Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
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 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.
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.
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.
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.
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.