In other words, in the non-bankruptcy context, the secured creditor's decision with respect to its security interest in the goods will determine the value of the seller's right to reclaim. On the other hand, if the secured creditor releases its security interest in the goods to be reclaimed, the seller may enforce its right to reclaim, even if the resulting reduction in the buyer's assets impairs the secured creditor's position. Even if the buyer has additional assets, the seller's right to reclaim affords it no priority interest in those assets it is relegated to its unsecured claim for the purchase price. Under the UCC, if an undersecured secured creditor forecloses on the goods to be reclaimed and uses the entire proceeds to pay down its secured debt, the seller's reclamation right is extinguished.
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The bankruptcy court reasoned that Ethyl must be given an administrative expense priority, or a lien, for the full value of its right to reclaim because § 546(c)(2) permits the court to "deny reclamation to a seller with such a right of reclamation.Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Members help make our journalism possible. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide. World Fuel Services is a global fuel logistics, transaction management and payment processing company principally engaged in the distribution of fuel and related products and services in the aviation, marine and land transportation industries. in 2009, Lakeside Oil and Western Petroleum Co.
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In recent years, Miami-based World Fuel Services has made a series of wholesale distribution acquisitions, including Texor Petroleum Co. "With the acquisition by extremely well-managed and industry leading World Fuel Services Inc., Pester should continue its strong growth in the Rocky Mountain region," added Spencer Cavalier, managing director of Matrix Capital Markets.
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It advised Pester Marketing on evaluation, marketed the company through a customized, confidential, structured sale process and negotiated the transaction. Pester as he exits the industry he has done so much to shape," said Thomas Kelso, managing director and head of the Downstream Energy & Retail Team of Matrix Capital Markets Inc., which provided merger and acquisition advisory services to Pester Marketing. "It is an incredible honor to represent Mr. Through its prior acquisitions, World Fuel Services has demonstrated its commitment to retaining employees and the cultures that built those successful companies," Jack Pester said. has been built by many great employees, who have been committed to its long-term success and culture.