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IN THE MARKETPLACE
The Federal Deposit Insurance Corporation has announced that it is selling the remaining $4.2 million performing lease portfolio of Southern Pacific Bank. The leases were originated by Southern Pacific BanCapital, a division of Southern Pacific Bank, which was closed by the California Commissioner of Financial Institutions on February 7, 2003. The portfolio consists of 18 performing middle market leases in two pools: One of lease loans secured by the leased equipment subject to the leases with the lessee; the second consists of direct finance leases. A third non-performing pool comprised of one workout agreement and one defaulted lease in bankruptcy with a combined book value of $4.1 million will also be offered. For more information, visit http://www.fdic.gov/.
Nassau Asset Management of Rosyln Heights, NY, has released a newly enhanced asset tracking system. NASTRAC is a Web-based program that keeps users informed about the status of repossessions, bids, and sales of equipment placements in real time. This newly refined online asset-tracking system, accessed with a password at Nassau's Web site, already has some 2,100 accounts, serving such commercial lenders as banks, leasing companies, credit unions and bankruptcy trustees. For more information, visit http://www.nasset.com/.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.