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27 Bull. Bus. L. Sec. i (1990)

handle is hein.journals/txjbus27 and id is 1 raw text is: e ** . SBULL ETIN OF THE BUSINESS LAW SECTION Vol. 27 March 1990 No. 1 IN THIS ISSUE ... Receivership Issues of Failed Financial Institutions: Unfunded Obligations by W. Mike Baggett and Diane K. Lettelleir of Winstead Sechrist & Minick, P. C., Dallas, dis- cusses selected issues when a bank or savings and loan institution is placed into conservatorship or receivership due to insolvency and has unfunded obligations such as letters of credit, leases, contracts of sale, service contracts and financial contracts. The laws governing fed- eral and state financial institution regulators gives receivers and con- servators far-reaching powers that may alter or even eliminate a failed financial institution's outstanding obligations to third parties. Page 1. The LTV Risk: Bankruptcy Order Disallows OlD Created in Exchange Offer by Robin E. Phelan and Stacy Jernigan of Haynes and Boone, Dallas, discusses a recent decision of the influential United States Bankruptcy Court for the Southern District of New York which could have detrimental and far reaching consequences for finan- cially troubled companies and their creditors who attempt to restructure obligations, particularly in the con- text of pre-bankruptcy offers to exchange old debt for new restruc- tured debt. Page 17. Recent Developments in Corpo- rate and Securities Laws by Joseph Dannenmaier, James Earl Parsons and Michael C. Titens of Thompson & Knight, Dallas, includes a discus- sion of the Delaware Supreme Court's decision in Paramount Com- munications, Inc. v. Time, Incor- porated, a U.S. Supreme Court deci- sion establishing a test to determine when a note is a security under the Securities Act of 1933, and two recent decisions regarding the requirement of reliance for an action under Section 14(a) of the Securities Exchange Act of 1934. Page 21. State Bar Convention. The State Bar of Texas will be holding its An- nual Meeting in Dallas on June 6-9. Notice is hereby given that the Annual Meeting of the Business Law Section will be held on June 7, 1990 at 4:45 p.m. at the Loews Anatole Hotel in the Governors Room (meet- ing room is subject to change). Sev- eral Council Members will be elected at that time. The following persons have been nominated for election to a two year term on the Council of the Business Law Section: Byron F. Egan, Robert F. Gray, Jr., Dan L. Nice- wander, Michael Tankersley and Vernon 0. Teofan. Byron F. Egan was nominated to become Chairper- son and Charles C. Szalkowski was nominated to become Vice Chairperson. In addition, no business lawyer can afford to miss Business Crime - What You Don't Know Can Hurt You, co-sponsored by the Business Law Section on Thursday, June 7, 1990. The 1980's were marked by a dra- matic increase in criminal prosecu- tions against the business commu- nity. Although mail fraud and RICO charges were once reserved for real criminals, indictments reflect- ing these offenses are now com- monly issued against the most white-collared of businesses and executives. The surge in prosecu- tions of, and prison terms for, white- collar executives has required busi- ness lawyers, formerly only familiar with corporate board rooms, to focus their attention on the subjects that will be presented by the out- standing group of panelists. The panelists have extensive cor- porate, prosecution and defense experience and will explore issues ranging from an overview of federal and state business crimes, to the latest in government investigative techniques. Nationally known experts, such as Judah Best of Washington, D.C., who has represented high-profile public fig- ures and institutions, and Rudolph Giuliani, who prosecuted Drexel Burnham Lambert, Inc. will provide useful tips for spotting the pitfalls in any criminal corporate investigation and for fielding questions until help arrives. Closer to home, Mitchell Lansden, Assistant United States Attorney for the Southern District of Texas, will

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