A trava bancária na recuperação judicial e o seu impacto nas formas de financiamento da empresa: uma análise através da teoria do “common pool assets” de Thomas H. Jackson

O objeto de estudo do presente trabalho é a Trava Bancária, mecanismo jurídico previsto no art. 49, § 3º da Lei de Falências e Recuperação Judicial de Empresas - LRF, por meio do qual dívidas contraídas pelas empresas junto às instituições financeiras são garantidas pela alienação fiduciária dos seus recebíveis. Serão analisadas as peculiaridades desse tipo de garantia fiduciária e, em especial, a prerrogativa que os credores detentores desse tipo de garantia possuem dentro dos procedimento de recuperação judicial de empresas, de não precisarem submeter seus créditos aos procedimentos concursais. Será feita uma análise para demonstrar que a manutenção da trava bancária diminui o valor de going concern da empresa em recuperação, pois a criação de um tipo de credor que é blindado quanto aos efeitos da recuperação judicial impede que essa mantenha-se como um procedimento concursal coletivo e compulsório, requisitos que são essenciais para incentivar os credores da empresa a trabalharem de forma conjunta, mantendo o valor de going concern da empresa recuperanda, com o objetivo de recuperar a empresa e saldarem seus créditos. Tem-se como objetivo demonstrar que, a existência da trava bancária na recuperação judicial, pode afetar negativamente o acesso das empresas ao financiamento por equity. Isto porque, os acionistas das empresas são os últimos da fila de credores a receberem caso a empresa entre em recuperação judicial, e, portanto, acredita-se que, ao saberem que existe um mecanismo que poderá inviabilizar a recuperação judicial das empresas em crise, atrapalhando sua geração de valor de going concern, é possível que investidores desistam de investir em empresas financiadas por dívidas garantidas pela alienação fiduciária de seus recebíveis, passando a ser essa uma variável levada em consideração quando da realização dos procedimentos de valuation para compra de participação acionária em empresas. Os pressupostos teóricos que serão utilizados para embasar a premissa de que a trava bancária gera impacto negativo no valor de going concern das empreas em crise, dificultando seu processo de recuperação, serão extraídos e elaborados a partir da Teoria da Common Pool Assets do autor norte-americano, Thomas H. Jackson. A relevância deste trabalho decorre da importância que o procedimento de recuperação judicial apresenta para as empresas em crise e para os seus credores, bem como a importância que esse tipo de procedimento adquiriu no País. Com efeito, desde a entrada em vigor da LRF no ordenamento jurídico brasileiro em 2005, cerca de 4 mil companhias já pediram recuperação judicial. Além disso, o trabalho mostra-se relevante por abordar questão relativa às formas de financiamento das empresas, assunto que tem reflexo no Custo Brasil e impacto direto no desenvolvimento da economia brasileiro.

O ajuste fiscal nos estados 1998-2007

O presente projeto de pesquisa analisa o ajuste fiscal nos estados nos últimos dez anos. Existe um amplo consenso de que esse grande avanço fiscal ocorreu principalmente em decorrência Lei nº 9.496/97, que vinculou a renegociação das dívidas estaduais com a implementação de um amplo programa de saneamento financeiro, assim como, pela promulgação da Lei de Responsabilidade Fiscal (LRF). O estudo mostra que , como regra geral, o padrão de ajuste fiscal implementado na maioria dos estados foi marcado principalmente, por um forte aumento das receitas tributárias. A contribuição do controle das despesas foi bastante limitada o que resultou em um padrão de ajuste fiscal de má qualidade, já a obtenção de crescentes superávits primários resultaram essencialmente do aumento da carga tributária.

