By Porter Wright on The United State Supreme Court issued an opinion on June 12, 2014 in Clark v. Rameker dealing with a relatively simple issue at the intersection of bankruptcy law and retirement policy. The case dealt with the ability to exempt “retirement funds” as a category of assets from a bankruptcy estate when an individual files for bankruptcy. The … Continue Reading
By Porter Wright on If you are a board member or senior executive of a company that is rapidly failing, what do you about employee benefits? No one has ever liked my answer: freeze the benefits. This is counterintuitive advice for someone who is trying to keep the company afloat, and who would be personally affected by the loss of benefits. But let me explain why this is so important, using a complaint that was recently filed by the DOL, and the facts as they were alleged.… Continue Reading
By Porter Wright on On Monday, August 8, 2011, United States Bankruptcy Court Judge Mary Walrath ruled that Harry & David Holdings Inc. the Oregon-based gourmet food and gift company, can terminate its pension plan as part of a pre-arranged bankruptcy plan and emerge from bankruptcy free of its accumulated pension liability. The company convinced the court that it … Continue Reading
