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Franchisee Chapter 11: A Primer for Franchisors
With the American economy softening, franchisors are increasingly worried about the financial health of their franchisees. Oftentimes, troubled franchisees will seek refuge in the bankruptcy courts, hoping to reorganize their business affairs under Chapter 11 of the Bankruptcy Code (the 'Code').
Chapter 11 bankruptcy filings by existing franchisees present complex challenges for franchisors. Upon a filing, a franchisor confronts financial recovery of outstanding amounts due; quality concerns; preservation of system integrity and the protection of intellectual property; and the risks and rewards of a potential continued business relationship with a post-bankruptcy franchisee. Occasionally, a franchisor could even be subject to an attempt to assign the franchise agreement to a third party without regard for the franchisor's approval. Certainly, these myriad issues present potential pitfalls for the unwary, but managed properly and efficiently, a Chapter 11 filing by a franchisee may provide opportunity for the vigilant franchisor.
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.