This case is a library, popular press and internet case which examines Tom Brown Inc. The review of annual reports, trade journals, government documents and proposed and enacted regulations must be accomplished carefully. While most students have a general understanding of the oil and gas industry, few have the current knowledge to compare this industry against more traditional production operations. A review of these resources should lead students in determining the future of the company and the current CEO, Tom Brown.
The In re Commercial Money Center Inc. case, in which the Bankruptcy Appellate Panel of the 9th Circuit held that the Uniform Commercial Code (UCC) protects flexibility in lease financing transactions at the expense of allowing a form of fraud that ultimately cannot be protected against is examined. It is concluded that the BAP was wrong to emphasize flexibility at the expense of preserving integrity in lease financing transactions, discussing some of the problems raised by the BAP's decision, and explains how the BAP could (and should) have read the UCC to both protect the integrity of lease financing while preserving the ability to fractionalize lease-derived forms of collateral. Some practical steps that may give at least partial protection against the problems created by the BAP's d...
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