ITC/USA 2011 Conference Proceedings / The Forty-Seventh Annual International Telemetering Conference and Technical Exhibition / October 24-27, 2011 / Bally's Las Vegas, Las Vegas, Nevada / The Western Aeronautical Test Range (WATR) staff at the NASA Dryden Flight Research Center is developing a translation software called Chapter 10 Tools in response to challenges posed by post-flight processing data files originating from various on-board digital recorders that follow the Range Commanders Council Inter-Range Instrumentation Group (IRIG) 106 Chapter 10 Digital Recording Standard but use differing interpretations of the Standard. The software will read the date files regardless of the vendor implementation of the source recorder, displaying data, identifying and correcting errors, and producing a data file that can be successfully processed post-flight.

In July 2014, Argentina entered selective default, even as the country remained financially solvent. The default stemmed not from economic woes, but rather from protracted international litigation between Argentina and a group of hedge funds who, for years, refused to negotiate with Argentina over their bond holdings in the wake of the country’s first default in 2001. These holdouts stalled negotiations and locked Argentina out of international credit markets, damaging the country’s economy and financially harming other creditors and Argentinian citizens alike. Argentina ended up in such a dilemma because of the current sovereign debt restructuring process. No international arbitrator of sovereign debt currently exists. Instead, a country must negotiate with creditors on an ad-hoc basis, gathering support from 100% of creditors before it can restructure its debt and reenter international credit markets, an extremely inefficient system. This paper will assess the current system of sovereign default renegotiations, identifying inefficiencies in the current system, reviewing past proposals for improvements to the system, and ultimately proposing an international arbitrator for default negotiations. This text uses the development of the US Federal Municipal Bankruptcy Act of 1934 as a guide for an international bankruptcy court. Prior to the passage of the law, municipalities faced many of the same challenges faced by defaulted nations today, including powerful holdouts and a lack of structure in the negotiation system. Given the similarities between the two cases, the Federal Municipal Bankruptcy Act serves as an ideal framework for sovereign default arbitration internationally.

Le seul ouvrage dédié exclusivement à ce qu’il est convenu d’appeler « les scarabées de cœur » est signé du Professeur Michel Malaise et date de 1978. Ce livre est depuis cette date la référence en la matière mais, en l’absence d’un corpus, les critères de datation proposés n’y peuvent être ni exhaustifs ni très précis. L’objectif de cette étude était de remédier à ces lacunes.Les scarabées de cœur étaient des amulettes disposées dans la région du cœur de la momie d’un individu, juste après son décès, afin de le protéger contre la trahison possible de son propre cœur. En effet, le défunt devait subir l’épreuve de la pesée du cœur devant un tribunal de dieux présidé par Osiris, mais c’est son cœur qui était interrogé pour savoir quelle avait été la conduite de son propriétaire lors de son passage sur la terre. Les réponses à ces questions conditionnaient l’avenir du défunt dans l’au-delà : la vie éternelle ou l’anéantissement. Pour se concilier les bonnes grâces du cœur, d’autant plus que celui-ci pouvait mentir, les amulettes étaient inscrites d’une prière choisie dans un des chapitres 26 à 30 B du Livre des Morts, suppliant le cœur d’avoir des réponses favorables devant le tribunal.La présente étude a pris huit années pour rassembler un corpus de 1400 scarabées de cœur et autres amulettes ayant la même fonction rituelle, soit probablement plus de 85% de ceux qui sont conservés dans les musées, qui sont désignés ici sous le nom générique d’« amulettes de cœur ». Ce corpus a donné lieu à l’établissement d’une typologie permettant de déterminer des séries d’amulettes présentant des caractèristiques plastiques et épigraphiques semblables qui, croisées avec celles des amulettes de date connue, qui sont soit celles dont les propriétaires sont des personnages historiques soit celles provenant de fouilles bien datées, ont conduit à la détermination de critères de datation objectifs. L’étude présente aussi les clichés de plus de 1200 amulettes avec description, une traduction des textes inscrits et une proposition de datation. / The only book dealing specifically with the so-called “ Heart Scarabs” was written by Professor Michel Malaise and published in 1978. It has remained since the reference on the subject but, due to the unavailibility of a corpus, the datation criteria could not be exhaustive nor accurate. The target of this dissertation was to fill these gaps. The heart scarabs were amulets to be laid on (or in) the mummy of a person just after his death in the heart area, in order to protect him from the possible treachery of his own heart. In effect, the Dead was to be put to the test of the