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Should Bankruptcy Professionals Be Compensated for Defending Their Fee Applications?
The ability of bankruptcy estate professionals to obtain payment for defending their fee applications has been severely curtailed with the United States Supreme Court's decision of Baker Botts L.L.P. v. ASARCO LLC, 135 S. Ct. 2158 (2015), and the United States Bankruptcy Court for the District of Delaware's recent decision of In re Boomerang Tube, Inc., Case No. 15-11247, 2016 WL 385933 (Bankr. D. Del. Jan. 29, 2016). But such a limitation is inappropriate.
Bankruptcy estate professionals (attorneys and other professionals working for the debtor, and attorneys and other professionals acting on behalf of a committee) are retained subject to the United States Bankruptcy Code, 11 U.S.C. ' 101 et seq. (the Bankruptcy Code). Section 327 of the Bankruptcy Code allows a debtor or trustee to employ one or more attorneys, accountants, appraisers, auctioneers, or other professional persons. Section 1103(a) of the Bankruptcy Code in turn provides authority for a committee (of unsecured creditors, other creditors or equity holders) to retain professionals. Section 328 of the Bankruptcy Code allows for the compensation of professionals on the basis of specific, pre-approved fee agreements. And section 330 provides for the compensation of professionals who have been employed under sections 327 and 1103 through a fee-petition process and court approval based on reasonableness.
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The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.