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Master Franchisee Buyouts Become More Popular Internationally
Franchise attorneys are quite familiar with management buyouts ('MBOs') and have perhaps assisted or consulted in such transactions. Now comes along a new phenomenon in international franchising: master franchisee buyouts ('MFBOs'). An introduction to MFBOs follows, using examples of two recent transactions.
In May 2007, the owners of the Master Franchise for ChipsAway in the United Kingdom, ChipsAway International Limited ('ChipsAway UK'), signed a deal with its U.S. franchisor, ChipsAway, Inc., under which ChipsAway UK bought the global intellectual property rights ('IPRs') from ChipsAway, Inc., including the ChipsAway trademarks and the 'secret formula' for its paint and lacquer products which make the ChipsAway repair system unique. ChipsAway, Inc. retained the IPRs for use in North America only. ChipsAway UK can therefore now exploit the entire global market, excluding only North America. This deal not only substantially increases the value of the UK business, but it also provides more stability for the UK franchisees and boosts the value of all their businesses, while relieving the U.S.-based franchisor of the unwanted burden of running an international franchise network.
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.