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<b>Practice Notes:</b> Judge Denies Fees to Lawyers in Hip-Hop Bankruptcy
The New York firm had sought around $526,000 in fees for the five months from September 2006 to February 2007 that it acted as debtor's counsel to Source, publisher of The Source magazine. But Gonzalez said the 'manner in which Windels represented the Debtor and the firm's eventual singular concentration on fees, as opposed to its role as counsel, caused harm to the Debtor sufficient to support a denial of all fees sought.'
The judge said Windels Marx had a conflict of interest in representing Source in its bankruptcy proceeding because the law firm was itself a creditor and had a bill outstanding with the debtor company of as much as $200,000, even before the bankruptcy filing. Windels Marx partner Charles E. Simpson, who led the firm's bankruptcy representation, testified that his firm 'waived' that amount, but Gonzalez gave this claim little credence, noting that the firm did not write off the time until it was challenged on it in November 2007, and that even the firm's client was unaware the bill had been forgiven. Moreover, the judge pointed out, Windels Marx later sought payment of some of the supposedly waived legal fees from Source affiliates. Simpson did not return a call seeking comment.
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.