Section 546(e) Safe Harbor Defense: When to Utilize and When to Preclude

(Excerpt) The Bankruptcy Code allows trustees and debtors-in-possession to invoke certain provisions of the United States Bankruptcy Code (“Bankruptcy Code”) to “avoid” particular types of transfers. The types of transfers that a debtor can “avoid” are defined rather broadly. However, one significant exception to this “avoidance power” is section 546(e) and its safe harbor defense. Courts have often wrestled with how to settle the meaning of section 546(e) and how to define the boundaries of the provision’s safe harbor defense. First and foremost, it is important to note that Congress enacted section 546(e) as the safe harbor defense statute in 1982 to be used as a means of “minimizing the displacement caused in the commodities and securities markets in the event of a major bankruptcy within those industries.” Originally, the safe harbor defense exclusively applied to “margin payments made by commodities clearing organizations.” However, the nature of the financial markets became increasingly complex and the issues that emerged became more difficult to handle; therefore, Congress needed to broaden the safe harbor defense’s scope to encompass the newly emerging complexities. Through the enactment of section 546(e), the safe harbor defense’s scope was broadened to expand its protections “beyond the ordinary course of business transactions to include margin and settlement payments to and from brokers, clearing organizations, and financial institutions.” Ultimately, Congress sought to prevent catastrophic risks to the financial markets and to thwart spiraling effects that may ensue from unwinding certain security transaction. Regardless of the uncertainties about when to utilize the safe harbor defense and what limitations should be imposed, Congress has been reluctant to clarify the outer limits of the safe harbor defense. Essentially, these issues have become problematic for judges when trying to determine whether permitting a party to assert the safe harbor defense is appropriate. Section 546(e) has been amended throughout the years, which has enhanced the difficulties that emerge when a party asserts the safe harbor defense. In 2005, the scope of the term “securities contract” was significantly broadened to encompass various types of securities transactions. Further, in 2006, section 546(e) was amended by the Financial Netting Improvements Act to exclude from avoidance “transfers made in connection with a securities contract, commodity contract or forward contract.” Throughout this memo, I will address what the safe harbor defense is, pursuant to section 546(e), and explain when such a defense may be asserted. In addition, I will discuss the caveat created between the safe harbor defense and 11 U.S.C. § 548(a)(1)(A)13, and I will address the safe harbor defense’s limitations when actual knowledge of fraud can be established

Perversi, sognatori, innocenti: la figura del bambino nell'opera di Ian McEwan.

Il presente elaborato si propone di delineare innanzitutto il percorso storico-letterario compiuto dalla children’s literature, a partire dal XVII secolo fino ad oggi, riflettendo un’evoluzione che va di pari passo con il profondo mutamento verificatosi nel corso dei secoli nelle concezioni stesse di bambino e infanzia. In seguito, l’attenzione si rivolge a Ian McEwan, autore inglese contemporaneo di diversi best-seller a livello internazionale, il quale appunta spesso l’attenzione, nella sua narrativa, sul mondo dell’infanzia sottolineandone la complessità e la poliedricità. Dopo una breve introduzione biografica, si osserva come l’esperienza dell’autore abbia fortemente inciso sulla sua personale idea di infanzia/adolescenza, attraverso tutta una galleria di personaggi che popolano i romanzi presi qui in considerazione: The Cement Garden, The Child in Time, The Daydreamer e, per finire, The Children Act

Catégorisations des migrantes par le religieux et agentivité autour de l'Islam

The numerous studies on the religious practices and on the forms of political agency of the migrants, and then of their female descendants do not find a counterpoint towards the Islam of migrant women. The demolition of a faith in a culture and in a religion “of origin”, was not completely accomplished in the case of the women arrived in France within the framework of the family entry. It is by the sexual division of the religious work and the conflicts of power that this article intends to approach the question of the autonomy margins of the migrant women within the religious transmission. By taking into account at the same time the transmission of the mothers towards their children and the “fortifying” transmission operated by their children, the normative speeches of the religious leaders of Islam (institutional and charismatic) appear as an inclusive third, a social operator forcing each of these actors to position themselves with respect to the maternal or filial status.Les nombreux travaux sur les pratiques religieuses et sur les formes de mobilisation des migrants, puis de leurs descendantes ne trouvent pas de contrepoint du côté de l’islam des migrantes. La déconstruction d’une croyance en une culture et en une religion « d’origine », n’a pas été totalement effectuée dans le cas des migrantes arrivées en France dans le cadre du regroupement familial. Figurant dans le jeu social comme des mères « porteuses de dispositions aliénées » elles continuent d’être pensées comme pouvant reproduire à l’identique des formes normatives coupées des rapports sociaux, indépendamment du contexte migratoire. C’est par l’entrée de la division sexuelle du travail religieux et des conflits de pouvoir afférant que cet article entend aborder la question des marges de manœuvre des migrantes au sein de la transmission religieuse. En prenant en compte à la fois la transmission des mères à l’égard de leurs enfants et la transmission « remontante » opérée par les « descendant(e)s », les discours normatifs des leaders religieux de l’islam (institutionnel et charismatique) apparaissent comme un tiers inclus, un opérateur social obligeant chacun de ces acteurs à se positionner à partir du statut maternel ou filial