weighing of his heart, in front of a court of gods presided by Osiris, but it was his hesart which was interrrogated in order to know whether its owner had behaved well during his life. The answers to these questions would determine whether he would be granted an eternal life or the nothingness. In order fo gain the heart’s goodwill, especially when it might lie, the amulets were inscribed with a prayer chosen in one of the chapters 26 to 30B of The Book of the Dead. This prayer was begging his heart to make favorable answers to the court.It took eight years to gather a corpus of 1400 heart amulets and others amulets with the same ritual function, called “heart amulets” in this dissertation, a number representing likely more than 85% of the total in existence. The gathering of these amulets made possible an adapted typology to be built, which lead to the determination of series of amulets with similar shape or epigraphic characteristics to be compared with the characteristics of amulets with a known date, which are the ones the owners of which are historical persons or those originating from well dated excavations. This comparison allowed for the determination of objective datation criteria. This memoire finally presents photos of more than 1200 amulets with a description, a translation of the texts and an estimated datation.

L’objet de notre réflexion est de voir que l’articulation entre le Conseil de sécurité et les juridictions pénales internationales s’appréhende essentiellement sous deux angles complètement nouveaux en droit international : la participation directe ou indirecte à la création d’organes juridictionnels et l’intrusion dans les procédures de fonctionnement de ceux-ci. Juridiquement, le Conseil de sécurité exerce pleinement ce double rôle sous le prisme de l’article 24 de la Charte des Nations Unies qui lui attribue la responsabilité principale en matière de maintien de la paix et de la sécurité internationales. En effet, qu’il s’agisse de la création des T.P.I., de son rôle peu ou prou variable dans l’établissement des juridictions mixtes, du pouvoir de saisine et de suspension de la C.P.I. que lui confère le Statut de Rome, de l’obligation de coopération des Etats dont il est l’ultime gardien ou de son pouvoir discrétionnaire dans la qualification du crime d’agression, le Conseil de sécurité est devenu, grâce à l’inépuisable fondement du Chapitre VII, le véritable catalyseur de la justice pénale internationale. Cependant, le revers de la médaille de cette importance du Conseil n’est pas anodin ou sans intérêt. Son irruption, très contestée au départ, dans le domaine de la justice pénale internationale donne lieu à une confrontation ancienne en droit international : celle de la politique et du juridique. Les termes de ce conflit transparaissent assez clairement de l’esprit de notre analyse. On ne peut d’ailleurs y échapper tant les préoccupations liées à la justice pénale internationale et celles relatives au maintien de la paix sont consubstantiellement imbriquées. Nous observons, non sans une certaine distance et une forme de retenue, que les termes mêmes de l’articulation alimentent toutes formes de conjectures sur l’indépendance et l’impartialité des juridictions pénales internationales. / The purpose of our research is to acknowledge that the link between the Security Council and international criminal jurisdictions is to be understood essentially under two entirely new perspectives in international law: the direct or indirect involvement of the Security Council in the creation of jurisdictional bodies and its intrusion in the operating procedures of the latter. Legally, the Security Council fully exercises this double role in accordance with Article 24 of the Charter of the United Nations, which devolves to it the main responsibility in the matter of maintaining peace and international security. Indeed, the Security Council, whether it is in the creation of ICCs, in its variable role in the setting up of mixed courts, in its power of submission and suspension of cases before the ICP which is imparted to it by the Statute of Rome, in its ultimate part in ensuring the obligation mutual cooperation amongst states, or in its discretionary power in the characterization of the crime of aggression, has become, thanks to the abiding foundation of Chapter VII, the genuine catalyst of international criminal justice. However, the downside to this importance of the Security Council is neither to be overlooked nor without interest. The sudden, and at first highly debated emergence of the Security Council in the area of international criminal justice has rekindled an old debate in international law: that of the political and the juridical order. The terms of this conflict show quite clearly through the approach of our analysis. We cannot evade this debate, considering how intricately the issues and concerns of international criminal justice and those of relating to peacekeeping are consubstantially interwoven. We may notice, albeit at some distance and some restraint, that the very terms of this link nurture all sorts of conjectures over the independence and impartiality of the international criminal courts.

