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Discounts on Closely Held Corporate Shares
In last month's issue, we discussed the necessity, in divorce cases as well as in various business-related proceedings, of applying a discount to the value of shares in closely held corporations because of these assets' lack of liquidity. We looked at the leading New York case on the issue, Friedman v. Beway Realty Corp., 87 NY2d 161 (1995), in which the Court of Appeals instructed a lower court to determine the appropriate discount for unmarketability of the petitioner's shares and a recalculate their fair value when applying that discount “to the proportionate net asset value” of the petitioner's stockholdings.
However, not all of our courts have applied the discount in the same manner. The Appellate Division, Second Department, has interpreted Friedman in a more restrictive way than was suggested by the Court of Appeals. Is the Second Department's interpretation the correct one?
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.