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Textron Inc. of Providence, RI, has announced several finance management changes. Textron Financial Corporation (“TFC”) will now report directly to Textron President and Chief Operating Officer Scott C. Donnelly. TFC previously reported to Executive Vice President and Chief Financial Officer Ted R. French, who has left the company. French also had served as chairman and CEO of TFC. Textron's Senior Vice President and Controller Richard Yates has been named acting CFO until a permanent successor is named, which is expected in the near future. Warren R. Lyons has been named president and CEO of TFC and replaces Buell “Jay” Carter, president and chief operating officer of TFC, who is retiring after 19 years of service to the company. Lyons, most recently an independent financial services consultant, managed several segments of Textron's financial services units from 1985-1999. He was a member of the Textron Operating Committee and also served as the chairman and president of AVCO Financial Services, a major subsidiary of Textron that produced approximately 25% of Textron's revenues and profits at the time. When the decision was made to divest AVCO Financial Services in 1998, Lyons led the sales process resulting in a $2.9 billion after-tax gain to Textron.
The law firm of Goldberg Kohn in Chicago has named Jessica L. Debruin as a principal in the firm's Commercial Finance Group. She represents banks and other commercial lenders in documenting, negotiating, and performing due diligence
for asset-based and cash-flow loans. Additionally, DeBruin has worked on a wide range of credit facilities, private placement note offerings, securitizations, and leveraged leases on behalf of borrowers, issuers, lenders, equity investors, lessees, and lessors.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.