A cours des dernières décennies, le Conseil de sécurité, agissant en vertu du chapitre VII de la Charte des Nations Unies, a autorisé l'adoption de diverses mesures de nature ou de portée économique, dans la sphère des États ou territoires non-étatiques, à l'issue de conflits armés. Il a ainsi promu la stabilisation économique, via des réformes économiques d'envergure, dans des zones post-conflictuelles telles que le Bosnie-Herzégovine, le Kosovo, le Timor oriental ou l'Irak. Il a intégré des principes de bonne gouvernance économique dans des régimes de gouvernance transitoires au Liberia ou aux deux Soudan. Il a développé une gamme de stratégies de consolidation de la paix de plus en plus sophistiquée pour stabiliser l'exploitation des ressources naturelles comme le bois, le pétrole ou les diamants, dans les États comme la Sierra Leone, la République démocratique du Congo ou la Côte d'Ivoire. Toutes ces interventions, plus ou moins intrusives, dans la sphère économique interne des États soulèvent des questions d'ordre juridique importantes. Dans cette étude nous nous sommes intéressés à deux questions essentiellement, à savoir, l'ordre juridique international, tel que nous le connaissons aujourd'hui, dispose-t-il de tous les matériaux nécessaires et indispensables pour encadrer et réglementer toute activité de reconstruction économique entreprise par le Conseil de sécurité ou ses agents d'exécution sur la base du chapitre VII d la Carte des Nations Unions ? Et si oui, comment et dans quelle mesure un tel cursus est-il appréhendé en pratique par les différents acteurs ? Les réponses apportées à cette problématique nous ont conduit, dans un premier temps, à déterminer l'existence , sinon la portée du corpus juridique pertinent, et ensuite, à analyser son impact sur la nature et la portée des pouvoirs susceptibles d'être exercé dans ce contexte. Et, dans un second temps, nous avons apprécié jusqu'à quel point les exigences ainsi établies ont, jusqu'à ce jour, pénétré la pratique des différents acteurs sur cette question précise, et en cas de violation des règles pertinentes, comment rendre, et dans quelle mesure, les acteurs concernés responsables des violations alléguées. / Résumé non communiqué

Enligt huvudregeln i svensk skatterätt ska företag som tidigare år redovisat underskott dra av underskottet det följande beskattningsåret. Till huvudregeln följer begränsningar i avdragsrätten, vilka aktualiseras först vid ägarförändringar. En begränsningsregel som har fått mycket uppmärksamhet är den som följer av 40 kap. 12 § Inkomstskattelag 1999:1229 (IL). Paragrafen infördes ursprungligen för att begränsa handel med underskottsföretag. Handel med underskottsföretag anses av lagstiftaren kunna ge negativa samhällsekonomiska konsekvenser. När flera personer gemensamt förvärvat det bestämmande inflytandet i ett underskottsföretag kan 40 kap. 12 § IL utlösa en beloppsspärr. Denna beloppsspärr innebär att vissa delar av ett underskott kan falla bort och på så vis inte utnyttjas mot ett framtida överskott. Uppmärksamheten som riktats mot lagrummet består huvudsakligen av kritik mot ordalydelsens otydlighet. Skatteverket har i en skrivelse till regeringen uttryckt att 40 kap. 12 § är omöjlig att följa och tillämpa. Paragrafens uppbyggnad och lydelse är komplicerad och på flera områden lämnas det öppet för alternativa tolkningar. Med hjälp av förarbeten kan man göra välgrundade antaganden i hur lagrummet ska förstås, men det föreligger fortfarande flera obesvarade frågor. I framställningen tydliggörs att bestämmelserna i 40 kap. 12 § IL har långtgående omfattning vilket kan utlösa beloppsspärren i situationer som förmodligen inte var avsett.   Det konstateras att det föreligger en diskrepans mellan lydelsen av lagrummet och motivuttalandena i propositionen. Slutsatsen av denna framställning är att 40 kap. 12 § IL måste reformeras för att bättre kunna tillämpas i skattelagstiftningen. / According to the principal rule in Swedish tax law, companies that in previous years reported deficit of the fiscal year have to reduce the deficit the following fiscal year. The principle rule are followed by some restrictions, which activates first when ownership changes. A specific restriction rule that has received much attention is chapter 40 § 12 income tax law 1999:1229 (IL). The clause was introduced originally to restrict trade with deficit enterprises. Trade with deficit enterprises is considered by the legislator to give negative socio-economic consequences. When several persons together obtain control of a deficit company activates an amount blocking. This amount blocking means that certain parts of a deficit may