The role of the number of uninvolved lymph nodes in predicting locoregional recurrence in breast cancer

PURPOSE: To identify groups of early breast cancer patients with substantial risk (10-year risk > 20%) for locoregional failure (LRF) who might benefit from postmastectomy radiotherapy (RT). PATIENTS AND METHODS: Prognostic factors for LRF were evaluated among 6,660 patients (2,588 node-negative patients, 4,072 node-positive patients) in International Breast Cancer Study Group Trials I to IX treated with chemotherapy and/or endocrine therapy, and observed for a median of 14 years. In total, 1,251 LRFs were detected. All patients were treated with mastectomy without RT. RESULTS: No group with 10-year LRF risk exceeding 20% was found among patients with node-negative disease. Among patients with node-positive breast cancer, increasing numbers of uninvolved nodes were significantly associated with decreased risk of LRF, even after adjustment for other prognostic factors. The highest quartile of uninvolved nodes was compared with the lowest quartile. Among premenopausal patients, LRF risk was decreased by 35% (P = .0010); among postmenopausal patients, LRF risk was decreased by 46% (P < .0001). The 10-year cumulative incidence of LRF was 20% among patients with one to three involved lymph nodes and fewer than 10 uninvolved nodes. Age younger than 40 years and vessel invasion were also associated significantly with increased risk. Among patients with node-positive disease, overall survival was significantly greater in those with higher numbers of uninvolved nodes examined (P < .0001). CONCLUSION: Patients with one to three involved nodes and a low number of uninvolved nodes, vessel invasion, or young age have an increased risk of LRF and may be candidates for a similar treatment as those with at least four lymph node metastases.

Definitive intensity modulated radiotherapy in locally advanced hypopharygeal and laryngeal squamous cell carcinoma: mature treatment results and patterns of locoregional failure.

PurposeTo assess clinical outcomes and patterns of loco-regional failure (LRF) in relation to clinical target volumes (CTV) in patients with locally advanced hypopharyngeal and laryngeal squamous cell carcinoma (HL-SCC) treated with definitive intensity modulated radiotherapy (IMRT) and concurrent systemic therapy.MethodsData from HL-SCC patients treated from 2007 to 2010 were retrospectively evaluated. Primary endpoint was loco-regional control (LRC). Secondary endpoints included local (LC) and regional (RC) controls, distant metastasis free survival (DMFS), laryngectomy free survival (LFS), overall survival (OS), and acute and late toxicities. Time-to-event endpoints were estimated using Kaplan-Meier method, and univariate and multivariate analyses were performed using Cox proportional hazards models. Recurrent gross tumor volume (RTV) on post-treatment diagnostic imaging was analyzed in relation to corresponding CTV (in-volume, > 95% of RTV inside CTV; marginal, 20¿95% inside CTV; out-volume, < 20% inside CTV).ResultsFifty patients (stage III: 14, IVa: 33, IVb: 3) completed treatment and were included in the analysis (median follow-up of 4.2 years). Three-year LRC, DMFS and overall survival (OS) were 77%, 96% and 63%, respectively. Grade 2 and 3 acute toxicity were 38% and 62%, respectively; grade 2 and 3 late toxicity were 23% and 15%, respectively. We identified 10 patients with LRF (8 local, 1 regional, 1 local¿+¿regional). Six out of 10 RTVs were fully included in both elective and high-dose CTVs, and 4 RTVs were marginal to the high-dose CTVs.ConclusionThe treatment of locally advanced HL-SCC with definitive IMRT and concurrent systemic therapy provides good LRC rates with acceptable toxicity profile. Nevertheless, the analysis of LRFs in relation to CTVs showed in-volume relapses to be the major mode of recurrence indicating that novel strategies to overcome radioresistance are required.

Reconhecimento de monossílabos em idosos: análise do nível de apresentação da fala

