Changing Views on Pension Plan Loans in Bankruptcy— Is it a “Debt”?
In the event a plan participant files bankruptcy—typically chapter 7 or 13—a number of issues can arise for a pension plan. Since the modern Bankruptcy Code of 1978 was enacted, many courts have taken the view that a pension plan loan does not create a “debt” for purposes of the bankruptcy. This view, which avoids various thorny issues that could otherwise arise for both the pension plan and participant, emanates from a decision by the United States Court of Appeals for the Second Circuit, In re Villarie, 648 F.2d 810 (2d Cir. 1981). Recently, however, a bankruptcy court has challenged this seemingly well established concept, which could have ramifications for pension plans. This article will provide further background, an explanation of the recent decision, and identify one potential effect.
Congress Further Extends Expanded Eligibility for Small Business Bankruptcy Relief
July 5, 2022
by
John C. Cannizzaro, Partner
At the end of June, President Biden signed into law the
Bankruptcy Threshold Adjustment and Technical Corrections Act. The new law reinstates the eligibility for many small businesses to take advantage of new streamlined provisions in Chapter 11 of the Bankruptcy Code.
National Bridge Investment Program Funding Applications Now Open with Significant Opportunities for Local Investment and Impact
On November 15, 2021, the
Infrastructure Investment and Jobs Act (IIJA) (Public Law 117-58) was signed into law, providing $550 billion in new federal infrastructure funds through 2026. The investment provides opportunities for development of transportation, power, and water infrastructure. The bipartisan infrastructure law will support the U.S. economy at federal, state, and local levels by leveraging the investments by state and local governments to expand clean water initiatives, internet access, transportation options and safety, environmental sustainability, and economic development across the country.
Legislative Updates from Indiana
June 10, 2022
by
John R. Gregg, Thomas A. John, Lawren K. Mills, J. Sebastian Smelko, Sara Tait, Kipper V. Tew, Lesa F. Dietrick, Lacey M. Berkshire, John B. Gregg, Melissa A. Borom,
Ice Miller Public Affairs Group team members are actively engaged in the Indiana General Assembly and with legislators on behalf of clients. We recently learned that Governor Holcomb and legislative leaders have agreed in principle to a special session to take place sometime before the end of June. The agenda will be to combat inflation by returning monies from state reserves to citizens. No word so far on whether other topics could be included in the special session.
Distressed Opportunity Bulletin - Issue 11
March 21, 2022
by
Jay Augustyn, Diane Bell, Jason R. Berne, John C. Cannizzaro, Phillip N. Coover, Amy M. Corsaro, Tyson A. Crist, Louis T. DeLucia, Matt Ehinger, Alyson M. Fiedler, Christina Laun Fugate, Jeff Hokanson, Brent W. Huber, Tyler J. Kalachnik, Thomas Kesoglou, Jason Lundy, Safet Metjahic, David L. Nie, Amir Ovcina, Thomas A. Pampush, Samuel Raboy, Eric L. Singer, Scott Snively, Taryn E. Stone, J.C. Brown, Philip C. Genetos, Michael Ott, Kevin C. Woodhouse, Chelsea Abramowitz, Simone Park, John R. Acquaviva, Marita Clarke, Laurie Miller, Kim L. Stapleton, Chase A. Stuart,
Ice Miller launched its Distressed Investment Group ("DIG") to identify and facilitate distressed investment opportunities and assist clients through creative and strategic acquisitions and investments in bankruptcies, in-court restructurings, out-of-court restructurings and other insolvency-related transactions.
Check out the latest issue for a list of currently available distressed investment opportunities and to learn more about our Distressed Investment Group.
Environmental Protection Agency Publishes Rule Officially Allowing New ASTM Standard for All Appropriate Inquiry Environmental Diligence Requirement
March 16, 2022
by
Freedom S.N. Smith, Partner
On March 14, the United States Environmental Protection Agency (“EPA”) published a direct final rule in the federal register (87 FR 14174) amending the Standards and Practices for All Appropriate Inquiries (“AAI”) at
40 CFR part 312 to reference ASTM International's E1527-21 “Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process” and allow for its use to satisfy the requirements for conducting all appropriate inquiries under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).
IU McKinney Presents Law vs. Antisemitism Inaugural Conference
February 23, 2022
by
Aaron B. Aft, Partner
Ice Miller is sponsoring this first-of-its-kind academic conference to be held at Indianapolis's own Indiana University Robert H. McKinney School of Law this March.
White House Furthers Environmental Justice Work with Release of Draft Climate and Economic Justice Screening Tool
February 23, 2022
by
Freedom S.N. Smith, Partner
While environmental justice (EJ) issues have been at the forefront of the Biden Administration's political agenda, there has been a lack of agreement on how environmental justice communities should be identified. The White House recently released a draft climate and economic justice screening tool developed by the Council on Environmental Quality (CEQ) to fill this gap.
The Hottest New Type of Asset - Build for Rent Homes
February 22, 2022
by
Phillip N. Coover, Partner
Last year, we did a podcast with a bright young company, Steel City Management, who were building large communities of homes... for renters. The homes were new product, in stylish modern designs, and were not inexpensive.
19-State Lawsuit Against EPA Could Shrink the Power of Federal Agencies in Rulemaking
February 21, 2022
by
Louie Jorczak , Partner
Last week, Indiana Attorney General, Todd Rokita, discussed with the National Press Club Indiana's participation in a 19-state lawsuit against the EPA that would limit the agency's ability to regulate carbon emissions.