The Eagle
Apr. 3, 2013

'Busting' the trust
by Richard A. Klass
Generally, a trust can be made invincible — no one can gain access to the moneys or property contained in it, not even the beneficiary. The "settlor" (the one who sets up the trust and funds it) appoints a trustee who will carry out his/her wishes and follows the directions contained in the trust document. While recognizing that the general purpose of a discretionary trust is to protect the trustee from unreasonable demands of a beneficiary or from creditors' claims, it does not insulate or protect the trustee from responsibility to and reasonable directions from a court. The issue of "busting" a trust set up by a grandparent for the benefit of a grandchild was brought up in a case over 40 years ago, in a case of first impression, before the beneficent Surrogate of Kings County, Judge Nathan Sobel.More

Collections 101 for campaign professionals
by Richard S. Sternberg
The elections are over. You won some. Maybe, you lost some. Many campaign professionals are satisfied by their clients' successes, but they get stiffed after the campaign is over. They are the clear losers in the process. Sometimes, the hometown staff convinces the candidate that the campaign professional's services were insignificant. Often, there was a disagreement during the heat of the election campaign. But, if you are going to remain a campaign professional, you need to treat your work as a business and treat the politicians as business customers. Now that the campaign is over and you haven't been paid, you can evaluate your unpaid campaign contracts for enforceability.More

Management of an international commercial collection claim
by Rebecca Robitaille
In this era of glabalization, it's imperative that one has a good understanding of the fundamentals of international collection work in order to protect their interests worldwide. Along with some patience, efficient file management can really open up the potential for success. What is needed to commence an international collection claim? What are some of the challenges experienced in international collection work, and how can they be met?More

How Chapter 11 saved the US economy
Forbes
It's no surprise that Harvard Business School professor Stuart C. Gilson gave an enthusiastic thumbs-up to the recently announced $11 billion US Airways/American Airlines merger. The deal, which came after American's parent company, AMR Corporation, declared bankruptcy in November 2011, will allow the airline to work with the court to restructure and unload a significant amount of its debt, giving an iconic company "a second bite of the apple," says Gilson.More

Small business bankruptcies falling, incomes rising
Blue Maumau
The Small Business Administration says that small businesses continue to show signs of economic recovery. The Administration's Office of Advocacy says that the most promising indicators are the declining number of small business bankruptcies and the growing income (operating profit) of their proprietors.More

US commercial bankruptcies lower than a year ago
Reuters
U.S. commercial bankruptcies continued to fall in February from the pace in 2012, although the number of filings ticked up from January. Commercial Chapter 11 bankruptcies fell 21 percent to 609 in February from a year earlier, the American Bankruptcy Institute said in a report based on data from Epiq Systems Inc.More