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LTL Management LLC v., 22-2003 (3rd Cir. 2023)
Opinion from the U.S. Court of Appeals for the Third Circuit
Selected Bankruptcy Issues Concerning Small Businesses
Receivership or Bankruptcy - Pick Your Poison
What process should be employed when commercial problems exist? Those problems take a variety of forms and professionals often overlook solutions through receivership and bankruptcy that might provide forms of relief that can be adapted to the issues to generate the greatest benefit to creditors, shareholders and management. These materials provide a survey of state and federal court receivership statutory and common law as well as a brief overview of some bankruptcy provisions and concepts that might be useful for evaluating whether receivership or bankruptcy should be the preferred process for attempting to solve the problem.
Business and Bankruptcy
Bankruptcy Appeals
This paper provides a guide to the rules governing an appeal to the district court and the court of appeals. The most important issue with respect to these relatively straightforward rules is that the deadlines in bankruptcy appeals are much shorter than in ordinary federal court appeals. This paper also addresses two additional issues – the relaxed standard for finality, providing a broader range of orders subject to appeals, and the jurisdictional statute.
Solar Lease Negotiations from the Landowner's Perspective
In examining the evolution of oil and gas leases and related energy industry agreements in the recorded public records, it is interesting to observe when certain clauses begin to appear and how they develop with the passage of time as additional agreements are drafted. These modifications almost always emerge to address concerns that were not apparent to the parties during the early days of the particular industry, but eventually became problematic as basic forms were applied in practice. In this context, necessity remains the mother of invention. In the same manner, it is anticipated that solar lease drafting practices will evolve to address lessons learned by landowners and lessees as a result of the first wave of widespread solar development in Texas. In the meantime, attorneys that represent landowners must anticipate potential problems by employing a creative approach that considers various hypothetical scenarios and outcomes for each unique client and tract of land. This requires a high degree of situational awareness and attention to detail, in addition to a base knowledge of how solar power is generated, stored, transported and marketed.
Bankruptcy Discussions
No one goes into business planning to file bankruptcy. But even thriving businesses may be drawn into bankruptcy if one of their customers or suppliers files for bankruptcy protection. And when faced with economic headwinds, businesses that thoughtfully plan for a potential bankruptcy filing early on tend to fare better than those businesses that hold out until the bitter end and file only as a last resort. While an actual bankruptcy case calls for a specialist, all business lawyers should have a working understanding of bankruptcy basics to identify opportunities and threats.
Bankruptcy 101
The United States Constitution grants Congress the power to establish “uniform laws on the subject of bankruptcies throughout the United States.” U.S. Const., Art. 1, § 8, cl. 4. Federal bankruptcy laws are codified under title 11 of the United States Code, which is commonly referred to as the “Bankruptcy Code.” Congress’s stated goal of enacting the Bankruptcy Code was (i) equality of distribution among creditors and (ii) orderly rehabilitation or liquidation. H.R. Rep. No. 95-595, 95th Cong., 1st. Sess. 16, 177-78, 220 (1977).
Chapter 11 Bankruptcy 101 Subchapter v – Small Business Debtor Reorganization
This is an introduction to the most often used provisions of the United States Bankruptcy Code (“Code”). I touch on simple concepts that a business lawyer should be generally familiar with in order to prepare his/her client for a Chapter 11 bankruptcy reorganization. Additionally, I discuss reporting requirements for small business debtors, general administration of a case, augmenting the bankruptcy estate through avoidance actions and confirming a plan of reorganization. This paper focuses on Chapter 11 from the viewpoint of the small business debtor who has elected to be treated under Subchapter V, Small Business Debtor Reorganization of 2019 (“SBRA”), the most recently enacted amendment to the Code.