Tax Finance & Banking Bankruptcy

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Spain amends tax treatment of debt restructuring

As a result of a substantial reform of the Insolvency Law, starting January 1, 2014 the tax treatment of debt restructuring modifies both Spain's Corporate Income Tax Law and its stamp duty regulations....more

Agribusiness Alert: The Year in Review: 3 Growing Legal Developments in Agricultural Finance

This Ag Alert identifies three growing legal developments in agricultural finance that emerged in 2013 and what to expect and be aware of in 2014....more

Insurers Seek Enforcement Of State Law Protections For City Of Detroit GO Bonds

On November 8, 2013, three monoline insurers of the City’s general obligation bonds commenced adversary proceedings in the City of Detroit bankruptcy case. Through these actions, the monoline insurers seek to compel...more

Decanting By Various Means

Decanting By Various Means by James F. McDonough, Jr. on October 8, 2013 Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into...more

Judge Allows Detroit to Keep Casino Tax Revenue

Judge Allows Detroit to Keep Casino Tax Revenue by Joel R. Glucksman on October 8, 2013 Detroit will be allowed to continue accessing casino tax revenue during its bankruptcy proceedings while negotiations with...more

IRS Releases New Regulations for Deductible Business Repairs

IRS Releases New Regulations for Deductible Business Repairs by Joseph M. Donegan on October 4, 2013 The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may...more

Ecotality Files for Chapter 11 Bankruptcy

Ecotality Files for Chapter 11 Bankruptcy by Joel R. Glucksman on October 3, 2013 Ecotality, a green-energy company backed by the U.S. government, has followed in the footsteps of many other electric car battery...more

IRS Scores $13 Million Victory Against BMC Software

IRS Scores $13 Million Victory Against BMC Software by Frank L. Brunetti on October 2, 2013 The Internal Revenue Service landed a huge victory in U.S. Tax Court recently, and the ruling may have significant implications...more

American Airlines Wins Court Approval to Exit Bankruptcy

American Airlines Wins Court Approval to Exit Bankruptcy by Joel R. Glucksman on September 26, 2013 A federal bankruptcy judge has approved American Airlines' reorganization plan, as well as its merger with US Airways,...more

Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors

Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors by Joel R. Glucksman on September 20, 2013 Local and state governments, as well as the federal government, are not the only ones closely watching...more

GateHouse Media Seeks Bankruptcy Protection

GateHouse Media Seeks Bankruptcy Protection by Joel R. Glucksman on September 19, 2013 GateHouse Media, Inc., a company that owns more than 400 community newspapers and websites, announced its plans to seek bankruptcy...more

San Bernardino Commits to Mediation ‘Outline’

San Bernardino Commits to Mediation ‘Outline’ by Joel R. Glucksman on September 17, 2013 One week after a U.S. Bankruptcy Judge ruled that the city of San Bernardino is eligible to seek protection under the provisions...more

American Arbitration Association Issues Rule Update for Commercial Arbitration

American Arbitration Association Issues Rule Update for Commercial Arbitration by Robert Levy on September 12, 2013 The American Arbitration Association (AAA), which handles over 100,000 disputes each year, recently...more

Judge Speeds Up Detroit’s Eligibility Hearing

Judge Speeds Up Detroit’s Eligibility Hearing by Joel R. Glucksman on September 10, 2013 Legal commentators have noted that they expect the Detroit Chapter 9 bankruptcy case to be a tedious and time-consuming process....more

Creditors File Objections to Detroit Bankruptcy

Creditors File Objections to Detroit Bankruptcy by Joel R. Glucksman on August 30, 2013 More than 100 objections have been filed by creditors, opposing the eligibility of Detroit to file Chapter 9 municipal bankruptcy...more

Stimulus-Backed Car Charging Company Close to Bankruptcy

Stimulus-Backed Car Charging Company Close to Bankruptcy by Joel R. Glucksman on August 29, 2013 ECOtality Inc., a U.S. Energy Department-backed maker of electric car charging systems, is teetering on the brink of...more

Orrick's Derivatives in Review - August 2013

Featured in this month's edition: - "U.S. Person" Definitions Under the Final Exemptive Order and the Final Guidance, Application to Certain Foreign Branches, and Determination for Collective Investment Vehicles -...more

Liechtenstein Bank Forced to Pay Tax Evasion Settlement IRS

Liechtenstein Bank Forced to Pay Tax Evasion Settlement IRS by Joseph M. Donegan on August 27, 2013 In another victory for the IRS and the Department of Justice, Liechtensteinische Landesbank AG - or Liechtenstein...more

Bankruptcy Judge Hesitant to Approve AMR’s Bankruptcy Plan

Bankruptcy Judge Hesitant to Approve AMR’s Bankruptcy Plan by Joel R. Glucksman on August 27, 2013 The Justice Department's unexpected antitrust lawsuit that is designed to halt the merger of US Airways and American...more

Spouses Should Be Aware of ‘Gift-Splitting’ Criteria when Gifting Assets

Spouses Should Be Aware of ‘Gift-Splitting’ Criteria when Gifting Assets by Frank L. Brunetti on August 26, 2013 Lawmakers' decision to both set the estate tax at $5.25 million for 2013 and increase the annual gift tax...more

Government Lawsuit Seeks to Block AMUS Airways Merger

Government Lawsuit Seeks to Block AMUS Airways Merger by Joel R. Glucksman on August 23, 2013 A government lawsuit, filed by the Justice Department and several states, is seeking to halt the proposed American Airlines...more

Analysts Debate the Effectiveness of Municipal Bankruptcy on Improving Cities

Analysts Debate the Effectiveness of Municipal Bankruptcy on Improving Cities by Joel R. Glucksman on August 22, 2013 Five years after the Great Recession began, a number of cities across the country are still...more

National Ambulatory Services Firm Seeks Chapter 11 Bankruptcy Protection

National Ambulatory Services Firm Seeks Chapter 11 Bankruptcy Protection by Joel R. Glucksman on August 16, 2013 Rural/Metro, an ambulance and fire protection services company, announced it has filed for Chapter 11...more

Illinois Beer Distributor Seeks Chapter 11 Bankruptcy Protection

Illinois Beer Distributor Seeks Chapter 11 Bankruptcy Protection by Joel R. Glucksman on August 9, 2013 A popular Anheuser-Busch distributor sought Chapter 11 bankruptcy protection in Illinois this week, in the hopes of...more

First Circuit Holds Private Equity Fund May Be Liable For Portfolio Company’s Pension Liability

On July 24, the U.S. Court of Appeals for the First Circuit held that two private equity funds managed by Sun Capital could be liable for their portfolio company’s withdrawal liability from a multiemployer pension plan (Sun...more

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