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Liberty Media Wins Approval Of Split Off
In affirming an April Chancery Court decision, the Delaware Supreme Court decided that a proposal by Liberty Media Corp. to split off some of its assets does not violate a successor obligation agreement with bondholders that prevents the media conglomerate from disposing “substantially all of its assets.” The Bank of New York Mellon Trust Co., N.A., v. Liberty Media Corp., 284.
In July 2010, Liberty Media proposed to split off several businesses allocated to its Capital Group and Starz Group into a new public entity, dubbed SplitCo. Liberty, an Englewood, CO, conglomerate run by billionaire John Malone, planned to transfer Starz Entertainment, Starz Media, Liberty Sports Interactive, the Atlanta Braves, True Position Inc. and Liberty's interest in Sirius XM. The assets have a book value of $9.1 billion, or 15% of Liberty's total assets, as of March 2004, according to court documents.
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.
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.
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.