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On the Move
Weil, Gotshal & Manges, led by Harvey Miller, is representing Lehman Brothers, which filed a Chapter 11 petition on Sept. 15. The case was filed in the Southern District of New York and has been assigned to Bankruptcy Judge James Peck, formerly co-chair of the Business Reorganization Department of Schulte Roth & Zabel and a long-time member of this Newsletter's Board of Editors. In addition, Milbank, Tweed, Hadley & McCloy has been named counsel to the creditors' committee in the Lehman Brothers bankruptcy. The firm's restructuring practice group leader, Dennis F. Dunne, will lead the Milbank team. These two firms previously worked together on the Enron Corp. bankruptcy, in which Weil Gotshal also served as debtor's counsel and Milbank represented the creditors' committee. With $639 billion listed in assets and $613 billion in debt, the Lehman Brothers bankruptcy is substantially the largest bankruptcy ever filed. Enron, which was the previously the largest filing, claimed approximately $60 billion in assets. Citibank, the single largest creditor of Lehman Brothers has a claim of $138 billion.
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.
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.
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.