A perda auditiva no idoso acarreta em dificuldade na percepção da fala. O teste comumente utilizado na logoaudiometria é a pesquisa do índice de reconhecimento de fala máximo (IR-Max) em uma única intensidade de apresentação da fala. Entretanto, o procedimento mais adequado seria a realização do teste em diversas intensidades, visto que o índice de acerto depende da intensidade da fala no momento do teste e está relacionado com o grau e configuração da perda auditiva. A imprecisão na obtenção do IR-Max poderá gerar uma hipótese diagnóstica errônea e o insucesso no processo de intervenção na perda auditiva. Objetivo: Verificar a interferência do nível de apresentação da fala, no teste de reconhecimento de fala, em idosos com perda auditiva sensorioneural com diferentes configurações audiométricas. Métodos: Participaram 64 idosos, 120 orelhas (61 do gênero feminino e 59 do gênero masculino), idade entre 60 e 88 anos, divididos em grupos: G1- composto por 23 orelhas com configuração horizontal, G2- 55 orelhas com configuração descendente, G3- 42 orelhas com configuração abrupta. Os critérios de inclusão foram: perda auditiva sensorioneural de grau leve a severo, não usuário de aparelho de amplificação sonora individual (AASI), ou com tempo de uso inferior a dois meses, e ausência de alterações cognitivas. Foram realizados os seguintes procedimentos: pesquisas do limiar de reconhecimento de fala (LRF), do índice de reconhecimento de fala (IRF) em diversas intensidades e do nível de máximo conforto (MCL) e desconforto (UCL) para a fala. Para tal, foram utilizadas listas com 11 monossílabos, para diminuir a duração do teste. A análise estatística foi composta pelo teste Análise de Variância (ANOVA) e teste de Tukey. Resultados: A configuração descendente foi a de maior ocorrência. Indivíduos com configuração horizontal apresentaram índice médio de acerto mais elevado de reconhecimento de fala. Ao considerar o total avaliado, 27,27% dos indivíduos com configuração horizontal revelaram o IR-Max no MCL, assim como 38,18% com configuração descendente e 26,19% com configuração abrupta. O IR-Max foi encontrado no UCL, em 40,90% dos indivíduos com configuração horizontal, 45,45% com configuração descendente e 28,20% com configuração abrupta. Respectivamente, o maior e o menor índice médio de acerto foram encontrados em: G1- 30 e 40 dBNS; G2- 50 e 10 dBNS; G3- 45 e 10 dBNS. Não há uma única intensidade de fala a ser utilizada em todos os tipos de configurações audiométricas, entretanto, os níveis de sensação que identificaram os maiores índices médios de acerto foram: G1- 20 a 30 dBNS, G2- 20 a 50 dBNS; G3- 45 dBNS. O MCL e o UCL-5 dB para a fala não foram eficazes para determinar o IR-Max. Conclusões: O nível de apresentação teve influência no desempenho no reconhecimento de fala para monossílabos em idosos com perda auditiva sensorioneural em todas as configurações audiométricas. A perda auditiva de grau moderado e a configuração audiométrica descendente foram mais frequentes nessa população, seguida da abrupta e horizontal.

Experimental investigation into amplitude-dependent modal properties of an eleven-span motorway bridge

The authors would like to thank their supporters. New Zealand Earthquake Commission (EQC) Research Foundation provided financial support for experimental work (Grant No. UNI/578). New Zealand Transport Agency (NZTA) provided access to the bridge. Piotr Omenzetter’s work within the LRF Centre for Safety and Reliability Engineering at the University of Aberdeen is supported by Lloyd’s Register Foundation. The Foundation helps to protect life and property by supporting engineering-related education, public engagement and the application of research. Ge-Wei Chen’s doctoral study is supported by China Scholarship Council (CSC) (Grant No. 2011637065).

Biallelic ATM inactivation significantly reduces survival in patients treated on the United Kingdom Leukemia Research Fund Chronic Lymphocytic Leukemia 4 trial.

PURPOSE: The prognostic significance of ATM mutations in chronic lymphocytic leukemia (CLL) is unclear. We assessed their impact in the context of a prospective randomized trial. PATIENTS AND METHODS: We analyzed the ATM gene in 224 patients treated on the Leukemia Research Fund Chronic Lymphocytic Leukemia 4 (LRF-CLL4) trial with chlorambucil or fludarabine with and without cyclophosphamide. ATM status was analyzed by denaturing high-performance liquid chromatography and was related to treatment response, survival, and the impact of TP53 alterations for the same patient cohort. RESULTS: We identified 36 ATM mutations in 33 tumors, 16 with and 17 without 11q deletion. Mutations were associated with advanced disease stage and involvement of multiple lymphoid sites. Patients with both ATM mutation and 11q deletion showed significantly reduced progression-free survival (median, 7.4 months) compared with those with ATM wild type (28.6 months), 11q deletion alone (17.1 months), or ATM mutation alone (30.8 months), but survival was similar to that in patients with monoallelic (6.7 months) or biallelic (3.4 months) TP53 alterations. This effect was independent of treatment, immunoglobulin heavy chain variable gene (IGHV) status, age, sex, or disease stage. Overall survival for patients with biallelic ATM alterations was also significantly reduced compared with those with ATM wild type or ATM mutation alone (median, 42.2 v 85.5 v 77.6 months, respectively). CONCLUSION: The combination of 11q deletion and ATM mutation in CLL is associated with significantly shorter progression-free and overall survival following first-line treatment with alkylating agents and purine analogs. Assessment of ATM mutation status in patients with 11q deletion may influence the choice of subsequent therapy.

