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Members beware! LLC members will be insiders for bankruptcy preference purposes

USA - December 1 2011 In September 2011, in In re Longview Aluminum, LLC, 10-2780 (7th Cir. 2011), the Seventh Circuit Court of Appeals held that members of an LLC are insiders for preferential transfer purposes under the Bankruptcy Code.

Reviewing letters of credit as security for leases in bankruptcy: do you receive what you expect?

USA - March 27 2014 Under section 502(b)(6) of the United States Bankruptcy Code, a landlord's claim for damages under a lease rejected during the bankruptcy proceeding…

Members beware! LLC members will be insiders for bankruptcy preference purposes

USA - April 4 2012 Recently, in In re Longview Aluminum, LLC, the Seventh Circuit Court of Appeals held that members of a limited liability company (“LLC”) are insiders for preferential transfer purposes under the Bankruptcy Code.

New case may present planning opportunities for financially troubled Qsubs

USA - August 29 2013 S corporation (S corp) bankruptcies frequently result in an unfunded tax liability for the shareholders. To avoid this result, shareholders have…

Lucien A. Beaudry, Michael G. Goller.

The Fourth Circuit weighs in on third-party releases in plans of reorganization

USA - August 28 2014 Section 524 of the United States Bankruptcy Code (the Code) describes the effect of a discharge of a debtor, and in section 524(e), provides that a…