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Decision of Note: <b>Legends President Owes SC Corp. No Fiduciary Duty</b>
The Supreme Court of South Carolina ruled that the president of the Nevada-based Legends In Concert owed no fiduciary duty to a corporation formed by an entrepreneur to raise the capital needed to produce a Legends musical in Myrtle Beach. Pittman v. Grand Strand Entertainment Inc., 25969.
Plaintiff Ben Pittman formed Grand Strand to mount a public stock offering. Grand Strand then entered into a licensing agreement with Legends In Concert but never made the stock offering or raised funds cited in the licensing agreement. After Legends president John Stuart terminated the agreement, an arbitrator ruled in favor of Legends. Pittman then proceeded with a suit against Stuart himself.
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.
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.