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Tax Considerations Stemming From Restructuring Transactions

Monday, November 23, 2009

By Elizabeth L. McGinley and Alexander W. Jones

Elizabeth L. McGinley, a partner at Bracewell & Giuliani, and Alexander W. Jones, an associate at the firm, discuss important differences in the tax consequences to both debtors and creditors resulting from various forms of debt restructuring transactions. There are a significant number of tax issues relevant to the parties in these transactions, and careful planning is necessary to maximize the after tax return to the creditors and also minimize the tax burden on the debtor, which is relevant to creditors that may benefit from the debtor's reduced cash tax liability.

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'Continuous Treatment' Doctrine Applied to the Estate Planner

Friday, November 20, 2009

By Bruce M. DiCicco

Attorney Bruce M. DiCicco writes that a recent opinion may be read to announce that where there is an ongoing fiduciary relationship with the transferor of real property in connection with estate planning, the continuous treatment doctrine tolls the commencement of the statute of limitations for the rescission of a deed created as part of the overall estate plan until the termination of such relationship (in most cases upon the death of the transferor) notwithstanding the existence of a recorded instrument more than six years prior to the date of the action.

'Cherry' Changes Sole Proximate Cause Defense in Labor Law Actions

Thursday, November 19, 2009

By Jonathan A. Judd

Jonathan A. Judd, a partner at Havkins Rosenfeld Ritzert & Varriale, writes that during the last few years, the sole proximate cause defense has developed into a potent weapon for attorneys defending claims brought pursuant to Labor Law §240(1). In determining the applicability of the defense, he says, the courts have grappled with the issue of whether it can be invoked where the plaintiff's "normal and logical response" should have been to obtain equipment which could have averted his injury.

Bankruptcy Remote Entities: Not as Remote as You May Think

Wednesday, November 18, 2009

By Arthur J. Steinberg and Scott I. Davidson

Arthur J. Steinberg, a partner at King & Spalding, and Scott I. Davidson, counsel at the firm, analyze a recent decision which highlights the possibility that "bankruptcy remote entities" will not always be insulated from bankruptcy filings, regardless of whether they are solvent and operating on a positive cash flow basis. A severely depressed economic climate impacting an overall industry, they warn, often forces lawyers and courts to develop innovative solutions to foster reorganization alternatives.

Keeping Up With Changing Areas Of British Divorce Law

Tuesday, November 17, 2009

By Marian R. Shelton

Marian R. Shelton, a former New York Family Court judge, writes that American expatriates resident or domiciled in England may become a party in an English divorce proceeding, and British courts have since the turn of the century moved into the vanguard of insuring economic fairness upon the dissolution of marriage. A recent opinion reflects an emergent consensus in England, she says, "favoring individuals ordering and deciding their own interests through contractual arrangements."

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