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Substance, Not Form, Dictates Characterization of Assignment of Lease
In a recent decision, the Tenth Circuit held that an assignment of lease and certain lease-related equipment was a secured transaction, and not a true sale, despite the execution of a bill of sale from the assignor to the assignee. Stillwater Nat'l Bank and Trust Co. v. CIT Group/ Equipment Financing, Inc., 383 F.3d 1148 (10th Cir. 2004).
The Stillwater case involves a dispute between the plaintiff Stillwater National Bank and Trust Company (“Stillwater”) and defendant CIT Group/Equipment Financing, Inc. (“CIT”) regarding their respective rights to proceeds from the sale of certain equipment (the “Equipment”) that was once owned by a third party Sabre International, Inc. (“Sabre”). Stillwater was a secured creditor with a properly perfected blanket lien on all of Sabre's assets. CIT was the assignee of a lease by which Sabre leased the Equipment to a third party. The determination of priorities as between Stillwater and CIT depended upon whether the assignment of lease transaction between Sabre and CIT was a secured transaction or a true sale.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
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.