Serial Long Bone Histology: Inter- and Intra-Bone Age Estimation

Few publications report on histological differentiation within and between mammalian long bone cortices. Specifically, are osteon populations unique to proximal, midshaft or distal segments? First, this study tests Kerley’s (1965) quantification categories, i.e., number of osteons, fragments, and non-Haversian canals and percent circumferential lamellae, to estimate age and second, quantifies those micro-structural differences within and between human femur, tibia and fibula based upon section location. In an identical attempt to understand within-bone differences, i.e., proximal from distal, the same Kerley criteria were qualified and quantified within and between humeral, radial and ulnar diaphyses. However, no age estimation via Kerley was made on the pectoral limb bones, as the method never intended to assess age using these. Using a Buehler Isomet 1000 saw, three thin sections were made from numerous one-centimeter segments cut from each entire diaphysis. Sections were quantified identical to Kerley’s quadrant (anterior, posterior, medical and lateral) using a Leica DMRX light microscope at 16, 50 and 100 magnifications. After video-image capture, morphometric analysis of utilized Image-Pro Express software with a Dell OptiPlex GX270 computer. Quantification of these structures indicates statistically significant within-bone differences, i.e., throughout the shaft, which result in significantly different age estimations. The means for each quantification category were examined independently across the four fields using repeated measures ANOVA at the .05 level. Regression equations for age estimation using Kerley based on the femur, tibia and fibula reveal widely inconsistent age estimations when compared to those derived from midshaft. Those findings generate two related conclusions: Metabolically and/or mechanically, bone maintenance and remodeling varies greatly within the shaft. Second, fragment location must be identified and existing Kerley and Ubelaker (1978) equations be used only for midshaft. As this research demonstrates, moving proximal or distal from midshaft will result in spurious age estimation particularly pertinent to fragmentary remains. Furthermore, this research underscores that fact that ageing methods developed from fragmentary bone must account for significant difference of microstructural populations throughout the shaft as well as within one thin section

Laterolateral teleradiography of the skull as a screening method for OSA/OSAS, in patients in orthodontic treatment

Aim: Obstructive sleep apnea syndrome (OSAS) is the most common type of sleep apnea and it is caused by complete or partial obstruction of the upper airway. Adenotonsillar hypertrophy, obesity, cranio-facial anomalies and neuromuscular diseases are the main risk factors for the development of OSAS in the pediatric age. Specially several studies identify the relationship between respiratory disorders in sleep and obesity, and, in particular, between OSAS and obesity, designing a prevalence of OSAS among obese subjects between 14 and 78%. The diagnosis of OSAS in the child is of great importance as it can lead to neurocognitive and behavioral complications, growth retardation, systemic arterial hypertension, pulmonary hypertension, cardiovascular disease and metabolism. The WHO (World Health Organization) has established the new criteria for the classification of Obesity on the basis of BMI and the risk of comorbidities, identifying a moderate risk for underweight subjects, a very low risk for normal weights and an increased risk from severe to severe for overweight and obese individuals respectively. According to that the aim of this study is to evaluate the correlation between obstructive sleep apnea syndrome and cephalometric variables in children considering age and BMI. Materials and methods: Children aged 7–10 years and 11-14 years with no genetic syndrome, previous otorhinolaryngologic or orthodontic therapy treatments are being selected from our Departments of Paediatric Dentistry, University of Palermo, and from the Department of Orthodontics, University of Messina (Italy). All patients so far recruited and visited for orthodontic problems were in mixed or early permanent dentition phase, with the first upper molars fully erupted and presented to the history of several symptoms of Osas, such as recurring episodes of shallow or paused breathing during sleep, waking up frequently to urinate, morning headaches, memory or learning problems and not be able to concentrate or feeling irritable. Dental records and lateral cephalometric radiographs were obtained for all of the patients and than they have been subjected to paediatric, otolaryngology and polysomnography visits. Subject with a positive diagnosis of Osas were studied and they were divided in group based on their BMI. In all groups the inter-molar distance in dental records was measured, and the cephalometric traces have been calculated. As reported by the study by Galeotti et al. the cephalometric measurements analysed are S-PNS, ad1-PNS, and ad2-PNS for the nasopharynx; p-pp and pa for oropharynx; H-H’ for the Hyoid bone; SNA for the maxilla; SNB;ANB and Go-Me for the mandible; S-Go, N-Me and P-A for facial Height; SN for cranial base; SN-MP and PP-MP for the typology, and angle ArGoMe for Growth prevision. At the time that children are still in the way of recruitment the results may not yet be defined; however it is necessary to emphasize the importance of the study, because in the child respiratory disturbances in the sleep, and in particular the OSAS, are often underestimated, despite representing the third place between the threats of health after the smoke and the excess of weight