CLLU1 expression has prognostic value in chronic lymphocytic leukemia after first-line therapy in younger patients and in those with mutated IGHV genes.

CLLU1, located at chromosome 12q22, encodes a transcript specific to chronic lymphocytic leukemia and has potential prognostic value. We assessed the value of CLLU1 expression in the LRF CLL4 randomized trial. Samples from 515 patients with chronic lymphocytic leukemia were collected immediately before the start of treatment. After RNA extraction and cDNA synthesis, CLLU1 expression was assessed by quantitative polymerase chain reaction. In total, 247 and 268 samples were identified as having low and high CLLU1 expression, respectively. The median follow-up was 88 months. High CLLU1 expression was significantly correlated with unmutated IGHV genes, ZAP-70 and CD38 positivity, and absence of 13q deletion (all r>0.2, P

The Clinical Impact and Molecular Biology of del(17p) in Multiple Myeloma Treated with Conventional or Thalidomide-Based Therapy

Hemizygous deletion of 17p (del(17p)) has been identified as a variable associated with poor prognosis in myeloma, although its impact in the context of thalidomide therapy is not well described. The clinical outcome of 85 myeloma patients with del(17p) treated in a clinical trial incorporating both conventional and thalidomide-based induction therapies was examined. The clinical impact of deletion, low expression, and mutation of TP53 was also determined. Patients with del(17p) did not have inferior response rates compared to patients without del(17p), but, despite this, del(17p) was associated with impaired overall survival (OS) (median OS 26.6 vs. 48.5 months, P <0.001). Within the del(17p) group, thalidomide induction therapy was associated with improved response rates compared to conventional therapy, but there was no impact on OS. Thalidomide maintenance was associated with impaired OS, although our analysis suggests that this effect may have been due to confounding variables. A minimally deleted region on 17p13.1 involving 17 genes was identified, of which only TP53 and SAT2 were underexpressed. TP53 was mutated in <1% in patients without del(17p) and in 27% of patients with del(17p). The higher TP53 mutation rate in samples with del(17p) suggests a role for TP53 in these clinical outcomes. In conclusion, del(17p) defined a patient group associated with short survival in myeloma, and although thalidomide induction therapy was associated with improved response rates, it did not impact OS, suggesting that alternative therapeutic strategies are required for this group. (C) 2011 Wiley-Liss, Inc.

Characterising the TP53-deleted subgroup of chronic lymphocytic leukemia: an analysis of additional cytogenetic abnormalities detected by interphase fluorescence in situ hybridisation and array-based comparative genomic hybridisation.

Deletion of the TP53 gene on chromosome 17p13.1 is the prognostic factor associated with the shortest survival in CLL. We used array-based comparative genomic hybridisation (arrayCGH) to identify additional DNA copy number changes in peripheral blood samples from 74 LRF CLL4 trial patients, 37 with >or=5% and 37 without TP53-deleted cells. ArrayCGH reliably detected deletions on 17p, including the TP53 locus, in cases with >or=50%TP53-deleted cells detected by fluorescence in situ hybridisation, plus seven additional cases with deleted regions on 17p excluding TP53. Losses on chromosomal regions 18p and/or 20p were found exclusively in cases with >or=5%TP53-deleted cells (por=5%TP53-deleted cases (p=0.02). In particular, amplification of 2p and deletion of 6q were both more frequent. Cases with >20%TP53-deleted cells had the worst prognosis in the LRF CLL4 trial.