Definition of "Affiliate" under 101(2)
Posted: Mon Jan 30, 2017 8:47 pm
Statutory interpretation time:
Debtor owns a 24% interest in an LLC. Debtor is not a managing
member and makes no decisions in the affairs of the LLC and has no
"voting rights".
Decisions of the LLC are made solely by two managing members, who
happen to be relatives of the debtor.
Is the LLC an affiliate as defined by 11 USC 101(2)?
I've read it several times and the phrase "of the debtor" in
subsection (A) could be interpreted to either mean that the debtor
is an entity that has voting securities or that debtor OWNS rights
to voting securities.
Anyone parse this before?
Thanks much.
*************************
Mark J. Markus
Law Office of Mark J. Markus
_*Mailing Address Only:*_
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of
the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice contained
in this communication (or in any attachment) is not intended or
written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any
transaction or matter addressed in this communication.
The post was migrated from Yahoo.