2015
Accounting firm that failed to uncover in audits conducted over eight year period that its client was not making required tax filings could be liable for breach of fiduciary duty.  Commscope Credit Union v. Butler & Burke, LLP, 764 S.E. 2d 642 (N.C. Ct. App. 2014).
Posted: March 24, 2015
Financial services firm owed no duty to clients of the firm's customer and was not liable in negligence for those clients' losses due to the customer's check kiting scheme using the customer's account at the firm; no private right of action exists under Bank Secrecy Act.  Bottom v. Bailey, 767 S.E. 2d 883 (N.C. Ct. 2014).
Posted: March 24, 2015
Under Florida law, the involuntary dismissal without prejudice of an initial foreclosure action did not "decelerate" lender's acceleration of the debt in the initial action and the statute of limitations continued to run, barring a second action brought after the expiration of the statute of limitations.  Deutsche Bank Trust Co. Ams. v. Beauvais, No. 3D14-575, 2014 WL 7156961 (Fla. Ct. App. Dec. 17, 2014).
Posted: March 24, 2015
Exception in release of claims for an identified securities option contract ineffective where option contract was never signed; express reference in the agreement to a nonexistent option contract did not create an ambiguity permitting parole evidence regarding the intended option and was treated as an unenforceable agreement to agree. North Am. Rescue Prods., Inc. v. Richardson, No. 27475, 2015 WL 80900 (S.C. Jan. 7, 2015).
Posted: March 24, 2015
Usury savings clause insufficient to save lenders from HOEPA disclosure violations, but may prevent liability for inadvertent violation of usury laws in connection with commercial loans.  Katline Realty Corp. v. Avedon, No. 3D13-22574292, 2014 WL 5654292, (Fla. Dist. Ct. App. Nov. 5, 2014).
Posted: March 24, 2015
A provision in a promissory note requiring payment of a fixed percentage as attorney's fees upon breach is enforceable under South Carolina law; South Carolina law governed enforceability analysis where note was accepted by lender in South Carolina.  PNC Bank Nat'l Ass'n v. GVTG, LLC, No. 14-11405, 2014 WL 5904740 (11th Cir. Nov. 14, 2014).
Posted: March 24, 2015
Virginia corporation avoided shareholder appraisal rights in asset sale by changing state of incorporation to Delaware.  Fisher v. Tails, Inc., 767 S.E. 2d 710 (Va. 2015).

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