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Flat CAM Charges in Shopping Centers
Don't look back, but the gross lease of the not-too-distant past is making a comeback, as shopping center owners and retailers continue to seek absolute truth in the never ending uncertainty of budgeting and recovering common area maintenance (“CAM”) charges. The latest and greatest chapter in this continuing saga has the parties establishing flat CAM charges with set percentage increases, in lieu of the variable cost recovery method that has been somewhat industry standard over the past quarter century.
As covered malls sprouted across the country in the late 60s and early 70s, the gross lease of yesteryear became instantly anachronistic and unprofitable for shopping center owners who were unable to budget accurately for new and uncertain cost structures. Shopping center owners sought to preserve “triple net” returns by ensuring any operating cost uncertainty would be borne by retailers. Cost recovery was king, and shopping center owners felt no compulsion to control or manage spiraling expense structures so long as retailers were ultimately responsible for bearing operating and management inefficiencies. Throwing fuel onto the fire, many shopping center owners created in-house or captive management companies whose fees were tied to total CAM charges collected, thereby creating a perverse incentive to maximize CAM costs and complexity, without commensurate benefit in project operations.
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.