A Comparison of Avoiding Powers Under California Business Liquidation Strategies

by René Lastreto II1 and Michael J. Gomez2 Those that deal with a troubled business on the verge of liquidation must be aware of the risks. Most are aware that payment of “old” invoices or accounts just prior to filing a bankruptcy may result in preference liability for the business that has collected on the “old” account. But there are other options available to a liquidating business under California law. Two of those non-bankruptcy options are Assignments for Benefit of Creditors and … [Read more...]

Comparing Liquidation Strategies for Troubled Businesses: Stays or Lack of Stay of Enforcement of Creditors Claims

by René Lastreto II1 and Michael J. Gomez2 A troubled business that must be liquidated has some options depending on several circumstances. Obviously, many factors must be considered in choosing the best option for the business, the equity holders in the business and the creditors. This article explores one consideration-stays of creditor enforcement measures. The Assignment for Benefit of Creditors, Receiverships and Bankruptcy each provide different mechanisms for relief from creditor … [Read more...]

Rene Lastreto II to Speak on Statutory Ag Liens at CCBA Institute

Lang, Richert & Patch shareholder, Rene Lastreto II will be a faculty member on a program analyzing California Statutory Agricultural Liens and Perishable Agricultural Commodities Act issues at the 25th annual Central California Bankruptcy Institute on September 22 and 23, 2011 at the Radisson Hotel in Fresno, California. The panel discussion will focus on identifying, perfecting and enforcing certain statutory lien and PACA trust rights which have now become one of the primary considerations … [Read more...]

Fresno Attorneys receive 2010 Super Lawyer and Rising Star Honors

Lang, Richert & Patch is proud to recognize its 2010 Super Lawyers and Rising Stars. Every year, the San Francisco publication, Law and Politics puts together a listing of outstanding lawyers in more than seventy practice areas. These attorneys are recognized for their uncompromising work and professional achievement. Only upon being nominated by their peers and evaluated by an independent source in a multi-phase process, do attorneys qualify for Super Lawyer honors. Top up-and-coming … [Read more...]

Peer Education provided by René Lastreto II

Lang, Richert & Patch shareholder and creditor's rights attorney Rene Lastreto II has been and will be a faculty member in four separate lawyer education conferences this spring, summer and fall. On May 17, Mr. Lastreto was a faculty member for the National Business Institute's "Negotiating Real Estate Loans and Workout Options" session at the Piccadilly Hotel in Fresno. Mr. Lastreto was also a faculty member along with two other practitioners and two prominent Bankruptcy Judges at the … [Read more...]

Fresno Attorneys receive Super Lawyer and Rising Star Honors

Super Lawyers and Rising Stars are honorary titles bestowed upon a select group of the most distinguished attorneys by the San Francisco publication, Law and Politics. Lang, Richert & Patch proudly recognizes its 2009 Super Lawyers and Rising Stars. Attorneys earn this distinction after being evaluated in a multi-phase process that involves peer nomination and third-party research, which rigorously evaluates the nominees. Renowned authorities esteem this complex process of selecting top … [Read more...]

Are You In Compliance With The New California Foreclosure Laws?

In an effort to “help even more Californians keep the American Dream of homeownership alive,” Governor Schwarzenegger signed SB 1137 into law on July 8, 2008. Taking full effect on September 6, 2008, the new laws have implications for lenders and borrowers alike. … [Read more...]

US Supreme Court Decision Changes the Determination of Claims for Attorneys’ Fees in Bankruptcy Cases

By Christian D. Jinkerson In Travelers Casualty & Surety Co. v. Pacific Gas & Electric Co. (2007), the United States Supreme Court recently ruled that attorneys’ fees can be recovered in connection with an unsecured or undersecured claim pursuant to a contractual or statutory right in the context of a bankruptcy case. The Supreme Court’s decision overruled the Ninth Circuit Court of Appeals and changed the law with respect to all bankruptcy cases in California. … [Read more...]

Unsecured Creditors – Challenges after Bankruptcy Reform

Bankruptcy reform is sure to have an impact on the debt purchasing industry for years to come. But what are the key points that debt buyers need to look at? by Alane Becket With the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), fundamental changes in how distribution of a debtor's income will be made during a bankruptcy case went into effect. Unfortunately, touted as a "creditor's bill," an analysis of BAPCPA has uncovered several examples of the … [Read more...]

Securing Multiple Debts by One Deed of Trust: Maximize Recovery with Dragnet Clauses

By René Lastreto, II Lang, Richert and Patch A “dragnet clause” is a contract provision stating that a mortgage secures all the debts that the mortgagor may at any time owe to the mortgagee. California courts have upheld the general validity of dragnet provisions. Union Bank v. Wendland, 54 Cal.App.3d 393, 398 (1976). They also recognize the risk that such provisions may be included in a trust deed or mortgage without the debtor’s knowledge or understanding. “Clauses such as this are often … [Read more...]