The Annual Membership Meeting is coming soon.
Written By: David H. Conaway, Shumaker, Loop & Kendrick, LLP
Republished with Permission
Since its beginning in 1978, Chapter 11 has been the primary tool for financially distressed U.S. and foreign companies to efficiently restructure their balance sheets and business operations. Successful Chapter 11 cases have allowed prominent financially distressed companies to reorganize or pursue going concern asset sales, adding economic value to the global economy. This includes Lehman Brothers, General Motors, Enron, MF Global, Chrysler, Texaco, US Steel, American Airlines, Delta, United, and the list goes on.
Key Bankruptcy Code concepts include an injunction against creditor action (automatic stay), efficient resolution of key contracts with third parties (executory contracts), fast sales of assets free and clear of liens (Section 363 sale), clear rules on priority of payment of creditors (absolute priority rule), the ability to bind dissenting creditors to a restructuring plan (cram down), and a fresh start for restructured companies (discharge of pre-filing debts).… Read the rest
Written By: Rod Wheeland, CCE
What’s the value of a professional designation? The NACM program has several designations – CBA, CBF, and CCE – which are broadly recognized in the financial world as indications of professional excellence and contemporary knowledge of credit operation strategies and trends for the future. These designations are based on a broad study of trade credit topics, including the business operating cycle, the credit and accounts receivable processes, the analysis of financial statements, and the legal environment, including business and credit law, followed by testing to confirm professional knowledge in these areas. As NACM notes, these classes provide:
- Expanded Knowledge: By reading, studying, and preparing for the exams, you’ll gain a thorough, up-to-date understanding of every aspect of credit management, including a look at future trends and strategies essential to your success.
NACM is saddened to share that Carl L. Garner, former President/CEO of San Diego Credit Association (NACM San Diego), has passed away at the age of 85. Carl led the affiliate from 1972 through his retirement in 2001 enjoying great success including his practice of administering General Assignments for the Benefit of Creditors and directing business reorganizations. Under his guidance, San Diego Credit Association expanded its NACM areas of responsibility into New Mexico and Colorado. Carl and his wife Dollie have lived in San Diego, California since their move from Cleveland, Ohio in 1968. The loving couple were high school sweethearts and enjoyed an incredible marriage for 61 years. Those who knew Carl and Dollie surely know their love to travel, especially cruising the high seas and living the “island life” in the Hawaiian Islands.… Read the rest
Congratulations to these members on their new CBA designations. Are you interested in education and getting a designation? Check out this guide on the certification program. If you have any questions contact Shawna Kelly.
Danny Yang, CBA – Adobe Systems Incorporated
Stacie Weseman, CBA – Helena Agri-Enterprises LLC – Southern CA/Desert Division
Faviola Padilla, CBA – Ferguson Enterprises LLC
Bobby Ayele, CBA – Weyerhaeuser NR Company… Read the rest
Written by:William (Bill) G. Fig, Partner, Sussman Shank LLP
When a lien is recorded against the real property upon which an improvement is being constructed, it usually results in an unhappy lender and property owner and, likely, a stern call from the property owner to the general contractor working on the subject project. The lender is displeased, of course, because the recorded lien puts its security interest in the collateral, i.e. the real property, at risk. This is especially true in Oregon where construction liens can have “super priority” over a previously recorded lender’s deed of trust. The recording of a construction lien against the owner’s property likely constitutes a technical default of the terms of the owner’s loan documents with the lender.… Read the rest