cease and not be used against a future surpluses. The attention directed towards chapter 40 § 12 IL consists mainly of criticism against the wording of the paragraph. The Swedish tax agency has, in a letter to the Government expressed that chapter 40 § 12 is impossible to follow and apply. The structure and wording is complex and in many areas lefts opened for alternative interpretations. The source of law provides some help of which it is possible to make informed assumptions of the meaning of the paragraph, but there are still many unanswered questions. This essay clarifies that the provisions of chapter 40 § 12 IL has an extensive coverage which could trigger an amount blocking in situations that probably wasn't intended. It is found that there is a discrepancy between the wording of chapter 40 § 12 IL and the intentions of the paragraph. The conclusion of this essay is that chapter 40 § 12 IL must be reformed in order to improve the application of the tax legislation.

Den 1 januari 2009 trädde en ny lagstiftning i kraft gällande ränteavdragsbegränsningar i syfte att förhindra skatteupplägg med ränteavdrag inom en intressegemenskap. Förändringarna innebar att en huvudregel infördes vilken stipulerar att bolag inom en intressegemenskap inte får dra av ränteutgifter avseende en intern skuld som hänför sig till förvärv av delägarrätter inom koncernen. Till huvudregeln infördes två undantag som stadgar att avdrag ändock får göras om särskilda krav är uppfyllda. Undantagen kom att benämnas tioprocentsregeln och ventilen. När det gäller tillämpningen av tioprocentsregeln ligger svårigheten i att utföra det så kallade hypotetiska testet där man ska beräkna till vilken skattesats det räntemottagande bolaget ska beskattas till om det endast hade haft ränteinkomsten som sin enda inkomst. Tillämpningsproblemet gällande ventilen är att det är en lagregel vilken vilar på domstolens subjektiva värderingar av affärsmässigheten i de uppkomna skuldförhållandena. Trots införandet av de nya reglerna uppmärksammade Skatteverket att skatteplaneringsförfaranden fortfarande föreligger varför ett nytt lagförslag nu har publicerats av Finansdepartementet. Förslaget innebär i kort tre stora förändringar av de nuvarande reglerna. Samtliga interna lån ska numera omfattas, en omvänd ventil införs vilken ger Skatteverket rätt att neka avdrag oavsett till vilken skattesats ränteinkomsten beskattas till samt att avdrag enligt ventilen endast ska kunna medges gällande ränteutgifter som betalas till bolag belägna i ett land inom EES eller till ett land vilket Sverige har ett skatteavtal med. Huruvida lagförslaget kommer att antas eller inte är i nuläget oklart. Flera remissinstanser har varit kritiska till förslaget, framförallt gällande den omvända ventilen då man anser att den leder till stor rättsosäkerhet. / On January 1st 2009, a new legislation was set in force with regards to deduction limitations on interests in order to prevent tax schemes with the use of interest deductions within a corporate group. The changes that were made imposed a general rule which stipulates that companies within a corporate group are not allowed to deduct interests regarding internal debts if that debt relates to an acquisition of shares in a company within the corporate group. To the general rule two exceptions were introduced which stipulates that deductions can be made if certain requirements are fulfilled. The exceptions were called the ten percent-rule and “ventilen”. Regarding the application of the ten percent-rule the difficulty lies in the performing of the so called hypothetical test in which you have to calculate to what tax rate the interest-receiving company will be taxed at if it only had the interest as it´s only income. The application problem regarding “ventilen” is based on the fact that it is a rule which rests on the Court’s subjective evaluation of the commercial reasonableness of the transaction. Despite the introduction of the new rules the Swedish Tax Authorities noticed that tax schemes still exists why a new proposal now has been published by the Ministry of Finance. The proposal contains in short of three major changes to the current rules. All internal loans are now covered, a reverse ”ventil” is introduced which gives the Tax Authorities a right to deny deductions regardless of what tax rate the income is taxed to and finally that deductions according to “ventilen” only will be allowed regarding interest payments to a country within the EEA or to a country which Sweden has a tax agreement with. Whether the proposal will be adopted or not is currently unclear and several respondents have been critical to the proposal.

