Volunteer Lawyers for Veterans is the Yellow Ribbon Fund’s newest initiative. Over the years, it has been found that some injured service members need legal support. This has been recognized after they leave the service, as well. Support on issues such as divorce, child custody, bankruptcy and some criminal law have been requested by injured service members over the years.

VLV has been created to bring together attorneys from all areas of specialization to help veterans with their legal needs on a pro bono basis. In addition to the needs noted above, VLV attorneys could help guide veterans with needs in real estate, starting small businesses or other legal needs.

The fundraiser at the NYAC on Wednesday, November 9th had over 100 people in attendance and raised nearly $100,000. General Stanley McChrystal was the keynote speaker, they honored several service members (at least two had been injured) and the 319th Army band performed.

Lowis & Gellen Client Sells His Business Interest

Lowis & Gellen represented the seller (the “Seller”) in the sale of his 20% interest in a printing business and the building in which the business is located to a private investor. This sale of LLC membership interests involved a significant cash payment together with a promissory note, employment agreement and a consulting contract with pay-outs tied to sales and revenues for the subsequent five years.

The Lowis & Gellen team consisted of Gerald Haberkorn and Robert Leavitt, who exclusively handled for the Seller all legal aspects of the transaction including the structuring, drafting and negotiating of the sale, employment and consulting documentation.

For more information, please contact:
Robert Leavitt, (312) 628-7199
rleavitt@lowis-gellen.com

Mr. Cahill’s article, "Commodity Supply Agreements Are Swap Agreements: A Counter-Intuitive But Quite Real Safe Harbor From Preference Avoidance,” has been published in International Corporate Rescue and analyzes a defense for commodity suppliers against the avoidance and recovery of transfers to such suppliers from debtors under the Bankruptcy Code.

Section 546(g) of the Bankruptcy Code exempts from preference or constructive fraudulent transfer the avoidance of any transfer made pursuant to a swap agreement with the Debtor. The Code's financial derivative safe harbor provisions and related definitions are broadly-worded. The Code's definition of "swap agreement" includes "commodity forward agreement." A "commodity forward agreement" is, for the Fourth Circuit Court of Appeals and other courts, a commodity supply agreement for future physical deliveries, which is used as a hedge.

Thus, creditors of United States bankruptcy debtors who supply or receive oil, natural gas, steel, polypropylene or any other commodity may do so pursuant to a contract that can be construed as a "swap agreement" that supports a total defense to avoidance of transfers received from the debtor. Implications with respect to other safe harbor provisions of the inclusion of "commodity forward agreement" within the definition of "swap agreement" will be the subject of a future paper.

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L&G Chosen to Conduct Employment Training for Circuit Court of Cook County

Rob Smeltzer, the partner in charge of the firm's employment law practice, will conduct the training of approximately 150 managers of the Circuit Court of Cook County, Illinois, one of the largest unified state court systems in the country. The training will commence in October of this year and center on the legal requirements of various state and federal employment laws, including but not limited to sexual harassment, religious and disability accommodation, the FMLA and overtime laws.