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29 Bull. Bus. L. Sec. [i] (1992)

handle is hein.journals/txjbus29 and id is 1 raw text is: BULLETI.. OF THE BUSINESS LAW SECTION Vol. 29 March 1992 No. 1 IN THIS ISSUE . . . Summaries of Certain State Securities Board Staff No-Action and Interpretative Letters, by a subcommittee of the Securities Law Committee of the Business Law Section, is the second of a series of articles summarizing significant no-action and interpretative letters of the Staff of the Texas State Securities Board with respect to the Texas Securities Act and the Rules of the Board. This article concerns no-action and interpretative letters issued from September 1985 through August 1986. The subcommittee consists of Patsy W. Nichols, Chairperson, and Mary Alice Lapham and Eugene W. Albert, and has received the assistance of Denise Voigt Crawford, the General Counsel of the State Securities Board. Preferential Transfers in the Fifth Circuit: Is TB. Wester Foods, Inc. Our Deprizio? Not!, by William L. Wallander and James S. Brouner, describes the conflict between federal circuit courts regarding indirect preferential transfers avoidable under the Bankruptcy Code and assesses the view of the Fifth Circuit in its recent decision in the T.B. Westex Foods, Inc. case. The conflict concerns whether a bankruptcy trustee can avoid and recover a transfer made to a non- insider creditor more than 90 days but less than one year before bankruptcy when the transfer benefitted an insider creditor. This article concludes that the Fifth Circuit disagrees with the theory adopted in the Seventh Circuit's decision in the Deprizio case. This article also analyzes the conflicting theories by indicating their differing results when applied to various hypo- thetical situations. Page 8. Cures for the Junk Bond Hang- over, by Ford Lacy and David M. Dolan, describes the principal methods, apart from bankruptcy, of restructuring the terms of outstanding debt securities and addresses various issues or problems that arise under federal securities laws when those methods are employed. Page 27. Annual Report of the Com- mercial Code Committee summarizes the past year's and the current work of the Commercial Code Committee of the Business Law Section. Further information about the Committee's work may be obtained from the Chairman of the Committee, Daryl B. Robertson at Bracewell & Patterson in Dallas. Page 42. NOTES ... 1992 Annual Meeting of the Business Law Section; Nominees for Council Members and Officers. Notice is hereby given that, in conjunction with the Annual Meeting of the State Bar of Texas to be held in Corpus Christi on June 24-27, 1992, the Annual Meeting of the Business Law Section will be held on Thursday, June 25, 1992, at the Marriott Hotel. The following persons have been nominated for election to a two-year term, commencing at the close of the 1992 Annual Meeting, on the Council of the Business Law Section: Robert F. Gray Dan L. Nicewander Darrel A. Rice Linda D. Sartin Michael W. Tankersley. In addition, the following persons have been nominated to serve, until the close of the 1993 Annual Meeting, as officers of the Business Law Section: R. Dennis Anderson, Chairman Dan L. Nicewander, Vice Chairman David R. Schneider, Secretary-Treasurer.

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