Due to economic globalisation and integration, as well as the global economic downturn since 2008, the appearance of cross-border insolvencies have increased dramatically. This increase in cross-border insolvencies has led to a demand for a general and fair system to administer cross-border insolvencies globally. In 1997 United Nations Commission on International Trade Law (UNCITRAL) promulgated the Model Law on Cross-Border Insolvency to act as an aide to countries in globally administering cross-border insolvencies in a uniform way. South Africa, and the United States of America (USA), subsequently accepted this Model Law approach into their respective national legislation. South Africa did this through the Cross-Border Insolvency Act 42 of 2000 (CBIA) and the USA by way of Chapter 15 of the United States Bankruptcy Code. The CBIA is, however, not currently in operation as the Minister of Justice has not yet designated countries to which the CBIA will apply. Chapter 15 is, however, effective and operational in the USA. The two theories that underlie cross-border insolvencies – universalism and territorialism – have been further refined in the theories of modern universalism and modern territorialism. Supporters of modern universalism hailed the acceptance of the Model Law into the national legislation of countries as a victory over modern territorialism as the characteristics of modern universalism can be found throughout the Model Law. Modern universalism is, however, seen as theory which endangers the interests of local creditors as it favours universal administration of assets. However, modern territorialism is, on the other hand, acknowledged to protect the interests of local creditors. Therefore an investigation into the application of Chapter 15 by the courts of the USA will indicate if the interests of local creditors are sufficiently protected under this so-called modern universalistic approach and, if indeed so, how this is achieved. As the CBIA is neither operational nor effective in South Africa, cross-border insolvencies are governed by the common law and the precedents set down in case law. Writers and case law indicate that South Africa uses a system that can be described as between pure territorialism and modern territorialism. It can therefore be accepted that South Africa currently protects the interests of its local creditors sufficiently. The question then arises if, when South Africa made the CBIA effective and operational, would local creditors‟ interests still be sufficiently protected? As the CBIA and Chapter 15 are both based on the Model Law, they are basically identical in most aspects. Therefore an investigation into the application of Chapter 15 will also indicate if the CBIA will sufficiently protect the interests of local creditors. This dissertation thus attempts, through an investigation of the applications lodged under Chapter 15, to indicate that the USA still succeeds in protecting the interests of its local creditors. The USA achieves this through utilising mechanisms made available through Chapter 15 itself. Consequently this dissertation shows that South Africa can make the CBIA operational, while still sufficiently protecting the interests of its local creditors. / Thesis (LLM (Import and Export Law))--North-West University, Potchefstroom Campus, 2013

Due to economic globalisation and integration, as well as the global economic downturn since 2008, the appearance of cross-border insolvencies have increased dramatically. This increase in cross-border insolvencies has led to a demand for a general and fair system to administer cross-border insolvencies globally. In 1997 United Nations Commission on International Trade Law (UNCITRAL) promulgated the Model Law on Cross-Border Insolvency to act as an aide to countries in globally administering cross-border insolvencies in a uniform way. South Africa, and the United States of America (USA), subsequently accepted this Model Law approach into their respective national legislation. South Africa did this through the Cross-Border Insolvency Act 42 of 2000 (CBIA) and the USA by way of Chapter 15 of the United States Bankruptcy Code. The CBIA is, however, not currently in operation as the Minister of Justice has not yet designated countries to which the CBIA will apply. Chapter 15 is, however, effective and operational in the USA. The