The Packaging Systems decision is an important lesson for post-petition lenders. First, the decision highlights the risks inherent in obtaining a Section 364(c)(1) super-priority claim given the ever-present risk that the case is later converted to a Chapter 7.
From Government in America: Until the 1970s, committee chairs were always selected through the seniority system; under this system, the member of the majority party with the longest tenure on the committee would automatically be selected.
One of the most common phrases we hear from audit chairs is, âI want no surprises.â While surprises are generally inevitable in the course of business, audit chairs and committees want the CFO to manage the avoidable issues and inform them in a timely way when the unexpected occurs.