Case 13 : The Abokobi Open Dump

Treesus, an environmental advocacy group in Accra, Ghana, recently hired Luca Parente. Like many West African countries, Ghana has a linear economy, meaning that it dumps rather than recycles most of its municipal solid waste. Luca explores the Abokobi open dump site, a large open dump in the middle of the Abokobi community. Luca recognizes the hazards of living beside an open dump and learns that it may increase the rate of communicable diseases and the exposure to toxic heavy metals. The Abokobi community is divided on their perceptions of the dump. Some see scavenging at the dump as an opportunity to provide income for their families while others view the dump as a significant health hazard. Scavenging is one of the only forms of recycling present in Accra. Luca is expected to present on what he believes to be the best direction for waste management in Accra. Will Luca conclude that Accra should follow the footsteps of countries with more developed waste management systems? Or will Luca find a way to augment existing structures

Towards the Energy Transition of the Building Stock with BIPV: Innovations, Gaps and Potential Steps for a Widespread Use of Multifunctional PV Components in the Building Envelope

The scenario that emerges from scientific research on the use of BIPV systems in architecture shows that photovoltaic technologies and systems have reached a significant development in production and installation, becoming a strategic approach in the field of energy efficiency and enabling a progressive decarbonisation of the building stock. Still, knowledge and methods of architectural integration are not fully developed, especially in Italy. The present paper reports the results of a research activity that, systematising the main criteria and indicators for assessing the integrability of BIPVs in architecture, has led to the development of BIPV Product and Case Study Catalogues that define an up-to-date state of the art on aspects of design and technological innovation using BIPV systems and components. Catalogues have been created with the objective of contributing to the growth of knowledge on the most up-to-date methods of design by implementing a ‘technology transfer’ from good practice, in which photovoltaic systems are an integral part of the design concept and construction techniques of the architecture. The analysis related to the production of BIPV systems and components and their application in architectural projects allows one to highlight the main critical factors in the diffusion throughout the country and to identify the main research demand arising from the specific national situation

Relatos de un proyecto: “Artista se Hace ¿cómo se construye un artista contemporáneo?

La idea de convertir una frase en proyecto me venía dando vueltas hace tiempo. Siempre escuchaba por los pasillos de las instituciones “es un genio”, “mirá como dibuja” y estas ideas se asociaban en general a una mirada esencialista del “ser artista”, ligado al don y al talento. Me propuse pensar en si artista se nace o se hace e intenté pensarlos con otros y otras que habían sido mis profesores, mis compañeros/as o alumnos/as. Así nació el proyecto: “Artista se Hace ¿Cómo se construye un artista contemporáneo?”. El principal objetivo era dar vuelta los contenidos de la materia, ponerlos patas arriba y sacudir la linealidad con la que nos han acostumbrado a leer la historia y sobre todo “La Historia del Arte” (la mayúscula es mía); preguntarnos qué es el arte, qué es la historia, qué sabemos sobre ello, qué creemos que sabemos, qué hacemos y no sabemos y qué posibilidad de narrar el mundo tenemos si no sabemos.Universidad Nacional de La Plata (UNLP) - Liceo "Víctor Mercante