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Strategies for Responding to the Financially Distressed Auto Dealership
In the past, an automobile dealer filing for bankruptcy was likely the result of poor management, fraud, or declining sales because of a less-than-desirable facility or a depressed market area. Today, the current economic and credit crisis has changed the dynamic, and otherwise viable dealers in important markets are struggling.
Because the financial distress is network-wide, how manufacturers respond to the financially distressed dealership is more important than ever. Strict enforcement of operating standards, enforcing terminations, opposing proposed sales, terminating or suspending floor lines, repossessing inventory, and aggressively pursuing collection actions are established strategies. But today, the impact of those strategies on the larger dealer network and the brand need to be considered. For some dealerships, the appropriate strategy may be creative cooperation forbearance agreements, operating stipulations, and workouts ' not adversarial enforcement.
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.
One Overlooked Element of Executive Safety: Data Privacy
Executives have access to some of the company's most sensitive information, and they're increasingly being targeted by hackers looking to steal company secrets or to perpetrate cybercrimes.