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Now It's Personal: Intangible Asset Mismanagement Liability

By Nir Kossovsky and Peter J. Gerken

When an aspiring writer pens “The prophets of financial cataclysms” in the not too distant future, some now-household names will grace the table of contents. Nouriel Roubini, an economist nicknamed “Dr. Doom,” has earned his place in this book for writing in 2006 that ” ' the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession.” Harry M. Markopolos, a securities fraud investigator, earned his place for repeatedly tipping off the U.S. Securities and Exchange Commission since 1999 that it was not legally possible for Bernard Madoff to deliver the returns he'd claimed to deliver. Cathy L. Reese ' maybe you haven't heard of her yet. Allow me to share.

Cathy L. Reese is a principal in the Delaware office of Fish & Richardson P.C., where she heads the firm's corporate and Chancery litigation practice. Readers of this newsletter no doubt appreciate that these courts render judgment on the conduct of directors and officers of Delaware corporations, especially their fiduciary obligations to shareholders. Since 70% of U.S. public companies are formed under Delaware law, decisions arising from these courts receive wide attention.

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