Bankruptcy

Bankruptcy Articles

• SEC Issues Staff Accounting Bullentin On “Materiality” In Preparing Financial Statements

  On August 13, 1999, the Staff of the Securities and Exchange Commission's Office of the Chief Accountant (the "Staff") issued Staff Accounting Bulletin No. 99 (the "Bulletin") concerning the assessment of "materiality" in preparing and auditing ...

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• SEC Release On Materiality In Financial Disclosure

  Federal securities laws are driven by the principle that investment and voting decisions "should only be made on the basis of full disclosure of all information necessary 'to bring into full glare of publicity those elements of real and unreal ...

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• Secured Creditor Surcharged For Agreeing To Debtor’s Continued Operation

  If an Eighth Circuit decision remains good law, creditors may lose some of their collateral in a debtor's property by allowing the debtor to continue in operation. Early this summer, in Hartford Underwriters Insurance Company v. Magna Bank, N.A. (In ...

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• Secured Creditors Seeking a Deficiency Judgement Must Plead Notice

  Texron Fin. Corp. v. Trailiner Corp., 965 S.W.2d 426 (Mo. Ct. App. S.D. Div.2 3/20/98). SECURED CREDITORS SEEKING A DEFICIENCY JUDGEMENT MUST PLEAD NOTICE- Here, defendant had absolutely guaranteed a third-party's debt to plaintiff. When the third ...

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• Securities and Exchange Commission Requires Internal Control Report for Annual Reports of Public Companies

  On May 27, 2003, the Securities and Exchange Commission (the "SEC") concluded its nearly one year rulemaking agenda relating to the implementation of the Sarbanes-Oxley Act of 2002 (the "Act") with the adoption of rules requiring internal control ...

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• Securities Law Update

  The computer system at three major hospitals and 71 clinics in the Philadelphia area recently shut down when a nurse typed in an appointment for the year 2000. Similarly, all cash registers in a chain of stores in the Midwest shut down when a ...

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• Securities Litigation Alert: Accounting Bulletin Addresses Concept of Materiality in Financial Statements

  The SEC has issued its long-awaited Staff Accounting Bulletin on materiality (S.A.B. 99), a project that Chairman Levitt instructed the SEC staff to undertake as part of the SEC's attack on "managed earnings." The 18-page release is available at the ...

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• Senate Passes Bankruptcy Reform Bill

  On February 2, 2000, by a vote of 83-14, the Senate passed the Bankruptcy Reform Act of 2000, H.R. 833 EAS. Ending the impasse that has prevented passage of bankruptcy reform legislation in each of the last two sessions of Congress, the Senate has ...

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• Setoff Against Unsecured Deficiency of Debt Owed by Creditor Contravenes Policy Underlying Antideficiency Laws

  This year the appellate courts have considered California's antideficiency laws in a number of cases. One such recent case is Birman v. Loeb, 98 Daily Journal D.A.R. 5843 (1998), in which the California Court of Appeal, Second Appellate District ...

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• Should I Consider A Strategic Investor As A Source of Capital?

  Deciding what type of investor to seek for your growing company is a critical decision. Once you are past the initial start-up phase, equity capital can be sought from venture capitalists, angel investors or strategic investors. This is the first of ...

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