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On March 15, 2007, the U.S. Court of Appeals for the Third Circuit (the 'Third Circuit') issued an important decision regarding the rights of equipment lessors who find themselves ensnarled in court proceedings as a result of a lessee's filing for bankruptcy protection. <i>In Re: Federal-Mogul Global Inc v. Computer Sales International</i> considered whether two lower courts properly modified an equipment lease under 11 U.S.C. '365(d)(5) of the Bankruptcy Code ' formerly codified at 11 U.S.C. '365(d)(10) ' by permitting proration of payment obligations as of the date of rejection of the leases. The Third Circuit reversed, holding that modification of the lease terms was improper.
States have recently, and with growing enthusiasm, embraced the use of public-private partnerships ('PPPs') as a highly effective method for addressing the significant capital needs associated with developing, expanding, and/or operating major roadway systems. Some of the largest roadway PPP deals to date have utilized leasing structures, and many states have enacted, or are in the process of enacting, legislation authorizing and encouraging leasing as a method to privatize toll roads. Leasing allows for an innovative teaming approach to the development and operation of various transportation-related assets, from design and construction through operation and toll collection. Leasing not only allows public sector officials to take advantage of private sector innovation and efficiencies, but it also provides a vehicle by which states can create large pools of money ' sometimes in the billions of dollars ' to address immediate and significant capital requirements without raising property or income taxes on their residents.
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News about lawyers and law firms in the commercial leasing industry.
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Recent rulings of interest to you and your practice.
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Highlights of the latest commercial leasing cases from around the country.
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Many New Yorkers have for some time been frustrated by the fact that this remains the only state in the union lacking any form of no-fault divorce. Last year, the matrimonial commission appointed by Chief Judge Judith S. Kaye concluded that 'fault allegations and fault trials add significantly to the cost, delay and trauma of matrimonial litigation.' Still, little progress has been made by those seeking to change this state of affairs.
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Part One of this series discussed security breach notification laws. The conclusion addresses security procedures laws.
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The assessment of replacement compensation should not be undertaken without careful consideration. The valuation expert must be able to demonstrate that the analysis has been conducted using the best available data, that it was properly researched for reliability, that the components of actual compensation and replacement compensation are similar in nature and that the resulting determination is not biased and does not advocate for any position.
Payment of estate tax is the greatest economic loss faced by elderly couples who divorce. While married, each spouse may leave all or any portion of his or her estate to the surviving spouse, either in trust or outright, free of all estate and gift tax. This marital deduction, coupled with the applicable exclusion amount and prudent estate planning, saves a married couple a substantial amount of federal estate tax, and in some instances all estate tax, allowing more accumulated wealth to pass to their children and grandchildren.
