Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
In the Marketplace
The Financial Accounting Standards Board has released a statement and response to the SEC's study on arrangements with off balance sheet implications, special purpose entities, and transparency of filings by issuers. In the statement, FASB reaffirmed 'its commitment to improving transparency and usefulness of financial reporting to better serve investors and the capital markets.' FASB's response to the SEC's 'Off Balance Sheet Report' discusses a number of 'fundamental structural, institutional, cultural, and behavioral forces that it believes cause complexity and impede transparent financial reporting.' The response provides an update on FASB's activities and projects intended to address and improve outdated, overly complex accounting standards. These areas include accounting for leases; accounting for pensions and other post employment benefits; consolidation policies; accounting for financial instruments; accounting for intangible assets; and conceptual and disclosure frameworks. The FASB has also 'undertaken several initiatives aimed at improving the understandability, consistency, and overall usability of existing accounting literature, through codification, by attempting to stem the proliferation of new pronouncements emanating from multiple sources, and by developing new standards in a 'principles-based' or 'objectives-oriented' approach.' The full text of FASB's response is available at www.fasb.org/fasb_response_sec_study_obs.pdf.
Interpool, Inc. of Princeton, NJ, has announced that its wholly owned subsidiary, Interpool Containers Limited, has entered into an agreement to sell a substantial majority of its operating lease portfolio of standard dry marine cargo containers to a newly formed subsidiary of an investor group based in Switzerland. Following the sale, Interpool and its 50%-owned subsidiary, Container Applications International, Inc., will perform management services on behalf of the purchaser for the containers being sold, and Interpool will continue its active businesses of leasing cargo containers and container chassis to shipping lines and other customers. The container sale involves a total of approximately 273,000 standard dry marine cargo containers, as well as an assignment of all of ICL's rights under existing leases for this equipment. The purchase price is approximately $515 million, and sale is expected to close on March 31, 2006.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
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.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.