Business Restructuring Alert: Don’t make the $1.5 billion mistake

In what is many times considered a ministerial task, the careful preparation and review of UCC-3 termination statements in transactions between debtors and lenders should not be taken lightly.  Secured creditors and their professionals would be wise to make sure that the identification of security interests to be terminated in any filing is completely accurate, and does not include security interests not intended to be released. Neglecting to carefully review UCC-3 termination statements could have a disastrous affect, as illustrated by the recent decision of the Delaware Supreme Court, which effectively converted a $1.5 billion dollar secured loan to an unsecured loan.

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McDonald Hopkins Government Strategies Advisory: This Week in Washington — October 24, 2014

This week, House Majority Leader Kevin McCarthy (R-CA) released a memo that highlights some of the House GOP’s agenda for 2015.

Not surprisingly, the memo focuses on House Republicans’ efforts to reign in what they see as an out of control federal government:

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Indberetning til SKAT om omstruktureringer

Digitaliseringen af dialog med forskellige offentlige myndigheder foregår i ”højeste gear”. Med virkning fra 1. november 2014 skal alle borgere sørge for, at det offentlige kan korrespondere med dem på digital måde, medmindre man særskilt har indgået anden aftale.

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Appeal Court Rejects Shoplifter’s Argument that Trial Lawyer was Incompetent

In a recent decision [Hordyski v. Her Majesty the Queen 2014 SKCA 102], the Saskatchewan Court of Appeal dismissed an appeal from a convicted shoplifter who argued that his trial lawyer had been incompetent. 
The evidence against Mr. Hordyski was not complicated.  He had been observed on a CCTV camera by a store’s loss prevention officer shoplifting merchandise.  At the time, he was with his young son and a woman, Pearl Peters, who was the mother of his son, in the household goods area of the store.  Ms. Peters left her shopping basket with Mr. Hordyski and left the area. 
The CCTV camera footage showed Mr. Hordyski removing the price tag from a soft shell lunch bag and then transferring items from Ms. Peters’ shopping basket into the lunch bag.  Mr. Hordyski then picked up his son, concealed the lunch bag between the two of them and walked towards the store exit.  He paused by the cashiers to look around before walking past them and out of the store with the items.  The loss prevention officer confronted Mr. Hordyski outside the store where he was arrested for theft.  The value of the stolen items totalled approximately $220.
At trial, the Crown called the loss prevention officer and the investigating police officer.  Both witnesses were thoroughly cross-examined by Mr. Hordyski’s lawyer.  Mr. Hordyski was the only witness called for the defence.  His defence was that he did not have the necessary intent to commit the offence of theft under $5,000 because his reason for leaving the store was to look for Ms. Peters so she could take their son to the bathroom. 
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Promotions and Progress: Three Women Join EBG’s Equity Partnership Ranks

Maxine NeuhauserAre we going two steps forward and one step back? Two steps back and one step forward?  The anecdotes reported in an article by Staci Zaretsky, “Stop Treating Women Lawyers Like Crap,” published in last week, are wince-inducing and suggest that there has been no progress for women lawyers at all.  I question the notion, as well as Zaretsky’s assertion, that “women lawyers aren’t taken seriously, and they certainly aren’t treated with respect by their fellow lawyers in this profession.” 

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Need for Home Health Companies Pro-Active Advocacy with State Medicaid Agencies

By Clifford E. Barnes and Marshall E. Jackson, Jr.

Recent enforcements in home health fraud have highlighted the need for home health companies of every state to engage the State Medicaid payment agency in pro-active affirmative discussion to work together to identify issues related to fraud and abuse.  Such discussions will provide home health companies further insight regarding compliance with federal and state fraud and abuse laws. That being said, recent enforcement actions have shown that home health companies may be liable under fraud and abuse laws, despite efforts to comply with such laws.  

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Industry Leaders to Discuss Value-Based Purchasing and Other Employee Initiatives

Epstein Becker Green and EBG Advisors, as part of the Thought Leaders in Population Health Speaker Series, will host a complimentary webinar titled The Impact of Value-Based Purchasing and Other Employee Initiatives on Population HealthThis session will discuss several approaches for population health managers to reduce costs and improve health care.

The webinar, scheduled for November 20, 2014, at 12:00 p.m. ET, will be led by Laurel Pickering, MPH, President & CEO of Northeast Business Group on Health, and David Lansky, PhD, President & CEO of Pacific Business Group on Health. Adam Solander of Epstein Becker Green will moderate the session.

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Come to our seminar on protecting family wealth: 13 November 2014, London

We’re often asked about the current state of play with UK pre-nups and, as a wealth lawyer, I’m always interested to know how bullet-proof trusts are, should a beneficiary divorce, and whether there are any alternatives to trusts that might offer better protection. 

So I’ve teamed up with my colleague Teresa Cullen, our family partner, and we’ll be exploring exactly these issues in our seminar here at Fladgate, 16 Great Queen Street, London WC2B, on 13 November 2014. 

Further details below.  If you’d like to join us, please RSVP to register your interest. 

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Bare Trusts: are they the ‘next big thing’?

The third consultation on Inheritance Tax (IHT) charges for trusts assumes that every individual will have only one settlement nil rate band (SNRB) to put against the periodic charges to IHT of all trusts created in lifetime, or on death, by that individual.  (For more on the new SNRB, see my blog post of 19 June 2014.)
As the SNRB does not renew itself every seven years, the well advised will soon begin to realise that the SNRB is a precious commodity that needs to be preserved and carefully allocated.
The SNRB only needs to be allocated among ‘settlements’ though.  As it seems that Bare Trusts are not settlements for IHT purposes, if the SNRB does come into effect, there will be no need to allocate any SNRB to Bare Trusts.  So, are Bare Trusts about to become all the rage, if you have young children or grandchildren to plan for?  You can save your SNRB to allocate against your other trusts/will trusts instead! 
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Multistate Tax Update — October 23, 2014

On June 26, 2013, in U.S. v. Windsor, the United States Supreme Court ruled that the Defense of Marriage Act, which defined marriage as between one man and one woman, was unconstitutional. This was significant for tax purposes because the subsequent Internal Revenue Service Revenue Bulletin provided that same-sex individuals who are lawfully married under the laws of a particular state carry that same status for federal tax purposes.

But confusion remained as to how these couples would file their state taxes in states that did not recognize same-sex marriage. The problem, as explained by the Tax Foundation, was that when states require taxpayers to reference their federal returns when filling out their state return, this creates a situation where the couples are both single and married filers, depending on the level of government. Action that the United States Supreme Court took on Oct. 6, 2014 is now forcing resolution of the problem.

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