two theories that underlie cross-border insolvencies – universalism and territorialism – have been further refined in the theories of modern universalism and modern territorialism. Supporters of modern universalism hailed the acceptance of the Model Law into the national legislation of countries as a victory over modern territorialism as the characteristics of modern universalism can be found throughout the Model Law. Modern universalism is, however, seen as theory which endangers the interests of local creditors as it favours universal administration of assets. However, modern territorialism is, on the other hand, acknowledged to protect the interests of local creditors. Therefore an investigation into the application of Chapter 15 by the courts of the USA will indicate if the interests of local creditors are sufficiently protected under this so-called modern universalistic approach and, if indeed so, how this is achieved. As the CBIA is neither operational nor effective in South Africa, cross-border insolvencies are governed by the common law and the precedents set down in case law. Writers and case law indicate that South Africa uses a system that can be described as between pure territorialism and modern territorialism. It can therefore be accepted that South Africa currently protects the interests of its local creditors sufficiently. The question then arises if, when South Africa made the CBIA effective and operational, would local creditors‟ interests still be sufficiently protected? As the CBIA and Chapter 15 are both based on the Model Law, they are basically identical in most aspects. Therefore an investigation into the application of Chapter 15 will also indicate if the CBIA will sufficiently protect the interests of local creditors. This dissertation thus attempts, through an investigation of the applications lodged under Chapter 15, to indicate that the USA still succeeds in protecting the interests of its local creditors. The USA achieves this through utilising mechanisms made available through Chapter 15 itself. Consequently this dissertation shows that South Africa can make the CBIA operational, while still sufficiently protecting the interests of its local creditors. / Thesis (LLM (Import and Export Law))--North-West University, Potchefstroom Campus, 2013

La tesi mette a confronto l'universo delle riorganizzazioni nel Chapter 11 con i nuovi modelli di ristrutturazione concessi dalla riforma del diritto fallimentare. In modo particolare la tesi si sofferma sul mercato del controllo nella crisi di impresa. Negli Stati Uniti c'e' da tempo un mercato dei crediti sofferenti, mentre in Italia scontiamo ancora i ritardi del sistema economico. Il primo capitolo racconta i temi collegati al mercato del controllo nel Chapter 11: gli acquisti dei crediti nelle diverse classi creditorie, la nuova finanza concessa al debtor in possession, il controllo da covenant, la remunerazione degli amministratori con il debito, i derivati sul credito e il voto connesso. Il secondo capitolo si sofferma sull'interpretazione degli artt. 124 e 127 della legge fallimentare letti nell'ottica di un potenziale mercato del controllo nella crisi di impresa come nel caso del concordato con assunzione e si interroga infine sull'esenzione o meno da opa obbligatoria di tali operazioni alla luce dell'art. 106 TUF. / The thesis compares the world of Chapter 11 reorganizations with the new types of reorganizations introduced in Italy by the recent reform of bankruptcy law. In particular the thesis deals with the market for corporate control in the insolvency arena in both countries. In the States bankruptcy claims are traded on a regular basis whereas Italy still hasn't fully experienced transfers of control within the frame of a corporate reorganization. The first chapter focuses on all issues connected to US M&A in bankruptcy: acquisition of claims in the different classes, control rights in covenants, debtor-in-possession financing, pay for performance in bankruptcy, credit default swaps and empty voting. The second chapter focuses on the interpretation of articles 124 and 127 of the new Italian bankruptcy law which may lead to the creation of a market for corporate control within the frame of a composition with a third party buyer and discusses the potential applicability of mandatory bids pursuant to art. 106 TUF to such deals.