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Ponzi Schemes, Settlement Agreements and the Mutual Mistake
During the current economic downturn, many people have unfortunately discovered that they have been the victims of sharp dealers and their Ponzi schemes. That means that some divorced couples and their attorneys now have one more thing to worry about. Now that an asset that went to one party has been found to be valueless, that settlement agreement that seemed so fair three years ago may no longer look so equitable. Can anything be done for the ex-spouse who finds himself stuck with a phantom asset?
In a dismissal of a suit, granted by State Supreme Court last year, the answer to that question was, “No.” However, the Appellate Division, First Department, took the case up and went the other way, finding that a man who took an account managed by Bernard Madoff as part of his share of the marital estate may seek to recover some of the “good” marital assets from his ex-wife. Simkin v. Blank, 3016, NYLJ 1202477009087, at *1 (App. Div., 1st, Decided January 4, 2011) (Gonzalez, P.J., Tom, Andrias, Catterson, Moskowitz, JJ.).
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.
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.