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News Briefs
Bennigan's Tries to Salvage Franchises While Firm Heads into Bankruptcy
Metromedia Restaurant Group surprised the franchise industry by filing for Chapter 7 bankruptcy on July 29 on behalf of one of its restaurant franchise subsidiaries, S&A Restaurants Corp. (“SARC”). Within two weeks, SARC, the former franchisor of Bennigan's, was moved out of the picture in favor of S&S GP Holdings (“SAGP”), which is now operating the franchise system. SAGP's officers were appointed by Atalaya Capital Management LP, which was the largest holder of SARC secured debt when the bankruptcy occurred. The new entity, Bennigan's Franchising Company L.P. (“BFC”), now supports the 81 U.S. and 52 non-U.S. franchise units, according to Alex Stockham, a vice president for Rubenstein Associates, who is responding to media inquiries for BFC.
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.