In the News

Bloomberg TV Bankruptcy Reporter Discusses Recent Third Circuit Appellate Decision Successfully Argued by Dykema Tax Lawyer Anthony Ilardi

Decision Produces “Very Important Law” for Bankruptcy and Tax Practitioners

May 29, 2013

William J. (Bill) Rochelle, bankruptcy columnist and editor-at-large for Bloomberg News and featured presenter on the Bloomberg TV program, “Bill on Bankruptcy,” recently discussed the significance of the U.S. Court of Appeals for the Third Circuit decision that affirmed Barden Development Inc.’s (BDI) to obtain revocation of its S Corporation status after its qualified subsidiary (QSub), Majestic Star Casino, had filed for bankruptcy. BDI was represented by Anthony Ilardi, Jr., a member in Dykema’s Taxation practice. Click here to learn more about this case.

Rochelle describes one aspect of this “gruesomely difficult” opinion as critically important for bankruptcy lawyers all over the country. “One non-tax statement in this opinion is very important,” said Rochelle. “The judge said that simply because you have some package of rights which are valuable to the bankrupt company, that does not automatically mean that those rights amount to property in the bankruptcy sense.” Rochelle doesn’t believe this ruling will advance to the U.S. Supreme Court any time soon as “no other circuit court has reached this issue.”

To view this three-and-a-half minute discussion, click here (and start at the 6:40 mark).